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Final Russell MicroCap Index Reconstitution Announced
June 28, 2016
The newly reconstituted Russell MicroCap Index took effect after last Friday's close. The Russell MicroCap Index is re-balanced annually to ensure accurate representation of the ever-changing market.
The Index consist of the smallest 1,000 securities in the small-cap Russell 2000 Index, plus the next 1,000 smallest eligible securities by market cap. 148 issuers were added to the index on Friday.
See the full list of 2016's Russell MicroCap Index additions and deletions HERE.
More on the 2016 Russell MicroCap Index and reconstitution below.
What is the Russell Microcap Index?
"The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next 1,000 smallest eligible securities by market cap. The Russell Microcap Index is constructed to provide a comprehensive and unbiased barometer for the microcap segment trading on national exchanges." - Russell Microcap® Index Fact Sheet
Why Annual Reconstitution?
"Because markets change. We believe indexes should represent the investable opportunity set. In order to accomplish this in a changing market landscape, Russell implements annual reconstitution, an unbiased process designed to capture changes across global market segments. Reconstitution keeps company size and style changes relevant within the indexes, preventing unintended drift from affecting results, and providing a valuable tool for asset allocation and performance analysis." - Russell Index Reconstitution Overview
Are OTC issuers eligible for inclusion on the Russell MicroCap Index?
OTC issuers are not included in the Russell MicroCap Index. Issuers can be (and often are) included in the index after uplisting from the OTC PINK, QB, QX to the NASDAQ or NYSE Mkt. IPOs are added to the Index quarterly so the majority of additions to the Index during reconstitution are recent up-lists or very small listed companies that have breached the "next 1,000 smallest eligible securities by market cap" threshold in the previous year.
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