Direct Answer
The CAC Next 20 tracks the 20 companies on Euronext Paris that are most eligible to join the CAC 40, ranked 41 to 60 by free-float-adjusted market capitalisation. Administered by Euronext, it represents the large-cap reserve tier of French equities and is closely watched because its constituents are potential candidates for CAC 40 promotion.
What this index covers
The CAC Next 20 covers the France equity market through the Euronext Paris. Euronext defines which securities are eligible, how they are selected from that pool and how much each contributes to the published number.
The eligible universe is: The 20 Euronext Paris regulated-market companies ranked 41 to 60 by free-float-adjusted market capitalisation among those eligible for the CAC index family, per the Euronext published methodology.
Understanding the eligible universe is the most important step in understanding what an index measures. An index that selects by listing venue will behave differently from one that selects by company domicile, and a sector index will have very different risk characteristics from a broad market measure even if they share some constituents.
How constituents are weighted
Free-float-adjusted market-capitalisation weighting. Each constituent's weight reflects its share of the aggregate free-float-adjusted market value of the 20 components.
Weighting is the mechanism that translates a list of companies into a single number. Free-float-adjusted market-capitalisation weighting is the most common method: larger companies contribute more to the index level than smaller ones, and the free-float adjustment excludes shares that are not available to public investors (such as government-held strategic stakes or closely-held founder shares). This makes the index level reflect the actual investable market rather than total market size.
Eligible universe and eligibility rules
Eligibility rules determine which companies can be included at a review and which must exit. The key dimensions to verify are: which exchange or market segment is in scope; whether domicile or listing venue determines eligibility; the minimum free-float threshold; the liquidity screen; and whether there are sector restrictions.
For the CAC Next 20, the relevant market is the Euronext Paris and the administrator is Euronext. Per the published Euronext methodology (verification date: August 31, 2026), the eligible universe is defined as: The 20 Euronext Paris regulated-market companies ranked 41 to 60 by free-float-adjusted market capitalisation among those eligible for the CAC index family, per the Euronext published methodology.
Reconstitution schedule
Quarterly, on the same schedule as the CAC 40 review. Promotion into the CAC 40 or relegation into the CAC Mid 60 is decided at each review.
Reconstitution is the date on which the index changes shape by design rather than by price. Passive funds tracking the index must trade toward the new membership list, which creates predictable order flow around the review date. Active managers often position around reconstitution events to capture or avoid that flow.
How investors use this index
Provides targeted exposure to French large-cap companies immediately below the CAC 40; watched by traders for index inclusion signals; useful for event-driven strategies around CAC 40 reconstitution.
For any index, three uses are distinct: as a performance benchmark (measuring how well a portfolio did relative to the market), as a product underlying (an ETF or structured product replicating the index), and as a research reference (tracking market-cap, sector weights or concentration over time). The same index can serve all three purposes, but the choice of which to use depends on the investment mandate and the specific question being answered.
Comparisons with related indexes
The CAC Next 20 is most often compared with:
- CAC 40: the 40 largest French blue chips; CAC Next 20 covers the next 20 most eligible companies.
- CAC Mid 60: all 60 SBF 120 members outside the CAC 40; the CAC Next 20 is the top 20 slice of that group.
When switching from one benchmark to another, the practical question is what changes in coverage: does the alternative add smaller companies, exclude a sector, change the weighting method or extend to a different currency? Each of these changes alters what the index can tell you about market performance.
References
- Euronext: Index Products, as published per the provider's methodology page. All methodology claims on this page are derived from this source.
Current CAC Next 20 constituents
Euronext publishes and licenses the CAC Next 20 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- European Stock Market Indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who administers the CAC Next 20?
Euronext administers the CAC Next 20 under its published CAC index family methodology.
Why is the CAC Next 20 closely watched?
Companies in the CAC Next 20 are the most likely candidates for promotion into the CAC 40. Index funds tracking the CAC 40 must buy promoted companies and sell demoted ones, so index inclusion events can move prices.
How is the CAC Next 20 weighted?
Free-float-adjusted market-capitalisation weighting. Each constituent's weight is proportional to its free-float-adjusted market capitalisation relative to the aggregate of the 20 components.
Is the CAC Next 20 the same as the CAC Mid 60?
No. The CAC Next 20 covers the 20 companies ranked 41-60 by float-adj market cap. The CAC Mid 60 includes all 60 SBF 120 members outside the CAC 40, so it encompasses the CAC Next 20 and the next 40 companies below it.
Where can I find current CAC Next 20 data?
Euronext publishes index data on its official pages. Swoopr does not republish licensed constituent lists.