TMX Group Limited × RAFI Indices, LLC
TMX Group, through its subsidiary VettaFi, announced an agreement to acquire RAFI Indices from Research Affiliates for US$490 million on June 11, 2026. [49] RAFI is a pioneer in "smart beta" fundamental indexing, creating indices weighted by economic factors like cash flow and sales instead of market price. [44, 46] The deal more than triples TMX VettaFi's assets under indexing to over US$260 billion and integrates RAFI's intellectual property with VettaFi's technology and distribution platform. [47, 49]
The asset
The acquisition encompasses RAFI's portfolio of approximately 120 indexed products and their underlying methodologies, which are based on fundamental metrics rather than market capitalization. [44, 47]
- 90 indices
The record
- Seller status
- Going concern
- Sector
- financial index provider
- Modalities
- structured data, financial indices
- Jurisdiction
- US
- Personal data
- n/a
What it means if you hold data
This acquisition demonstrates the value of intellectual property and methodology in the data world, where the 'recipe' for creating a dataset (in this case, an index) is the core asset. It shows a buyer acquiring not just data, but a specific, well-regarded system for generating data that drives billions in investment. [44, 49]