Direct Answer
The FTSE Developed ex US Index is a rule-based measurement of large- and mid-cap companies in developed markets excluding the United States, 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 Developed ex US Index covers large- and mid-cap companies in developed markets excluding the United States, within the Global 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 and foreign ownership limits, applied to the developed country grouping of the series with the USA left out. Capped versions are handled by a separate capping guide rather than the base ground rules.
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 assigned a developed market nationality under the FTSE classification, excluding the USA. Appendix E places Hong Kong, Singapore, Israel, Poland and South Korea in the developed group, so they sit here rather than in an emerging benchmark.
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
IPOs that clear the fast entry thresholds are added after the close of the fifth trading day. Others wait for the next review, and quarterly additions require at least a three month trading record. A developed market IPO with under 5% voting rights in public hands must be expected to pass 5% within 12 months, through lock-up expiry.
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
Regions are reviewed on the semi-annual cycle: March and September, using December and June data, effective after the third Friday. New stock inclusion levels are 0.020% of the regional small cap index for the USA, Canada and Developed Europe and 0.050% for Japan and Asia Pacific, with a USD 150 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
Developed market companies must keep more than 5% of voting rights in unrestricted hands. Existing constituents are tested annually at the June review using April data, and any that fail are deleted at that review.
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 Developed ex US Index constituents
FTSE Russell publishes and licenses the FTSE Developed ex US Index 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.
- 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 Developed ex US Index?
FTSE Russell maintains the FTSE Developed ex US Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the FTSE Developed ex US Index measure?
It measures large- and mid-cap companies in developed markets excluding the United States. 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 Developed ex US 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.