Direct Answer
The FTSE Bursa Malaysia Small Cap Index is a rule-based measurement of Malaysian small-cap equity benchmark, maintained by FTSE Russell/Bursa Malaysia. 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 Bursa Malaysia Small Cap Index covers Malaysian small-cap equity benchmark, within the Malaysia market. FTSE Russell/Bursa Malaysia 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
Free float adjusted market capitalisation using an investability weighting factor between 0 and 1, calculated in Malaysian ringgit. The number of constituents is not held constant.
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
Every eligible company in the EMAS Index, the top 98% of main market capitalisation, that is not in the Top 100 Index. Free float must exceed 15%, and securities under PN17 or GN3 surveillance are ineligible. A company cannot sit in the KLCI, Mid Cap, Small Cap and Fledgling indices at once.
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
Existing constituents need 0.040% monthly median turnover in 8 of 12 months, non-constituents 0.050% in 10 of 12. New issues need at least 20 trading days of record. A removed company that keeps trading can return no sooner than six months after deletion.
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
Reviewed in June and December using data from the Monday four weeks before the effective date, with changes applied after the close on the third Friday. Results are published after the close on the Thursday before the first Friday of the month.
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
Buffers on the EMAS universe stop flip flopping: non-constituents enter inside the top 97%, while existing members are only dropped to the Fledgling Index once they rank below 99%. Vacancies from takeovers or suspensions are not refilled.
References
- FTSE Russell/Bursa Malaysia: FTSE Russell FTSE Bursa Malaysia Index Series Ground Rules, as published 2026. Every rule described on this page is taken from this document.
Current FTSE Bursa Malaysia Small Cap Index constituents
FTSE Russell/Bursa Malaysia publishes and licenses the FTSE Bursa Malaysia Small Cap 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/Bursa Malaysia: official FTSE Bursa Malaysia Small Cap Index page
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets 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 Bursa Malaysia Small Cap Index?
FTSE Russell/Bursa Malaysia maintains the FTSE Bursa Malaysia Small Cap Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the FTSE Bursa Malaysia Small Cap Index measure?
It measures Malaysian small-cap equity benchmark. 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 Bursa Malaysia Small Cap Index constituents?
FTSE Russell/Bursa Malaysia publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.