ProshareIndex Centre
Index Construction

Methodology & Index Rules

The Proshare 12 Index is constructed using a rules-based methodology aligned with global index standards. The framework ensures transparency, replicability and investability.

Index Variants

The three index series

Full Market-Cap Weighted Index

A broad capitalisation reference series that uses total issued shares without adjusting for free float.

Float-Adjusted Price Return Index

The principal institutional benchmark. Reflects the market value of shares genuinely available for public trading.

Float-Adjusted Total Return Index

Captures both capital appreciation and dividend contribution for a true total-return view of the market.

Interactive Tool

Methodology Calculator

Enter the inputs for any single constituent to instantly compute its market-cap, float-adjusted and total-return contributions.

Inputs
Weight contribution is computed against an aggregate float-adjusted market cap of ₦19.86tn (latest Proshare 12 universe).
Computed values
Full Market Cap
₦5.30tn
₦5,298,008,070,000
Float-Adjusted Shares
34.12bn
34,116,707,781 shares
Float-Adjusted Market Cap
₦4.40tn
₦4,401,055,303,749
Dividend Value
₦136.47bn
₦136,466,831,124
Total Return Market Cap
₦4.54tn
₦4,537,522,134,873
Weight Contribution
22.16%
of FA aggregate
Index Rules

Construction framework

01

Universe

The eligible universe is all equity securities listed on the main board of the Nigerian Exchange (NGX). ADRs, suspended securities and securities with insufficient trading history are excluded.

02

Eligibility screens

Securities must meet minimum thresholds for free-float (≥5%), median daily traded value (₦25m over the 6-month review period) and trading-day participation (≥80% of sessions).

03

Free-float adjustment

Issued shares are adjusted to remove strategic holdings: government, founders & insiders (>5%), cross-holdings and locked-up shares. The remaining shares define the investable base used to derive index weights.

04

Weighting

Constituents are weighted by free-float adjusted market capitalisation. Single-stock weight is capped at 15% at each rebalance; sector weights at 40%. Excess is redistributed pro-rata.

05

Rebalancing

All Proshare 12 Index benchmarks rebalance quarterly on the third Friday of March, June, September and December.

06

Corporate actions

Stock splits, bonus issues, rights and capital reductions are reflected on the ex-date. Cash dividends are reinvested in the Total Return variant only.

Governance & oversight
  • Index Committee reviews methodology semi-annually and publishes any changes 60 days in advance.
  • All rebalance constituents, weights and corporate actions are published via the Proshare data feed.
  • Calculation oversight aligned with leading principles for financial benchmarks.
  • Pricing source: NGX official closing prices, with secondary verification.
09 — Data Sources

Source hierarchy

Every value is derived from an approved, traceable source. Inputs are ranked and cross-verified in the following order of authority.

  1. 01

    Official NGX data

    Primary closing prices, volumes and shares outstanding sourced directly from the Nigerian Exchange.

  2. 02

    Issuer filings

    Regulatory filings submitted by listed companies to the NGX and SEC.

  3. 03

    Audited financial statements

    Annual and interim accounts used to verify shares in issue and capital structure.

  4. 04

    Corporate disclosures

    Company announcements covering dividends, splits, rights issues and other corporate actions.

  5. 05

    Proshare IR & Data Central

    Proshare investor-relations records and the Data Central repository for cross-verification.

  6. 06

    Methodology-approved research records

    Internal research records maintained under the published methodology and governance framework.

10 — Governance

Independent oversight

The Proshare Index is overseen by an Index Committee that maintains the methodology, approves constituent changes, and reviews corporate-action treatment. Methodology changes are consulted on and published in advance of any implementation, with calculation oversight aligned to leading principles for financial benchmarks.

View Governance About Proshare Research
11 — Methodology Documents

Downloadable documents

Reference documents for analysts, issuers and product sponsors.