S&P/TSX Capped REIT Index constituents

The S&P/TSX Capped REIT Index is published by S&P Dow Jones Indices. Members are the S&P/TSX Composite companies that the GICS classification places in this sector, so a company joins or leaves when it enters or leaves the Composite or is reclassified.

The index weights its members by float-adjusted market value, then caps any member whose weight would pass the index's limit and spreads the excess across the others. Membership follows the Composite's quarterly reviews, and the weight cap is reapplied at each quarterly rebalance; acquisitions and reclassifications change the list in between.

The S&P/TSX Capped REIT list on this page is read from the funds that track the index: iShares S&P/TSX Capped REIT Index ETF (XRE) daily basket. A US constituent list on Equibles is a tracking fund's own disclosed holdings. A fund that fully replicates an index holds each of the index's companies in index proportion, and a US fund has to disclose what it holds: every quarter in an SEC Form N-PORT filing, and, for most exchange-traded funds, every day in a holdings file published on the fund's own site. A Canadian list is read from the constituent list TMX Money publishes under the index's own symbol where there is one, the exchange's list rather than the index provider's, with the daily holdings file of the iShares Canada fund that tracks the index kept as a second source, or from that file alone where no list is published. Reading funds and exchange lists is what makes these lists publishable without licensing an index provider's feed, and it is why the figures beside each company are the source's figures.

The source kinds answer different questions. A daily holdings file is fresh, so it dates a change to the day it appeared. An N-PORT filing is quarterly and slower, but it is a filed document with an accession number, so it can be cited and checked by anyone. Both are kept, both are shown, and the published list is the freshest complete one. An exchange's published list is daily as well, and states the index's members and weights without any fund's position.

A list is published only when it is complete. Each stored snapshot records how many holdings arrived against how many the filing itself reported, and a snapshot short of its own reported count is kept but never published and never compared against another. This is the failure worth guarding against: a list narrowed by our own coverage still looks like a full index, and comparing two narrowed lists manufactures additions and deletions that never happened.

Companies are matched to their pages by identifier and never by name. The order is the company's CUSIP, then an ISIN learned for that company, then the CUSIP embedded inside a US or Canadian ISIN, then the ticker the fund or the exchange stated, matched among the index's own exchange's listings for the Canadian indexes. A row that matches nothing is kept on the list under the name the source reported rather than dropped, because dropping it would quietly shorten the index.

Weight is the company's share of the fund's equity holdings, computed from the value the fund reported for each position. The share count and value beside it are the fund's own position in that company, not the company's share count and not its market value, which is the likeliest way to misread this table.

Rank is simply position by weight within this list. A capped sector index has no fixed size; the number of companies is shown above the table.

Additions and deletions here are derived, not announced. Two consecutive lists from the same source are compared, so every change is dated to the window between them and both ends of that window are shown. A daily holdings file or exchange list narrows a change to a single day; a quarterly filing narrows it only to the quarter. Where several sources list one index, the same change is recorded once per source and collapsed into one event for reading, and the narrowest window wins.

None of this is official index data. A tracking fund follows its index closely and is not identical to it: it can hold a company a day or two before or after the index does, it holds cash the index does not, and its weights are its own. Where the two differ, the index provider is right and this page is a close reading of a fund. An exchange's constituent list is the exchange's own publication, also not the index provider's official list.

Cash, futures and any non-equity position a fund holds are excluded, so this is the fund's equity sleeve rather than its whole portfolio. Weights are computed against that sleeve, which is what makes them comparable to index weights.