Free cash flow yield

Free cash flow yield is computed as the ratio of free cash flow to the initial value of the asset. It ignores capital gains. The index-level yield is calculated as the weighted average using the fair value of each constituent.

$$//<![CDATA[ \begin{array}{l}\displaystyle \text{Free cash flow yield}_{t} = \sum\limits_{i=1}^{n} (w_{i,t-1} \times \frac{FCF_{i,t,RepCCY}}{V_{i,t-1,RepCCY}})\end{array} //]]>$$

where:

$//<![CDATA[ \begin{array}{l}FCF_{i,t,RepCCY}\end{array} //]]>$ denotes the free cash flow of constituent i at time t expressed in the index reporting currency. 
$//<![CDATA[ \begin{array}{l}V_{i,t-1,RepCCY}\end{array} //]]>$ denotes constituent i's fair value estimate at time t-1 expressed in the index reporting currency. 
$//<![CDATA[ \begin{array}{l}w_{i,t-1}\end{array} //]]>$ denotes the weight of constituent i at time t-1.