--- title: "S&P/CLX Chile 15: Methodology" description: "S&P/CLX Chile 15 is maintained by S&P Dow Jones Indices/Santiago Exchange and covers top 15 most liquid companies listed on the Santiago Exchange." canonical: https://www.getswoopr.com/stocks/indexes/sp-clx-chile-15/ source: "Swoopr Investment: https://www.getswoopr.com" --- # S&P/CLX Chile 15: What It Measures and How It Is Built ## Direct Answer > The S&P/CLX Chile 15 is a rule-based measurement of top 15 most liquid companies listed on the Santiago Exchange, maintained by S&P Dow Jones Indices/Santiago Exchange. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets. ## What this index covers The S&P/CLX Chile 15 covers top 15 most liquid companies listed on the Santiago Exchange, within the Chile market. S&P Dow Jones Indices/Santiago Exchange defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number. The name states a target of 15 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it. ## How constituents are weighted Constituents are first weighted individually by float-adjusted market capitalization (FMC) and by median daily value traded (MDVT), and the final weight is the average of the two weights, subject to a maximum single stock weight of 18%. The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little. ## What qualifies for inclusion A security must be a member of the S&P/CLX IGPA and trade as a local listing on the Santiago Exchange. It needs a minimum six-month MDVT of CLP 150 million (CLP 120 million for current constituents). Each company is represented once by its Designated Listing. Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does. ## How long a listing must exist first A stock must have a minimum six-month trading history on the Santiago Exchange to be part of the selection universe. A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time. ## When the membership is revised Rebalanced semi-annually after the close on the final business day of May and November, with reference dates on the last business day of April and October. Index shares are calculated using closing prices from seven business days before the rebalancing date. Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider. ## The rule that surprises people Stocks are ranked by FMC and then by six-month MDVT, and the average of the two ranks gives the final rank. The top 12 are selected whether or not they are current constituents, and current constituents ranked in the top 18 fill the rest. If fewer than 10 stocks pass the liquidity rule, the next most liquid IGPA stocks are added to reach 10. ## References - [S&P Dow Jones Indices/Santiago Exchange: S&P Dow Jones Indices, S&P/CLX Indices Methodology (S&P/CLX Chile 15 section)](https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-clx-indices.pdf), as published 2022. Every rule described on this page is taken from this document. ## Current S&P/CLX Chile 15 constituents S&P Dow Jones Indices/Santiago Exchange publishes and licenses the S&P/CLX Chile 15 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [S&P Dow Jones Indices/Santiago Exchange: official S&P/CLX Chile 15 page](https://www.spglobal.com/spdji/en/index-family/equity/latin-america/) ## Related reading - [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised. - [Emerging Markets indexes](https://www.getswoopr.com/stocks/indexes/emerging-markets/): others covering the same region. - [Index concentration](https://www.getswoopr.com/technical-analysis/market-concentration/index-concentration/): measuring how much of an index sits in its largest holdings. - [Index rebalancing and inclusion effects](https://www.getswoopr.com/stocks/corporate-actions-catalysts/index-rebalancing-and-inclusion-effects/): what happens to a stock when index membership changes. ## Frequently Asked Questions ### Who maintains the S&P/CLX Chile 15? S&P Dow Jones Indices/Santiago Exchange maintains the S&P/CLX Chile 15 and publishes the methodology document that defines its eligibility and weighting rules. ### What does the S&P/CLX Chile 15 measure? It measures top 15 most liquid companies listed on the Santiago Exchange. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself. ### Where can I see the current S&P/CLX Chile 15 constituents? S&P Dow Jones Indices/Santiago Exchange publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence. ## About the author The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day. Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.