Outline

Indices

Update : Jul. 17, 2013

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Tokyo Stock Exchange, Inc.(TSE) calculates and publishes TOPIX(Tokyo Stock Price Index) and its sub-indices including TOPIX New index Series etc. Each index is free-float adjusted market capitalization-weighted and reflects market movements of the market capitalization to its base market value. The characteristics of indices are as follows.

1.TOPIX

(1)TOPIX

TOPIX is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the TSE First Section. TOPIX shows the measure of current market capitalization assuming that market capitalization as of the base date(January 4 ,1968) is 100 point.

(2)TOPIX New Index Series

TOPIX New Index Series (TOPIX Core30, TOPIX Large70, TOPIX 100, TOPIX Mid400, TOPIX 500, TOPIX 1000, TOPIX Small) are selected based on free-float adjusted market capitalization and liquidity from the companies completed its listed as of the base date for selection. TOPIX New Index Series shows the measure of each current market capitalization assuming that market capitalization as of the base date(April 1 ,1998) is 1,000 point. (The base date of only TOPIX 1000 is September 12, 2003) TOPIX New Index Series are classified as follows:

TOPIX Core30

The 30 most liquid and highly market capitalized stocks

TOPIX Large70

After the Core30, the 70 most liquid and highly market capitalized stocks

TOPIX 100

Component stocks in the TOPIX Core30 and the TOPIX Large70

TOPIX Mid400

Excluding TOPIX 100 stocks, these are the remaining stocks in the TOPIX 500

TOPIX 500

Component stocks in the TOPIX Core30, the TOPIX Large70 and the TOPIX Mid400

TOPIX 1000

Component stocks in the TOPIX 500 and highly market capitalized stocks of the TOPIX small

TOPIX Small

Outside the component stocks in the TOPIX 500

(3)TOPIX Sector Indices

TOPIX Sector Indices consists of indices created by dividing the constituents of TOPIX into the following 33 categories according to the industrial sectors defined by the Securities Identification Code Committee (SICC).

· Fishery, Agriculture & Forestry · Mining · Construction · Foods · Textiles and Apparels · Pulp and Paper · Chemicals · Pharmaceutical
· Oil and Coal Products · Rubber Products · Glass and Ceramics Products · Iron and Steel · Nonferrous Metals · Metal Products · Machinery
· Electric Appliances · Transportation Equipment · Precision Instruments · Other Products · Electric Power and Gas · Land Transportation
· Marine Transportation · Air Transportation · Warehousing and Harbor Transportation Service · Information & Communication · Wholesale Trade
· Retail Trade · Banks · Securities and Commodities Futures · Insurance · Other Financing Business · Real Estate · Services

The TOPIX Sector Indices shows the measure of current market capitalization assuming that market capitalization as of the base date(January 4 ,1968) is 100 point.

(4)TOPIX-17 Series

TOPIX-17 Series Indices consists of indices created by dividing the constituents of TOPIX into the following 17 categories based on the 33 sectors according to the industrial sectors defined by the Securities Identification Code Committee (SICC).

Index Name Constituent (Current 33 Sectors)
TOPIX-17 FOODS · Fishery, Agriculture & Forestry
· Foods
TOPIX-17 ENERGY RESOURCES · Mining
· Oil and Coal Products
TOPIX-17 CONSTRUCTION & MATERIALS · Construction
· Metal Products
· Glass and Ceramics Products
TOPIX-17 RAW MATERIALS & CHEMICALS · Textiles and Apparels
· Pulp and Paper
· Chemicals
TOPIX-17 PHARMACEUTICAL · Pharmaceutical
TOPIX-17 AUTOMOBILES & TRANSPORTATION EQUIPMENT · Rubber Products
· Transportation Equipment
TOPIX-17 STEEL & NONFERROUS METALS · Iron and Steel
· Nonferrous Metals
TOPIX-17 MACHINERY · Machinery
TOPIX-17 ELECTRIC APPLIANCES & PRECISION INSTRUMENTS · Electric Appliances
· Precision Instruments
TOPIX-17 IT & SERVICES, OTHERS · Other Products
· Information & Communication
· Services
TOPIX-17 ELECTRIC POWER & GAS · Electric Power and Gas
TOPIX-17 TRANSPORTATION & LOGISTICS · Land Transportation
· Marine Transportation
· Air Transportation
· Warehousing and Harbor Transportation Service
TOPIX-17 COMMERCIAL & WHOLESALE TRADE · Wholesale Trade
TOPIX-17 RETAIL TRADE · Retail Trade
TOPIX-17 BANKS · Banks
TOPIX-17 FINANCIALS (EX BANKS) · Securities and Commodities Futures
· Insurance
· Other Financing Business
TOPIX-17 REAL ESTATE · Real Estate

TOPIX-17 Series Indices shows the measure of current market capitalization assuming that market capitalization as of the base date (December 30, 2002) is 100 point.

(5)Size-based TOPIX Sub-Indices

Size-based TOPIX Sub-Indices consist of three indices crated by dividing the component Stocks of TOPIX into three categories based on the TOPIX New Index Series. The series is classified according to market capitalization and liquidity.
TOPIX Large-Sized Stocks Index: Component stocks of TOPIX 100
TOPIX Medium-Sized Stocks Index: Component stocks of TOPIX Mid 400
TOPIX Small-Sized Stocks Index: Component stocks of TOPIX Small

(6) TOPIX Style Index Series

The TOPIX Style Index Series will use those indices linked to actual PBR (consolidated basis) such as the TOPIX, etc. and will categorize constituents according to their value and growth. ).(TOPIX Value, TOPIX Growth, TOPIX 500 Value, TOPIX 500 Growth, TOPIX Small Value, TOPIX Small Growth) This series will display each style index's degree of current market capitalization by assuming market capitalization is 1,000 points as of the base date of November 25, 2008 (Calculation to begin on February 9, 2009). .

(7) Dividend Index

Tokyo Stock Exchange, Inc. (TSE) begin calculation and publication of the "TOPIX Dividend Index" and "TOPIX Core30 Dividend Index" which index the amount of dividends to be obtained if the component stocks of TOPIX or TOPIX Core30 were held during the index calculation period. (Calculation to begin on July 22, 2010)

2.Tokyo Stock Exchange Second Section Stock Price Index

Tokyo Stock Exchange Second Section Stock Price Index is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the TSE Second Section. Tokyo Stock Exchange Second Section Stock Price Index shows the measure of current market capitalization assuming that market capitalization as of the base date(January 4 ,1968) is 100 point.

3.Tokyo Stock Exchange Mothers Index

TSE has calculated and published the Tokyo Stock Exchange Mothers Index starting September 16, 2003, reflecting growing demands to introduce a comprehensive measure of the change on the TSE Mothers market in accordance with the increase in companies listed on the market. The Tokyo Stock Exchange Mothers Index is a free-float adjusted market capitalization-weighted index based on domestic stocks listed on Mothers and is calculated with the same methodology used for calculation of TOPIX (Tokyo Stock Price Index). Index value is published on a real-time basis through TSE's website. The Tokyo Stock Exchange Mothers Index shows the measure of current market capitalization assuming that market capitalization as of the base date(September 12, 2003) is 1000 point.

4.Tokyo Stock Exchange JASDAQ Index

(1)JASDAQ INDEX

JASDAQ INDEX is a market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the TSE JASDAQ Section. JASDAQ INDEX shows the measure of current market capitalization assuming that market capitalization as of the base date(October 28, 1991) is 100 point.

(2)JASDAQ INDEX(Standard), JASDAQ INDEX(Growth)

JASDAQ INDEX(Standard) and JASDAQ INDEX(Growth) are the market capitalization-weighted index. JASDAQ INDEX(Standard)is calculated based on all the domestic common stocks listed on the TSE JASDAQ Standard Section and also JASDAQ INDEX(Growth) is based on the TSE JASDAQ Growth section. The indices  show the measure of current market capitalization assuming that market capitalization as of the base date(October 8, 2010) is 100 point.

(3)J-Stock Index

J-Stock Index is a market capitalization-weighted index. J-Stock Index is comprised of 100 shares that selected based on a market capitalization and liquidity from the companies completed its listed as of the base date for TSE JASDAQ selection. J-Stock Index shows the measure of each current market capitalization assuming that market capitalization as of the base date (February 28 ,2002) is 1,000 point.

(4)JASDAQ-TOP20

JASDAQ-TOP20 is comprised of 20 issues from common domestic issues listed on the TSE JASDAQ section selected by the TSE based on criteria such as market value, trading value, net profit and dividends. JASDAQ-TOP20 is the price average index.

5.Tokyo Stock Exchange REIT Index

(1)Tokyo Stock Exchange REIT Index

TSE has calculated and published the Tokyo Stock Exchange REIT Index from April 1, 2003, reflecting both further reinforcement of investment infrastructure for the J-REIT market, established in September 2001 on the TSE, and strong demands by users to introduce a benchmark for the market. The Tokyo Stock Exchange REIT Index is a capitalization-weighted index based on all REITs* listed on the TSE and is calculated with the same methodology used for the calculation of TOPIX (Tokyo Stock Price Index). The Tokyo Stock Exchange Mothers Index shows the measure of current market capitalization assuming that market capitalization as of the base date(March 31, 2003) is 1000 point.

(2) Tokyo Stock Exchange REIT Property Sector Index Series

The Tokyo Stock Exchange REIT Property Sector Index Series was launched on June 21, 2010. Its constituents are selected from the constituent universe of the Tokyo Stock Exchange REIT Index based on the use of the properties subject to investment by each REIT. The series is composed of three indices: Tokyo Stock Exchange REIT Office Index, Tokyo Stock Exchange Residential Index, and Tokyo Stock Exchange Retail & Logistics, Others Index. The Tokyo Stock Exchange REIT Property Sector Index Series shows the measure of current market capitalization assuming that market capitalization as of the base date (February 26, 2010) is 1,000 point.

6.Ex-TOPIX

TSE introduced TOPIX free-float weight in three phases from last business day of October 2005. In addition to the free-float adjusted TOPIX, in consideration of the role of Ex-TOPIX as an economic indicator in the past, TSE has calculated and published "Ex-TOPIX" since October 31, 2005.

7.TSE Composite Index Series

The indices within the "TSE Composite Index Series" (TOPIX Composite, TOPIX Composite 1500, Tokyo Stock Exchange Second Section Composite Index, Tokyo Stock Exchange Mothers Composite Index) are designed to cover a broader universe of constituents. They will incorporate domestic class stocks, foreign stocks with exclusive listings on the TSE, and domestic preferred subscription certificates in addition to the existing TOPIX Index Series which are comprised only of domestic common stocks.
This series will reflect each index's degree of current market capitalization by assuming market capitalization is 1,000 points as of the base date of February 6, 2009 (Calculation began on February 9, 2009).

TOPIX Composite

Includes all domestic common stocks, domestic classified stocks, foreign stocks listed exclusively on the TSE, and domestic preferred subscription certificates

TOPIX Composite 1500

Constituents are selected based on free-float adjusted market capitalization and liquidity from the TOPIX Composite companies.

Tokyo Stock Exchange Second Section Composite Index

Includes all domestic common stocks, domestic classified stocks, foreign stocks listed exclusively on the TSE, and domestic preferred subscription certificates

Tokyo Stock Exchange Mothers Composite Index

Includes all domestic common stocks, domestic classified stocks, foreign stocks listed exclusively on the TSE, and domestic preferred subscription certificates.

(Note)
Although domestic preferred subscription certificates have no "Section" in the listing rules, they are included in any indices based on free-float market capitalization and trading value.

8. Tokyo Stock Exchange Dividend Focus 100 Index

The Tokyo Stock Exchange Dividend Focus 100 Index is an index which places focus on the estimated dividend yields of its constituent issues. The index will be made up of the top 100 issues (90 stocks, 10 REITs) which have large market capitalization and high estimated dividend yield, out of constituent issues of the TOPIX 1000 and Tokyo Stock Exchange REIT Index.

9. TOPIX Active in Asia Index

TOPIX Active in Asia Index is comprised of 25 issues from the TOPIX 500 universe based on criteria such as market value and sales in the Asia/Oceania region

10. Tokyo Stock Exchange Mothers Core Index

Tokyo Stock Exchange Mothers Core Index is comprised of 15 issues from common domestic issues listed on the TSE Mothers market selected by the TSE based on criteria such as market value, trading value, net profit and dividends.

11. Currency Hedge Indices

TOPIX Total Return Currency Hedged Indexes provide the return of the TOPIX Total Return index when hedged for currency risk, and are calculated using one month currency forward contracts to hedge the return of the base index.
Two types of indices that use different hedging methods are calculated: one in which the forward contract value is adjusted on a monthly basis and one in which this value is adjusted on a daily basis. All indices apply a hedge ratio of 100%, and calculation is based on a methodology developed by S&P Dow Jones Indices.

12.TOPIX Risk Control Index

The TOPIX Risk Control Index is design to satisfy the market demands of tracking the return of a strategy that applies dynamic exposure to an underlying index in an attempt to control the level of volatility.

13.Tokyo Stock Exchange Leveraged and Inverse Index

TSE Leveraged Indexes apply a positive multiple to the daily rate of return of the base index, and are designed to act as indicators for leveraged investment in each base index.
TSE Inverse Indexes apply a negative multiple to the daily rate of return of the base index, and are designed to act as indicators for investments that move inversely (or a multiple of inverse movement) to the base index.

14.Customized indices

TSE calculates customized indices in order to respond the various investor needs which accompany diversified asset management. Customized indices are order-made indices that are calculated according to the specific requests of their users.

15.S&P/TOPIX150

(1) S&P/TOPIX150

S&P/TOPIX 150, a market capitalization weighted index, includes 150 highly liquid securities selected from each major sector of the Tokyo market, and represents approximately 70% of the market value of the Japanese equity market. The constituents of S&P/TOPIX 150 are reviewed by the index committee composed of the representatives of TSE and Standard & Poor's.

(2) S&P/TOPIX 150 Shariah Index

S&P/TOPIX 150 Shariah index includes Japan-traded stocks selected from the total S&P/TOPIX 150 universe with respect to each company's compliance with Islamic canonical law. S&P Shariah Indices are screened by Ratings Intelligence Partners, a Kuwait-based consulting company specializing in the Islamic investment market. Ratings Intelligence Partners researchers interface directly with a dedicated Shariah Supervisory Board. The Board is comprised of a group of Islamic scholars whose role is to interpret business issues as well as financial practices and recommend actions in relation to Shariah index management.

(3) S&P/TOPIX 150 Carbon Efficient Index

The S&P/TOPIX 150 Carbon Efficient Index retains the same constituents as the underlying S&P/TOPIX 150 index. And it utilizes the Carbon Footprint metric to compare the relative emissions of different companies within particular sectors and adjust the weight of each component within the index accordingly. The Carbon Footprint metric is calculated by Trucost Plc and is defined as the company's annual greenhouse gas emissions assessment, expressed as tons of carbon dioxide equivalent, divided by annual revenues. The S&P/TOPIX 150 Carbon Efficient Index tracks the performance of the underlying index to within 1%, while offering far lower total carbon emissions exposure for the index portfolio as a whole.

(Figure of TSE indices)

Figure of TSE indices

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