The weighting is not defined at any one point and then fixed - that is obviously the way to produce out of date and misleading information - the VAN-ASX index is simply the sum of all the relevant MCs now divided by the sum all the relevant MCs on Jan 1st 2018.
On Jan 1st it was actually AVL that was worth 50% more than KRC and it was in fact AVL and AEE which accounted for 50% of this Index then.
One way in which the correctness of this approach could be improved is by correctly accounting for any share dilutions since 1st Jan 2018 - so far I have assumed that issued shares is constant and is as reported by the Financial Times (all except Bushveld Minerals, which I am much more familiar with.) People may wish to supply any information that they have on this subject.
TNO chart, page-21
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