Solactive Digital Payments Index
The Index is designed to provide exposure to equity securities of global companies that are actively engaged in the digital payments ecosystem. The digital payments ecosystem consists of the card payment and the cardless open-banking payment ecosystems.
The index universe encompasses companies that are actively engaged in the value-chain of digital payments, which includes payment acquirer, card issuers, payment gateways, payment processors, payment technology providers, and cardless payment service providers.
A company is only eligible for inclusion in the Index if it is of a sufficient size (determined by reference to the total market value of its shares that are publically traded) and it is sufficiently "liquid" (a measure of how actively its shares are traded on a daily basis). Moreover, the Index excludes certain companies: (a) that derive substantial revenues from coal mining; (b) involved in the production of controversial weapons; or (c) that, for a continuous period of three years, have been classified as being in breach of at least one of the UN Global Compact principles, which is a set of globally accepted standards on human rights, labour, environment and corruption.
The universe of companies out of which the Index selection is made is refreshed semi-annually in June and December. All constituents of the Index are equally weighted within the Index subject to certain liquidity based weight caps made to ensure that securities with lower liquidity are not overly represented in the Index. On a monthly basis, the weight of each company is assessed and, if any of them exceed 15% of the index, the weights of all companies are adjusted so that they are again equally weighted subject to liquidity constraints within the Index.