The Republican Stock Exchange "Toshkent" has replaced the single UCI index with a new lineup, the Uzbekistan Prime Index (UPI), consisting of three indicators, effective November 10. Investors gain a more complete picture of the market: comparing the new indicators allows them to assess whether growth is being driven by a few of the largest companies, and in the future, exchange-traded funds could emerge based on them. However, launching ETFs requires market demand, suitable regulatory conditions, and ready infrastructure.

Why UCI was replaced with a new lineup

Presidential Decree No. UP-254 of December 18, 2025, "On Additional Measures to Improve the Investment Climate in the Capital Market," provides for the introduction of modern financial instruments. The document is aimed at expanding investment opportunities and increasing the transparency of the capital market.

Until recently, the UCI index remained the main indicator of the country's stock market. As the market developed, a need arose for instruments that account not only for companies' market capitalization but also for the share of shares in free float, as well as the influence of individual issuers.

Starting November 10, 2026, the RSE "Toshkent" is using a lineup of three indices instead of UCI: UPI, UPI FF, and UPI EW. Together they provide a more complete picture of the dynamics of the national stock market.

How UPI, UPI FF, and UPI EW differ

The three indices are calculated based on the same set of ordinary shares but using different methods. In UPI, an issuer's weight depends on its full market capitalization; in UPI FF, it depends on capitalization adjusted for the share of shares in free float, which reflects the structure of share capital. In UPI EW, all components are assigned an equal initial weight during the scheduled rebalancing, so the influence of the largest companies is reduced.

Comparing the three indices helps investors assess the influence of individual groups of companies, especially where a significant portion of capitalization is concentrated among a few issuers. If the main index is rising while the equal-weighted index shows more modest dynamics, this may indicate that growth is driven primarily by the largest companies.

The methodology takes into account issuers' financial results, share liquidity, trading activity, and free float: a company must show positive financial results, and the share of its securities in free float must be no lower than 5%. The criteria are based on international practice and the specifics of the local market, and are open to participants, so issuers can assess for themselves whether they meet the requirements.

Access to Bloomberg and groundwork for ETFs

One of the key objectives is to increase the representation of Uzbekistan's stock market in the global financial market. Foreign investors should gain access to high-quality and comparable market indicators.

The exchange previously transmitted UCI values to Bloomberg, and data for UPI, UPI FF, and UPI EW are also planned to be transmitted to this platform. Refinitiv (LSEG) and Cbonds have shown interest in the new indices, and information interaction with them is currently being worked out.

Another goal is to create a basis for new investment products: in the future, management companies could use UPI to develop exchange-traded funds (ETFs) and other index instruments. These steps complement capital market reforms and are aimed at increasing its international recognition, expanding analytical capabilities, and attracting new participants.

The role of the state regulator

The UPI lineup was developed in collaboration with the National Agency for Prospective Projects (NAPP) as part of joint work on modernizing market infrastructure. The parties are improving analytical tools and enhancing the quality of information available to investors. The RSE "Toshkent" is responsible for the practical part: applying the methodology, calculating, and publishing the indices.

UMetryx: a unified market data platform

The launch of UPI is part of a larger project, UMetryx: the exchange is creating a unified market data and analytics platform for investors, analysts, and professional market participants. The platform will feature trading data, issuers' financial indicators, historical share price dynamics with charts, bond information, comparative analysis of securities, and exchange indices. Implementation is planned in three stages.

Plans for 2026–2027

Priorities include the phased implementation of UMetryx and the expansion of international distribution of exchange information. The first scheduled review of index composition is planned for January 2027, followed by quarterly reviews. A separate area will be investment products based on UPI, including ETFs; the exchange is ready to work with interested management companies. The practical launch of such funds will depend on market demand, regulatory conditions, and infrastructure readiness.

Cryptalist analysis: The transition from a single UCI index to a UPI family with different weighting methods is not a cosmetic update but the construction of a full-fledged index architecture, without which institutional products like ETFs are impossible. The key signal will be not the launch of the lineup itself but its inclusion in Bloomberg, LSEG, and Cbonds: it is precisely the availability of data for global providers that determines whether real demand for future funds will emerge. Until then, UPI remains an important infrastructural groundwork whose investment effect will depend on the liquidity and depth of the local market.