For sure. Source:
https://www.spglobal.com/spdji/en/do...-nzx-index.pdf
In addition to passing an investable weighting factor test, there are 2 liquidity tests. Plus to get into the NZX50 you need to get to the 44th position or higher in rankings to dislodge an existing member (unless the incumbent falls to 56th position or lower on their own, or is automatically removed). HLG has struggled with the liquidity requirement. The IWF value is close but it is measured over a time frame, not a point in time. LAst time I checked there is one other candidates in the same boat who is also knocking on the door.