The index selection process selects equities for the selection pool that meet the following conditions as determined the Index Provider:

  • Significant business operations in one of three online retail business segments: online retail, online travel, online marketplace.
  • At least 70% of revenues should be derived from online and/or virtual business transactions as opposed to brick and mortar and/or in-store transactions.
  • Listing on a regulated stock exchange in the form of shares tradable for foreign investors without restrictions.
  • Market capitalization of at least 300 million USD.
  • Minimum price at time of purchase of $5 per share USD.
  • Average daily trading volume of at least 2,000,000 USD over the last six months.
  • Adequate constituent liquidity and accessibility for an exchange listed product as determined by the Index Provider.
  • Non-US companies will be U.S. exchange traded ADR versions if available, assuming they meet liquidity requirements, otherwise local shares will be utilized that meet the listing requirements and satisfy the continuing analysis of liquidity.
  • No local shares, only ADRs, will be held for companies domiciled in emerging markets or those listed on small regional exchanges.