Universe

Weights are set at each quarter start and held without rebalancing. At quarter boundaries, a friction cost is deducted based on the rebalancing amount required multiplied by the half-spread (50% of ASX minimum tick size for the stock's price bracket). Returns use total-return adjusted prices; tick brackets use unadjusted prices. Market-cap and sqrt-market-cap weights are partially self-rebalancing; equal weight incurs the highest friction.