S&P Total Market Index (S&P TMI)

Summary

Constituent count, market cap, top-10 weight and largest-constituent figures: S&P Dow Jones Indices index data for the S&P TMI, as of August 31, 2026, retrieved September 26, 2026.^[1] Launch, first value and base dates: S&P U.S. Indices Methodology, July 2026.^[2]

The ten largest constituents were 33.66% of the index on August 31, 2026. The largest single constituent, NVIDIA, was 7.19%.^[1]

Composition by Size Segment

The S&P TMI contains the S&P Composite 1500 (S&P 500, S&P MidCap 400 and S&P SmallCap 600) plus every other eligible US common stock. S&P DJI publishes the constituents outside the S&P 500 as the S&P Completion Index.^[2]

Constituent counts and index market caps for each index: S&P Dow Jones Indices index data, as of August 31, 2026.^[1] The remainder row and the share column are calculated on this page: remainder = S&P TMI minus S&P Composite 1500 (1,505 constituents, $71.47T). Counts are index lines; a company with two listed share classes counts twice. S&P Completion Index on the same date: 3,283 constituents, $8.21T.

Eligibility Rules

From S&P U.S. Indices Methodology, July 2026.^[2]

• Domicile: the company must be US-domiciled, as determined under S&P DJI’s domicile rules.
• Listing: NYSE, NYSE Arca, NYSE American, Nasdaq Global Select, Nasdaq Global Market, Nasdaq Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, Cboe EDGX, or the Texas Stock Exchange.
• Eligible: common stock of corporations, including equity and mortgage REITs. Tracking stocks are eligible for the S&P TMI.
• Not eligible: business development companies, limited partnerships, master limited partnerships, LLCs, closed-end funds, ETFs, ETNs, royalty trusts, SPACs, ADRs, preferred and convertible preferred stock, and equity warrants.
• Size: no minimum market capitalization.
• Liquidity: float-adjusted liquidity ratio (FALR) of at least 0.1 for additions. Current constituents have no minimum.
• Float: investable weight factor (IWF) of at least 0.10, or float market cap of at least 10% of the total market cap of the 100th-largest S&P TMI company.
• IPOs: no seasoning period. Eligible IPOs are added at the next quarterly rebalance. IPOs with a float market cap of at least US$2 billion can be added through a fast-track entry with five business days’ notice.

Float Adjustment

Each constituent is weighted by float-adjusted market capitalization: price × shares outstanding × investable weight factor (IWF). IWF = available float shares / total shares outstanding. Shares excluded from float include holdings of officers and directors, private equity and venture capital firms, other publicly traded companies, government entities (other than retirement and pension funds) and sovereign wealth funds, subject to a 5% minimum threshold for strategic blocks. IWFs of 0.96 or above are rounded to 1.00 at the annual review.^[3]

Reconstitution and Rebalance Schedule

• Annual reconstitution: after the close of the third Friday in September.
• Quarterly rebalance: after the close of the third Friday of March, June, September and December. The reference date for eligibility is five weeks before the effective date. Existing constituents are not evaluated for continued inclusion at quarterly rebalances.
• Shares and IWF: share counts are updated quarterly from public filings. IWF changes are applied at the quarterly rebalance when the change is at least 5% of total shares outstanding.

Source: S&P U.S. Indices Methodology, July 2026.^[2]

Multiple Share Classes

S&P DJI includes each publicly listed share class line separately. Eligibility is assessed on total company market capitalization; each line is weighted by its own float-adjusted market capitalization.^[2]

Funds That Track the S&P TMI

Source: iShares ITOT fund page, retrieved September 26, 2026.^[4] The fund’s holdings count differs from the index constituent count. The S&P TMI index page also lists iShares Core S&P US Total Market ETF (XUU) and iShares Core S&P Total US Stock Market ETF CAD-Hedged (XTOH) on the Toronto Stock Exchange, and the E-mini S&P Total Market Index future on CME.^[5]

S&P TMI 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. S&P Dow Jones Indices, index data for S&P Total Market Index (indexId 2762), S&P 500 (340), S&P MidCap 400 (410), S&P SmallCap 600 (2239), S&P Composite 1500 (1636), S&P Completion Index (2750). Values as of August 31, 2026. Retrieved September 26, 2026. spglobal.com
2. S&P Dow Jones Indices, S&P U.S. Indices Methodology, July 2026. PDF
3. S&P Dow Jones Indices, Float Adjustment Methodology. Retrieved September 26, 2026. PDF
4. iShares, iShares Core S&P Total U.S. Stock Market ETF (ITOT) fund page. Retrieved September 26, 2026. ishares.com
5. S&P Dow Jones Indices, S&P Total Market Index page. Retrieved September 26, 2026. spglobal.com