Licensing Lumenary indices
Each licence reflects how capital is applied to the index, with a defined deliverable and a defined fee structure.
What every licence carries
Every licence, at any tier, draws on the same classification research and the same published methodology discipline.
Research depth
A decade of published research and a classification maintained continuously across the global universe.
One methodology
Every index is a lens on the same universe, so any licence carries the same underlying discipline.
Direct access
Licensing enquiries are answered by Lumenary directly, and delivery follows the administrator's published schedule.
The licence follows the capital
Funds, ETFs, mandates, structured products, pension and insurance portfolios, whether managed internally or by an external manager.
Products & Mandates
Asset-based product licence
A product licence priced on assets, with nothing payable before the product licence is executed.
Products & MandatesA family's or company's own balance sheet.
Implement
Annual licence, scaled to the assets applied
Constituents, weights and the Methodology & Implementation Guide, delivered as an ongoing service.
ImplementBenchmarking, board reporting and research; no capital tracks the index.
Reference
Annual subscription
Official index levels, a founder-exposure report on your own portfolio and variant series, delivered under an annual subscription.
ReferenceProducts & Mandates
An asset-based licence on assets linked to the index.
What you receive
- A product licence to track or link to the index
- Delivery through the index administrator
- A term structured around the product’s life
Available through the index administrator, or directly from Lumenary where a product does not track a published index.
Who it is for
- ETF and UCITS issuers
- Fund managers, SMA platforms and certificate desks
- Pension funds, insurers and endowments implementing the index, directly or through a manager
Fully customisable for more bespoke overlays.
Implement
An annual licence scaled to the assets applied. Available for proprietary capital only. The Lumenary Founder-led Model Portfolio: a Lumenary-calculated implementation of the methodology on Lumenary's own data, delivered as constituents and weights at each annual rebalance with implementation guidance and corporate-action guidance between rebalances. It is delivered as an ongoing service, reconciled to the official index at each rebalance, and released after the official index rebalance is published.
What you receive
- Constituents and weights at each annual rebalance
- Methodology & Implementation Guide
- Corporate-action guidance between rebalances
- Reconciliation to the official index at each rebalance
Who it is for
- Family offices and founder families running an internal sleeve
- Corporate balance sheets and other proprietary capital
Reference
A licence to use the official index levels in benchmarking, board reporting and research, together with Lumenary analytics that are not otherwise published: a founder-exposure report on your own portfolio and variant series. The Reference fee is fully creditable against an Implement licence taken within twelve months.
What you receive
- Founder-exposure report: send us your holdings and we show how much founder and family influence sits in your portfolio against the index and the broad market, by region, sector and size
- Variant series not otherwise published
- Official index levels, monthly, five-business-day delay, one index per subscription
Who it is for
- Consultants and asset owners benchmarking a portfolio
- Boards and investment teams reporting against the founder-led cohort
- Researchers and analysts
How the indices are used
ETFs and ETPs
Product licences for exchange-traded products tracking an index in the family.
Mandates and model portfolios
Implementation in segregated mandates, SMAs and model portfolios, directly or through a manager.
Structured products
Certificates and other structured products linked to index levels.
Benchmarking
Index values for benchmarking, board reporting and research under a Reference licence.
Custom indices
The founder-led classification can be applied to a client’s own specification and administered as a custom index within the family. The underlying research is the same in every case; what changes is the universe, the screens and the construction rules.
Examples of custom work:
- Regional and single-market variants: the founder-led universe cut to a region, country or exchange, for a product with a regional mandate.
- Values and exclusion overlays: a family office or faith-based investor applying its own exclusion list over the founder-led universe.
- Product-ready construction: concentration limits, liquidity thresholds and weighting schemes fitted to an ETF, certificate or SMA wrapper.
- Private benchmarks: a custom founder-led benchmark for an internal sleeve, measured and reported without public publication.
- Governance variants: extensions of the framework’s governance factors, developed with the client as the research evolves.
Custom index development is scoped case by case; enquire through the enquiry form.
Questions
Does the Reference tier disclose constituents?
No. Reference delivers index levels and analytics, not constituents. Constituents and weights are delivered under Implement or a product licence.
Can a pension fund or insurer take an Implement licence?
No. Implement is for proprietary capital. Fiduciary, member and commingled capital is licensed under Products & Mandates, whether managed internally or externally.
When is a product licence fee payable?
On execution of the product licence. There is no fee before that point.
Can an index be customised?
Yes. Custom variants are scoped on request and join the family under the same licence structure.
Licensing updates
Evidence on founder-led companies and notices on the index family, delivered when published.
License an index, or talk to us about a custom index.
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