Direct Answer
The UPCoM Index is a rule-based measurement of Vietnamese unlisted public company market benchmark, maintained by HOSE/HNX. 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 UPCoM Index covers Vietnamese unlisted public company market benchmark, within the Vietnam market. HOSE/HNX 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
A stock needs a free float ratio of 5% or more to be selected. The page refers to a separate rulebook for the construction and weighting details.
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
All stocks of companies registered for trading on UPCoM with a free float ratio of 5% or more are selected. A newly registered stock is added automatically, and a stock that is deregistered, suspended, acquired or judged by the index council to fail the criteria is removed.
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
The composition of stocks used in the index is reviewed quarterly, in line with the free float adjustment cycle in the index rules. A suspended stock may stay in the index for up to 10 working days before it is normally removed at its last traded price.
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 basket is defined by registration rather than listing: companies that trade on UPCoM without a listing are the universe, and every one above the 5% free float floor is included with no size or liquidity ranking.
References
- HOSE/HNX: Hanoi Stock Exchange, Composite index selection criteria and index calculation method (UPCoM Index rules), as published 2026. Every rule described on this page is taken from this document.
Current UPCoM Index constituents
HOSE/HNX publishes and licenses the UPCoM Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
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 UPCoM Index?
HOSE/HNX maintains the UPCoM Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the UPCoM Index measure?
It measures Vietnamese unlisted public company market benchmark. 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 UPCoM Index constituents?
HOSE/HNX publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.