CRSP US Total Market Index

Summary

Constituent count: Morningstar Indexes, September 2026 Reconstitution, September 23, 2026.^[2] Constituent market cap: Morningstar Indexes index page, “Constituent Total Market Cap”, no as-of date shown, retrieved September 26, 2026.^[4] Inception date, tickers and ownership: Morningstar Market Indexes Methodology Guide, July 2026.^[1] Vanguard reports 3,450 stocks in the benchmark as of August 31, 2026.^[5]

The ten largest companies were 35.1% of the index at the September 4, 2026 ranking.^[2]

Composition by Size Segment

Companies are ranked by total company market capitalization (all share classes). Segment breakpoints are set at cumulative shares of total market capitalization. Mega, Mid, Small and Micro are the base segments; the Large Cap index combines Mega and Mid.^[1]

Breakpoint values: Morningstar Market Indexes Breakpoints Chart, September 2026 (ranking date September 4, 2026; price date August 31, 2026; shares freeze date August 28, 2026).^[3] Companies near a breakpoint move between segments in two steps (“packeting”, 50% of the holding per ranking) within bands of 64%–76%, 81%–89% and 96%–99.5%.^[1] Morningstar reported 165 mega-cap companies at the September 2026 reconstitution.^[2] Counts for the other segments are not published in the text of these documents.

Eligibility Rules

From the Morningstar Market Indexes Methodology Guide, July 2026.^[1]

• Listing: NYSE, NYSE American, NYSE Arca, Nasdaq Global Select, Nasdaq Global Market, Nasdaq Capital Market, Cboe BZX. The Texas Stock Exchange is eligible after September 30, 2026.
• US company test: companies incorporated and headquartered in the US are generally eligible. A company with only one of the two moves to a headquarters test (US, US territory, domicile of convenience or tax haven), then an Employer Identification Number test, then a test of whether more than 5% of US public equity funds hold it, with a final decision by the Index Operations Committee.
• Eligible: common shares of corporations and REITs; Berkshire Hathaway A and B.
• Not eligible: BDCs, closed-end funds, ETFs, ETNs, LLCs, LPs, royalty trusts, SPACs, SPVs; ADRs, preferred and convertible preferred stock, rights, warrants, redeemable shares, trust receipts and units.
• Size: total company market cap of at least $15 million to be added; removed below $10 million.
• Float: float shares of at least 12.5% of shares outstanding to be added (10% for a fast-track IPO), or float-adjusted market cap of at least 1/2 basis point of the eligible universe ($3.69B at the September 2026 ranking).^[3]
• Seasoning: at least 20 trading days before the ranking day, or 5 trading days for companies at or above the small-cap lower breakpoint.

Float Adjustment

Weights use float-adjusted market capitalization. Float shares are total shares outstanding less restricted shares held by insiders or stagnant shareholders, including board members, directors and executives, government holdings, employee share plans and corporations not actively managing money. Total shares outstanding, not float, are used to rank companies by size. Float factors of 10% or more are rounded to the nearest 5%; 1% to under 10%, to the nearest whole percent; under 1%, to the nearest 0.1%.^[1]

Reconstitution and Rebalance Schedule

• Ranking day: after the close of the first Friday of March, June, September and December.
• Transition: changes are applied over five trading days, 20% of the change per day, generally starting after the close of the second Wednesday after the ranking day and ending after the close of the first Tuesday after the third Friday of the ranking month.
• IPOs: fast-track IPOs at or above the small-cap lower breakpoint are added after the close of their fifth trading day; other IPOs are considered at the next quarterly ranking.

Source: Morningstar Market Indexes Methodology Guide, July 2026.^[1]

Multiple Share Classes

Company size is the sum of all classes of a company’s cap-eligible equity. Share classes with unequal voting rights do not restrict eligibility. Convertible Class B common stock counts toward company market cap only when the company already has an eligible security.^[1]

Funds That Track the Index

Source: Vanguard VTI and VTSAX fund pages, retrieved September 26, 2026. Expense ratios as of April 28, 2026. Total fund net assets across share classes: $2.3T as of August 31, 2026. Fund holdings: 3,507 as of August 31, 2026. Vanguard lists the fund’s benchmark as the Dow Jones Wilshire 5000 through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the Morningstar US Total Market Index thereafter (the CRSP US Total Market Index before the July 2026 rename).^[5][6]

CRSP US Total Market and the Clay Total Market Index

Clay Total Market Index figures: September 29, 2026 close, Source: clay-total-market-index-latest.json, generated 2026-09-30T00:30:10.481Z. Clay Total Market Index rules: methodology.

Sources

1. Morningstar Indexes, Morningstar Market Indexes Methodology Guide, July 2026 (effective July 28, 2026). PDF
2. Morningstar Indexes, September 2026 Reconstitution, September 23, 2026. morningstar.com
3. Morningstar Indexes, Morningstar Market Indexes Breakpoints Chart, September 2026. PDF
4. Morningstar Indexes, Morningstar US Total Market Index page. Retrieved September 26, 2026. morningstar.com
5. Vanguard, VTI fund page. Retrieved September 26, 2026. vanguard.com
6. Vanguard, VTSAX fund page. Retrieved September 26, 2026. vanguard.com