Direct Answer
The FTSE Asia Pacific ex Japan Index is a rule-based measurement of large- and mid-cap companies across Asia-Pacific developed and emerging markets excluding Japan, maintained by FTSE Russell. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The FTSE Asia Pacific ex Japan Index covers large- and mid-cap companies across Asia-Pacific developed and emerging markets excluding Japan, within the Asia-Pacific market. FTSE Russell defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Market capitalisation weighting adjusted for free float. Foreign ownership restrictions imposed by governments, regulators or company constitutions are reflected in the investable weight, and a minimum foreign headroom requirement also applies to securities with a foreign limit.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Companies listed on the eligible Asia Pacific segments set out in Appendix A, excluding Japan. The ground rules name the FTSE Asia Pacific All-Cap ex Japan Index in Appendix C.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
Fast entry applies after the fifth trading day for IPOs that clear both size thresholds. Other IPOs are looked at in the next review, and a quarterly addition needs at least a three month trading record.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
The area is reviewed as Asia Pacific ex China ex Japan, semi-annually in March and September using December and June data, effective after the third Friday. New stock inclusion is 0.050% of the regional small cap index and exclusion 0.010%, with a USD 150 million and USD 30 million floor.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
China is reviewed as its own standalone region with higher inclusion levels (0.10% in, 0.020% out), separate from the rest of Asia Pacific, and its A shares enter only through the Northbound Stock Connect list, screened quarterly.
References
- FTSE Russell: FTSE Russell, FTSE Global Equity Index Series Ground Rules, as published 2026. Every rule described on this page is taken from this document.
Current FTSE Asia Pacific ex Japan Index constituents
FTSE Russell publishes and licenses the FTSE Asia Pacific ex Japan Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
FTSE Russell: official FTSE Asia Pacific ex Japan Index page
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Global 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 maintains the FTSE Asia Pacific ex Japan Index?
FTSE Russell maintains the FTSE Asia Pacific ex Japan Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the FTSE Asia Pacific ex Japan Index measure?
It measures large- and mid-cap companies across Asia-Pacific developed and emerging markets excluding Japan. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current FTSE Asia Pacific ex Japan Index constituents?
FTSE Russell publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.