Russell Reconstitution

Pinpoint change with precision.

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  1. Overview
  2. Resources
  3. FAQs
  4. Market capitalization ranges
  5. Research and Insights
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Overview

The Russell US Indexes are designed to reflect the ever-changing US equity market, and the reconstitution process is critical to maintaining accurate representation.

During the reconstitution, the breakpoints between large, mid and small cap are redefined to ensure market changes that have occurred in the preceding period are captured.

Companies are also revaluated to determine where they lie along the investment styles spectrum. 

Preliminary Russell Reconstitution Communications Begin on May 23, 2025

April - ranking month

April is "ranking" month when the largest US companies are lined up to form the preliminary Russell US reconstitution portfolio. In 2025, the rank day falls on Wednesday, April 30. 

May and June - transition months

May is the month that the preliminary reconstitution portfolio begins to be communicated to the marketplace. Begining on May 23, preliminary lists are communicated to the marketplace and updates are provided on May 30, June 6, June 13, and June 20. The newly reconstituted indexes take effect after US market close on June 27.

April

April dates for Russell Reconstitution
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
20 21 22 23 24 25 26
27 28 29 30      

 

May

May dates for Russell Reconstitution
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

 

June

June dates for Russell Reconstitution
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30          

 

Russell US Indexes Moving to a Semi-Annual Index Reconstitution Frequency

Following market consultation, FTSE Russell has announced the reconstitution of the Russell US Indexes will change from an annual to a semi-annual schedule in 2026. Find out more information.

Useful links

Resources

2024 Final index additions and deletions

Russell 3000

2024 Final index additions

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PDF • 953.7KB •

Russell 3000

2024 Final index deletions

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Russell Microcap

2024 Final index additions

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PDF • 953.5KB •

Russell Microcap

2024 Final index deletions

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PDF • 950.9KB •

Related links and resources

US index methodology

FTSE Russell provides float-adjusted, market capitalization–weighted indices for a precise picture of the market.

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PDF • 635.3KB •

Benefits of Russell US Indexes

The index to which your ETP is benchmarked makes a difference in how well you can capture your strategy – and how your index behaves in various market conditions.

Index announcements

Stay up-to-date and read the latest index change notices and announcements.

Russell Indexes Ecosystem

The Russell US Indexes suite offers a comprehensive modular framework for clients and partners that represents the US investable opportunity set.

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PDF • 461.1KB •

2024 Reconstitution Commentary

Read our overview of the changes made during the 2024 Reconstitution.

Read the paper

Frequently asked questions

  • A: FTSE Russell believes indexes are designed to represent the entire investable opportunity set. Because markets continually change, there must be a systematic procedure in place to keep the indexes’ representation of the markets or market segments reflective of new market information. Fully reconstituting the indexes annually plus adding eligible IPOs (initial public offerings) quarterly and applying daily adjustments maintains the representative nature of the Russell US indexes while avoiding the unnecessary turnover a more frequent full reconstitution could cause.

Market capitalization ranges

Index membership and rankings are determined using total market capitalizations as of reconstitution rank date.

Market capitalization (USD as of reconstitution rank date)

As of April 30, 2024

Russell US Indexes

Russell US Indexes
  Number of Securities High Low Medium
Russell 3000® 3,023 $2,893.6B $150.4M $2.1B
Russell 1000® 1,013 2,893.6B $2.4B 13.8B
Russell 2000® 2,010 7.1B 150.4M 869.6M
Russell 2500 2,515 18.0B 150.4M 1.4B
Russell Midcap® 813 51.8B 2.4B 10.6B
Russell Top 500 508 2,893.6B 10.5B 38.1B
Russell Top 200® 200 2,893.6B 42.1B 94.0B
Russell Top 50® Mega Cap 51 2,893.6B 152.7B 288.0B
Russell Microcap® 1,478 1.4B 30.0M 240.0M
Russell 3000E 3,538 2,893.6B 30.0M 1.4B

Russell US Indexes - Historical

Russell US Indexes - Historical
  RUSSELL 3000® RUSSELL 1000® RUSSELL 2000®
  Largest Smallest Largest Smallest Smallest Largest Largest Smallest
w/banding w/banding
2024 $2,893.6B $150.4M $2,893.6B $4.6B $2.4B $7.1B $4.6B $150.4M
2023 2,684.7B 159.5M 2,684.7B 4.2B 2.4B 6.0B 4.2B 159.5M
2022 2,545.6B 240.1M 2,545.6B 4.6B 2.9B 6.4B 4.6B 240.1M
2021 2,172.9B 257.1M 2,172.9B 5.2B 3.6B 7.3B 5.2B 257.1M
2020 1,400.5B 94.8M 1,400.50 3.0B 1.8B 4.4B 3.0B 94.8M
2019 974.2B 152.3M 974.2B 3.6B 2.4B 5.0B 3.6B 152.3M
2018 926.9B 159.2M 926.9B 3.7B 2.5B 5.0B 3.7B 159.2M
2017 813.9B 143.6M 813.9B 3.4B 2.4B 4.4B 3.4B 143.6M
2016 549.7B 132.9M 549.7B 2.9B 2.0B 3.9B 2.9B 132.9M
2015 750.5B 176.7M 750.5B 3.4B 2.4B 4.3B 3.4B 176.7M
2014 545.3B 168.7M 545.3B 3.1B 2.2B 4.1B 3.1B 168.7M
2013 422.1B 128.9M 422.1B 2.6B 1.8B 3.3B 2.6B 128.9M
2012 540.2B 100.7M 540.2B 2.0B 1.4B 2.6B 2.0B 100.7M
2011 411.2B 130.3M 411.2B 2.2B 1.6B 3.0B 2.2B 130.3M
2010 283.1B 111.9M 283.1B 1.7B 1.3B 2.3B 1.7B 111.9M
2009 338.4B 78.3M 338.4B 1.2B 829.2M 1.7B 1.2B 78.3M

Research and Insights

Cboe Global Markets and CME Group webinar

Four decades of Russell Indexes

Join experts from Cboe Global Markets, CME Group and FTSE Russell who discussed how Russell Indexes have undergone a series of methodology enhancements over the years, and current market opportunities.

Watch the video

iShares webinar

Russell US: Mapping the US Equity Market since 1984

How the Russell Indexes deliver an objective view of the ever-changing US equity market. Presented by Kristy Akullian & Peter Sietsema (BlackRock/iShares); Catherine Yoshimoto (FTSE Russell).

Watch the video

RESEARCH PAPER

Four Decades of Russell Indexes Reconstitution

We show how the Russell US indexes are fully reconstituted each June, helping reflect the current state of the US equity market, including its size and style segments.

RESEARCH PAPER

How we built a better US equity benchmark

In this paper, we cover the history and heritage of the Russell US Indexes since their inception in 1984 and discuss how the indexes were designed to fill a gap among US equity benchmarks.

RESEARCH PAPER

Composition changes of the Russell Indexes over 40 years

The 40th anniversary of the Russell indices gives us the opportunity to review how the indices have changed over this period. In this paper we find that the indices closely mirror changes in the underlying US economy, indicating that they are representative of the broader economy.

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