Global equity benchmarks have long been a cornerstone of institutional portfolios. As index investing continues to expand, investors increasingly rely on them not only for performance measurement, but also as the foundation for large-scale, index-linked allocations.
Against this backdrop, STOXX has launched the STOXX Investable Market Indices (IMI), a comprehensive global equity index family designed to support modern portfolio construction and institutional benchmarking through a consistent, transparent and scalable framework.
“With the launch of the STOXX IMI, we are introducing a cost-effective new choice in the market and further strengthening STOXX’s role as a global partner for institutional investors, providing robust, transparent benchmark solutions alongside the flexibility, client service and tailored offerings that institutional investors increasingly expect from their index provider.” – Axel Lomholt, General Manager, STOXX.
A comprehensive foundation for global equity exposure
The new STOXX IMI family captures approximately 99% of the investable equity universe, spanning 23 developed and 23 emerging markets, across large-, mid- and small-cap segments. At launch, it comprises more than 1,300 indices covering global, regional and single-country exposures, all built on a single, rules-based methodology.
The concept behind investable market indices is well known. Investors seek broad exposure across developed and emerging markets, spanning all size segments, and structured in a way that supports both institutional benchmarking and implementation.
Designed to meet the needs of institutional investors, STOXX IMI combine:
- Representative coverage
- Tradable exposure
- Building-block architecture
- Scalable design
- Lower turnover
- Transparent construction
Figure 1: STOXX IMI coverage
A consistent, modular framework for institutional reality
A defining feature of the STOXX IMI family is its building-block architecture. Indices are constructed at the country level and aggregated into regional and global benchmarks, creating a coherent structure that remains consistent across all layers of the index universe.
This approach allows investors to align benchmarks with strategic allocation decisions, combine exposures across regions, countries, sectors and size segments, and maintain methodological consistency across portfolios. It also enables allocations to evolve over time without introducing fragmentation. The result is a framework that reflects the way institutional investors operate — balancing top-down allocation with granular control over exposures.
Designed for implementation at scale
Beyond coverage, effective benchmarks must be practical to implement. STOXX IMI are built with this objective in mind. Constituents are screened for size, liquidity, free float and accessibility, ensuring that indices reflect real investable opportunities.
Key features include free-float market capitalization weighting, quarterly rebalancing to maintain representativeness, and buffer rules within size segments to help reduce unnecessary turnover. Together, these elements support stable and scalable implementation.
From standard benchmarks to tailored solutions
The relevance of a benchmark ultimately lies in how it supports real-world investment decisions. The STOXX IMI framework has already been applied across different use cases, from institutional benchmarking to ETF development.
STOXX collaborated with Dutch asset owner APG Asset Management on a benchmark solution for a EUR 20 billion emerging markets equity allocation. As part of this initiative, APG sought an approach that combined broad exposure, transparency and integration of sustainability considerations.
“For large institutional investors, the ability to align benchmarks closely with investment beliefs while maintaining transparency and scalability is increasingly important. The STOXX IMI framework provides that flexibility within a consistent and robust structure.” – Hans van Westrienen, Team Lead Quant & Index Solutions, APG Asset Management.
In parallel, the STOXX IMI framework is being applied by Swiss Life Asset Managers in the context of offering cost-efficient core exposures.
“STOXX IMI provide a robust framework for accessing broad global equity markets through a transparent and investable approach. We see significant potential for investors seeking scalable and cost-efficient global equity benchmark exposures.” – Daniel Berner, Head Securities, Swiss Life Asset Managers
Together, these examples highlight the versatility of the STOXX IMI framework, supporting both standard benchmarks and index-linked investment solutions within a consistent structure.
A complementary global offering
With STOXX IMI, STOXX is further strengthening its global equity index platform, complementing its existing offering and extending the available toolkit for investors. Designed with scalability and implementation in mind, the framework supports broad market exposure through a transparent and cost-efficient benchmark structure.
Figure 2: STOXX DM World vs. STOXX DM World All Cap
More info: