Direct Answer
The FTSE/JSE Small Cap is a rule-based measurement of small-cap companies listed on the Johannesburg Stock Exchange, 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 Small Cap covers small-cap companies listed on the Johannesburg Stock Exchange, 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
Investable market capitalisation: price times shares in issue times a free float factor. Since the 18 March 2024 harmonisation of the headline series, free float follows the SWIX basis (shares on the South African share register).
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 covers the band from 96% to 99% of the full market value of eligible main board ordinary shares. A security needs a global free float above 5%, passes a liquidity test of 0.5% of shares traded monthly, and must have float value of at least 0.5% of the Small Cap index's investable value.
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.
When the membership is revised
Reviewed semi-annually in March and September with changes after the close on the third Friday. Auto addition applies at 98.5% and auto deletion at 99.5% of cumulative full market value; June and December reviews handle new issues.
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
Entry to the All Share universe needs float value of 0.5% of the Small Cap index, but an existing constituent is deleted only when that falls to 0.2% or below, so the hurdle to stay is lower than the hurdle to join.
References
- FTSE Russell/JSE: FTSE Russell and JSE, FTSE/JSE Africa Index Series Ground Rules v9.3, as published 2026. Every rule described on this page is taken from this document.
Current FTSE/JSE Small Cap constituents
FTSE Russell/JSE publishes and licenses the FTSE/JSE Small Cap 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 Small Cap?
FTSE Russell/JSE maintains the FTSE/JSE Small Cap and publishes the methodology document that defines its eligibility and weighting rules.
What does the FTSE/JSE Small Cap measure?
It measures small-cap companies listed on the Johannesburg Stock Exchange. 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 Small Cap 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.