{
  "schemaVersion": 1,
  "dataset": "CWW Index Family Derivative Analytics",
  "generatedAt": "2026-07-17T09:06:55Z",
  "indexDate": "2026-07-16",
  "methodologyVersion": "4.0",
  "baseDate": "2024-12-31",
  "familyOriginDate": "2025-01-02",
  "historyStatus": "V4_METHODOLOGY_RESTATEMENT_BACKCAST",
  "sourceAsOf": {
    "constituents": "2026-07-16",
    "levels": "2026-07-16",
    "latestPayloadGeneratedAt": "2026-07-17T07:05:43Z"
  },
  "metricCatalog": {
    "hhi": {
      "unit": "ratio",
      "precision": 8,
      "formula": "Σ(normalized weight²)"
    },
    "hhiPoints": {
      "unit": "HHI points",
      "precision": 4,
      "formula": "hhi × 10,000"
    },
    "effectiveConstituentCount": {
      "unit": "effective constituents",
      "precision": 4,
      "formula": "1 ÷ hhi"
    },
    "constituentCount": {
      "unit": "count",
      "precision": 0,
      "formula": "count of published constituent rows"
    },
    "weightPct": {
      "unit": "percent",
      "precision": 4,
      "formula": "published rounded weight"
    },
    "weightSumPct": {
      "unit": "percent",
      "precision": 4,
      "formula": "Σ published weightPct"
    },
    "largestWeightPct": {
      "unit": "percent",
      "precision": 4,
      "formula": "maximum published weightPct"
    },
    "largestWeightConstituentCount": {
      "unit": "count",
      "precision": 0,
      "formula": "count within 0.005 percentage points of largest published weight"
    },
    "topNWeightPct": {
      "unit": "percent",
      "precision": 4,
      "formula": "Σ N largest published weights"
    },
    "cappedConstituentCount": {
      "unit": "count",
      "precision": 0,
      "formula": "count where published CF < 1"
    },
    "preCapLargestWeightPct": {
      "unit": "percent",
      "precision": 4,
      "formula": "maximum((adjMvUsd ÷ CF) ÷ Σ(adjMvUsd ÷ CF)) × 100"
    },
    "capCompressionPctPoints": {
      "unit": "percentage points",
      "precision": 4,
      "formula": "Σ max(0, pre-cap weightPct − published weightPct)"
    },
    "advanceDeclineRatio": {
      "unit": "ratio",
      "precision": 6,
      "formula": "advancer count ÷ decliner count"
    },
    "medianDayReturnPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "median published constituent dayPct"
    },
    "approxContributionPctPoints": {
      "unit": "percentage points",
      "precision": 6,
      "formula": "published weightPct × published dayPct ÷ 100"
    },
    "approxContributionSumPctPoints": {
      "unit": "percentage points",
      "precision": 6,
      "formula": "Σ approximate constituent contribution"
    },
    "attributionResidualPctPoints": {
      "unit": "percentage points",
      "precision": 6,
      "formula": "approximate contribution sum − official index day return"
    },
    "weightedDayReturnPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "Σ contribution ÷ Σ published weight × 100"
    },
    "crossSectionalStdDevPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "population standard deviation of constituent dayPct"
    },
    "weightedFactor": {
      "unit": "ratio",
      "precision": 8,
      "formula": "Σ(weightPct × factor) ÷ Σ weightPct"
    },
    "adjustedMarketValueUsd": {
      "unit": "USD",
      "precision": 2,
      "formula": "post-cap: ΣadjMvUsd; pre-cap: Σ(adjMvUsd ÷ CF)"
    },
    "periodReturnPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "ending level ÷ starting level − 1"
    },
    "annualizedVolatilityPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "sample std dev of daily returns × √252"
    },
    "maxDrawdownPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "minimum(level ÷ prior running peak − 1)"
    },
    "positiveDayRatioPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "positive daily-return observations ÷ all observations × 100"
    },
    "correlation": {
      "unit": "Pearson correlation",
      "precision": 8,
      "formula": "Pearson correlation of paired simple daily returns"
    },
    "relativeSpreadPct": {
      "unit": "percent",
      "precision": 6,
      "formula": "normalized CWW return factor ÷ normalized CWWCN return factor − 1"
    },
    "leadershipCrossovers60D": {
      "unit": "count",
      "precision": 0,
      "formula": "sign changes in 60D cumulative CWW-vs-CWWCN normalized relative spread, ignoring zero"
    }
  },
  "provenance": {
    "calculationMode": "deterministic close-to-close calculations from the five published source files",
    "sourceFiles": [
      {
        "path": "site/data/latest.json",
        "sha256": "e9e54fa7ac62140a556faa94374999233329b1b201d9d7391545c705efa67c8e",
        "bytes": 110501,
        "recordCount": 1
      },
      {
        "path": "site/data/cww_constituents.csv",
        "sha256": "ab103b7acfcd184469c221f2fa32d724fcb797ec112b13782b2d978dcf8a5fd2",
        "bytes": 20122,
        "recordCount": 113
      },
      {
        "path": "site/data/cwwcn_constituents.csv",
        "sha256": "7626f97652b1d6eed8dca6ea4e104eac6bb9a3d57e6b5de39b259056fc20ba58",
        "bytes": 17729,
        "recordCount": 92
      },
      {
        "path": "site/data/cww_levels.csv",
        "sha256": "87e38d2c733e0de6640b03534f8a3af90472f4e4892fb5629b040d2486ff7607",
        "bytes": 18718,
        "recordCount": 384
      },
      {
        "path": "site/data/cwwcn_levels.csv",
        "sha256": "894941f9eb06c188a84331e017548eacb2ecb2053fb4afdc5b35c914d6113fb0",
        "bytes": 18811,
        "recordCount": 384
      }
    ],
    "sourceFileCount": 5
  },
  "calculationPolicy": {
    "internalPrecision": "IEEE-754 double precision; output rounding occurs only after aggregation",
    "roundingMode": "round to nearest with ties to even at the stated output precision",
    "outputPrecision": {
      "weightsAndExposurePct": 4,
      "returnsContributionAndRiskPct": 6,
      "factorRatios": 8,
      "correlations": 8,
      "adjustedMarketValueUsd": 2
    },
    "publishedInputPolicy": "constituent calculations use published rounded weightPct and dayPct fields",
    "weightCapPolicy": "the 8% limit is applied on base/review/eligible event dates; fixed CF allows price and FX weight drift between events",
    "weightSumTolerancePct": 0.2,
    "capTolerancePct": 0.005,
    "zeroReturnTolerancePct": 1e-12,
    "annualizationFactor": 252,
    "historyWindowConvention": "20D and 60D use exactly N paired daily returns and N+1 official closing levels",
    "formulas": {
      "hhi": "Σ((weightPct ÷ ΣweightPct)²)",
      "effectiveConstituentCount": "1 ÷ hhi",
      "approxContributionPctPoints": "published weightPct × published dayPct ÷ 100",
      "attributionResidualPctPoints": "Σ approximate contribution − official index dayPct",
      "breadth": "advancer if dayPct > 1e-12; decliner if dayPct < −1e-12; otherwise unchanged",
      "crossSectionalStdDevPct": "population standard deviation of published constituent dayPct",
      "weightedFactor": "Σ(weightPct × factor) ÷ ΣweightPct",
      "preCapAdjustedMarketValueUsd": "Σ(adjMvUsd ÷ cf)",
      "groupExposurePct": "Σ published weightPct for members of the group",
      "groupContributionPctPoints": "Σ approximate constituent contribution for members of the group",
      "periodReturnPct": "(ending level ÷ starting level − 1) × 100",
      "annualizedVolatilityPct": "sample standard deviation(simple daily returns) × √252 × 100",
      "maxDrawdownPct": "minimum(level ÷ prior running peak − 1) × 100",
      "correlation": "Pearson correlation of paired simple daily returns",
      "relativeSpreadPct": "((CWW end ÷ CWW base) ÷ (CWWCN end ÷ CWWCN base) − 1) × 100"
    }
  },
  "disclosures": [
    "Approximate contribution uses published rounded weights and one-day returns; it is an analytical attribution, not the official divisor calculation.",
    "Technology classifications are multi-label and non-additive; technology weights, counts and contribution figures must not be summed across categories.",
    "PF, FF and CF averages are weighted by published index weights and are descriptive, not forecasts or investable signals.",
    "Historical CWW and CWWCN series are methodology-v4 backcasts as disclosed by historyStatus; CWWCN was not historically published on the family origin date.",
    "Correlation measures co-movement only and does not establish causation, supplier relationships or investment suitability.",
    "The dataset is informational index research and is not investment advice."
  ],
  "indices": {
    "CWW": {
      "name": "非中国 CWW 指数",
      "level": 4852.51,
      "constituentCount": 113,
      "weightSumPct": 99.95,
      "concentration": {
        "hhi": 0.05713865,
        "hhiPoints": 571.3865,
        "effectiveConstituentCount": 17.5013,
        "largestWeightPct": 8.41,
        "largestWeightConstituentCount": 1,
        "top5WeightPct": 39.43,
        "top10WeightPct": 72.0,
        "top20WeightPct": 89.54,
        "cappedConstituentCount": 8,
        "capLimitPct": 8.0,
        "preCapLargestWeightPct": 27.6881,
        "capCompressionPctPoints": 29.077
      },
      "breadth": {
        "advancers": 10,
        "decliners": 98,
        "unchanged": 5,
        "advanceDeclineRatio": 0.102041,
        "advancingWeightPct": 2.21,
        "decliningWeightPct": 88.6,
        "unchangedWeightPct": 9.14,
        "medianDayReturnPct": -5.54,
        "crossSectionalStdDevPct": 3.811286,
        "weightedDayReturnPct": -6.900971,
        "officialIndexDayReturnPct": -7.04,
        "approxContributionSumPctPoints": -6.897521,
        "attributionResidualPctPoints": 0.142479
      },
      "factors": {
        "weightedAveragePf": 0.64816908,
        "weightedAverageFf": 0.85053527,
        "weightedAverageCf": 0.75094963,
        "preCapAdjustedMarketValueUsd": 3351870580486.6,
        "postCapAdjustedMarketValueUsd": 1780551018611.47
      },
      "pfBands": [
        {
          "key": "1.00",
          "constituentCount": 16,
          "weightPct": 44.07,
          "contributionPctPoints": -4.440974,
          "weightedDayReturnPct": -10.077091,
          "pf": 1.0
        },
        {
          "key": "0.85",
          "constituentCount": 6,
          "weightPct": 2.71,
          "contributionPctPoints": -0.06881,
          "weightedDayReturnPct": -2.539114,
          "pf": 0.85
        },
        {
          "key": "0.65",
          "constituentCount": 11,
          "weightPct": 1.53,
          "contributionPctPoints": -0.089248,
          "weightedDayReturnPct": -5.833203,
          "pf": 0.65
        },
        {
          "key": "0.45",
          "constituentCount": 24,
          "weightPct": 24.8,
          "contributionPctPoints": -1.476716,
          "weightedDayReturnPct": -5.9545,
          "pf": 0.45
        },
        {
          "key": "0.25",
          "constituentCount": 36,
          "weightPct": 24.13,
          "contributionPctPoints": -0.767227,
          "weightedDayReturnPct": -3.179557,
          "pf": 0.25
        },
        {
          "key": "0.10",
          "constituentCount": 16,
          "weightPct": 1.77,
          "contributionPctPoints": -0.076646,
          "weightedDayReturnPct": -4.330282,
          "pf": 0.1
        },
        {
          "key": "0.05",
          "constituentCount": 4,
          "weightPct": 0.94,
          "contributionPctPoints": 0.0221,
          "weightedDayReturnPct": 2.351064,
          "pf": 0.05
        }
      ],
      "segments": [
        {
          "key": "S1",
          "constituentCount": 8,
          "weightPct": 35.41,
          "contributionPctPoints": -3.700807,
          "weightedDayReturnPct": -10.451305,
          "nameZh": "存储芯片",
          "nameEn": "Memory Chips"
        },
        {
          "key": "S2",
          "constituentCount": 9,
          "weightPct": 14.57,
          "contributionPctPoints": -1.378911,
          "weightedDayReturnPct": -9.464043,
          "nameZh": "介质 · 硬盘 · 模组",
          "nameEn": "Media / Drives / Modules"
        },
        {
          "key": "S3",
          "constituentCount": 5,
          "weightPct": 4.08,
          "contributionPctPoints": -0.314589,
          "weightedDayReturnPct": -7.710515,
          "nameZh": "主控 · 接口 · IP",
          "nameEn": "Controllers / Interfaces / IP"
        },
        {
          "key": "S4",
          "constituentCount": 7,
          "weightPct": 7.5,
          "contributionPctPoints": -0.228587,
          "weightedDayReturnPct": -3.047827,
          "nameZh": "企业级存储系统",
          "nameEn": "Enterprise Storage"
        },
        {
          "key": "S5",
          "constituentCount": 5,
          "weightPct": 1.5,
          "contributionPctPoints": 0.008326,
          "weightedDayReturnPct": 0.555067,
          "nameZh": "云存储 · 数据管理",
          "nameEn": "Cloud / Data Management"
        },
        {
          "key": "S6",
          "constituentCount": 68,
          "weightPct": 36.15,
          "contributionPctPoints": -1.226049,
          "weightedDayReturnPct": -3.39156,
          "nameZh": "设备 · 材料",
          "nameEn": "Equipment / Materials"
        },
        {
          "key": "S7",
          "constituentCount": 11,
          "weightPct": 0.74,
          "contributionPctPoints": -0.056904,
          "weightedDayReturnPct": -7.68973,
          "nameZh": "封测 · 基板 · 分销",
          "nameEn": "Packaging / Substrates / Distribution"
        }
      ],
      "technologies": [
        {
          "key": "HBM",
          "constituentCount": 9,
          "weightPct": 24.46,
          "contributionPctPoints": -2.041365,
          "weightedDayReturnPct": -8.345728,
          "nameZh": "HBM 高带宽内存",
          "nameEn": "HBM",
          "group": "memory_technology",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "CONVENTIONAL_DRAM",
          "constituentCount": 7,
          "weightPct": 30.96,
          "contributionPctPoints": -1.952423,
          "weightedDayReturnPct": -6.306276,
          "nameZh": "传统 DRAM（不含 HBM）",
          "nameEn": "Conventional DRAM (ex-HBM)",
          "group": "memory_technology",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "NAND",
          "constituentCount": 7,
          "weightPct": 43.9,
          "contributionPctPoints": -4.068762,
          "weightedDayReturnPct": -9.268251,
          "nameZh": "NAND 闪存",
          "nameEn": "NAND",
          "group": "memory_technology",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "NOR_EEPROM",
          "constituentCount": 0,
          "weightPct": 0.0,
          "contributionPctPoints": 0.0,
          "weightedDayReturnPct": null,
          "nameZh": "NOR / EEPROM",
          "nameEn": "NOR / EEPROM",
          "group": "memory_technology",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "EMERGING_MEMORY",
          "constituentCount": 2,
          "weightPct": 0.06,
          "contributionPctPoints": -0.004688,
          "weightedDayReturnPct": -7.813333,
          "nameZh": "新型存储",
          "nameEn": "Emerging Memory",
          "group": "memory_technology",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "HDD",
          "constituentCount": 6,
          "weightPct": 14.76,
          "contributionPctPoints": -1.380957,
          "weightedDayReturnPct": -9.356077,
          "nameZh": "HDD 硬盘链",
          "nameEn": "HDD",
          "group": "storage_product",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "SSD_MODULES",
          "constituentCount": 7,
          "weightPct": 2.97,
          "contributionPctPoints": -0.252656,
          "weightedDayReturnPct": -8.506936,
          "nameZh": "SSD / 模组链",
          "nameEn": "SSD / Modules",
          "group": "storage_product",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "CONTROLLERS_INTERFACES_IP",
          "constituentCount": 5,
          "weightPct": 4.08,
          "contributionPctPoints": -0.314589,
          "weightedDayReturnPct": -7.710515,
          "nameZh": "主控 · 接口 · IP",
          "nameEn": "Controllers / Interfaces / IP",
          "group": "industry_layer",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "ENTERPRISE_STORAGE",
          "constituentCount": 7,
          "weightPct": 7.5,
          "contributionPctPoints": -0.228587,
          "weightedDayReturnPct": -3.047827,
          "nameZh": "企业级存储",
          "nameEn": "Enterprise Storage",
          "group": "industry_layer",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "CLOUD_DATA_MANAGEMENT",
          "constituentCount": 5,
          "weightPct": 1.5,
          "contributionPctPoints": 0.008326,
          "weightedDayReturnPct": 0.555067,
          "nameZh": "云存储 · 数据管理",
          "nameEn": "Cloud / Data Management",
          "group": "industry_layer",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "EQUIPMENT_MATERIALS",
          "constituentCount": 68,
          "weightPct": 36.15,
          "contributionPctPoints": -1.226049,
          "weightedDayReturnPct": -3.39156,
          "nameZh": "设备 · 材料",
          "nameEn": "Equipment / Materials",
          "group": "industry_layer",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "PACKAGING_SUBSTRATES_DISTRIBUTION",
          "constituentCount": 11,
          "weightPct": 0.74,
          "contributionPctPoints": -0.056904,
          "weightedDayReturnPct": -7.68973,
          "nameZh": "封测 · 基板 · 分销",
          "nameEn": "Packaging / Substrates / Distribution",
          "group": "industry_layer",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "TAPE_ARCHIVE",
          "constituentCount": 3,
          "weightPct": 0.63,
          "contributionPctPoints": 0.0202,
          "weightedDayReturnPct": 3.206349,
          "nameZh": "磁带 · 归档",
          "nameEn": "Tape / Archive",
          "group": "storage_product",
          "overlapPolicy": "MULTI_LABEL_NON_ADDITIVE"
        },
        {
          "key": "MEMORY_CHIPS",
          "constituentCount": 8,
          "weightPct": 35.41,
          "contributionPctPoints": -3.700807,
          "weightedDayReturnPct": -10.451305,
          "nameZh": "存储芯片（总类）",
          "nameEn": "Memory Chips (Broad)",
          "group": "coverage_layer",
          "overlapPolicy": "BROAD_WITH_SPECIFIC_OVERLAP_NON_ADDITIVE"
        },
        {
          "key": "MEDIA_DRIVES_MODULES",
          "constituentCount": 9,
          "weightPct": 14.57,
          "contributionPctPoints": -1.378911,
          "weightedDayReturnPct": -9.464043,
          "nameZh": "介质 · 硬盘 · 模组（总类）",
          "nameEn": "Media / Drives / Modules (Broad)",
          "group": "coverage_layer",
          "overlapPolicy": "BROAD_WITH_SPECIFIC_OVERLAP_NON_ADDITIVE"
        }
      ],
      "markets": [
        {
          "key": "美国",
          "constituentCount": 43,
          "weightPct": 57.94,
          "contributionPctPoints": -3.841198,
          "weightedDayReturnPct": -6.629613
        },
        {
          "key": "日本",
          "constituentCount": 35,
          "weightPct": 16.46,
          "contributionPctPoints": -1.431859,
          "weightedDayReturnPct": -8.699022
        },
        {
          "key": "韩国",
          "constituentCount": 29,
          "weightPct": 16.37,
          "contributionPctPoints": -1.62188,
          "weightedDayReturnPct": -9.907636
        },
        {
          "key": "欧洲",
          "constituentCount": 5,
          "weightPct": 9.14,
          "contributionPctPoints": 0.0,
          "weightedDayReturnPct": 0.0
        },
        {
          "key": "澳大利亚",
          "constituentCount": 1,
          "weightPct": 0.04,
          "contributionPctPoints": -0.002584,
          "weightedDayReturnPct": -6.46
        }
      ],
      "contributors": {
        "positive": [
          {
            "rank": 1,
            "ticker": "IBM",
            "nameCn": "IBM",
            "market": "美国",
            "segment": "S4",
            "weightPct": 0.56,
            "dayReturnPct": 3.72,
            "approxContributionPctPoints": 0.020832
          },
          {
            "rank": 2,
            "ticker": "CVLT",
            "nameCn": "Commvault",
            "market": "美国",
            "segment": "S5",
            "weightPct": 0.29,
            "dayReturnPct": 2.49,
            "approxContributionPctPoints": 0.007221
          },
          {
            "rank": 3,
            "ticker": "BOX",
            "nameCn": "Box",
            "market": "美国",
            "segment": "S5",
            "weightPct": 0.23,
            "dayReturnPct": 3.09,
            "approxContributionPctPoints": 0.007107
          },
          {
            "rank": 4,
            "ticker": "NTNX",
            "nameCn": "Nutanix",
            "market": "美国",
            "segment": "S4",
            "weightPct": 0.21,
            "dayReturnPct": 2.31,
            "approxContributionPctPoints": 0.004851
          },
          {
            "rank": 5,
            "ticker": "6501.T",
            "nameCn": "日立制作所",
            "market": "日本",
            "segment": "S4",
            "weightPct": 0.28,
            "dayReturnPct": 0.67,
            "approxContributionPctPoints": 0.001876
          },
          {
            "rank": 6,
            "ticker": "DBX",
            "nameCn": "Dropbox",
            "market": "美国",
            "segment": "S5",
            "weightPct": 0.38,
            "dayReturnPct": 0.33,
            "approxContributionPctPoints": 0.001254
          },
          {
            "rank": 7,
            "ticker": "CAMT",
            "nameCn": "Camtek",
            "market": "美国",
            "segment": "S6",
            "weightPct": 0.18,
            "dayReturnPct": 0.41,
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    "relativeSpreadChange20D": -15.134085,
    "relativeSpreadChange60D": -1.082468,
    "leader": "CWW",
    "leader20D": "CWWCN",
    "leader60D": "CWWCN",
    "leadershipCrossovers60D": 12
  }
}