As of October 1, 2026, Moscow Exchange calculates and publishes the ICALM Calm Index, which tracks the price movements of units in the 10 least volatile mutual funds. The indicator is designed as a reference point for retail investors: it brings together funds selected according to the exchange’s criteria and makes it possible to follow changes in the value of their units.
What ICALM shows
The index is based on the unit prices of the 10 mutual funds with the lowest volatility. In other words, it tracks changes in the value of units in a selected group of funds, rather than the entire collective investment market.
The exchange announced the launch of the indicator and said that its established criteria are used to select the funds. The information provided does not disclose specific selection thresholds or a detailed calculation formula, so ICALM should be viewed as a composite indicator of unit prices for selected funds—not as a measure of returns or a guarantee that investments will be preserved.
How often the indicator is published
The index, ticker ICALM, is published once a day at 19:00, after the main trading session. This schedule gives investors a regular reference point for tracking changes in the value of units in the funds included in the index.
The composition is reviewed monthly. This means the group of 10 funds is not fixed permanently: after each review, the set of units on which the index is based may change. This should be taken into account when comparing values across different periods.
Who the index is for
Moscow Exchange says ICALM is intended primarily for novice retail investors, who may find it difficult to navigate the wide range of mutual funds. The daily indicator combines the unit prices of 10 relatively low-volatility funds in a single measure, making it easier to monitor this group.
Alexey Fedorov, director of the Moscow Exchange equities market, also noted that the index may be useful to experienced investors looking to broaden their strategies and build a portfolio of funds. This describes a possible use for the indicator; it is not a recommendation to buy the units it includes. The index itself does not replace an assessment of a particular fund’s terms or an investor’s personal goals.
What the index does not promise
Low volatility is a criterion related to price fluctuations, but it does not, by itself, mean that unit prices will not fall. ICALM tracks the performance of a selected group of 10 funds; based on the information available, it does not guarantee future returns or eliminate investment risk.
The indicator’s practical value will depend on how well this particular selection suits an investor and how its composition changes during monthly reviews. For an independent investment decision, information about individual mutual funds is also important, while ICALM provides an overall reference point for a group of 10 funds.
Key takeaway: ICALM is a daily Moscow Exchange index based on the unit prices of the 10 least volatile mutual funds; its composition is updated monthly.
Sources
- ufa.rbc.ru — “Moscow Exchange to launch ‘Calm Index’ this fall”
- rbc.ru — “Moscow Exchange launches ‘Calm Index’”
- gazeta.ru — “Moscow Exchange to launch Calm Index for”
- alfabank.ru — “Moscow Exchange prepares to launch ‘Calm Index’”
- Press Center — “Moscow Exchange News and Press Releases — Moscow Exchange”
