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As part of an ongoing effort to better align index methodologies with the experience of passive investors, Nasdaq recently published a consultation regarding the General Handling of Spinoff Events within Nasdaq Indexes. The draft policy included therein is designed to provide general rules applicable to all indexes, although some may require specialized treatment.
As a result, Nasdaq is seeking additional feedback specific to the handling of spinoff events within the Nasdaq-100 (NDX) and related indexes. For the purposes of this consultation, related indexes are those that utilize the NDX as a parent index, including the Nasdaq-100 Equal Weighted Index (NDXE), Nasdaq-100 Technology Sector Index (NDXT), Nasdaq-100 Ex-Tech Sector Index (NDXX), and Nasdaq-100 Target 25 Index (NDXT25), as well as indexes whose methodology closely mirrors that of the NDX, including the Nasdaq Next Generation 100 Index (NGX) and the Nasdaq Q-50 Index (NXTQ).
As currently written, the methodologies of the NDX and related indexes do not allow the addition of spincos, even on a temporary basis. Instead, the price of the parent security is adjusted by the last sale price of the when-issued spinco security on the day before the effective date. If no when-issued market has been established, the event is effectively disregarded; no adjustment is applied to the index and the spinco is not added.
If adopted, should the general policy of always adding spinco securities also be applied to the NDX and related indexes?
Is it acceptable for a non-Nasdaq-listed security to enter the indexes on a temporary basis, or should such a security not be allowed entry at all?
How important is it that exactly 100 issuers are represented in the NDX? Would the integrity of the index be harmed by having 101 or more companies in the index for a period of time, perhaps even until the next reconstitution?
If maintaining the desired count of 100 issuers is important, should the spinco always be removed from the index, or should it be allowed to displace a smaller index member?
Should the size of a spun off company or the amount of time remaining until the next reconstitution factor into the handling of a spinoff event?
The current Deletion Policy in the NDX methodology calls for the removal of any Index Security that:
* is listed on an ineligible exchange,
* is classified by ICB code as being in the Financial Industry,
* is organized as a Real Estate Investment Trust (“REIT”), or
* has an index weight below 0.10% for two consecutive month ends.
Should additional disqualification criteria be implemented for companies that join the indexes as the result of a spinoff event?
Is there anything else that should be considered with regard to the handling of spinoff events within these indexes?
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