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FAQ: S&P Cryptocurrency Index Series

Benchmarking Blue Chips: The S&P 100

TalkingPoints - Introducing the S&P/IDX Indonesia Shariah High Dividend Index

The Evolution of the Fixed Income Tradable Ecosystem

Orderly Fashion: Looking Inside Luxury Baskets

Education - Feb 27, 2026

FAQ: S&P Cryptocurrency Index Series

Digital Assets: S&P Cryptocurrency Index Series

What is the S&P Cryptocurrency Index Series? The S&P Cryptocurrency Index Series is part of S&P DJI’s Digital Assets indices and is designed to measure the spot-based performance of a selection of cryptocurrencies, also referred to as “coins” in this document, that meet minimum liquidity and market capitalization criteria and are listed on trading facilities (referred to within this document as “exchanges”) included among the primary markets covered by the Lukka Prime data product published by Lukka, Inc. In the cryptocurrency context, market capitalization refers to the product of coin supply (explained in question 18) at a given point in time multiplied by coin price. The term exchange as used in this FAQ does not refer to a “national securities exchange” that has registered with the Securities Exchange Commission (SEC) or other comparable securities exchange registered in another jurisdiction.
Why was the S&P Cryptocurrency Index Series created? The S&P Cryptocurrency Index Series was launched to bring transparency to the emerging cryptocurrency market. For more background, visit https://www.spglobal.com/spdji/en/landing/investment-themes/sp-cryptocurrency-indices/.

What indices are in the S&P Cryptocurrency Index Series? As of Jan. 30, 2026, the S&P Cryptocurrency Index Series includes the indices as shown in Exhibit 1. They represent S&P DJI’s asset class specific cryptocurrency offering.

FAQ: S&P Cryptocurrency Index Series: Exhibit 1

See the S&P Digital Assets Indices Methodology for additional details on these indices.

S&P Dynamic Rebalancing Risk Control 40% Indices: These indices seeks to limit the volatility of an index to a target level of 40% by adjusting the weights of the underlying index and U.S. dollars. There are currently two S&P Dynamic Rebalancing Risk Control 40% indices, one for Bitcoin and the other for Ethereum.

See the S&P Risk Control Indices Methodology & Parameters for additional details on these indices.

S&P Cryptocurrency Futures Index Series: These indices are designed to measure the performance of their respective CME futures market. The index series currently includes Bitcoin, Ether (Ethereum), Solana and XRP.
S&P Cryptocurrency MegaCap Futures Index: This index is designed to measure the performance of the CME Bitcoin and CME Ether futures markets.
S&P Bitcoin Futures Daily Roll Index: This index is designed to measure the performance of the CME Bitcoin futures market. It is rebalanced on a daily basis between the front contract and the next month’s contract.

See the S&P Cryptocurrency Futures FAQ version and S&P Futures Indices Methodology for additional details on these indices.

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Education - Feb 27, 2026

Benchmarking Blue Chips: The S&P 100

Florence Chapman

Senior Analyst, U.S. Equities

S&P Dow Jones Indices

Summary

In recent years, the largest names in the U.S. equity market have played an increasingly prominent role in shaping market narratives, leading headlines and exerting sizeable influence on the performance of major indices. Fueled by market participants’ enthusiasm for themes such as artificial intelligence, resilient corporate earnings and strong positions in key growth sectors—particularly technology—this group continues to remain a focal point with a prominence that extends beyond the U.S.

The S&P 100^® measures these leaders by tracking 100 of the largest and most established U.S. blue chip companies. Constituents are drawn from the S&P 500^®, with the largest companies with listed options generally selected for index inclusion.

Here, we will explore key insights from the S&P 100, including:

Relevance of the S&P 100 to global market participants;
Index composition and historical performance; and
Index construction.

Global Relevance of the S&P 100

With a float market capitalization (FMC) of USD 42.3 trillion, the size of the S&P 100 rivals that of entire regional equity markets. Exhibit 1 shows how the S&P 100 compares with other key indices. Despite making up less than 1% by constituent count within the S&P Global BMI, the S&P 100 represents more than double the size of both the S&P Asia Pacific BMI and the S&P Europe BMI, two-thirds of the S&P United States BMI and around 40% of the USD 107.5 trillion global market.

The Float Market Cap of the S&P 100 is Larger than Entire Markets: Exhibit 1

Beyond their collective scale, S&P 100 companies also account for a significant share of global sectors. Exhibit 2 compares the representation of S&P 100 constituents with those of the S&P Global BMI across each of the eleven GICS^® sectors. The sizeable proportion of these U.S. blue chips within certain sectors reflects their recent outperformance, particularly in Communication Services and Information Technology, where a small number of names—9 and 17 by count—represent 67.7% and 61.5% of each global sector’s respective market capitalization. Given that the S&P Global BMI comprises nearly 15,500 constituents, these proportions are substantial. Elsewhere, several other sectors also see a meaningful share of their value represented by S&P 100 companies.

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Education - Feb 24, 2026

TalkingPoints - Introducing the S&P/IDX Indonesia Shariah High Dividend Index

Izzy Wang

Associate Director, Factors and Dividends

S&P Dow Jones Indices

Jason Ye

Senior Director, Factors and Dividends

S&P Dow Jones Indices

To strengthen the Indonesian capital market ecosystem and increase the global competitiveness of Indonesian equity indices, S&P Dow Jones Indices (S&P DJI) and the Indonesia Stock Exchange launched a series of co-branded indices in 2025.1 As a pioneer in the dividend space, S&P DJI has a track record of creating and maintaining a wide variety of dividend indices for over 30 markets for more than 20 years. Previously, we highlighted the importance of dividends for the Indonesian market and showcased the historical outperformance of a high dividend yield strategy in a non-Shariah universe in the paper Exploring Dividend Opportunities in Indonesia. In this article, we will focus on a high dividend yield strategy that meets Shariah standards, exploring its historical performance and characteristics.

The S&P/IDX Indonesia Shariah High Dividend Index measures the performance of 30 high-dividend-yielding stocks from the S&P Indonesia BMI Shariah that comply with Indonesia Sharia Stock requirements. From Jan. 31, 2011, to Dec. 31, 2025, the index had an average trailing 12-month gross dividend yield of 4.79% and an average annual excess return of 1.92% compared with the S&P Indonesia BMI Shariah.

1. How Does the Index Work?

The S&P/IDX Indonesia Shariah High Dividend Index follows a transparent and rules-based methodology that is publicly available on the S&P DJI website. The index starts from non-REIT stocks from the S&P Indonesia BMI Shariah that have a positive indicated annualized dividend yield (IADY). Meanwhile, eligible stocks must meet size and liquidity requirements and must be members of the Indonesia Sharia Stock Index (ISSI). Out of this eligible universe, the 30 stocks with the highest dividend yield are selected as constituents. In the case that the count of eligible stocks is fewer than 30, all eligible stocks are selected.

The index is weighted by the product of the IADY and float market cap. Single stocks are capped at 15%. The index reconstitutes semiannually in January and July

TalkingPoints - Introducing the S&P/IDX Indonesia Shariah High Dividend Index: Exhibit 1

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Education - Feb 24, 2026

The Evolution of the Fixed Income Tradable Ecosystem

Nicholas Godec

Senior Director, Head of Fixed Income Tradables & Commodities

S&P Dow Jones Indices

Kai Aeberli

Director, Fixed Income Tradables

S&P Dow Jones Indices

Indexing in Fixed Income

The global bond markets are extensive, with individual bonds all trading with their own unique terms, coupons and maturities. Individual bonds are also often illiquid or difficult to source and, therefore, not broadly available. Fixed income indices have helped standardize the bond markets, taking this largely over-the-counter (OTC) market and creating defined units. These units can be as broad as the total market or can focus on key segments like high yield or investment grade corporate bonds, mortgage-backed securities, or municipal bonds, to name a few. Indices can be further subdivided by rating band, maturity range, sector or sustainability characteristics, among plenty of other dimensions.

Fixed income tradable indices take this one step further by offering strategies that may be used as the basis for tradeable products. Fixed income tradable indices underlie financial products that take a number of forms, including ETFs, standardized total return swaps, futures and credit default swap indices. These instruments have evolved to track a liquid segment of the bond markets and offer options including diversification, investability and trade efficiency. These instruments also offer transparency, given that index construction methodologies are public and memberships for indices’ underlying fixed income tradable products are often public as well. Further, fixed income tradable indices can enhance transparency by providing a measure of continuous pricing to the bond markets.

Fixed income tradable indices are designed to provide an efficient means to measure the bond market. This primer is meant as an introductory reference for these instruments, as well as to highlight their performance in recent market periods. While some of these instruments measure similar market segments, each instrument type comes with unique features that may make it more suitable for different trade conditions.

As the fixed income tradable index ecosystem has developed, the addition of new tools has proven to be accretive to volumes across instruments (see Exhibit 1).

Fixed Income Tradable Ecosystem Linked to S&P Dow Jones Indicess: Exhibit 1

From Benchmarks to Tradables

The transition from broad benchmarks to liquid indices designed to underlie tradable products involves careful construction intended to select liquid index constituents. The final composition aims to reflect liquid segments of the market, while also limiting idiosyncratic risk via capping. Efficiency and transparency in the underlying index may enhance the ease of replication with investment products.

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Education - Feb 05, 2026

Orderly Fashion: Looking Inside Luxury Baskets

Abbie Zhang

Senior Analyst, Thematic Indices

S&P Dow Jones Indices

Vidushan Ragukaran

Director, Global Equities & Thematic Indices

S&P Dow Jones Indices

Introducing Luxury

In a world where consumer trends shift rapidly and economic uncertainties prevail, the luxury industry stands out for its exclusivity and resilience. Defined not just by price but by superior quality, impeccable craftsmanship and a storied heritage, luxury products can foster a unique emotional connection with consumers. From haute couture fashion houses to iconic watchmakers and luxury automakers, this sector not only captures the imagination of consumers but also provides unique insights into global wealth distribution. The S&P Global Luxury Indices were launched to track the performance of companies engaged in the production, distribution or provision of luxury goods and services, offering a gauge of the sector’s performance.

A defining characteristic of luxury goods is their price inelasticity, which has often facilitated higher operating margins. Over the past decade, the average operating margin for luxury goods companies has been around 18%, compared to 12% for the broader consumer discretionary sector. Against a backdrop of rising inflation-global figures ranged from 3.3% to 8.7% between 2019 and 2023-around 80% of the luxury sector’s growth over this period was driven by price increases rather than volume gains. This reflects not only the high perceived value and exclusivity of luxury products but also the sector’s ability to maintain demand even in the face of price increases.

Market Landscape

The global luxury market has experienced consistent growth over the past several years and is projected to continue its upward trajectory. Between 2019 and 2023, the sector achieved a 5% compound annual growth rate (CAGR). While the industry has faced slowdowns in recent years due to macroeconomic headwinds, it is still expected to expand from USD 344.32 billion in 2026 to USD 516.48 billion by 2035, representing a CAGR of 4.7%.

The market is still expanding, though growth has moderated. This continued growth is driven by rising global wealth and evolving consumer preferences. Wealth is increasing steadily, with total global wealth having increased at a CAGR of 3.4% since 2000. Meanwhile, the global number of high-net-worth individuals (HNWIs) - the primary consumers of luxury goods-surged from 14.65 million in 2014 to 23.42 million in 2024.

Consumer preferences are also evolving beyond products and toward luxury experiences, including luxury tourism, hospitality and fine dining. Digitalization has transformed engagement, with 75% of global luxury transactions influenced by online channels and 20% to 25% of purchases digitally enabled. Brands like Gucci and Burberry are leveraging virtual showrooms and innovative social media campaigns to craft compelling digital narratives, maintaining their mystique while embracing modern engagement strategies. To meet growing consumer demand for transparency and authenticity, luxury companies are also adopting new technologies such as blockchain and authentication for traceability, anti-counterfeiting and digital personalization-helping them stay competitive. Furthermore, younger generations will likely drive growth in the coming years, with Generation Z projected to account for 40% of luxury purchases by 2035, up from 4% today, reinforcing the need for brands to deliver more meaningful, personalized and differentiated customer services.

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