For index administrators, ETF issuers & structured products desks

Building a new index
takes weeks. It shouldn't.

The Indexing Studio is a professional index construction and lifecycle management platform — built for the people who actually make indices. Design, backtest, publish, and govern institutional-grade indices in a single environment, with full audit trail and regulatory compliance built in.

The problem today

⏱

Months, not days

A new index from idea to live typically takes 6–12 weeks: methodology drafts in Word, back-tests in Excel, committee sign-off via email, legal review, then manual production setup. Every iteration resets the clock.

🗂

Five tools, no single view

Price data in one system, analytics in another, compliance checks in Excel, methodology docs in SharePoint, rebalancing instructions sent manually to ops. No single source of truth — and no audit trail that spans all of it.

⚠️

Compliance is an afterthought

UCITS diversification, BMR obligations, IOSCO principles — all checked manually, often at the end. WHT rates hardcoded in spreadsheets. NTR calculated without a proper dividend reinvestment engine. Errors found post-launch.

The Indexing Studio collapses all of this into one platform. From AI-assisted methodology design to daily production, committee governance, compliance monitoring, and factsheet generation — end-to-end, in hours.

At a glance

Hours

Idea to live index

< 5 ms

Backtest (10 stocks, 3yr)

WHT jurisdictions

Art.
52 · 53

UCITS compliant

Full

Audit trail

Who it's for

Index Administrators

Launch new thematic or strategy indices faster
Methodology governance with full version history
Committee review & sign-off workflow built in
BMR & IOSCO documentation ready to export
White-label client index programmes

ETF Issuers

Validate NTR / PR / TR before licensing
UCITS Art. 52/53 compliance verified at design time
Benchmark analytics: TE, IR, alpha, beta vs any index
Factsheet & KID-ready data export
Rebalancing history with ops-ready constituent lists

Structured Products Desks

Bespoke indices for structured notes in hours
What-if weight modelling before committing
FX attribution on EUR / GBP-denominated strategies
Full audit trail for regulatory and legal review
Daily level production with export API

Return types

Every index is calculated at the return type that matters for your product

NTR — Net Total Return

Dividends reinvested after withholding tax deducted at source, per country of listing. The standard for UCITS ETFs and most licensed indices.

TR — Gross Total Return

Dividends reinvested at the full pre-tax rate. Used for performance benchmarking and absolute-return mandates where WHT reclaim is assumed.

PR — Price Return

Price appreciation only; dividends excluded. Required for structured products and index-linked notes where dividend treatment is handled separately.

Platform capabilities

⚙️

Construction Engine

Equal weight, market cap, or start weights
NTR / TR / PR calculation engine
USD, EUR, GBP — any base currency
Daily FX conversion (ECB / WMR fix)
Configurable rebalancing schedule
Management fee (continuous, act/365)
Country-level WHT — 47 jurisdictions
Splits, special dividends (MSCI 5% PAF), rights issues, spin-offs
Reconstitution: immediate exit purge + survivor reweight
Full backfill on launch

📊

Analytics Suite

Ann. return, volatility, Sharpe, Sortino, Calmar
Max drawdown — peak, trough, recovery
Skewness, kurtosis, VaR
Tracking error & information ratio
Alpha, beta, cumulative excess return
Pearson correlation matrix
MTD / QTD / YTD / ITD windows
Excel & CSV export

🛡️

Governance & Compliance

UCITS Art. 52 diversification check
UCITS Art. 53 single-name cap (20%)
Passive vs active breach classification
AI-assisted index design
Methodology document generation
Committee review & sign-off workflow
Full audit trail — every change logged
Factsheet & data export

Rebalancing Fully Automatic

3 modes Equal Weights · Start Weights · Market Cap
Schedule Quarterly, semi-annual, or annual — set once
Pro-forma Live preview of next event with T-{days} countdown
UCITS Art.53 pass/fail checked at every rebalancing
Audit Before/after weights, one-way turnover %, divisor pre/post
Continuity Divisor adjusted automatically — zero level discontinuity

Attribution Price + FX

Daily return decomposed into price contribution and FX contribution per constituent — using T-1 closing composition as the attribution basis, so price and FX contributions sum exactly to the index return. Critical for EUR or GBP-denominated indices built on USD-listed stocks. Available as interactive chart, ranked table, and Excel export across any period.

What-If Modelling Interactive

Adjust constituent weights with live sliders before committing to a rebalancing. Auto-normalization keeps the portfolio at 100%. Recalculate the full backtest instantly and compare Ann. Return, Volatility, Sharpe, and Max Drawdown against the published index.

Benchmark Analytics vs Any Index

TE Annualized tracking error to benchmark
IR Information ratio (excess return / TE)
Alpha Jensen's alpha, annualized
Beta Rolling beta vs benchmark
CER Cumulative excess return chart

Withholding Tax Per Country

US 30% statutory (MSCI)
DE 26.375% incl. solidarity surcharge
CH 35% at source
FR 25% standard rate
NL / JP 15% · 15.315%
47 jurisdictions covered

Calculation accuracy

Engine verified against MSCI methodology — mathematically, on live data

90 / 90 PASS · 643 assertions

NTR / PR divergence

Net dividend reinvestment verified per ex-date against the closed-form WHT formula across all indices

NTR / TR spread

Gross vs net split equals exactly the WHT deduction on each dividend event — zero drift on non-dividend days

Price Return purity

PR series carries zero dividend influence — verified algebraically against weighted price-only returns

Fee drag

Management fee decays as exact continuous compounding (1 − fee/365)^N — verified over 1,100+ days

FX attribution

Price contribution and FX contribution sum exactly to the constituent's total index return — cross-term correctly allocated, zero bleed when FX is flat

Speed

< 5 ms for a 10-stock 3-year NTR backtest · 50-stock 5-year in 20 ms · pure in-memory, no DB round-trip

Special dividends

MSCI 5% PAF rule applied correctly — divisor adjusted on both PR and NTR when a distribution exceeds 5% of cum price, preventing level discontinuity

Reconstitution exits

Exiting constituents purged immediately on the effective date; survivors reweighted to new targets at current prices — zero level impact, no drift to next rebalancing

Holiday base dates

Base dates falling on weekends or exchange holidays automatically snap to the next business day — no empty basket, no NaN levels on launch

Independent replication tests

EURO STOXX 50 — replication against official index levels

0.9938 correlation · ACCEPTABLE

2022-01-03 → 2026-05-29 · 1,081 trading days · 50 / 50 constituents loaded · Price Return vs ^STOXX50E

198 bps

Tracking error (ann.)

0.9938

Daily return correlation

56 bps

Max single-day diff

50 / 50

Constituents loaded

The 198 bps tracking error is fully attributable to known structural differences — not to calculation methodology. Free-float vs total shares: STOXX applies float-adjusted weights with a 10% per-name cap; we use total shares outstanding. Survivorship: we backtest current constituents from 2022 (e.g. Rheinmetall added Sep 2023 but included for the full period). Data source: Yahoo Finance prices vs STOXX's official Refinitiv/LSEG feed. A 0.9938 daily correlation confirms the engine tracks the official index tick-for-tick — the gap is in weighting inputs, not in calculation.

S&P 100 — replication against official index levels

0.9959 correlation · ACCEPTABLE

2022-01-03 → 2026-05-29 · 1,105 trading days · 99 / 100 constituents loaded · Price Return vs ^OEX

175 bps

Tracking error (ann.)

0.9959

Daily return correlation

+1.34%

End level divergence

99 / 100

Constituents loaded

The 175 bps tracking error and +1.34% end divergence are attributable to known structural differences. Historical composition: we use current S&P 100 members back-applied to 2022; the actual index had different constituents. Data source: Yahoo Finance prices vs S&P's official calculation. A 0.9959 daily correlation across 1,105 trading days confirms the Laspeyres calculation is correct.

Index lifecycle

Design

AI-assisted universe selection, weighting, return type, methodology

Backtest

Full history computed instantly — levels, attribution, drawdown, compliance

Review

UCITS check, methodology doc, committee sign-off, audit trail

Publish

Take live, daily production, factsheet, export API, rebalancing ops

Sample indices

Ticker Name & Description Type Ccy Benchmark

MAG7EW

Magnificent 7 Equal Weight
Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, Tesla — equal weight, quarterly rebalanced

NTR

USD

—

MAG7MC

Magnificent 7 Market Cap
Same 7 names, market-cap weighted. Pair with MAG7EW to see the concentration premium

NTR

USD

—

MAG7PR

Magnificent 7 Price Return
Price-only variant — no dividend reinvestment. Baseline for structured product overlays

USD

—

EUTECHNTR

European Tech Leaders
ASML, SAP, Capgemini and peers — EUR-denominated, demonstrates FX attribution on USD-listed ADRs

NTR

EUR

—

CHIPSNTR

Global Semiconductors
Cross-listed semiconductor names across US, Taiwan, Netherlands — multi-currency NTR

NTR

USD

—

EUFINTR

European Financials
BNP, Deutsche Bank, ING, Santander and peers — EUR base, dividend-heavy sector

NTR

EUR

—

USCORE20

US Core 20 — UCITS Compliant
20 US large-caps at 5% each — Art. 52/53 compliant by design, diversified across sectors

NTR

USD

SPY

USQNTR

US Quality Leaders
High-ROE, low-leverage US names — quality factor strategy with SPY benchmark tracking

NTR

USD

SPY

ISX·NTR

Indexing Studio Tech 10
10 high-conviction US tech names — flagship demo index, benchmarked vs QQQ

NTR

USD

QQQ

ISX·VT·NTR

Indexing Studio Tech 10 Vol-Target 10%
Same basket as ISX·NTR with a 10% annualised volatility target overlay — exposure scales daily

NTR

USD

SPY

MEGA·NTR

Mega Cap 5
Apple, Microsoft, Nvidia, Alphabet, Amazon — top 5 by market cap, equal-weighted

NTR

USD

SPY

DEF·NTR

Defense & Aerospace
RTX, LMT, NOC, GD, HII and peers — sector index benchmarked vs ITA ETF

NTR

USD

ITA

EUR·NTR

European Leaders
Blue-chip European equities — includes special dividend events (VALE 5% PAF) in live data

NTR

USD

EZU

EVMOBNTR

EV & Clean Mobility
Tesla, BYD, Rivian, Lucid, ChargePoint — thematic basket across the EV ecosystem

NTR

USD

—

CLEANENTR

Clean Energy Leaders
Solar, wind, and grid-scale storage names — thematic renewable energy strategy

NTR

USD

—

EULUXNTR

European Luxury
LVMH, Hermès, Richemont, Kering, Moncler — EUR-denominated luxury sector index

NTR

EUR

—

TPBLENDNTR

Tech & Pharma Blend
50/50 blend of US tech and global pharma — diversified cross-sector strategy

NTR

USD

—

GQLNTR

Global Quality
High-quality names across US and Europe — multi-currency quality factor index

NTR

USD

—

AIWN

AI Infrastructure Winners
Nvidia, TSMC, Broadcom, ASML — the picks-and-shovels layer of the AI buildout

NTR

USD

—

Building a new indextakes weeks. It shouldn't.