The underlying share universe of the SPI is the Swiss All Share Index and includes approximately 230 equity issues.[4] For a company's shares to be included in the SPI, the company must be domiciled in Switzerland and the shares must have a free float equal to or greater than 20%.
In 1998, investment companies were taken out of the SPI Family and put into the specially designed Investment Index in order to avoid double (direct + indirect) listing of SPI components.[2] Exceptions to this rule can be granted to Investment Companies that invest in companies not primarily listed at SIX.[4]
The SPI acts in turn as the universe of several other indices offered by SIX Swiss Exchange:[4]
various subindices of the SPI, by size and sector, described further down
Components
Below is the list of the 214 SPI shares as of September 18, 2020. Some of the companies are primarily listed in Switzerland, but have their headquarters outside Switzerland and were included in the underlying share universe upon request. Some companies have two kinds of shares and thus appear twice in the SPI.
SPI components are classified by size, by sector as well as by security category.[5]
By size
There are three size categories of SPI components: large-cap, mid-cap and small-cap. Three SPI subindices reflect these sizes, respectively the SPI Large, the SPI Middle and the SPI Small. Two more subindices cover Large+Middle as well as Middle+Small.[5]
The SPI 20 is another SPI subindex that contains the same companies as in the Swiss Market Index. It mostly overlaps with the SPI Large, but does not fully coincide because of the rules specific to the SMI.[2] For this reason, another subindex, the SPI Extra, includes all SPI companies not in the SPI 20.
By sector
The SPI is divided into sectors on the basis of economic activity. This classification is based on the Industry Classification Benchmark ICB from Dow Jones and FTSE, which simplifies international performance comparisons significantly.[5]
By security category
SPI Stocks are also grouped by security category: registered shares, bearer share, participation certificates.[5]
Methodology
Paid prices are taken into account in calculating the SPI as a whole. If no paid prices are available, the index is calculated on the basis of bid prices.[4] The index is recalculated and published every three minutes. On 1 June 1987, the SPI was standardised at 1000 points.[1]
Swiss All Share Index
The Swiss All Share Index contains all companies primarily listed at SIX that are headquartered in Switzerland or the Principality of Liechtenstein. It has 232 components. These are all the SPI components, but also equity with less than 20% of free float and investment companies. The additional companies contained in the Swiss All Share Index are listed below, as of November 12, 2019.
Company
Remarks
Alpine Select
Investment Index
Baumgartner
Castle Alt
Investment Index
Castle Private
Investment Index
Datacolor
Dottikon ES
EEII
Energiedienst
ENR Russia Invest
HBM
Investment Index
nebag
Investment Index
New Value
Investment Index
Panalpina
Roche I
SHL Telemedicine
The Native
Investment Index
Milestones
The following table shows historic milestones of the Swiss Performance Index Total Return. Latest seen values are not final: italic indicates that the value may be seen again if the bear market (-20% from the peak) persists; parentheses indicate that the value will be seen again if we reenter a bull market (maximum value reached again); Other values may be seen again in case of a crash (assuming a threshold of -50%).
