Also known as: MID Index (Bloomberg) · MID (S&P DJI code) · .MID (RIC)
At a glance
- Weighting schemeFree float market cap
- Review frequencyContinuous
- Constituent count400
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 21 fields | |||
| Family weighting methods | Float adjusted market capitalization, Equal weight, Capped market capitalization | The indices are weighted by float-adjusted market capitalization (FMC). In addition, equal weighted and capped market capitalization weighted indices are also available as detailed below.Open p.5 ↗ |
The family includes float-adjusted market-cap weighted, equal-weighted, and capped market-cap weighted indices. |
| Benchmark family asset class | Equity | 2. EquityOpen p.83 ↗ |
The EU BMR disclosure identifies the benchmark family asset class as Equity. |
| First value date | 1991-07-01 | S&P MidCap 400 06/19/1991 07/01/1991 06/28/1991 100Open p.20 ↗ |
The first value date for the S&P MidCap 400 is July 1, 1991. |
| Index name | S&P MidCap 400 | S&P MidCap 400. The index measures the performance of the mid-cap segment of the U.S. market. The index is composed of 400 constituent companies.Open p.5 ↗ |
The official index name is S&P MidCap 400. |
| Index short name | MID | Index BBG RIC S&P 500 SPX .SPX S&P MidCap 400 MID .MID S&P SmallCap 600 SML .SMLOpen p.25 ↗ |
The headline Bloomberg ticker and short identifier used for the S&P MidCap 400 is MID. |
| Index code | MID | Index BBG RIC S&P 500 SPX .SPX S&P MidCap 400 MID .MID S&P SmallCap 600 SML .SMLOpen p.25 ↗ |
The document's ticker table identifies MID as the Bloomberg code for the S&P MidCap 400. |
| Vendor codes | Bloomberg: MID; Refinitiv: .MID | Index BBG RIC S&P 500 SPX .SPX S&P MidCap 400 MID .MID S&P SmallCap 600 SML .SMLOpen p.25 ↗ |
The S&P MidCap 400 is identified by Bloomberg code MID and Refinitiv Instrument Code .MID. |
| Administrator | S&P Dow Jones Indices LLC | 2. EquityOpen p.83 ↗ |
The benchmark administrator is S&P Dow Jones Indices LLC. |
| Index family | S&P U.S. Indices | The S&P U.S. Indices are a family of equity indices designed to measure the market performance of U.S. domiciled stocks trading on U.S. exchanges.Open p.5 ↗ |
The indices belong to the S&P U.S. Indices family. |
| Parent index | S&P Total Market Index | Index Universe. Index constituents are selected from the S&P Total Market IndexOpen p.13 ↗ |
S&P MidCap 400 constituents are selected from the S&P Total Market Index. |
| Launch date | 1991-06-19 | S&P MidCap 400 06/19/1991 07/01/1991 06/28/1991 100Open p.20 ↗ |
The S&P MidCap 400 was launched on June 19, 1991. |
| Base date | 1991-06-28 | S&P MidCap 400 06/19/1991 07/01/1991 06/28/1991 100Open p.20 ↗ |
The base date of the S&P MidCap 400 is June 28, 1991. |
| Base value | 100 | S&P MidCap 400 06/19/1991 07/01/1991 06/28/1991 100Open p.20 ↗ |
The base value of the S&P MidCap 400 is 100. |
| Currency | USD | The S&P U.S. Indices are a family of equity indices designed to measure the market performance of U.S. domiciled stocks trading on U.S. exchanges.Open p.5 ↗ |
The principal U.S. indices are U.S.-dollar indices, with selected hedged or non-USD variants also covered. |
| Methodology date | 2026-07 | July 2026 S&P Dow Jones Indices: Index MethodologyOpen p.1 ↗ |
The methodology document is dated July 2026. |
| Benchmark type | Not stated | 3. S&P 500 IndicesOpen p.83 ↗ |
The provided text does not classify the family as a regulated, significant, or non-significant benchmark. |
| Objective | The index measures the performance of the mid-cap segment of the U.S. market. | S&P MidCap 400. The index measures the performance of the mid-cap segment of the U.S. market. The index is composed of 400 constituent companies.Open p.5 ↗ |
The S&P MidCap 400 measures the performance of the mid-cap segment of the U.S. market. |
| Market classification | Developed | The family is composed of a wide range of indices based on size, sector, and style.Open p.5 ↗ |
The family covers U.S. equities, which are treated here as a developed-market classification. |
| Size segment | Mid | S&P MidCap 400. The index measures the performance of the mid-cap segment of the U.S. market. The index is composed of 400 constituent companies.Open p.5 ↗ |
The S&P MidCap 400 targets the mid-cap segment of the U.S. market. |
| Index family type | Market cap | The indices are weighted by float-adjusted market capitalization (FMC). In addition, equal weighted and capped market capitalization weighted indices are also available as detailed below.Open p.5 ↗ |
The family is primarily float-adjusted market-capitalization weighted, with equal-weight and capped variants. |
| Factor exposures | — | The family is composed of a wide range of indices based on size, sector, and style.Open p.5 ↗ |
No factor exposures are specified for the broad family; the family is based on size, sector, and style, but no enumerated factor tilt is stated in the provided text. |
| M2 Universe · 9 fields | |||
| Over the counter exclusion | Yes | Ineligible exchanges include: Over-the-counter (OTC) Markets including Pink Open MarketOpen p.8 ↗ |
Over-the-counter markets, including the Pink Open Market, are ineligible exchanges. |
| Periodic reporting requirement | Issuers must satisfy U.S. Securities Exchange Act periodic reporting obligations using specified domestic-issuer forms. | The company issuing the security satisfies the U.S. Securities Exchange Act's periodic reporting obligations by filing certain required forms for domestic issuers, such as but not limited to: Form 10-K annual reports, Form 10-Q quarterly reports, and Form 8-K current reports.Open p.8 ↗ |
The issuer must meet U.S. Securities Exchange Act periodic reporting obligations by filing required domestic forms such as 10-K, 10-Q, and 8-K. |
| Multiple share classes | All publicly listed multiple share-class lines are included separately in FMC-weighted indices if each line meets index-specific eligibility requirements. | S&P DJI includes all publicly listed multiple share class lines separately in FMC weighted indices, subject to the eligibility requirements for each index. Index membership eligibility for a company with multiple share class lines is based on the total market capitalization (TMC) at the company level.Open p.8 ↗ |
Multiple publicly listed share classes are evaluated and weighted separately, while company-level index eligibility uses total market capitalization. |
| Markets | United States | The S&P U.S. Indices are a family of equity indices designed to measure the market performance of U.S. domiciled stocks trading on U.S. exchanges.Open p.5 ↗ |
The family covers U.S.-domiciled companies whose stocks trade on U.S. exchanges. |
| Exchanges | NYSE, Nasdaq Capital Market, NYSE Arca, Cboe BZX, NYSE American, Cboe BYX, Nasdaq Global Select Market, Cboe EDGA, Cboe EDGX, Nasdaq Global Market, Texas Stock Exchange | Must have a listing on one of the following U.S. exchanges: NYSE Nasdaq Capital Market NYSE Arca Cboe BZX NYSE American Cboe BYX Nasdaq Global Select Market Cboe EDGA Cboe EDGX Nasdaq Global Market Texas Stock ExchangeOpen p.8 ↗ |
Eligible securities must list on one of the specified U.S. exchanges, while OTC markets are ineligible. |
| Security types | Common, REIT | The issuing company must have the following organizational structure and share type: Corporations (including equity and mortgage Common stock (i.e., shares) REITs)Open p.8 ↗ |
Eligible issuers include corporations, including equity and mortgage REITs, and the eligible share type is common stock. |
| Nationality rule | Companies must be U.S. domiciled; domicile details follow S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. | Domicile. Must be a U.S.-domiciled company. For more information on domiciles, please refer to the Domiciles section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.8 ↗ |
A security's issuer must be a U.S.-domiciled company, with domicile determinations governed by the vendor's Equity Indices Policies & Practices Methodology. |
| Parent universe index | S&P Total Market Index | Index Universe. Index constituents are selected from the S&P Total Market IndexOpen p.13 ↗ |
The index universe for the S&P MidCap 400 is the S&P Total Market Index. |
| Exclusions | business development companies, limited partnerships, master limited partnerships, limited liability companies, closed-end funds, ETFs, ETNs, royalty trusts, special purpose acquisition companies, preferred stock, convertible preferred stock, unit trusts, equity warrants, convertible bonds, investment trusts, Rights, American Depositary Receipts, tracking stocks for Composite 1500 indices | Ineligible organizational structures and share types include, but are not limited to the following: Business development companies (BDCs) Preferred stock Limited partnerships (LPs) Convertible preferred stock Master limited partnerships (MLPs) Unit trusts Limited liability companies (LLCs) Equity warrants Closed-end funds Convertible bonds ETFs Investment trusts ETNs Rights Royalty trusts American Depositary Receipts (ADRs) Special purpose acquisition companies (SPAC) Tracking Stocks.Open p.8 ↗ |
The listed organizational structures, non-common share types, funds, derivatives-like instruments, ADRs, SPACs, and tracking stocks for Composite 1500 indices are ineligible. |
| M3 Eligibility screens · 9 fields | |||
| Evaluation date composite 1500 | Open of trading two business days prior to the announcement date | As applicable, the evaluation date for determining whether all eligibility criteria are met for the S&P Composite 1500 is the open of trading two business days prior to the announcement date.Open p.8 ↗ |
For S&P Composite 1500 eligibility, the evaluation date is the open of trading two business days before the announcement date. |
| Market capitalization guideline percentiles | S&p 500: 85th percentile; S&p midcap 400: 85th-93rd percentile; S&p smallcap 600: 93rd-99th percentile | The minimum market capitalization guidelines are designed to capture the three-month average cumulative total company level market capitalization of the S&P Total Market Index (“TMI”) universe at approximately the following cumulative percentilesOpen p.8 ↗ |
The Composite 1500 market-cap guidelines target approximately the stated cumulative percentile bands of the S&P TMI universe based on three-month average company market capitalization. |
| Market capitalization range review | Ranges are reviewed at the beginning of each calendar quarter and updated as needed; a 10% deviation triggers committee consideration. | The ranges are reviewed at the beginning of each calendar quarter and updated as needed to ensure the ranges reflect current market conditions. At the quarterly review, if the new market capitalization ranges for any of the Composite 1500 indices deviate by 10% or more from the current rangeOpen p.9 ↗ |
Market-capitalization ranges are reviewed quarterly, and a 10% or greater deviation prompts the Index Committee to consider updates. |
| Addition criteria do not force deletion | Yes | However, the eligibility criteria are for addition to an index, not for continued membership. As a result, an index constituent that appears to violate criteria for addition to that index is not deleted unless ongoing conditions warrant an index change.Open p.12 ↗ |
Eligibility criteria apply to addition rather than continued membership, so a constituent failing an addition criterion is not automatically deleted. |
| Trading history | Minimum value: 12 months; Exceptions: Spin-offs or in-specie distributions from existing S&P Composite 1500 constituents do not require 12 months of trading., Companies migrating from an ineligible exchange, emerging from bankruptcy, newly designated U.S.-domiciled, or converting to an eligible type do not require 12 months on an eligible U.S. exchange., Former SPACs require 12 months of trading after the de-SPAC transaction., S&P Total Market Index IPOs may be added at the next rebalancing or via fast track and are not subject to the Composite 1500 12-month rule | S&P Composite 1500. o IPOs should be traded on an eligible exchange for at least 12 months before being considered for addition to an index. There is no IPO fast track entry allowed for S&P Composite 1500 candidates.Open p.11 ↗ |
For S&P Composite 1500 addition, IPOs generally must trade on an eligible exchange for at least 12 months, subject to stated exceptions. |
| Liquidity screen | Metric: Liquidity ratio; Window: 365 calendar days; Threshold: S&P Total Market Index FALR >= 0.10; S&P Composite 1500 FALR >= 0.75; Composite 1500 stocks must also trade at least 250,000 shares in each of the six months before evaluation; Buffer for existing: Current constituents have no minimum liquidity requirement | A float-adjusted liquidity ratio (FALR), defined as the annual dollar value traded divided by the float-adjusted market capitalization (FMC), is used to measure liquidity.Open p.9 ↗ |
Eligibility uses the float-adjusted liquidity ratio over 365 calendar days; TMI additions require 0.10 and Composite 1500 additions require 0.75, while current constituents have no minimum. |
| Minimum size | Metric: Full market cap; Company market capitalization range USD: Lower: 8,000,000,000; Upper: 22,700,000,000; Security level float adjusted market cap minimum (% of company minimum): 50 | 07/01/2025 At least $22.7 billion $8.0 billion to $22.7 billion $1.2 billion to $8.0 billionOpen p.28 ↗ |
As of July 1, 2025, the S&P MidCap 400 market-capitalization guideline is US$8.0 billion to US$22.7 billion, and security-level FMC must be at least 50% of the company-level minimum. |
| Minimum free float | 10% | S&P Total Market Index: a stock must have either: o IWF of at least 0.10, or o An FMC greater than or equal to 10% of the total company level market capitalization of the 100th largest company in the S&P Total Market IndexOpen p.9 ↗ |
For S&P Composite 1500 eligibility, a stock must have an Investable Weight Factor of at least 0.10, or 10%; TMI also permits a large-FMC alternative. |
| Financial screens | For S&P Composite 1500, GAAP net income from continuing operations must be positive in the most recent quarter., For S&P Composite 1500, the sum of GAAP net income from continuing operations over the most recent four consecutive quarters must be positive., Equity REITs may satisfy financial viability using GAAP net income from continuing operations and/or Funds From Operations, if reported., S&P Total Market Index has no financial viability requirement. | S&P Total Market Index. No financial viability requirement. S&P Composite 1500. Generally Accepted Accounting Principles (GAAP) net income from continuing operations must be positive for: o the most recent quarter, and o the sum of the most recent four consecutive quartersOpen p.11 ↗ |
Composite 1500 companies must have positive GAAP net income from continuing operations in the latest quarter and over four quarters, subject to the REIT rule; TMI has no requirement. |
| M4 Selection and constituent count · 11 fields | |||
| Method variation | The family uses committee selection for headline and S&P 100 indices, ranking by float-adjusted market capitalization for Top indices, and parent membership or screens for composite, sector, completion, equal-weight, and themed indices. | Constituent selection is at the discretion of the Index Committee and is based on the eligibility criteria.Open p.13 ↗ |
Selection methods vary within the family: some indices use Index Committee discretion, some rank by float-adjusted market capitalization, and others inherit or screen parent-index constituents. |
| Headline index committee selection | Committee | Constituent selection is at the discretion of the Index Committee and is based on the eligibility criteria.Open p.13 ↗ |
The S&P 500, S&P MidCap 400, and S&P SmallCap 600 select constituents at the Index Committee's discretion based on eligibility criteria. |
| Top indices rank selection | Rank by metric | At each annual reconstitution, the index selects the largest 50, by FMC, companies in the S&P 500 for index inclusion, subject to a selection buffer.Open p.14 ↗ |
The S&P 500 Top 50, Top 10, and Top 20 rank eligible companies by FMC and apply selection buffers. |
| Parent index selection | Parent index members | S&P Composite 150. combines all constituents of the S&P 500, S&P MidCap 400, and S&P SmallCap 600.Open p.13 ↗ (not found verbatim in the PDF) |
Composite, sector, completion, equal-weight, and many themed indices use constituents from an underlying or parent index, subject to stated exclusions or classifications. |
| Target counts | 500, 400, 600, 100, 50, 10, 20, 50 | The indices have a fixed constituent company count of 500, 400, and 600, respectively.Open p.13 ↗ |
Several family indices have fixed company counts, including 500, 400, 600, 100, 50, 10, and 20 companies. |
| Sector balance | Sector balance is considered for the S&P 500, S&P MidCap 400, S&P SmallCap 600, and S&P 100. | Sector balance, as measured by a comparison of each GICS sector’s weight in an index with its weight in the S&P Total Market Index, in the relevant market capitalization range, is also consideredOpen p.13 ↗ |
Headline index selection considers GICS sector balance against the S&P Total Market Index or the relevant market-capitalization range, while sector indices select all stocks in a GICS sector. |
| Selection buffer details | Index: S&P 500 Top 50; Automatic top: 45; Existing constituent buffer top: 55; Target: 50, Index: S&P 500 Top 10; Automatic top: 9; Existing constituent buffer top: 11; Target: 10, Index: S&P 500 Top 20; Automatic top: 18; Existing constituent buffer top: 22; Target: 20, Index: S&P 500 Consumer Select 15/60; Automatic top: 45; Existing constituent buffer top: 55; Target: 50 | Rank eligible companies by FMC, automatically selecting companies ranked in the top 45 for index inclusion.Open p.14 ↗ |
Ranked family indices retain current constituents within a wider rank band until the fixed target company count is reached. |
| Supplementary company selection | S&P Select Sector 15/40 Plus indices supplement from the S&P MidCap 400 when fewer than 25 stocks are selected; equal-weight Plus indices supplement to 22 companies. | in the event that fewer than 25 stocks are selected for the relevant S&P Select Sector 15/40 Plus Capped Index, the index will be supplemented with the largest company based on FMC in the S&P MidCap 400Open p.35 ↗ |
Some capped or equal-weight sector variants add the largest eligible S&P MidCap 400 companies when a minimum stock count is not met. |
| Selection method | Committee | Constituent selection is at the discretion of the Index Committee and is based on the eligibility criteria.Open p.13 ↗ |
S&P MidCap 400 constituents are selected at the discretion of the Index Committee based on the eligibility criteria. |
| Target constituent count | 400 | The indices have a fixed constituent company count of 500, 400, and 600, respectively.Open p.13 ↗ |
The S&P MidCap 400 has a fixed constituent company count of 400. |
| Industry neutrality rule | Sector balance is considered by comparing each GICS sector's weight in the index with its weight in the S&P Total Market Index in the relevant market-capitalization range. | Sector balance, as measured by a comparison of each GICS sector’s weight in an index with its weight in the S&P Total Market Index, in the relevant market capitalization range, is also consideredOpen p.13 ↗ |
S&P MidCap 400 selection considers GICS sector balance relative to the relevant market-capitalization range within the S&P Total Market Index. |
| M5 Weighting and capping · 23 fields | |||
| Float adjusted market cap weighting | FMC | At each reconstitution, the index FMC weights constituents.Open p.13 ↗ |
The standard headline, total market, composite, completion, and many themed indices weight constituents by float-adjusted market capitalization. |
| Additional weight factor | Capped indices apply an AWF to adjust float-adjusted market capitalization so weight constraints are satisfied. | the indices apply an additional weight factor, or “AWF”, to adjust the float-adjusted market capitalization to a value such that the index weight constraints are satisfied.Open p.15 ↗ |
Capped market-capitalization indices use an additional weight factor to scale float-adjusted market capitalization to meet capping constraints. |
| Intra quarter addition awf | Intra-quarter additions use AWF 1 for some indices, or the largest AWF currently represented in the index for others. | Please note that any intra-quarter addition will be added to the relevant Select Sector Index with an AWF of 1.Open p.15 ↗ |
Depending on the index, an addition made outside a scheduled reweighting enters with an AWF of 1 or with the largest existing AWF in the index. |
| Select sector caps | Single company breach (%): 24; Single company cap (%): 23; Large weight threshold (%): 4.8; Aggregate large weight (%): 50 | If any company has an FMC weight greater than 24%, the cap all companies’ weight at 23%, which allows for a 2% buffer.Open p.16 ↗ |
Select Sector Indices cap a company at 23% if its FMC weight exceeds 24%, and companies over 4.8% cannot exceed 50% in aggregate. |
| Capped 20 caps | Breach (%): 19; Cap (%): 19; Effective date limit (%): 20 | If any company has a weight greater than 19%, that company has its weight capped at 19%. The cap is set to 19% to allow for a 1% buffer.Open p.29 ↗ |
S&P Select Sector Capped 20% indices cap companies at 19% to provide a buffer below 20%. |
| Daily capped 35 20 caps | Largest trigger (%): 35; Largest rebalance cap (%): 33; Second largest trigger (%): 20; Second largest rebalance cap (%): 19 | Daily capping is only performed when either the largest index closing weight exceeds 35% or the second largest index closing weight exceeds 20%.Open p.31 ↗ |
Daily Capped 35/20 indices re-cap when the largest weight exceeds 35% or the second largest exceeds 20%, applying 33% and 19% capping factors during the capping process. |
| Capped 15 60 caps | Single company breach (%): 14; Single company cap (%): 14; Top n: 5; Aggregate top five (%): 55 | If the largest company’s index weight exceeds 14%, the company’s FMC weight is capped at 14%, which allows for a 1% buffer.Open p.33 ↗ |
15/60 capped indices cap individual companies at 14% and constrain the largest five companies to 55% in aggregate. |
| Capped 15 40 plus caps | Minimum stocks: 25; Single company cap (%): 14; Top n: 5; Aggregate top five cap (%): 35; Secondary check threshold single (%): 15; Secondary check threshold top five (%): 40 | Each index is capped market capitalization weighted and must have a constituent count of at least 25 stocks.Open p.35 ↗ |
15/40 Plus capped indices require at least 25 stocks, cap individual companies at 14%, cap the top five at 35%, and use 15% and 40% secondary-check thresholds. |
| Headline 500 35 20 caps | Quarterly largest cap (%): 31.5; Quarterly second largest cap (%): 18; Check largest limit (%): 35; Check second largest limit (%): 20 | subject to weight constraints capping the single largest company weight at 31.5% or the second largest company at 18% of the total index weight.Open p.39 ↗ |
S&P 500 Capped 35/20 indices use 31.5% and 18% quarterly target caps while monitoring 35% and 20% limits. |
| Midcap smallcap capped sector caps | Single company cap (%): 22.5; Aggregate weight threshold (%): 4.5; Aggregate weight cap (%): 45 | If any company has a weight greater than 22.5%, that company has its weight capped at 22.5%. The cap is set to allow for a buffer below a 25% limit.Open p.42 ↗ |
MidCap 400 and SmallCap 600 capped sector indices cap individual companies at 22.5% and companies over 4.5% at 45% in aggregate, with relaxed caps for low constituent counts. |
| Banks industry 7 4 caps | Top n: 5; Top company cap (%): 7; Other company cap (%): 4 | The individual weights of the largest five index companies are each capped at a maximum 7% index weight. Then, the remaining companies are each capped at a maximum 4% index weight.Open p.52 ↗ |
The S&P 900 Banks 7/4 Capped Index caps each of the largest five companies at 7% and each remaining company at 4%. |
| Three percent cap | 3% | If any company has a weight greater than 3%, cap that company’s weight at 3%.Open p.55 ↗ |
The S&P 500 3% Capped Index caps each company at 3%. |
| Top 10 25 percent cap | 25% | If any company has a weight greater than 25%, cap that company’s weight at 25%.Open p.56 ↗ |
The S&P 500 Top 10 25% Capped Index caps each company at 25%. |
| Equal weighting | Equal | Each index is an equal weighted version of an underlying index as detailed in the table below.Open p.49 ↗ |
S&P equal-weight U.S. indices and equal-allocation or top equal-capped variants use equal weighting rather than market-cap weighting. |
| Multiple share class capping | Maximum capping is based on company FMC and allocated across share-class lines proportionally to each line's FMC. | Maximum weight capping is based on company FMC, with the weight of multiple class companies allocated proportionally to each share class line based on its FMC as of the rebalancing reference date.Open p.30 ↗ |
For multiple-class companies, capping is assessed at the company level and the capped weight is allocated to share-class lines in proportion to FMC. |
| Feasibility fallback | If no feasible capping solution exists, certain 15/60 indices are float market-capitalization weighted. | If no feasible solution is available after following the above steps, the index is float market capitalization weighted.Open p.34 ↗ |
If the prescribed capping process cannot produce a feasible solution, the index falls back to float market-capitalization weighting. |
| Divisor adjustment on reclassification | Moving a company between equal-weight sector indices upon GICS reclassification results in divisor adjustments to both the index left and the index joined. | This results in a divisor adjustment to both the S&P 500 Equal Weight Sector Index the company is leaving and the S&P 500 Equal Weight Sector Index the company is joining.Open p.50 ↗ |
A cross-sector reclassification in equal-weight sector indices causes divisor adjustments in both affected indices. |
| Spin off no divisor adjustment | Spin-offs added to certain top equal-capped indices at zero price have no divisor adjustment. | Add spin-offs to all indices of which the parent is a constituent at a zero price at the market close of the day before the ex-date (with no divisor adjustment).Open p.64 ↗ |
For certain top equal-capped indices, spin-offs are added at a zero price before the ex-date without a divisor adjustment. |
| Weighting scheme | Free float market cap | Weighting. Each index FMC weights constituents.Open p.13 ↗ |
The S&P MidCap 400 weights constituents by float-adjusted market capitalization. |
| Free float factor | Method: Free float | This count is float-adjusted to reflect only available shares.Open p.17 ↗ |
Shares outstanding are float-adjusted to reflect only available shares, and the resulting FMC is used for weighting. |
| Cap application timing | Quarterly | For capping purposes, the indices rebalance quarterly after the close of business on the third Friday of March, June, September, and DecemberOpen p.16 ↗ |
Most capped sector indices apply capping at quarterly rebalances, with selected variants also conducting daily, monthly, secondary, or semi-annual checks. |
| Shares outstanding | Share count: shares outstanding, essentially basic shares under FASB GAAP; Float adjustment: float-adjusted to reflect only available shares; Methodology reference: S&P Dow Jones Indices' Float Adjustment Methodology | The shares counted for index calculation are shares outstanding and are essentially “basic shares” as defined by The Financial Accounting Standards Board (FASB) in Generally Accepted Accounting Principles (GAAP).Open p.17 ↗ |
Index calculations use shares outstanding, treated as basic shares under FASB GAAP, and float-adjust the count to include only available shares. |
| Divisor adjustment rule | Multiplicative formula: Divisor_t = Divisor_(t-1) * MV_t / MV_(t-1); Additive formula: Divisor_new = Divisor_old + CMV / Index Level; Principle: The divisor is adjusted so the index level remains unchanged when constituent market values change at constant prices | Given these, it is easy to determine the new divisor that will keep the index level constant when stock r is replaced by stock s: MV t = Divisor ( Divisor 1)From S&P DJI Index Mathematics ↗ |
The new divisor equals the old divisor multiplied by the ratio of new to old index market value, or equivalently the old divisor plus the change in market value divided by the unchanged index level. |
| M6 Review and rebalance schedule · 8 fields | |||
| Rebalancing date change | The Index Committee may change a rebalancing date, including for market holidays, and will provide proper advance notice where possible. | The Index Committee may change the date of a given rebalancing for reasons including market holidays occurring on or around the scheduled rebalancing date. Any such change will be announced with proper advance notice where possible.Open p.24 ↗ |
A scheduled rebalancing date may be changed by the Index Committee, with proper advance notice where possible. |
| Review frequency | Continuous | S&P 1500 Composite Indices. Changes to index composition are made on an as-needed basis. There is no scheduled reconstitution. Rather, changes in response to corporate actions and market developments can be made at any time.Open p.18 ↗ |
S&P 1500 Composite Index composition changes are made as needed rather than on a scheduled reconstitution. |
| Review types | Ad hoc, Quarterly review, Annual review | Quarterly Update. Share counts are updated to the latest publicly available filings on a quarterly basis. IWF changes are only made at the quarterly reviewOpen p.18 ↗ |
The document describes as-needed composition changes, quarterly share-count and IWF updates, and annual or quarterly reconstitution and rebalancing schedules for specific U.S. index variants. |
| Data cutoff rule | For the S&P Total Market Index, the eligibility reference date is five weeks before the effective date; other specified indices use stated reference dates such as the last business day of May or the Wednesday before the second Friday. | For both the annual reconstitution and quarterly rebalancing, the reference date to meet the eligibility criteria is five weeks prior to the effective date.Open p.18 ↗ |
Review reference dates vary by index, including five weeks before implementation, the last business day of May, and the Wednesday before the second Friday of the rebalancing month. |
| Announcement rule | Time: 17:15; Time zone: Eastern Time; Channels: www.spglobal.com/spdji/, major news services | Announcements of additions and deletions for the S&P 500, S&P MidCap 400, and S&P SmallCap 600 are made at 05:15 PM Eastern Time.Open p.24 ↗ |
Additions and deletions for the S&P MidCap 400 are announced at 5:15 p.m. Eastern Time by press release posted on the S&P DJI website and released to major news services. |
| Effective date rule | S&P 1500 changes may occur at any time as needed; Total Market Index annual reconstitution occurs after the third Friday close in September and quarterly rebalancing on the third Friday of each calendar quarter. | S&P 1500 Composite Indices. Changes to index composition are made on an as-needed basis. There is no scheduled reconstitution. Rather, changes in response to corporate actions and market developments can be made at any time.Open p.18 ↗ |
The S&P 1500 has no scheduled implementation date, while the Total Market Index implements annual reconstitution after the third Friday of September and quarterly rebalances on each quarter's third Friday. |
| Rebalance frequency | Quarterly | Quarterly Update. Share counts are updated to the latest publicly available filings on a quarterly basis.Open p.18 ↗ |
Share counts are updated quarterly, and several specified U.S. index variants rebalance quarterly. |
| Weight reset frequency | Quarterly | S&P Equal Weight U.S. Indices. The indices are rebalanced after the market close on the third Friday of the quarter-ending month with weights set to 1/NOpen p.19 ↗ |
Equal-weight indices reset company weights to 1/N quarterly, and capped market-cap-weighted indices are reweighted quarterly. |
| M8 Corporate actions, IPOs, ad-hoc changes · 10 fields | |||
| Readmission waiting period | 1 year | Any company that is removed from an S&P Composite 1500 component index (including discretionary and bankruptcy/exchange delistings) must wait a minimum of one year from its index removal date before being screened for the eligibility criteria.Open p.19 ↗ |
A company removed from an S&P Composite 1500 component index must wait at least one year from removal before being screened for eligibility. |
| Halted securities treatment | Halted constituents may remain in the index until trading resumes at the Index Committee's discretion. | Constituents that are halted from trading may be kept in the index until trading resumes, at the discretion of the Index Committee.Open p.19 ↗ |
A halted constituent may be retained until trading resumes, subject to Index Committee discretion. |
| Pink sheets or bulletin board removal | Stocks moved to the pink sheets or bulletin board are removed. | If a stock is moved to the pink sheets or the bulletin board, the stock is removed.Open p.19 ↗ |
A stock is removed when it moves to the pink sheets or the bulletin board. |
| Completion index immediate transfer | A company dropped from the S&P 500 for reasons other than acquisition, major-exchange delisting, domicile change, or bankruptcy is immediately added to the S&P Completion Index. | A company is immediately added to the S&P Completion Index if it is dropped from the S&P 500 for a reason other than acquisition, delisting from a major exchange, change in domicile, or bankruptcy.Open p.18 ↗ |
Certain non-acquisition, non-delisting, non-domicile, and non-bankruptcy S&P 500 removals transfer immediately to the S&P Completion Index. |
| Ad-hoc deletion | Acquisition, Delisting, Prolonged suspension, Bankruptcy, Free float drop, Other | A company is deleted from the index if it is involved in a merger, acquisition, or significant restructuring such that it no longer meets the eligibility criteriaOpen p.19 ↗ |
A company may be removed for a merger, acquisition, significant restructuring, merger-related delisting, trading halt, move to pink sheets or the bulletin board, bankruptcy or exchange delisting, or substantial violation of eligibility criteria. |
| Replacement policy | Next review | Constituents that are dropped from the S&P 500 are concurrently dropped from the index and are not replaced until the next annual reconstitution.Open p.19 ↗ |
For the S&P 500 Top 50, Top 10, and Top 20 indices, constituents dropped from the S&P 500 are not replaced until the next annual reconstitution. |
| Merger spinoff rules | Companies involved in mergers, acquisitions, or significant restructurings that no longer meet eligibility criteria are deleted; merger-related delistings are normally removed at the close of the last trading day or expiration of the tender offer. | A company is deleted from the index if it is involved in a merger, acquisition, or significant restructuring such that it no longer meets the eligibility criteriaOpen p.19 ↗ |
Merger, acquisition, or significant-restructuring situations are handled by deletion when eligibility is lost, normally at the last trading day's close or tender-offer expiration. |
| Deletion price | If no achievable market price exists, a deleted stock may be removed at zero or minimal price at the Index Committee's discretion. | In cases where there is no achievable market price for a stock being deleted, it can be removed at a zero or minimal price at the Index Committee’s discretion.Open p.19 ↗ |
When an achievable market price is unavailable, deletion may occur at a zero or minimal price at the Index Committee's discretion. |
| Share or float change threshold | 5 pct of total current shares outstanding | IWF changes are only made at the quarterly review if the change represents at least 5% of total current shares outstanding and is related to a single corporate actionOpen p.18 ↗ |
A quarterly IWF change requires at least a 5% change relative to total current shares outstanding and must relate to a single corporate action. |
| Corporate actions guide ref | S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology | For information on standard treatment of share and IWF updates, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.19 ↗ |
Corporate actions, rebalancing, share updates, and IWF updates are covered in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. |
| M9 Calculation and return variants · 13 fields | |||
| Calculation currency | USD, with specified JPY variants calculated in Japanese yen | The indices calculate in U.S. dollars. In addition, the S&P 500 JPY (TTM), S&P 500 Top 10 Index (TTM) (JPY), and S&P 500 Top 20 Select Index (TTM) (JPY)Open p.19 ↗ |
The indices generally calculate in U.S. dollars, while specified TTM Japanese yen indices calculate in Japanese yen. |
| Market calendar | U.S. equity market open, with specified JPY variants following the Japanese equity market and one global-calendar index calculating Monday through Friday. | Except for the indices listed below, the indices calculate when the U.S. equity market is open.Open p.24 ↗ |
Most indices calculate when the U.S. equity market is open, with specified Japanese yen variants following the Japanese market and the Global Calendar JPY index calculating weekdays year-round. |
| Additional return series | Currency, currency hedged, Decrement, fair value, Inverse, Leveraged, risk control | additional return series versions of the indices may be available, including, but not limited to the following: currency, currency hedged, decrement, fair value, inverse, leveraged, and risk control versions.Open p.19 ↗ |
Additional versions may include currency, currency-hedged, decrement, fair-value, inverse, leveraged, and risk-control series. |
| Formula type | Divisor | The indices are calculated by means of the divisor methodology used in all S&P Dow Jones Indices’ equity indices.Open p.17 ↗ |
The indices use the divisor methodology used for S&P Dow Jones Indices equity indices. |
| Calculation frequency | Real time, End of day | Real-time indices are not restated. For information on Calculations and Pricing Disruptions, Expert Judgment and Data Hierarchy, please referOpen p.24 ↗ |
The methodology references real-time indices and index levels, while additions and deletions and return-type treatments are based on end-of-day or close timing. |
| Return variants | PR, GTR, NTR | Price Return (PR) versions are calculated without adjustments for regular cash dividends. Gross Total Return (TR) versions reinvest regular cash dividendsOpen p.22 ↗ |
Price Return, Gross Total Return, and Net Total Return versions are calculated where available. |
| Withholding tax basis | applicable withholding taxes; rates are specified in S&P DJI Equity Indices Policies & Practices Methodology | Net Total Return (NTR) versions, if available, reinvest regular cash dividends at the close on the ex-date after the deduction of applicable withholding taxes.Open p.22 ↗ |
Net Total Return versions deduct applicable withholding taxes, with tax rates provided in a separate S&P DJI policies document. |
| Dividend treatment | PR excludes regular cash dividends; GTR reinvests them at the close on the ex-date before withholding taxes; NTR reinvests them at the close on the ex-date after applicable withholding taxes. | S&P Dow Jones Indices calculates multiple return types which vary based on the treatment of regular cash dividends. The classification of regular cash dividends is determined by S&P Dow Jones Indices.Open p.22 ↗ |
Regular cash dividends are excluded from Price Return and reinvested at the close on the ex-date in Gross and Net Total Return versions, subject to withholding tax for NTR. |
| Market disruption rule | Calculation and pricing disruptions, expert judgment, and data hierarchy are governed by S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology. | For information on Calculations and Pricing Disruptions, Expert Judgment and Data Hierarchy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.24 ↗ |
The document refers market disruption and pricing disruption treatment to S&P DJI’s separate Equity Indices Policies & Practices Methodology. |
| Recalculation policy | Recalculation rules are in S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology; real-time indices are not restated. | For information on the recalculation policy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.24 ↗ |
The general recalculation policy is referenced externally, and real-time indices are not restated. |
| Price source | Exchange-provided prices are used for official end-of-day calculations, with the relevant price type—such as last trade, auction, VWAP, or official close—specified by exchange in the Global Equity Close Prices guide. | S&P DJI leverages exchange provided prices for official end-of-day index calculations. For each exchange, S&P Dow Jones Indices will use the relevant price (e.g. last trade, auction, VWAP, official close) as defined in the S&P Dow Jones Indices' Global Equity Close Prices guideFrom S&P DJI Index Mathematics ↗ |
Official end-of-day index calculations use the relevant exchange-provided price, which may be the last trade, auction price, VWAP, or official close depending on the exchange. |
| Precision | 0 percentage points | In most cases, Investable Weight Factors (IWFs) are reported to the nearest one percentage point.From S&P DJI Float Adjustment ↗ |
Investable weight factors are generally reported to the nearest one percentage point. |
| Divisor adjustment | addition of companies, deletion of companies, changes in shares outstanding, changes to IWFs, changes to other factors affecting share counts, corporate actions that alter total index market value at constant prices, index rebalancing events, other non-market driven actions | The purpose of the index divisor is to maintain the continuity of an index level following the implementation of corporate actions, index rebalancing events, or other non-market driven actions.From S&P DJI Index Mathematics ↗ |
Divisor adjustments are triggered by additions, deletions, share-count and IWF changes, other share-count factors, rebalancings, and corporate or non-market actions that change total index market value at constant prices. |
| M10 Governance, change policy, disclosure · 15 fields | |||
| Committee meeting frequency | Monthly | The committee meets monthly. At each meeting, the Index Committee reviews pending corporate actions that may affect index constituentsOpen p.23 ↗ |
The Index Committee meets monthly. |
| Committee review agenda | pending corporate actions affecting constituents, statistics comparing index composition with the market, companies considered as addition candidates, significant market events | reviews pending corporate actions that may affect index constituents, statistics comparing the composition of the indices to the market, companies that are being considered as candidatesOpen p.23 ↗ |
At monthly meetings, the Committee reviews corporate actions, composition statistics, candidate companies, and significant market events. |
| Confidentiality | Index Committee discussions are confidential because index-change information may be market moving and material. | Therefore, all Index Committee discussions are confidential.Open p.23 ↗ |
Index Committee discussions are kept confidential due to the potentially market-moving nature of index changes. |
| Announcement time | 05:15 PM Eastern Time | Announcements of additions and deletions for the S&P 500, S&P MidCap 400, and S&P SmallCap 600 are made at 05:15 PM Eastern Time.Open p.24 ↗ |
Additions and deletions for the S&P 500, S&P MidCap 400, and S&P SmallCap 600 are announced at 5:15 p.m. Eastern Time. |
| Replication data service | SPICE | Complete data for index replication (including share counts, tickers and data on index levels and returns) are available through S&P Dow Jones Indices’ fee-based service, SPICEOpen p.27 ↗ |
Complete replication data, including share counts, tickers, index levels, and returns, are available through the fee-based SPICE service. |
| Oversight body | Index Committee | An Index Committee maintains the indices. All committee members are full-time professional members of S&P Dow Jones Indices’ staff.Open p.23 ↗ |
An Index Committee composed of full-time S&P Dow Jones Indices professionals maintains the indices. |
| Discretion points | exceptions to methodology when the need arises, revisions to index policy covering company selection, dividends, share counts, or other matters | S&P Dow Jones Indices’ Index Committees reserve the right to make exceptions when applying the methodology if the need arises.Open p.23 ↗ |
The Index Committee may make exceptions to the methodology when needed and may revise index policy on selection, dividends, share counts, and other matters. |
| Methodology review frequency | Frequency: At least once; Period: 12 months | at least once within any 12-month period, the Index Committee reviews this methodology to ensure the indices continue to achieve the stated objectivesOpen p.23 ↗ |
The Index Committee reviews the methodology at least once in every 12-month period. |
| External review | S&P Dow Jones Indices may publish consultations inviting comments from external parties in certain instances. | In certain instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties.Open p.23 ↗ |
External input may be sought through published consultations in certain instances. |
| Material change definition | Information about changes to indices and related matters is considered potentially market moving and material. | S&P Dow Jones Indices considers information about changes to its indices and related matters to be potentially market moving and material.Open p.23 ↗ |
S&P DJI treats information about index changes and related matters as potentially market moving and material. |
| Consultation procedure | Consultations may be published to invite comments from external parties; detailed procedure is not stated. | In certain instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties.Open p.23 ↗ |
The document states that S&P DJI may publish consultations for external comments but does not describe a detailed procedure. |
| Error correction policy | Recalculation and quality assurance policies are referenced in S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology; real-time indices are not restated. | For information on the recalculation policy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.24 ↗ |
Error correction and recalculation details are in a separate policies document, while real-time indices are not restated. |
| Change announcement | S&P DJI website, major news services, major quote vendors, investment-oriented websites, print and electronic media | Press releases are posted on the Web site, www.spglobal.com/spdji/, and are released to major news services.Open p.24 ↗ |
Announcements are posted on the S&P DJI website and released to major news services; index levels are distributed through quote vendors, websites, and media. |
| Constituents published | Bool: Yes; Frequency: Daily | Daily constituent and index level data are available via subscription. For product information, please contact S&P Dow Jones IndicesOpen p.27 ↗ |
Daily constituent and index level data are available by subscription. |
| Cessation policy | Index cessations are governed by the separate S&P Dow Jones Indices Cessations Policy. | For information on index cessations, please refer to the S&P Dow Jones Indices Cessations Policy.From S&P DJI Equity Indices Policies & Practices ↗ |
The supplied methodology does not state cessation circumstances and refers readers to the separate S&P DJI Cessations Policy. |
Open points · 33Model-written, for reference
- 1No official index code, ISIN, or data-vendor ticker for a single family-level benchmark was provided; tickers are listed for member indices rather than the family as a whole.
- 2The calculation agent is not separately identified from S&P Dow Jones Indices.
- 3No methodology version label other than the July 2026 document date was found.
- 4No minimum price screen, foreign-room screen, voting-rights requirement, suspension-at-review rule, or abnormal-price-increase screen was stated.
- 5No explicit business or ESG exclusion list for the broader S&P U.S. Indices family was provided in the cited sections.
- 6The document identifies the U.S. equity market but does not explicitly print a developed/emerging/frontier market-classification label.
- 7No family-wide single constituent cap applies because the document describes multiple index variants with different caps.
- 8No explicit tie-break rule was found beyond rank order and the highest-ranking non-constituent selection process.
- 9No pre-ranked reserve list with a stated size was found.
- 10No foreign ownership limit treatment or foreign room rule was found.
- 11No domestic inclusion factor for domestic index variants was found.
- 12No country cap percentage was found; these are U.S. indices and the provided capping rules are company or group constraints.
- 13No explicit general divisor continuity formula for weight resets was provided in these sections; the document refers to the Index Mathematics Methodology.
- 14No free-float factor bands were stated; the float adjustment methodology is referenced separately.
- 15No rank-based entry or exit buffer was stated.
- 16No market-cap size-segment buffer thresholds were stated.
- 17No relaxed liquidity threshold specifically for existing constituents was stated.
- 18No maximum constituent or weight turnover cap per review was stated.
- 19No IPO fast-track or early-addition size threshold, timing rule, or excluded boards were stated.
- 20No reserve list or general S&P 1500 replacement-selection mechanism was stated.
- 21Review months are not uniform across the family because the supplied sections specify multiple index variants with different annual and quarterly schedules.
- 22No explicit price source such as last trade, closing auction, or fallback reference price is stated.
- 23The number of decimal places for published index levels is not stated.
- 24Specific divisor-adjustment trigger events are not listed.
- 25No quantified notice period for methodology changes or exceptions is stated; the text only says clients receive sufficient notice whenever possible.
- 26No index cessation or discontinuation policy is stated.
- 27The detailed consultation procedure and criteria for launching an external consultation are not stated.
- 28The detailed recalculation, restatement, quality assurance, and exchange-closure rules are only referenced in a separate Equity Indices Policies & Practices Methodology document.
- 29No separate S&P MidCap 400 ISIN is printed in the provided index-specific sections.
- 30No index-specific rank buffer or size-segment migration buffer for the headline S&P MidCap 400 is stated.
- 31No index-specific reserve list for S&P MidCap 400 replacements is stated.
- 32No S&P MidCap 400-specific IPO fast-entry size threshold or timing rule is stated.
- 33Not coveredM7 Buffers and turnover control: not covered by this edition
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