Version 1.0. Effective September 4, 2026. Any later change to weighting, base value, constituent rules or corrections policy requires a new version number and a note in The Weekly Close.

What the index is

The SpaceQ Canadian Space Index tracks the share-price performance of Canada’s publicly traded space-economy companies as a single number. It is an editorial index, published by SpaceQ as journalism: a way to answer “how did Canada’s public space economy do this week?” the way a market index answers it for a whole economy. It is not an investable product, not a benchmark administered under index-industry regulation, and not investment advice.

Constituents

The index holds every company in SpaceQ’s tracked Canadian universe that meets the inclusion test below and has completed any applicable seasoning period. The Weekly Close’s table and chart cover the tracked universe, which is the same set in ordinary weeks and a slightly wider one when a company is covered but not yet — or not — an index constituent. Any difference is stated in the issue.

At launch (September 4, 2026) the index holds nine constituents:

MDA Space (TSX: MDA), Telesat (Nasdaq/TSX: TSAT), Maritime Launch Services (Cboe Canada: MAXQ), Calian Group (TSX: CGY), 5N Plus (TSX: VNP), Magellan Aerospace (TSX: MAL), C-COM Satellite Systems (TSXV: CMI), Baylin Technologies (TSX: BYL), Intermap Technologies (TSX: IMP).

A company qualifies when it meets all three parts of SpaceQ’s public inclusion test:

  1. It participates in the space economy — building, launching, or operating space systems, supplying them, or deriving products and services from them.
  2. That participation is material — named in the company’s own disclosures and capable of moving the company’s story.
  3. It maintains a listing on a Canadian exchange, quoted in Canadian dollars.

The third test is about the index, not about the company. The index is computed from a single Canadian-dollar price series, so SpaceQ never performs a currency conversion and no constituent’s weight depends on an exchange rate chosen by us.

A Canadian listing is not an exclusive one. Several constituents also trade in the United States — MDA Space on the NYSE, Telesat on Nasdaq — and for a dual-listed company the index uses the Canadian line. What the test asks is that a Canadian listing exists, not that it is the only one.

A company headquartered in Canada that lists only on a foreign exchange is covered in The Weekly Close like any other Canadian space company; it is not an index constituent. If it later takes a Canadian listing it becomes eligible then, and joins under the addition rule.

How it is calculated

The index is equal-weighted: each company counts the same, regardless of size. A cap-weighted alternative would simply restate MDA Space and Telesat; equal weighting is what lets the index say something about the breadth of the sector. The cost of that choice is stated plainly: a sharp move in a small company moves the index as much as the same percentage move in a large one.

  • Base value: 100.00 at the close of trading Friday, September 4, 2026.
  • Each trading day, the index changes by the arithmetic average of its constituents’ daily returns (equal-weighted, rebalanced daily).
  • Returns are computed from adjusted closing prices, so stock splits and dividends do not create artificial jumps.
  • The daily index series is computed by deterministic code from stored price data and archived. No generative model ever produces or adjusts an index value.
Index(t) = Index(t−1) × [1 + (1/N) × Σ r_i(t)]

where r_i(t) is constituent i’s return from day t−1 to day t, and N is the number of constituents.

Corporate actions and events

  • Splits and dividends: handled automatically through adjusted prices.
  • Trading halt or no trade in a constituent: the last available adjusted close carries forward; the company’s return for the affected days is measured across the gap when trading resumes.
  • Delisting, acquisition, or take-private: the company is removed at its final trading day’s close; from the next day the index continues with N−1 constituents. No retroactive changes.
  • Addition (a company newly meeting the test): joins at the start of the next trading week, announced in The Weekly Close before it takes effect.
  • Addition (a newly listed company): a company whose Canadian listing began fewer than 90 days ago is not yet eligible, however clearly it meets the other tests. It joins at the start of the first trading week after day 90, announced in The Weekly Close before it takes effect. This applies to initial public offerings, direct listings, and companies that became public through a merger with a special-purpose acquisition company. Where a company lists in Canada after already trading abroad, the 90 days run from the first day of the Canadian listing.
  • Succession: where a constituent is removed because it was acquired, reorganised or continued into a successor entity, and that successor lists in Canada carrying substantially the same business, it rejoins under the ordinary addition rule. The seasoning period is for businesses new to public markets, not for paperwork.
  • One-market holidays: the index is computed on days the TSX trades. On TSX holidays no index value is published.

The seasoning period applies to Canadian listings beginning on or after September 4, 2026. It does not disturb the launch constituents, none of which listed within 90 days of the base date.

The reason is stated plainly: a newly listed share price is still finding its float, and in its first weeks it reports the mechanics of the listing rather than the performance of the business. An equal-weighted index of fewer than a dozen companies gives each one a large share of the total, so a new entrant’s settling-in period would read to the reader as the sector moving. The company is covered in The Weekly Close throughout — the seasoning period applies to the index, not to the journalism. Ninety days is SpaceQ’s editorial judgment about how long that settling takes, not a figure borrowed from index-industry practice this index is not bound by.

Changes, corrections and disclosure

Constituent changes follow the inclusion test, are decided editorially by SpaceQ, and every change is disclosed in The Weekly Close in the issue before (additions) or the issue after (removals) it takes effect. Published index history is never restated, with one exception: correction of a data or calculation error, which is disclosed in the next issue with the before and after values.

Data

Daily adjusted closing prices from the source credited in each issue of The Weekly Close. The full daily series is stored from the base date forward, which is what allows the index to be independently recomputed and verified end to end.

Disclaimer

The SpaceQ Canadian Space Index is an editorial measure published by SpaceQ for journalistic purposes. It is not an investable index, not a financial benchmark, and nothing in it constitutes investment advice.