--- title: "S&P/NZX 10: Methodology" description: "S&P/NZX 10 is maintained by S&P Dow Jones Indices/NZX and covers top 10 companies listed on the New Zealand Exchange by float-adjusted market cap." canonical: https://www.getswoopr.com/stocks/indexes/sp-nzx-10/ source: "Swoopr Investment: https://www.getswoopr.com" --- # S&P/NZX 10: What It Measures and How It Is Built ## Direct Answer > The S&P/NZX 10 is a rule-based measurement of top 10 companies listed on the New Zealand Exchange by float-adjusted market cap, maintained by S&P Dow Jones Indices/NZX. 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/NZX 10 covers top 10 companies listed on the New Zealand Exchange by float-adjusted market cap, within the New Zealand market. S&P Dow Jones Indices/NZX 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 10 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 Weighted by float-adjusted market capitalization using the divisor method. The methodology lists no weight cap for it. 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 Measures 10 of the largest companies within the S&P/NZX 50, so its candidates are S&P/NZX 50 members, which must meet that index's liquidity tests (relative liquidity above half of market liquidity and absolute liquidity above 2.5%). 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. ## When the membership is revised Rebalanced quarterly in March, June, September and December, effective after the close on the third Friday. A non-member is added at rank 7 or higher, and a member is removed at rank 14 or lower. 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 The buffer is wide for so small an index: a member is dropped only at rank 14 or lower, while a newcomer needs to rank 7th or higher, so membership can lag a strict ranking of the ten largest. ## References - [S&P Dow Jones Indices/NZX: S&P Dow Jones Indices, S&P/NZX New Zealand Indices Methodology](https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-nzx-index.pdf), as published 2025. Every rule described on this page is taken from this document. ## Current S&P/NZX 10 constituents S&P Dow Jones Indices/NZX publishes and licenses the S&P/NZX 10 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/NZX: official S&P/NZX 10 page](https://www.nzx.com/markets/indices) ## Related reading - [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised. - [Asia-Pacific indexes](https://www.getswoopr.com/stocks/indexes/asia-pacific/): 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/NZX 10? S&P Dow Jones Indices/NZX maintains the S&P/NZX 10 and publishes the methodology document that defines its eligibility and weighting rules. ### What does the S&P/NZX 10 measure? It measures top 10 companies listed on the New Zealand Exchange by float-adjusted market cap. 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/NZX 10 constituents? S&P Dow Jones Indices/NZX 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.