Direct Answer
The FTSE/JSE Capped All Share is a rule-based measurement of all companies in the FTSE/JSE All Share Index with individual constituent weight caps, maintained by FTSE Russell/JSE. 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/JSE Capped All Share covers all companies in the FTSE/JSE All Share Index with individual constituent weight caps, within the South Africa market. FTSE Russell/JSE 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
Built on the FTSE/JSE All Share with the same constituents and free float, but each constituent is capped at 12% of the index. Capping factors are recomputed iteratively at each quarterly review, and a weight can drift above or below the cap between reviews because of price moves and corporate actions.
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
Same constituents as the FTSE/JSE All Share, which covers 99% of the full market capitalisation of ordinary shares on the JSE main board. Eligibility screens, liquidity testing and free float bands are identical to the underlying index, and investment funds and ETFs are excluded.
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
New issues that are not early entrants need at least 20 trading days of trading record before the review date and turnover of 0.5% of shares in issue per month to be considered at the next quarterly review.
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
Capping is applied after the close on the third Friday of March, June, September and December, using prices from the second Friday, and is effective at the start of the next business day. Constituent changes follow the All Share reviews.
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
Group entity capping treats two related JSE companies as a single entity when the value of one company's stake in the other exceeds 75% of its own gross market capitalisation, and splits them again once that falls below 65%.
References
- FTSE Russell/JSE: FTSE Russell FTSE/JSE Africa Index Series Ground Rules, as published 2026. Every rule described on this page is taken from this document.
Current FTSE/JSE Capped All Share constituents
FTSE Russell/JSE publishes and licenses the FTSE/JSE Capped All Share 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.
- 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/JSE Capped All Share?
FTSE Russell/JSE maintains the FTSE/JSE Capped All Share and publishes the methodology document that defines its eligibility and weighting rules.
What does the FTSE/JSE Capped All Share measure?
It measures all companies in the FTSE/JSE All Share Index with individual constituent weight caps. 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/JSE Capped All Share constituents?
FTSE Russell/JSE publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.