Direct Answer
The S&P/NZX SmallCap Index is a rule-based measurement of small-cap companies listed on the New Zealand Exchange, maintained by S&P Dow Jones Indices/NZX. 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/NZX SmallCap Index covers small-cap companies listed on the New Zealand Exchange, within the New Zealand market. S&P Dow Jones Indices/NZX 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
Weighted by float-adjusted market capitalization using the divisor method.
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
Designed to measure the performance of New Zealand's smaller listed companies: members of the S&P/NZX All Index that sit outside the S&P/NZX 50.
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
Rebalanced quarterly in March, June, September and December, effective after the close on the third Friday, with data from the second to last Friday of the prior month.
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
The rule limiting intra-quarter additions to vacancies does not apply to it, so it is a residual index whose membership shifts as stocks cross the S&P/NZX 50 boundary.
References
- S&P Dow Jones Indices/NZX: S&P Dow Jones Indices, S&P/NZX New Zealand Indices Methodology, as published 2025. Every rule described on this page is taken from this document.
Current S&P/NZX SmallCap Index constituents
S&P Dow Jones Indices/NZX publishes and licenses the S&P/NZX SmallCap Index 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/NZX: official S&P/NZX SmallCap Index page
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Asia-Pacific 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 S&P/NZX SmallCap Index?
S&P Dow Jones Indices/NZX maintains the S&P/NZX SmallCap Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the S&P/NZX SmallCap Index measure?
It measures small-cap companies listed on the New Zealand 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 S&P/NZX SmallCap Index constituents?
S&P Dow Jones Indices/NZX publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.