Direct Answer
The CAC Small covers French small-cap equities listed on Euronext Paris that meet minimum eligibility criteria but fall outside the SBF 120 universe. Administered by Euronext, it provides a benchmark for the smaller end of the French listed equity market, complementing the mid-cap CAC Mid 60 and large-cap CAC 40.
What this index covers
The CAC Small 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: French equities listed on Euronext Paris that satisfy minimum free-float, market-capitalisation and liquidity criteria but are ranked below the SBF 120 universe in the Euronext CAC family hierarchy.
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, per the Euronext published methodology.
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 Small, 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: French equities listed on Euronext Paris that satisfy minimum free-float, market-capitalisation and liquidity criteria but are ranked below the SBF 120 universe in the Euronext CAC family hierarchy.
Reconstitution schedule
Quarterly, on the standard Euronext CAC family review schedule.
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
French small-cap equity benchmark; reference for mandates targeting the smaller French listed universe; used for size-factor research comparing small-cap to mid and large-cap French returns.
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 Small is most often compared with:
- CAC Mid 60: mid-cap segment of the SBF 120; CAC Small covers the smaller companies below that threshold.
- CAC All Shares: broader benchmark covering all size tiers; CAC Small is the lower tier within that universe.
- FTSE SmallCap: the UK equivalent covering smaller London-listed companies; structurally parallel but measuring a different national market.
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 Small constituents
Euronext publishes and licenses the CAC Small 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 Small?
Euronext administers the CAC Small under its published CAC index family methodology.
Which companies qualify for the CAC Small?
French equities on Euronext Paris that meet minimum free-float and liquidity criteria but are not ranked highly enough to be included in the SBF 120. The exact thresholds are defined in the published Euronext methodology.
How is the CAC Small weighted?
Free-float-adjusted market-capitalisation weighting.
Is the CAC Small suitable as a passive investment benchmark?
The CAC Small can serve as a reference for small-cap French equity mandates. Passive products may track it, with availability depending on product providers.
Where can I find current CAC Small data?
Euronext publishes index data on its official pages. Swoopr links to the provider rather than reproducing licensed constituent lists.