Eligibility Criteria To be eligible for inclusion in the Composite the security's U.S. listing must be exclusively on the Nasdaq Stock Market (unless the security was dually listed on another U.S. market prior to January 1, 2004 and has continously maintained such listing), and have a security type of either:
American Depositary Receipts (ADRs) Common Stock Limited Partnership Interests Ordinary Shares Real Estate Investment Trusts (REITs) Shares of Beneficial Interest (SBIs) Tracking Stocks
Security types not included in the Index are closed-end funds, convertible debentures, exchange traded funds, preferred stocks, rights, warrants, units and other derivative securities.
If at any time a component security no longer meets the above eligibility criteria, the security is removed from the Composite Index.
Initial Eligibility Criteria* To be eligible for initial inclusion in the Index, a security must be listed on the Nasdaq Stock Market and meet the following criteria:
* the security’s U.S. listing must be exclusively on the Nasdaq National Market (unless the security was dually listed on another U.S. market prior to January 1, 2004 and has continuously maintained such listing); * the security must be of a non-financial company; * the security may not be issued by an issuer currently in bankruptcy proceedings; * the security must have average daily trading volume of at least 200,000 shares; * if the issuer of the security is organized under the laws of a jurisdiction outside the U.S., then such security must have listed options on a recognized options market in the U.S. or be eligible for listed-options trading on a recognized options market in the U.S.; * only one class of security per issuer is allowed; * the issuer of the security may not have entered into a definitive agreement or other arrangement which would likely result in the security no longer being Index eligible; * the issuer of the security may not have annual financial statements with an audit opinion that is currently withdrawn; * the issuer of the security must have "seasoned" on NASDAQ or another recognized market (generally, a company is considered to be seasoned if it has been listed on a market for at least two years; in the case of spin-offs, the operating history of the spin-off will be considered); and * if the security would otherwise qualify to be in the top 25% of the securities included in the Index by market capitalization for the six prior consecutive month-ends, then a one-year "seasoning" criterion would apply.
Continued Eligibility Criteria* To be eligible for continued inclusion in the Index, the following criteria apply:
* the security’s U.S. listing must be exclusively on the Nasdaq National Market (unless the security was dually listed on another U.S. market prior to January 1, 2004 and has continuously maintained such listing); * the security must be of a non-financial company; * the security may not be issued by an issuer currently in bankruptcy proceedings; * the security must have average daily trading volume of at least 200,000 shares (measured annually during the ranking review process); * if the issuer of the security is organized under the laws of a jurisdiction outside the U.S., then such security must have listed options on a recognized options market in the U.S. or be eligible for listed-options trading on a recognized options market in the U.S. (measured annually during the ranking review process); * the security must have an adjusted market capitalization equal to or exceeding 0.10% of the aggregate adjusted market capitalization of the Index at each month- end. In the event a company does not meet this criterion for two consecutive month-ends, it will be removed from the Index effective after the close of trading on the third Friday of the following month; and * the issuer of the security may not have annual financial statements with an audit opinion that is currently withdrawn.
In administering the Index, Nasdaq will exercise reasonable discretion as it deems appropriate.
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