- Fast entry for IPOs with an investable market capitalisation exceeding the Russell Top 500 market adjusted market cap breakpoint from the previous reconstitution.
- IPOs below minimum free float or voting rights requirement remain eligible, subject to certain conditions.
- Eligible IPOs added after the fifth trading day using first day free float.
FTSE Russell, LSEG’s global index provider, today confirms enhancements to the IPO inclusion framework for the Russell US Index Series, following a market consultation conducted in February 2026.
The enhancements are intended to ensure the Russell US Index Series continues to accurately reflect developments in the US equity market, while maintaining the transparent, rules‑based approach relied upon by index users.
FTSE Russell invited market feedback on the potential introduction of a fast‑entry mechanism for initial public offerings (IPOs), as well as a review of the existing minimum free float and voting rights requirements for index eligibility.
Based on the feedback received, effective immediately, FTSE Russell will make the following methodology changes:
- IPOs with an investable market capitalization greater than the market adjusted total market capitalization breakpoint for the Russell Top 500, as of the previous reconstitution, will be eligible for potential fast entry inclusion.
- IPOs with less than 5% free float or voting rights at the time of listing, due to lock up arrangements, may remain eligible provided those lock ups result in the IPO meeting the minimum requirements within 12 months of the IPO index inclusion date.
- Investable market capitalization will be determined using the free float shares available at the time of the IPO and the closing price on the first day of trading.
- Eligible fast entry IPOs will be added after the close of the fifth trading day following the initial listing, with FTSE Russell confirming the effective inclusion date.
Arne Noack, Head of Equity & Multi-Asset Indices, Americas at FTSE Russell:
“FTSE Global Equity Index Series and the FTSE UK Index Series already have a Fast Entry Rule. With the introduction of a Fast Entry Rule to Russell Indexes, we are aligning the treatment across our index series and improving the consistency for our index users.
Ensuring that the Russell US Indexes family remains a representative measure of the US equity market is central to our role as a benchmark provider. The introduction of a fast entry mechanism for sizable IPOs enables the indexes to reflect significant market developments more promptly, while preserving the governance and investability standards relied upon by index users.”
The IPO fast‑entry enhancements form part of FTSE Russell’s ongoing methodology governance framework, supporting the Russell US Indexes as a current and relevant measure of US equity market performance. All other IPO inclusion criteria and index membership rules of the Russell US indices remain unchanged. Free float will continue to be calculated in line with existing methodology, and the treatment of lock ups remains consistent with current rules. Eligible IPOs added through the fast‑entry mechanism will be implemented in a single tranche, consistent with the current quarterly IPO inclusion process.
Read full technical notice here: IPO Fast Entry and Minimum Eligibility Requirements - 26 May 2026
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