Direct Answer
The S&P/CLX IGPA is a rule-based measurement of broad Chilean equity market index covering 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 IGPA covers broad Chilean equity market index covering 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 index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
The index is weighted by float-adjusted market capitalization (FMC) and calculated with the divisor method used for all S&P Dow Jones Indices equity indices.
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
The universe is all Chile domiciled equity stocks listed on the Santiago Exchange. Stocks need an Investable Weight Factor of at least 5%, bursatility presence of at least 25% and annual traded value above UF 10,000. Pension funds (AFPs) are ineligible, and all publicly listed multiple share class lines are eligible if they meet the criteria.
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
IPO additions take place quarterly under the same criteria as the rebalancing, and an IPO must have a trading history of at least three months at the reference date, which is five weeks before the effective date. A stock that has traded for less than 12 months has its trading value annualized.
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
The index rebalances annually after the close on the third Friday of March, with a reference date of the third Friday of February. Index shares are updated quarterly after the close on the third Friday of June, September and December. IPO additions take effect at the open of the Monday following the third Friday of March, June, September and December.
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
Bursatility presence is a liquidity measure set by Chilean law (article 4 Bis of Law 18,045): the share of the prior 180 trading days on which total daily transactions reached at least 1,000 Unidades de Fomento (UF), expressed as a percentage.
References
- S&P Dow Jones Indices/Santiago Exchange: S&P Dow Jones Indices, S&P/CLX Indices Methodology (S&P/CLX IGPA section), as published 2022. Every rule described on this page is taken from this document.
Current S&P/CLX IGPA constituents
S&P Dow Jones Indices/Santiago Exchange publishes and licenses the S&P/CLX IGPA 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 IGPA page
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the S&P/CLX IGPA?
S&P Dow Jones Indices/Santiago Exchange maintains the S&P/CLX IGPA and publishes the methodology document that defines its eligibility and weighting rules.
What does the S&P/CLX IGPA measure?
It measures broad Chilean equity market index covering 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 IGPA 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.