For most investors a handful of long-established indices – the S&P 500, the DAX 30, the FTSE 100 – represent the extent of the index universe. But alongside these old faithfuls, the investment banks and specialist index companies are churning out new indices at a rapid rate.

New index development is driven in part by the banks’ desire to create a way of measuring and promoting their clever investment strategies. It is also fuelled by the demands of fund managers keen to show investors their money is being invested in the most profitable way.