Shareholder Weighted (SWIX)

The SWIX All Share Index represents 99% of the full market cap value of all eligible securities listed on the Main Board of the JSE however, all constituents are weighted by an alternate free float, called the SWIX free float.  The SWIX free float represents the proportion of a constituent’s share capital that is held in dematerialised form and registered on the South African share register, maintained by Strate.  The SWIX free float is the minimum of the percentage shares held on Strate and the company free float.

Index Details

The SWIX Top 40 Index consists of the 40 most investable companies in the SWIX All Share Index (J403). The SWIX Top 40 Index is not derived from the Top 40 Index and potentially will not have the same constituents as the Top 40 Index. The number of instruments in the index can exceed 40, as some companies issue multiple equity instruments.
Name  Shareholder Weighted Top 40
Index Code           J400
Alpha Code DTOP
Index Category Shareholder Weighted (SWIX)
Universe SWIX All Share (J403)
Fixed No. of Companies 40
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by SWIX net market cap
Capping Methodology N/A
Index Review Quarterly in March, June, September and December
Buffer Size            5
Dissemination Real Time
Live Date               2003/07/01
The Capped SWIX Top 40 Index consists of the 40 most investable companies in the SWIX All Share Index (J403), with weightings capped at 10% to reduce concentration risk.
Name  Capped Shareholder Weighted Top 40
Index Code           J430
Alpha Code DCAP
Index Category Shareholder Weighted (SWIX)
Universe SWIX Top 40 Index (J400)
Fixed No. of Companies 40
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by SWIX net market cap
Capping Methodology 10% quarterly
Index Review Quarterly in March, June, September and December
Buffer Size            5
Dissemination Real Time
Live Date               2016/11/21
The construction of the SWIX All Share Index follows the construction of the All Share Index (J203). The SWIX free float for the SWIX constituents is calculated by using the portion of listed share capital on the Strate register in dematerialised form.
Name  Shareholder Weighted All Share
Index Code           J403
Alpha Code DALS
Index Category Shareholder Weighted (SWIX)
Universe All Share Index (J203)
Fixed No. of Companies No
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by gross market cap
Capping Methodology N/A
Index Review Semi-annually in March and September
Buffer Size            AutoAdditon: 98.5%; Auto Deletion: 99.5%
Dissemination 60 seconds
Live Date               2003/07/01
The Capped SWIX All Share Index consists of the companies in the SWIX All Share Index (J403), with weightings capped at 10% to reduce concentration risk.
Name  Shareholder Weighted Top 40
Index Code           J433
Alpha Code DALC
Index Category Shareholder Weighted (SWIX)
Universe All Share Index (J203)
Fixed No. of Companies No
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by gross market cap
Capping Methodology 10% quarterly
Index Review Semi-annually in March and September.
Buffer Size            Auto Addition: 98.5%; Auto Deletion 99.5%
Dissemination Real Time
Live Date               2003/07/01
An alternate for the SWIX All Share Index (J403), whereby the Total Return Index (TRI) is calculated using net dividend rates (“net in the hands of the SA investor”). Dividend withholding tax is deducted from the declared dividend with the resulting net dividend used in the XD adjustment.
Name  Shareholder Weighted All Share Net Total Return
Index Code           JN43
Alpha Code DLSN
Index Category Shareholder Weighted (SWIX)
Universe SWIX All Share Index (J403)
Fixed No. of Companies No
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by gross market cap
Capping Methodology N/A
Index Review Semi-annually in March and September.
Buffer Size            Auto Addition: 98.5%; Auto Deletion 99.5%
Dissemination Real Time
Live Date               2013/11/25
An alternate for the Capped SWIX All Share Index (J433), whereby the Total Return Index (TRI) is calculated using net dividend rates (“net in the hands of the SA investor”). Dividend withholding tax is deducted from the declared dividend with the resulting net dividend used in the XD adjustment.
Name  Shareholder Weighted All Share Net Total Return
Index Code           JN433
Alpha Code DLCN
Index Category Shareholder Weighted (SWIX)
Universe SWIX All Share Index (J403)
Fixed No. of Companies No
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by gross market cap
Capping Methodology 10% quarterly
Index Review Semi-annually in March and September.
Buffer Size            Auto Addition: 98.5%; Auto Deletion 99.5%
Dissemination Real Time
Live Date               2019/05/31
An alternate for the SWIX Top 40 Index (J400), whereby the dividends are reinvested in the index after deducting withholding tax.
Name  Shareholder Weighted Top 40 Net Total Return
Index Code           JNX4
Alpha Code DTPN
Index Category Shareholder Weighted (SWIX)
Universe SWIX Top 40 Index (J400)
Fixed No. of Companies 40
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by SWIX net market cap
Capping Methodology N/A
Index Review Quarterly in March, June, September and December
Buffer Size            5
Dissemination Real Time
Live Date               2012/04/16
An alternate for the Capped SWIX Top 40 Index (J430), whereby the Total Return Index (TRI) is calculated using net dividend rates (“net in the hands of the SA investor”). Dividend withholding tax is deducted from the declared dividend with the resulting net dividend used in the XD adjustment.
Name  Capped Shareholder Weighted Top 40 Net Total Return
Index Code           JN430
Alpha Code DCPN
Index Category Shareholder Weighted (SWIX)
Universe SWIX Top 40 Index (J400)
Fixed No. of Companies 40
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by SWIX net market cap
Capping Methodology 10% quarterly
Index Review Quarterly in March, June, September and December
Buffer Size            5
Dissemination Real Time
Live Date               2019/05/31
Valuation of the Top 40 Index (J400) calculated exclusively during Futures Closeout Auction.
Name  Top 40 Expiry
Index Code           J40X
Alpha Code DTPX
Index Category Shareholder Weighted (SWIX)
Universe SWIX Top 40 (J400)
Fixed No. of Companies 40
Liquidity Screening             Yes
Free Float Screening Minimum of 5%. 
Other Screening N/A
Weighting Methodology SWIX Free Float Market Cap Weighted
Ranking Methodology Ranked by net market cap
Capping Methodology 10% quarterly
Index Review Monthly 
Buffer Size            5
Dissemination End of Day
Live Date               2014/09/18

The SWIX SA sector classification is derived from the Industry Classification Benchmark (ICB) as follows:

  • SWIX SA Resources –SWIX All Share constituents that belong to ICB Industries: Basic Materials (55) and Energy (60)
  • SWIX SA Financials –SWIX All Share constituents that belong to ICB Industries: Financials (30) and Real Estate (35)
  • SWIX SA Industrials – SWIX All remaining companies, i.e.: SWIX All Share constituents that do not belong to ICB Industries: Financials (30), Real Estate (35), Basic Materials (55) and Energy (60)

 

SWIX SA Sector indices split the SWIX All Share Index constituents according to their SA Sector classification.

 

The SWIX Free Float for the SWIX constituents is calculated by using the portion of listed share capital on the Strate register in dematerialised form.

 

Index Code Index Name
JSZ0 SWIX Resource 10
JSZ1 SWIX Industrial 25
JSZ2 SWIX Financial 15
JSZ3 SWIX Financial and Industrial 30
JSZ4 SWIX SA Resources
JSZ5 SWIX SA Industrials
JSZ6 SWIX Financials
JSZ7 SWIX SA Financials and Industrials

 

The Sector Indices include constituents of the SWIX All Share Index (J403) that are classified in the Sector after which the index is named. The SWIX Free Float for the SWIX constituents is calculated by using the portion of listed share capital on the Strate register in dematerialised form.

Index Code Index Name ICB Sector Code
JX1011 SWIX Software and Computer Services 101010
JX1012 SWIX Technology Hardware and Equipment 101020
JX1511 SWIX Telecommunications Equipment 151010
JX1512 SWIX Telecommunications Service Providers 151020
JX2011 SWIX Health Care Providers 201010
JX2012 SWIX Medical Equipment and Services 201020
JX2013 SWIX Pharmaceuticals and Biotechnology 201030
JX3011 SWIX Banks 301010
JX3021 SWIX Finance and Credit Services 302010
JX3022 SWIX Investment Banking and Brokerage Services 302020
JX3023 SWIX Mortgage Real Estate Investment Trusts 302030
JX3024 SWIX Closed End Investments 302040
JX3031 SWIX Life Insurance 303010
JX3032 SWIX Non-life Insurance 303020
JX3511 SWIX Real Estate Investment and Services 351010
JX3512 SWIX Real Estate Investment Trusts 351020
JX4011 SWIX Automobiles and Parts 401010
JX4021 SWIX Consumer Services 402010
JX4022 SWIX Household Goods and Home Construction 402020
JX4023 SWIX Leisure Goods 402030
JX4024 SWIX Personal Goods 402040
JX4031 SWIX Media 403010
JX4041 SWIX Retailers 404010
JX4051 SWIX Travel and Leisure 405010
JX4511 SWIX Beverages 451010
JX4512 SWIX Food Producers 451020
JX4513 SWIX Tobacco 451030
JX4521 SWIX Personal Care, Drug and Grocery Stores 452010
JX5011 SWIX Construction and Materials 501010
JX5021 SWIX Aerospace and Defense 502010
JX5022 SWIX Electronic and Electrical Equipment 502020
JX5023 SWIX General Industrials 502030
JX5024 SWIX Industrial Engineering 502040
JX5025 SWIX Industrial Support Services 502050
JX5026 SWIX Industrial Transportation 502060
JX5511 SWIX Industrial Materials 551010
JX5512 SWIX Industrial Metals and Mining 551020
JX5513 SWIX Precious Metals and Mining 551030
JX5521 SWIX Chemicals 552010
JX6011 SWIX Oil, Gas and Coal 601010
JX6012 SWIX Alternative Energy 601020
JX6511 SWIX Electricity 651010
JX6512 SWIX Gas, Water and Multi-utilities 651020
JX6513 SWIX Waste and Disposal Services 651030
     

 

The classification of the SWIX All Share Index (J403) constituents at Industry level will be used to calculate a SWIX index for each of the 11 Industries. The Industry Indices include constituents of the SWIX All Share Index (J403) that are classified in the Industry after which the index is named. The SWIX Free Float for the SWIX constituents is calculated by using the portion of listed share capital on the Strate register in dematerialised form.

Index Code Index Name ICB Industry Code
JW0010 SWIX Technology 10
JW0015 SWIX Telecommunications 15
JW0020 SWIX Health Care 20
JW0030 SWIX Financials 30
JW0035 SWIX Real Estate 35
JW0040 SWIX Consumer Discretionary 40
JW0045 SWIX Consumer Staples 45
JW0050 SWIX Industrials 50
JW0055 SWIX Basic Materials 55
JW0060 SWIX Energy 60
JW0065 SWIX Utilities 65