Price return, capital growth, or indirect return, measures the change in asset's value over a period of time relative to the initial value. The index-level price return is calculated as the weighted average using the market value of each constituent.

\text{Capital growth}_{t} = \sum\limits_{i=1}^{n} (w_{i,t-1} \times \frac{V_{i,t,RepCCY}}{V_{i,t-1,RepCCY}} - 1) |

where:

V_{i,t,RepCCY} and V_{i,t-1,RepCCY} denote constituent *i*'s fair value estimates at times *t* and *t-1* respectively.

w_{i,t-1} denotes the weight of constituent *i* at time *t-1.*

This is an input to the computation of price returns contribution