--- title: "S&P Developed BMI: Methodology" description: "S&P Developed BMI is maintained by S&P Dow Jones Indices and covers broad market index covering all eligible developed market equities worldwide." canonical: https://www.getswoopr.com/stocks/indexes/sp-developed-bmi/ source: "Swoopr Investment: https://www.getswoopr.com" --- # S&P Developed BMI: What It Measures and How It Is Built ## Direct Answer > The S&P Developed BMI is a rule-based measurement of broad market index covering all eligible developed market equities worldwide, maintained by S&P Dow Jones Indices. 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 S&P Developed BMI covers broad market index covering all eligible developed market equities worldwide, within the Global market. S&P Dow Jones Indices 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 Float-adjusted market capitalization weighted, built country by country and then aggregated. Investable weight factors are reviewed at the annual reconstitution. 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 Listed equities of companies domiciled in countries S&P classifies as developed, with at least US$ 100 million of float-adjusted market cap at addition and a developed-market liquidity bar of a 12-month value traded ratio of 20% and six-month median daily value traded of US$ 0.25 million. ETFs, closed-end funds, LPs, SPACs and similar structures are ineligible. 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 Stocks added at a quarterly review, such as IPOs and new listings, must have at least three months of trading history as of the reference date. Certain large IPOs with US$ 2 billion or more of float-adjusted value can be fast tracked in. 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 Annual reconstitution runs country by country with data as of the last trading date in July, effective at the open on the Monday following the third Friday in September. Quarterly additions follow in March, June, September and December, with a reference date five weeks earlier. 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 Companies domiciled in developed countries are represented only by listings on developed market exchanges. Where the local listing fails the criteria, the listing with the highest six-month median daily value traded is used instead. ## References - [S&P Dow Jones Indices: S&P Dow Jones Indices: S&P Global BMI Methodology](https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-global-bmi-indices.pdf), as published 2025. Every rule described on this page is taken from this document. ## Current S&P Developed BMI constituents S&P Dow Jones Indices publishes and licenses the S&P Developed BMI constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [S&P Dow Jones Indices: official S&P Developed BMI page](https://www.msci.com/indexes) ## Related reading - [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised. - [Global indexes](https://www.getswoopr.com/stocks/indexes/global/): others covering the same region. - [Index concentration](https://www.getswoopr.com/technical-analysis/market-concentration/index-concentration/): measuring how much of an index sits in its largest holdings. - [Index rebalancing and inclusion effects](https://www.getswoopr.com/stocks/corporate-actions-catalysts/index-rebalancing-and-inclusion-effects/): what happens to a stock when index membership changes. ## Frequently Asked Questions ### Who maintains the S&P Developed BMI? S&P Dow Jones Indices maintains the S&P Developed BMI and publishes the methodology document that defines its eligibility and weighting rules. ### What does the S&P Developed BMI measure? It measures broad market index covering all eligible developed market equities 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 S&P Developed BMI constituents? S&P Dow Jones Indices publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence. ## About the author The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day. Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.