Also known as: RIY Index (Bloomberg) · US1000 (FTSE Russell code) · .RUI (RIC)
Parent index: Russell 3000 Index ↗
At a glance
- Weighting schemeFree float market cap
- Review frequencySemi-annual
- Constituent count1,000
- Buffer1000 / 1000
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 20 fields | |||
| Market coverage | approximately 99% of the US equity market and 100% of the investable US market | Russell US indexes capture approximately 99% of the US equity market and 100% of the investable US market.Open p.12 ↗ |
Russell US indexes capture approximately 99% of the US equity market and 100% of the investable US market. |
| Real time base date | 1986-12-31 | Russell 1000® 12/31/78 = 100.00 12/31/78 12/31/86 = 130.00 12/31/86Open p.35 ↗ |
The real-time Russell 1000 Index series has a base date of December 31, 1986. |
| Real time base value | 130 | Russell 1000® 12/31/78 = 100.00 12/31/78 12/31/86 = 130.00 12/31/86Open p.35 ↗ |
The real-time Russell 1000 Index series has a base value of 130.00. |
| Amex ETF ticker | IWB | Russell 1000® .RUI RIY RU10INTR IWBOpen p.32 ↗ |
The listed AMEX ETF ticker associated with the Russell 1000 Index in Appendix A is IWB. |
| Index name | Russell 1000® Index | Russell 1000® .RUI RIY RU10INTR IWBOpen p.32 ↗ |
The official index name is the Russell 1000® Index. |
| Index short name | RIY | Russell 1000® .RUI RIY RU10INTR IWBOpen p.32 ↗ |
The Russell symbol for the Russell 1000 Index is RIY. |
| Index code | RIY | Russell 1000® .RUI RIY RU10INTR IWBOpen p.32 ↗ |
The index's Russell symbol is RIY. |
| Vendor codes | Bloomberg: .RUI; Russell: RIY; Refinitiv: RU10INTR | Russell 1000® .RUI RIY RU10INTR IWBOpen p.32 ↗ |
The Russell 1000 Index has Bloomberg symbol .RUI, Russell symbol RIY, and Refinitiv symbol RU10INTR. |
| Administrator | FTSE Russell | FTSE Russell provides float-adjusted, market capitalization-weighted indexes for a precise picture of the market.Open p.3 ↗ |
FTSE Russell is the index provider for the Russell US indexes. |
| Index family | Russell US Equity Indexes | Russell US Equity IndexesOpen p.1 ↗ |
The indexes belong to the Russell US Equity Indexes family. |
| Base date | 1978-12-31 | Russell 1000® 12/31/78 = 100.00 12/31/78 12/31/86 = 130.00 12/31/86Open p.35 ↗ |
The Russell 1000 Index has an end-of-day base date of December 31, 1978. |
| Base value | 100 | Russell 1000® 12/31/78 = 100.00 12/31/78 12/31/86 = 130.00 12/31/86Open p.35 ↗ |
The Russell 1000 Index end-of-day base value is 100.00. |
| Currency | USD | The base currency of the benchmark is US Dollars. Index values may also be published in other currencies.Open p.5 ↗ |
The base currency of the benchmark is US Dollars, although index values may be published in other currencies. |
| Methodology version | v7.2 | The methodology document is version v7.2. | |
| Benchmark type | Not stated | — (not found verbatim in the PDF) |
The document does not classify the benchmark as regulated, significant, or non-significant. |
| Market classification | Developed | All companies that are determined to be part of the US equity market are included in the Russell US indexes.Open p.12 ↗ |
The indexes target the US equity market, a developed market. |
| Size segment | Large | Large cap US indexes Midcap US indexes Russell 3000E IndexOpen p.5 ↗ |
The Russell 1000 Index is classified among the large-cap US indexes. |
| Index family type | Market cap | FTSE Russell provides float-adjusted, market capitalization-weighted indexes for a precise picture of the market.Open p.3 ↗ |
The core Russell US indexes are float-adjusted, market capitalization-weighted equity indexes. |
| Factor exposures | Value, Growth, Quality, Momentum | Sub-indexes in the Russell 3000E Index are broken out by market capitalization and style.Open p.9 ↗ |
The family includes value, growth, defensive, and dynamic style variants, though the provided exposure enum maps defensive and dynamic only approximately. |
| Limitations | The Russell US Equity Indexes do not take account of ESG factors in the index design. | The Russell US Equity Indexes do not take account of ESG factors in the index design.Open p.3 ↗ |
The index design does not take account of ESG factors. |
| M2 Universe · 7 fields | |||
| US territories treatment | A US HCI is assigned for companies incorporated or headquartered in US territories such as Puerto Rico, Guam, and the US Virgin Islands. | A US HCI is assigned for any company incorporated or headquartered in a US territory. This includes countries such as: Puerto Rico, Guam and US Virgin Islands.Open p.40 ↗ |
Companies incorporated or headquartered in specified US territories receive a US home-country indicator. |
| Markets | United States | All companies that are determined to be part of the US equity market are included in the Russell US indexes.Open p.12 ↗ |
The indexes include companies assigned to the US equity market. |
| Exchanges | CBOE, NYSE, NYSE American, NYSE Arca, Nasdaq, Texas Stock Exchange | Eligible US exchanges: CBOE, NYSE, NYSE American, NYSE Arca, Nasdaq, Texas Stock Exchange (TXSE)7.Open p.14 ↗ |
Eligible US exchanges are CBOE, NYSE, NYSE American, NYSE Arca, Nasdaq, and Texas Stock Exchange, subject to TXSE's listing commencement condition. |
| Security types | Common | The following share types are not eligible for inclusion: preferred and convertible preferred stock, redeemable shares, participating preferred stock, warrants, rights, depositary receipts, tokenized shares, instalment receipts and trust receipts.Open p.15 ↗ |
The eligible universe consists of equity common shares, while depositary receipts and other listed share types are excluded. |
| Nationality rule | Primary indicators: country of incorporation, country of headquarters, country of most liquid exchange; Tie or mismatch steps: primary asset location, primary revenue location, headquarters country, most liquid exchange country for BDI headquarters | If a company incorporates in, has a stated headquarters location in and also trades on a standard exchange6 in the same country (ADRs and ADSs are not eligible), the company is assigned to its country of incorporation.Open p.12 ↗ |
FTSE Russell assigns companies using incorporation, headquarters, and most-liquid-exchange indicators, then asset and revenue locations, and finally headquarters or most-liquid-exchange defaults. |
| Parent universe index | Russell 3000E Index | All Russell US equity indexes are subsets of the Russell 3000E Index. A list of available tickers and index values can be found in Appendix A.Open p.5 ↗ |
The constituents of all Russell US equity indexes are subsets drawn from the Russell 3000E Index. |
| Exclusions | ADRs, ADSs, bulletin board securities, pink sheet securities, OTC securities, securities with prices displayed on the FINRA ADF, royalty trusts, US limited liability companies, closed-end investment companies, blank-cheque companies, special-purpose acquisition companies, limited partnerships, ETFs, mutual funds, tokenized shares, preferred stock, convertible preferred stock, redeemable shares, participating preferred stock, Warrants, Rights, depositary receipts, instalment receipts, trust receipts, Chinese N shares, companies generating unblocked UBTI | Bulletin board, pink sheet or over the counter (OTC) traded securities are not eligible for inclusion, including securities for which prices are displayed on the FINRA ADF.Open p.14 ↗ |
The universe excludes ADRs and ADSs, OTC and bulletin-board securities, certain company structures, ETFs, mutual funds, tokenized shares, non-common share types, Chinese N shares, and unblocked UBTI generators. |
| M3 Eligibility screens · 16 fields | |||
| Rank day listing and documentation rule | Securities must be listed and supporting eligibility documentation must be available on rank day. | Stocks must be listed on the rank day and FTSE Russell must have access to documentation on that date supporting the company’s eligibility for index inclusion.Open p.15 ↗ |
Stocks must be listed on rank day, and FTSE Russell must have documentation supporting eligibility by that date. |
| Rank days | last business day of April for June reconstitution, last business day of October for December reconstitution | The Rank Day occurs on the last business day of April for the June reconstitution and the last business day of October for the December reconstitution.Open p.15 ↗ |
Rank day is the last business day of April for the June reconstitution and the last business day of October for the December reconstitution. |
| Bankruptcy or insolvency readmission | A company emerging from bankruptcy protection or insolvency is reconsidered at the next semi-annual reconstitution with no 12-month exclusion. | a company emerging from bankruptcy protection or insolvency will be re-considered for index inclusion at the next semi-annual reconstitution (i.e. there will be no 12 month exclusion).Open p.15 ↗ |
Companies emerging from bankruptcy or insolvency are reconsidered at the next semi-annual reconstitution rather than being excluded for 12 months. |
| Fast entry float exception | Fast-entry IPOs may have less than 5% float if expiring locked-up shares within 12 months are expected to raise float to at least 5%. | Fast entry eligible IPOs may be added with less than 5% float if locked-up shares expiring within 12 months from the date of index inclusion are expected to increase the float to meet the 5% minimum free float requirement.Open p.14 ↗ |
Fast-entry eligible IPOs may be admitted below the 5% float threshold if lock-ups expiring within 12 months are expected to cure the deficiency. |
| Fast entry voting rights exception | Fast-entry IPOs may have less than 5% voting rights if expiring locked-up shares within 12 months are expected to raise voting rights to at least 5%. | Fast entry eligible IPOs may be added with less than 5% voting rights if locked-up shares expiring within 12 months from the date of index inclusion are expected to increase voting rights to meet the minimum 5% voting rights requirement.Open p.16 ↗ |
Fast-entry eligible IPOs may be admitted below the 5% voting-rights threshold if lock-ups expiring within 12 months are expected to cure the deficiency. |
| Trading history | — | Stocks must be listed on the rank day and FTSE Russell must have access to documentation on that date supporting the company’s eligibility for index inclusion.Open p.15 ↗ |
No general minimum trading-history requirement is stated for the family; stocks must be listed on rank day, and pricing-vehicle data rules apply to multiple share classes. |
| Liquidity screen | Metric: Average daily value; Window: two years for most liquid exchange and pricing vehicle; available data used where two years are absent; Threshold: For additional share classes, ADDTV must exceed the global median; USD 175,000 as of the reconstitution 2026 rank date | liquidity: average daily Dollar trading value (ADDTV) must exceed that of the global median, which is determined each reconstitution rank day by ranking all securities in investable countries by ADDTV.Open p.18 ↗ |
Additional eligible share classes must have two-year average daily dollar trading value above the global median, which was USD 175,000 at the 2026 reconstitution rank date. |
| Minimum size | Metric: Full market cap; Threshold: 30,000,000 | Companies with a total market capitalization less than $30 million are not eligible for inclusion in Russell US indexes.Open p.14 ↗ |
Companies with total market capitalization below USD 30 million are not eligible. |
| Minimum free float | 5% | Companies with less than an absolute 5% of shares available will be removed from eligibility. (4.9999% or less of shares available is considered ineligible for all tests in Section 5).Open p.14 ↗ |
Companies must have more than an absolute 5% of shares available in free float; 4.9999% or less is ineligible. |
| Foreign room | — | — (not found verbatim in the PDF) |
No foreign-room requirement is stated. |
| Minimum voting rights | 5% | Companies are required to have 5% or greater of the company’s voting rights (aggregated across all of its equity securities, including, where identifiable, those that are not listed or trading) in the hands of unrestricted shareholdersOpen p.15 ↗ |
At least 5% of a company's voting rights must be held by unrestricted shareholders, aggregated across its equity securities. |
| Minimum price | 1 | A stock must have a close price at or above $1.00 (on its primary exchange) on rank day to be considered eligible for inclusion.Open p.14 ↗ |
A stock must close at or above USD 1.00 on its primary exchange on rank day, with a 30-day average-price exception for existing members. |
| Financial screens | REITs and publicly traded partnerships that generate or have historically generated UBTI and have not blocked UBTI to equity holders are ineligible | FTSE Russell screens all REITs and publicly traded partnerships (PTPs), removing any security from eligibility that generates or has historically generated UBTI and has not taken steps to block UBTI to equity holders.Open p.15 ↗ |
FTSE Russell screens REITs and publicly traded partnerships and removes securities generating unblocked unrelated business taxable income. |
| Business or ESG exclusions | — | The Russell US Equity Indexes do not take account of ESG factors in the index design.Open p.3 ↗ |
The index design does not use ESG factors, and no business-controversy or ESG exclusion screen is stated apart from company-structure and tax-related eligibility rules. |
| Suspension rule | — | — (not found verbatim in the PDF) |
No specific suspended-securities treatment is stated in the provided sections. |
| Extreme price screen | — | — (not found verbatim in the PDF) |
No abnormal-price-increase exclusion is stated. |
| M4 Selection and constituent count · 6 fields | |||
| Index rank ranges | Index: Russell 3000 Index; Rank start: 1; Rank end: 3,000, Index: Russell Top 50 Mega Cap Index; Rank start: 1; Rank end: 50, Index: Russell Top 200 Index; Rank start: 1; Rank end: 200, Index: Russell Top 500 Index; Rank start: 1; Rank end: 500, Index: Russell 1000 Index; Rank start: 1; Rank end: 1,000, Index: Russell Midcap Index; Rank start: 201; Rank end: 1,000, Index: Russell 2000 Index; Rank start: 1,001; Rank end: 3,000, Index: Russell 2500 Index; Rank start: 501; Rank end: 3,000, Index: Russell Microcap Index; Rank start: 2,001; Rank end: 4,000 | Companies included Index (based on descending total market capitalization) Russell 3000E Index Companies #1-4,000 or 100% of the eligible securities Russell 3000 Index Companies #1-3,000Open p.19 ↗ |
The Russell indexes are defined by fixed rank ranges within the descending total-market-capitalization ordering. |
| Migration buffer | Applicability: Existing Russell 3000 members only; Bands: Breakpoint rank: 200; Band (%): 2.5, Breakpoint rank: 500; Band (%): 2.5, Breakpoint rank: 1,000; Band (%): 2.5, Breakpoint rank: 2,000; Band (%): 0.5 | If an existing Russell 3000 member’s market cap falls within any cumulative band around market capitalization breakpoints, it is subject to that band. Banding only applies to members of the Russell 3000.Open p.20 ↗ |
Existing Russell 3000 members near market-cap breakpoints are retained within cumulative migration bands to reduce unnecessary turnover. |
| Magnificent 7 constituents | Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla | The Russell Magnificent 7 Index includes the following stocks (and includes all eligible share classes in the Russell US Indexes, e.g. Alphabet Class A and C): Alphabet Amazon Apple Meta Microsoft Nvidia TeslaOpen p.22 ↗ |
The Russell Magnificent 7 Index includes Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, including all eligible share classes in the Russell US Indexes. |
| Selection method | Rank by metric | Once the market capitalization for each security is determined by use of total shares and price (as described above), each security is placed in the appropriate Russell market capitalization-based index.Open p.19 ↗ |
Eligible securities are assigned to Russell market-capitalization indexes according to their descending rank by total market capitalization. |
| Ranking metrics | Name: Total market capitalization; Window: Rank day; Direction: Descending; Step order: 1 | Total market capitalization is determined by multiplying total outstanding shares by the market price as of the rank day for those securities being considered at reconstitution.Open p.17 ↗ |
Securities are ranked in descending order by total market capitalization, calculated using total outstanding shares and the rank-day price. |
| Target constituent count | 1,000 | Russell 1000 Index Companies #1-1,000Open p.20 ↗ |
The Russell 1000 Index targets the 1,000 largest eligible securities in descending total market capitalization. |
| M5 Weighting and capping · 10 fields | |||
| Free float update events | Reconstitution, Quarterly update cycles, Corporate actions such as mergers | Adjustments to shares are reviewed at reconstitution, during quarterly update cycles and for corporate actions such as mergers.Open p.23 ↗ |
Share and free-float adjustments are reviewed at reconstitution, during quarterly update cycles, and for corporate actions such as mergers. |
| Cdi free float restriction new additions | 40% | If a new addition has 40% or greater free float shares in the form of CDIs, the CDIs will be treated as restricted and CDI shares will be removed from free float in line with the review implementation.Open p.16 ↗ |
If a new addition has at least 40% of its free-float shares in the form of CDIs, the CDI shares are treated as restricted and removed from free float at review implementation. |
| Cdi free float restriction existing members | 50% | For existing members, any security with unrestricted CDI exposure of 50% or greater of its free float shares in the form of CDIs will have its shares adjusted to restrict the portion of shares represented in the form of CDIs at the subsequent review.Open p.16 ↗ |
For existing members, unrestricted CDI exposure of at least 50% of free-float shares leads to restriction of the CDI-represented portion at the subsequent review. |
| Uncapped style benchmark variants | Yes | Indexes with “Benchmark” in the index names are the uncapped versions of the style indexes.Open p.25 ↗ |
Style indexes with “Benchmark” in their names are uncapped versions of the standard Russell US Style Indexes. |
| Weighting scheme | Free float market cap | Stocks in the Russell US indexes are weighted by their available (also called float-adjusted) market capitalization, which is calculated by multiplying the primary closing price by the available shares.Open p.23 ↗ |
Stocks in the Russell US indexes are weighted by available, or float-adjusted, market capitalization. |
| Free float factor | Method: Free float | After membership is determined, a security’s shares are adjusted to include only those shares available to the public. This is often referred to as “free float.”Open p.23 ↗ |
After membership is determined, shares are adjusted to include only shares available to the public, and free float is fully reviewed and applied during the June reconstitution. |
| Cap application timing | Quarterly | Effective at the open of March 24, 2025, the standard Russell US Style Indexes listed in rule 1.3.3. apply a quarterly capping methodology.Open p.25 ↗ |
Standard Russell US Style Indexes use a quarterly capping methodology effective at the open of March 24, 2025. |
| Shares outstanding | Total shares outstanding include common stock, eligible non-restricted exchangeable shares, and specified partnership units or membership interests; multiple common-stock classes are combined, while other share forms are excluded. | Common stock, non-restricted exchangeable shares and partnership units/membership interests (in certain cases – see below) are used to calculate a company’s total market capitalization.Open p.17 ↗ |
Total shares outstanding are calculated from eligible common stock and certain exchangeable, partnership, membership, stapled, or paired structures, excluding preferred stock, warrants, rights, receipts, and other ineligible forms. |
| Foreign ownership limit | Where shareholders are subject to legal restrictions, including foreign ownership restrictions, that are more restrictive than the listed restricted-holdings rules, the more restrictive legal restriction is applied. | If in addition to the restricted holdings defined below, the company’s shareholders are subject to legal restrictions, including foreign ownership restrictions, that are more restrictive, the legal restriction will be applied.From FTSE Russell Free Float Restrictions ↗ |
Legal foreign ownership restrictions override the ordinary free-float restrictions when they are more restrictive. |
| Divisor adjustment rule | The methodology does not explicitly describe a divisor; share changes after the close are incorporated into next-day beginning market value so that index value changes arise only from prices and income. | Also after the close, the shares of securities are adjusted (for corporate actions or reconstitution, for example).From FTSE Russell Russell Index Calculation ↗ |
After the close, share positions are adjusted and valued at that day's closing prices to form the next day's beginning market value. |
| M6 Review and rebalance schedule · 9 fields | |||
| Ranking rule | On rank day, all eligible securities are ranked by total market capitalization, and the largest 4,000 form the Russell 3000E from which other Russell US indexes are determined. | On the rank day, all eligible securities are ranked by their total market capitalization. The largest 4,000 become the Russell 3000E IndexOpen p.9 ↗ |
At reconstitution, eligible securities are ranked by total market capitalization and the largest 4,000 determine the Russell 3000E and related Russell US indexes. |
| Lockdown rule | June lock down begins three weeks after the query period ends and December lock down begins two weeks after the query period ends; during lock down, reconstitution is final except in exceptional circumstances. | Lock down Three weeks after query period ends Two weeks after query period endsOpen p.46 ↗ |
The reconstitution lock-down follows the query period and generally prevents further changes absent exceptional circumstances. |
| Review frequency | Semi-annual | Reconstitution occurs on the fourth Friday in June and the second Friday in December.Open p.9 ↗ |
Russell indexes are fully rebuilt at semi-annual reconstitution in June and December, with quarterly IPO and share/float updates. |
| Review types | Semi annual review, Quarterly review | The changes will be implemented at the close of the market within each of the quarterly review processes; third Friday of March, fourth Friday in JuneOpen p.30 ↗ |
The indexes use June and December semi-annual reconstitutions and March, June, September, and December quarterly IPO or share-and-float review processes. |
| Review months | March, June, September, December | third Friday of March, fourth Friday in June (unless the last Friday occurs on the 29th or 30th, when reconstitution will occur on the Friday prior), third Friday in September and second Friday in December.Open p.30 ↗ |
Quarterly review processes occur in March, June, September, and December. |
| Data cutoff rule | Semi-annual rank days are the last business day of April for June and the last business day of October for December; quarterly IPO rank dates are the last business day of January, April, July, and October. | The IPO rank date is the last business day of the first month of each quarter (January, April, July, October, respectively).Open p.19 ↗ |
Membership and rankings use data as of the April or October rank day for reconstitutions, and quarterly IPO additions use the last business day of the first month of each quarter. |
| Announcement rule | June: Preliminary information released five weeks before implementation; December: Preliminary information released four weeks before implementation; March september IPO: Announced on the Friday four weeks before implementation; June IPO: Announced five weeks before implementation; December IPO: Announced four weeks before implementation | These changes are announced five weeks prior to implementation for the June review and four weeks prior to the December review.Open p.19 ↗ |
June reconstitution changes are announced five weeks in advance, December reconstitution and March/September IPO additions four weeks in advance, and June IPO additions five weeks in advance. |
| Effective date rule | March and September quarterly IPO additions take effect after the close of the third Friday; June reconstitution after the close of the fourth Friday, with an exception if the last Friday is June 29 or 30; December reconstitution after the close of the second Friday. | Quarterly IPO additions in March and September will be announced on the Friday four weeks prior to implementation, with additions becoming effective after the close of the third Friday of the review month.Open p.19 ↗ |
Quarterly March and September additions become effective after the third Friday, June reconstitution after the fourth Friday, and December reconstitution after the second Friday. |
| Rebalance frequency | Quarterly | the Russell US Indexes will be reviewed quarterly for updates to shares outstanding and to free floats used within the index calculation.Open p.30 ↗ |
Share and free-float updates used in index calculation are reviewed and implemented quarterly. |
| M7 Buffers and turnover control · 6 fields | |||
| Style banding rule | Metric: Composite value score; Maximum change: 0.1; Condition: company remains in the same Russell 1000 or Russell 2000 core index; Treatment: CVS remains unchanged at the next reconstitution | If a company’s CVS change from the previous reconstitution is ≤ to +/- 0.10 AND if the company remains in the same core index (Russell 1000 or Russell 2000), then the CVS remains unchangedOpen p.27 ↗ |
A growth/value style band keeps the composite value score unchanged when the score moves by no more than plus or minus 0.10 and the company remains in the same core Russell 1000 or Russell 2000 index. |
| June share float buffer rule | Ranking buffer: No; Free float buffer: No | For the June review, no buffers will be observed for ranking total capitalization or implementation of free float changesOpen p.30 ↗ |
At the June review, no buffers are applied to total-capitalization ranking or free-float changes. |
| December share float buffer rule | Ranking buffer: No; Free float buffer (%): 3 | For the December review, no buffers will be observed for ranking total capitalization. However, free float updates will be implemented with observation of the 3% buffers.Open p.30 ↗ |
At the December review, no ranking buffer is applied, but free-float updates observe a 3% buffer. |
| March september share float buffers | Shares in issue change threshold (%): 1; Free float change threshold percentage points: 3; Low free float threshold (%): 15; Low free float change threshold percentage points: 1 | changes greater than 1% for cumulative shares in issue changes; – changes greater than three percentage points for cumulative free float changes*. *A constituent with a free float of 15% or belowOpen p.30 ↗ |
March and September apply share-change buffers above 1% and free-float buffers above three percentage points, or one percentage point for constituents with free float at or below 15%. |
| Buffer zone | Entry rank: 1,000%; Exit rank: 1,000%; Band (%): 2.5% | Stock #1,000 ±2.5%Open p.20 ↗ |
Existing Russell 3000 members around stock #1,000 are subject to a cumulative ±2.5% migration band. |
| Size segment buffer | Semi annual lower: -2.5; Semi annual upper: 2.5 | Stock #1,000 ±2.5%Open p.20 ↗ |
The Russell 1000/Russell 2000 size breakpoint at stock #1,000 uses a cumulative ±2.5% band at semi-annual reconstitution. |
| M8 Corporate actions, IPOs, ad-hoc changes · 11 fields | |||
| Corporate action application frequency | Daily | FTSE Russell applies corporate actions to its indexes daily, both to reflect the evolution of securities and to ensure that the indexes remain highly representativeOpen p.29 ↗ |
FTSE Russell applies corporate actions to the indexes daily. |
| Corporate action implementation timing | Actions finalized in time are applied before the open on the ex-date; otherwise they are delayed and applied with appropriate notice. | FTSE Russell either (1) applies the action before the open on the ex-date or (2) applies the action providing appropriate notice, referred to as a “delayed action”Open p.29 ↗ |
Depending on when an action is final, it is applied before the ex-date open or as a delayed action with notice. |
| Late pricing discovery rule | If the pricing date is discovered more than two days afterward, the share or float update is deferred to the next quarterly review. | If discovery of the pricing date occurs more than two days after the pricing date, the update will be deferred until the next quarterly review.Open p.31 ↗ |
Late discovery of an offering pricing date beyond two days defers the update until the next quarterly review. |
| Corporate event float buffer exemption | Yes | Free float and share changes resulting from corporate events will not be subject to the buffers as detailed above and will be implemented in line with the eventOpen p.31 ↗ |
Share and free-float changes caused by corporate events are not subject to the quarterly buffers and follow the Corporate Actions and Events Guide. |
| Fast entry | Size threshold: Investable market capitalization greater than the market-adjusted Russell Top 500 total market capitalization breakpoint from the previous reconstitution; Timing: Added after the close of the fifth trading day following initial listing; FTSE Russell confirms the effective date; Excluded boards: variable IPOs, best efforts IPOs, direct listing IPOs | IPOs with an investable market capitalization of greater than the market adjusted total market capitalization breakpoint for the Russell Top 500 as of the previous reconstitution will be eligibleOpen p.10 ↗ |
Fully guaranteed IPOs above the market-adjusted Russell Top 500 breakpoint may enter fast after the close of the fifth trading day following listing, while variable, best-efforts, and direct listings are excluded. |
| Ad-hoc deletion | Acquisition, Other | Securities that leave the index for any reason (e.g. mergers, acquisitions or other similar corporate activity) are not replaced.Open p.29 ↗ |
Securities may leave outside review because of mergers, acquisitions, or similar corporate activity. |
| Replacement policy | None | Securities that leave the index for any reason (e.g. mergers, acquisitions or other similar corporate activity) are not replaced.Open p.29 ↗ |
Securities removed from the index are not replaced, so the number of index securities fluctuates with corporate activity. |
| Merger spinoff rules | Mergers and spin-offs effective between rank day and the business day before reconstitution lock down trigger recalculation of market capitalizations and membership; events effective during lock down are not reevaluated; distributed additional share classes are evaluated separately and added only if size-eligible. | For merger and spin-off transactions that are effective between rank day and the business day immediately before the index lock down takes effect ahead of the reconstitutionOpen p.17 ↗ |
Mergers and spin-offs before lock down can affect reconstitution ranking and membership, but those effective during lock down do not; mandatory distributions may create separately eligible share classes. |
| Deletion price | Most recently available market prices are generally used for corporate-action adjustments; exchange-provided estimates or adjustments are used only when market prices are absent and deemed appropriate. | For the purposes of index calculation, FTSE Russell generally applies the most recently available market prices to the index for corporate action adjustments.Open p.29 ↗ |
Corporate-action adjustments generally use the most recent available market price, with exchange estimates used only in limited circumstances. |
| Share or float change threshold | Interim primary or secondary offering: Investable market cap change USD: 1,000,000,000, Index share change (%): 5; Investable market cap change USD: 250,000,000; Notice: At least two days' notice from market close after the offering has priced | there is a USD one billion investable market cap change related to a primary/secondary offering measured by multiplying the change to index shares by the subscription priceOpen p.30 ↗ |
Outside quarterly updates, primary or secondary offering share changes are implemented with at least two days' notice if they cause either a USD 1 billion investable market-cap change or both a 5% index-share change and a USD 250 million investable market-cap change. |
| Corporate actions guide ref | Corporate Actions and Events Guide | Full details of changes to constituent companies due to corporate actions can be accessed in the Corporate Actions and Events GuideOpen p.29 ↗ |
Detailed constituent changes from corporate actions are covered in the Corporate Actions and Events Guide. |
| M9 Calculation and return variants · 10 fields | |||
| Corporate action performance algorithm | Delayed-action mergers use adjusted closing prices, while cash acquisitions remain one additional trading day at a stale price and are removed at the cash price. | The closing price of the acquired company will be adjusted to capture the performance of the newly formed entity, according to the merger terms.Open p.44 ↗ |
For delayed corporate actions, the acquired company remains in the index for one trading day using an adjusted closing price or stale/cash price to reflect merger consideration before deletion. |
| Price source | Last traded price on primary exchange | During reconstitution, the last price traded on the primary exchange on the rank day is used to determine market capitalization.Open p.17 ↗ |
During reconstitution, market capitalization is determined using the last price traded on the constituent's primary exchange on rank day. |
| Calculation frequency | May be calculated in real time | Russell US Indexes may be calculated in real time. For further details of real time definitions please refer to the following guide:Open p.48 ↗ |
Russell US Indexes may be calculated in real time, with separate real-time status definitions provided. |
| Return variants | PR, GTR, NTR | – Capital and total return indexes. – Net total return indexes based on specified withholding tax rates.Open p.5 ↗ |
The document provides capital or price return, total return, and net total return Russell US indexes. |
| Market disruption rule | Treatment is governed by separate FTSE Russell policies for trading halts, market closures, and inability to trade a market or security. | Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link: Index_Policy_for_Trading_Halts_and_Market_Closures.pdfOpen p.7 ↗ |
For trading halts, market closures, or situations where clients cannot trade a market or security, FTSE Russell refers users to separate index policies rather than stating the calculation rule in this document. |
| Recalculation policy | Follow FTSE Russell Index Recalculation Guidelines and notify users through appropriate media when inaccuracies are identified. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued.Open p.7 ↗ |
If an inaccuracy is identified, FTSE Russell follows its recalculation guidelines to determine whether to recalculate the index or reissue data products and notifies Russell US Equity Index users through appropriate media. |
| Formula type | Chain linked | The price return of the index for day t is calculated, and the corresponding price return index value IVt at the end of the day is updated by:From FTSE Russell Russell Index Calculation ↗ |
Daily index values are updated by chain-linking the day's beginning and ending market values to the prior index value. |
| Withholding tax basis | Country-specific withholding tax rate applicable to foreign investors, applied to cash dividends. | Net returns are calculated to provide applicable returns to foreign investors who are subject to a foreign tax withholding on dividends received.From FTSE Russell Russell Index Calculation ↗ |
Net returns are calculated for foreign investors subject to dividend withholding tax, applying the country tax rate to cash dividends. |
| Dividend treatment | Regular cash dividends: Added to ending market value on the ex-date; Special cash dividends: Subtracted from beginning market value on the ex-date and excluded from cash dividend additions | For a total return index, dividend amounts are handled on the ex-dates.From FTSE Russell Russell Index Calculation ↗ |
For total return indexes, regular cash dividends are added to ending market value on the ex-date, while special cash dividends are subtracted from beginning market value. |
| Divisor adjustment | corporate actions, Reconstitution, other changes in number of shares | Also after the close, the shares of securities are adjusted (for corporate actions or reconstitution, for example).From FTSE Russell Russell Index Calculation ↗ |
Share positions are adjusted after the close for corporate actions, reconstitution, and other changes in share quantity. |
| M10 Governance, change policy, disclosure · 13 fields | |||
| Benchmark administrator | FTSE International Limited (FTSE) | FTSE is the benchmark administrator of the index2.Open p.6 ↗ |
FTSE International Limited is the benchmark administrator of the index series. |
| Daily operation responsibilities | FTSE Russell is responsible for daily calculation, production, operation, constituent and weighting changes, periodic reviews, publication of weighting changes, and dissemination. | FTSE Russell is responsible for the daily calculation, production and operation of the index series and will: – maintain records of the index weightings of all constituentsOpen p.6 ↗ |
FTSE Russell performs daily index calculation, production, operation, maintenance, periodic reviews, weighting-change publication, and index dissemination. |
| Governance framework | Product, service, and technology governance incorporating the London Stock Exchange Group's three lines of defence and designed to meet IOSCO, EU Benchmark Regulation, and UK Benchmark Regulation requirements. | To oversee its indexes, FTSE Russell employs a governance framework that encompasses product, service and technology governance.Open p.8 ↗ |
FTSE Russell uses a governance framework covering product, service, and technology governance, incorporating three lines of defence and designed to comply with benchmark regulation principles. |
| Corporate action notification schedule | 10:00 Eastern Time, 14:00 Eastern Time, 18:30 Eastern Time | Time of notification (Eastern Time) Content of notification 10:00 a.m. Actions effective after the close of the current day and the following day, both preliminary and final, are included. 2:00 p.m.Open p.41 ↗ |
Premier subscribers receive corporate-action email notifications at 10:00 a.m., 2:00 p.m., and 6:30 p.m. Eastern Time, with one final report on early-close days. |
| Predictive information status | Preliminary and subject to change until effective date | The information should be considered preliminary until the effective date has been reached. FTSE Russell reserves the right to update or change details of the action or update to effective date.Open p.43 ↗ |
Security-level details that have not reached their effective date are preliminary predictive index data and may be updated or changed. |
| Liability disclaimer | FTSE Russell disclaims liability for reliance on, inaccuracies in, non-application or misapplication of the methodology, and inaccuracies in index compilation or constituent data. | No liability whether as a result of negligence or otherwise is accepted by FTSE Russell for any losses, damages, claims and expenses suffered by any person as a result of: – any reliance on this methodologyOpen p.3 ↗ |
FTSE Russell does not accept liability for losses arising from reliance on or inaccuracies in the methodology, its misapplication, or inaccurate index compilation or constituent data. |
| Oversight body | FTSE Russell, FTSE Russell Index governance board, FTSE Russell advisory committees | FTSE is the benchmark administrator of the index2.Open p.6 ↗ |
FTSE Russell administers and operates the indexes, advisory committees and stakeholders are consulted on significant proposals, and the FTSE Russell Index governance board approves changes after considering feedback. |
| Methodology review frequency | Frequency: At least annually | This Construction and Methodology shall be subject to regular review (at least once a year) by FTSE Russell to ensure that they continue to best reflect the aims of the index.Open p.6 ↗ |
The construction and methodology are reviewed regularly, at least once per year. |
| External review | Consulted parties: FTSE Russell advisory committees, other stakeholders; Condition: if appropriate for significant amendments | Any proposals for significant amendments to the construction and methodology will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate.Open p.6 ↗ |
Significant proposed amendments are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate. |
| Consultation procedure | Feedback from consultations is considered by the FTSE Russell Index governance board before approval is granted; separate complaints and appeals procedures are available. | The feedback from these consultations will be considered by the FTSE Russell Index governance board before approval is granted.Open p.6 ↗ |
Consultation feedback is reviewed by the FTSE Russell Index governance board before approval, and affected companies, organizations, or user groups may appeal decisions under the published appeals process. |
| Error correction policy | FTSE Russell follows its Index Recalculation Guidelines when deciding whether to recalculate an index or reissue associated data products, and users are notified through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued.Open p.7 ↗ |
Upon identifying an inaccuracy, FTSE Russell applies its recalculation guidelines, determines whether recalculation or data reissue is required, and notifies users through appropriate media. |
| Change announcement | FTSE Russell dissemination of indexes, appropriate media, email notifications to Premier subscribers, FTSE Russell website policy documents | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews; and – disseminate the indexes.Open p.6 ↗ |
FTSE Russell disseminates the indexes, publishes weighting changes, notifies users through appropriate media, and sends scheduled corporate-action email notifications to Premier subscribers. |
| Cessation policy | FTSE Russell warns that external events may necessitate changes to or cessation of the index series. | FTSE Russell hereby notifies users of the index series that it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the index seriesOpen p.3 ↗ |
FTSE Russell notifies users that circumstances beyond its control may require changes to or cessation of the index series, and users should be able to address that possibility. |
Open points · 38Model-written, for reference
- 1No family-level index code, ISIN, launch date, base date, or single base value is stated because the document covers multiple indexes.
- 2No calculation agent separate from FTSE Russell is stated in the provided methodology sections; Appendix A only notes prior historical calculation by Refinitiv before January 13, 2014.
- 3No explicit regulated-benchmark status is stated.
- 4No general minimum trading-history period for new listings is stated.
- 5No foreign ownership limit or foreign room screen is stated.
- 6No suspension treatment at review is stated.
- 7No extreme or abnormal price increase screen is stated.
- 8No explicit tie-breaking rule was stated for securities with equal total market capitalization.
- 9No industry or sector neutrality requirement for size-index selection was stated.
- 10No reserve list or pre-ranked replacement-pool rule was stated.
- 11No banded free-float factor table or free-float adjustment bands were stated; the document refers to separate Free Float Restrictions guidelines.
- 12No domestic inclusion factor was stated.
- 13No regulatory foreign ownership limit or foreign-room weighting treatment was stated.
- 14No specific single-issuer, group, sector, or country cap percentage was stated; the capping methodology is referenced but not included.
- 15No divisor adjustment rule for preserving index continuity was stated.
- 16No explicit rank-based migration buffer with entry and exit ranks was stated.
- 17No explicit market-cap size-segment migration buffer values were stated.
- 18No relaxed liquidity threshold specifically for existing constituents was stated.
- 19No maximum constituent or weight turnover cap per review was stated.
- 20The provided sections do not give a dedicated deletion price, such as last traded price or suspension price, for ad hoc removals.
- 21The provided sections do not specify how often capped or factor weights are reset.
- 22The full ad hoc deletion trigger list is not provided; the supplied text expressly identifies mergers, acquisitions, and similar corporate activity.
- 23Formula type (divisor, chain-linked, or base-value formula) is not explicitly stated.
- 24Number of decimal places for published index levels is not stated.
- 25Published return variants (PR, GTR, NTR) are not identified.
- 26Withholding tax basis for net total return indexes is not stated.
- 27Cash dividend reinvestment or dividend treatment rules are not stated.
- 28Specific corporate-action events triggering divisor adjustments are not listed.
- 29Discretionary decision points are not expressly enumerated, beyond consultation and governance approval procedures.
- 30A formal definition of material change is not provided; the text refers only to significant amendments.
- 31No minimum notice period in days is stated for methodology changes or constituent notifications.
- 32Whether and how often constituent lists are published is not explicitly stated, although constituent weighting changes are published.
- 33Detailed cessation transition or wind-down policy is not provided; only the possibility of cessation is disclosed.
- 34The real-time calculation interval is not stated; the document only says indexes may be calculated in real time and refers to a separate status guide.
- 35No index-specific ISIN for the Russell 1000 Index is printed.
- 36No launch date or first publication date distinct from base-date and history-start information is stated.
- 37No Russell 1000-specific single-constituent, sector, group, or country weight cap is stated for the standard index.
- 38No Russell 1000-specific domestic inclusion factor or foreign-ownership-limit treatment is stated.
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