Direct Answer
The FTSE Global Small Cap Index is a rule-based measurement of small-cap companies across developed and emerging market countries worldwide, 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 Global Small Cap Index covers small-cap companies across developed and emerging market countries worldwide, 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
Constituents are weighted by market capitalisation adjusted for free float and any foreign ownership limit. The small cap segment is a size band cut from the same investable weights as the wider series, so there is no separate weighting scheme for it.
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
Small cap companies: those ranked below the top 86% of the regional index universe by full market capitalisation, or weighing under 0.04% of the regional All-World index, but within the top 98%. They must also clear regional minimum investable size levels, floored at USD 150 million to enter and USD 30 million to stay.
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 places qualifying IPOs in the large or mid cap segments, so a new small cap generally waits for a periodic review. A quarterly addition must also meet the entry levels and have a minimum 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
Reviews are semi-annual in March and September (data from December and June, effective after the third Friday), with June and December quarterly updates. Existing small caps stay unless they rank below 101% of the index universe or fall under the regional exclusion weight.
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
Minimum size is set per region as a share of the regional small cap index: 0.020% to enter in Canada, Developed Europe and the USA, 0.050% in Japan and Asia Pacific ex China ex Japan, 0.10% in China, 0.50% in Latin America and Middle East and Africa, 1.00% in Emerging Europe, subject to the USD 150 million floor.
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 Global Small Cap Index constituents
FTSE Russell publishes and licenses the FTSE Global 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.
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 Global Small Cap Index?
FTSE Russell maintains the FTSE Global Small Cap Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the FTSE Global Small Cap Index measure?
It measures small-cap companies across developed and emerging market countries worldwide. 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 Global Small Cap 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.