Kathleen Dobyns
- Monitor Lists provide early visibility into securities under review across global, US, and UK equity markets.
- Enhanced Indicative Review Files reveal the rationale behind index inclusion/exclusion with detailed eligibility data.
- Equity Metrics Products deliver standardized valuation and performance analytics for consistent, reliable market insights.
Our equity indices include some of the best-known benchmarks for the global stock market: the Russell 1000 and 2000, the FTSE 100, the FTSE All-Share, the FTSE Global All Cap and many more. These indices’ daily and intraday levels form part of the ongoing financial news cycle throughout the year.
But indices’ headline levels are only a small part of the rich ecosystem of information we provide to clients. Each quarter, FTSE Russell reviews thousands of securities across global markets to determine their eligibility for inclusion in our equity indices.
These reviews span the FTSE Global Equity Index Series, Russell US Indexes, FTSE UK Index Series and related benchmarks—all of which are governed by transparent, rules-based methodologies.
To support this review process, FTSE Russell offers data subscriptions that provide structured insights into the equity universe and index eligibility criteria. In this blog, we highlight three product types: Monitor Lists, Enhanced Indicative Review Files and Equity Metrics Products. Each of these data tools is designed to deliver consistent, transparent data across the index lifecycle.
Summary of FTSE Russell Equity Index Data Tools
*Monitor Lists provide an early view of the equity universe under review but do not indicate final index membership and should not be interpreted as predictive of future index changes. All index membership changes are confirmed through the indicative review files published on the announcement date.
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Monitor Lists: Understanding the equity universe
Monitor Lists offer a first look at the securities under consideration for potential index inclusion. Built from the same datasets used by FTSE Russell’s index review teams, they provide a structured view of key attributes such as free float, shares outstanding and nationality.
Key benefits for subscribers include:
- Early insight into the securities under review for potential inclusion
- Coverage across global, US and UK markets
- Consolidated data aligned with FTSE Russell’s methodology
- Reduced reliance on external sources and manual research
Key products
- FTSE GEIS Monitor List (GML): ~34,000 equities across developed and emerging markets; delivered one week before index review announcements with nationality, shares outstanding and free float data
- Russell Monitor List: Monthly updates for US-listed equities, including Russell nationality data
- FTSE UK Monitor List: Covers the full UK equity universe eligible for FTSE 100, FTSE 250, FTSE SmallCap, and FTSE Fledgling indices
Enhanced indicative review files: Transparency into index review determinations
Enhanced Indicative Review Files provide a detailed view of how the index methodology is applied during index reviews. They include the results of key eligibility screens and the rationale behind inclusion or exclusion determinations, helping users understand the review process and its outcomes.
Key benefits for subscribers include:
- Coverage of both constituents and non-constituents
- Transparent rationale for each index review decision
- Includes all security level data such as total company market capitalization, investability weight and shares outstanding
- Timely updates aligned with review schedules
- Reduced manual interpretation of index rules
Key products
- FTSE GEIS Enhanced Indicative Review File (GEIR): ~34,000 securities across developed and emerging markets reviewed during the GEIS semi-annual review
- Russell Enhanced Indicative Review File (REIR): ~7,000 US-listed equities reviewed during the Russell Reconstitution
- FTSE EPRA Nareit Monitor List: Eligibility data for listed real estate securities, including EBITDA and liquidity screen results
FTSE Russell equity metrics products: Insights into valuation and performance
Equity Metrics Products provide standardized financial metrics and performance analytics for FTSE Russell indices and their constituents. Calculated directly by FTSE Russell, these tools support consistent analysis across global markets and offer insights into index composition, return attribution and tax-aware benchmarking.
Key benefits for subscribers include:
- Reliable data sourced directly from FTSE Russell
- Standardised financial metrics and factor analysis
- Support for screening, reporting, and compliance
- Granular return attribution at index and security levels
- Adjustments for India’s capital gains tax regime
Key products
- Characteristics File Set: Includes valuation and financial metrics such as price-to-earnings, price-to-book, debt-to-equity, earnings, and sales.
- Contribution to Return Reports: Time-linked return attribution across industries, regions, and securities.
- FTSE India Capital Gains Report[Note1]: Adjusts index values to reflect India’s capital gains tax regime.
Putting it all together
FTSE Russell’s data tools offer clarity and consistency across the index lifecycle. From initial universe screening to detailed eligibility assessments and ongoing performance analysis, these products help users manage index-related workflows and better understand the data that shapes global equity benchmarks.
Sources
[1] The FTSE India Capital Gains Report provides an estimate of the impact of India’s capital gains tax regime on FTSE Russell indices. It is not intended as tax advice. | Back to Note 1
Disclaimer
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