January 2024

Russell U.S. EquityIndexes
Index Review Reference Data cut-off dates
for 2024

lseg.com/en/ftse-russell

Russell U.S. Equity Indexes, January 2024

ContentsRussell U.S. equity indexes review schedule 2024 ............................................................................................................ 3
FAQ ..................................................................................................................................................................................... 4
Further information .............................................................................................................................................................. 6

FTSE Russell

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Russell U.S. Equity Indexes, January 2024

Russell U.S. equity indexes review
schedule 2024

Russell U.S. equity indexes review schedule 2024
Quarterly IPO March2024

AnnualReconstitution June2024

Quarterly IPO
September 2024

Quarterly IPO
December 2024

31 January 2024

30 April 2024

31 July 2024

31 October 2024

ICB Review Cut-Off Date1

31 January 2024

30 April 2024

31 July 2024

31 October 2024

Quarterly Free float and Sharechanges cut-off (only updates
captured up to and including this date
will be processed at the indexreview)231 January 2024

30 April 2024

31 July 2024

31 October 2024

IPO Review Period3

1 November 2023 to
31 January 2024

1 February 2024 to
30 April 2024

1 May 2024 to
31 July 2024

1 August 2024 to
31 October 2024

IPO Market Cap cut-off4

31 January 2024

30 April 2024

31 July 2024

31 October 2024

Release of Russell Monitor List*

5 February 2024

3 May 2024

5 August 2024

5 November 2025

Indicative Review Products circulated(including REIR*)

16 February 2024

24 May 2024*

23 August 2024

22 November 2024

Query Period (window for clients toquery the data visible within the files)

16 February 2024 to
1 March 2024

24 May 2024 to 7 June2024

23 August 2024 to
6 September 2024

22 November 2024 to
6 December 2024

Lock-Down Period (open of)

4 March 2024

10 June 2024

9 September 2024

9 December 2024

Review Effective Date (open of)

18 March 2024

1 July 2024

23 September 2024

23 December 2024

Index Rebalance Market
Capitalisation data cut-offError! Reference
source not found.1

NOTE: Dates may be subject to change. Clients will be notified of any changes.

* The Russell Monitor List and the Russell Enhanced Indicative Review File (REIR) are available to subscribing clients only. RML is amonthly file published three business days following month-end. Please contact your FTSE Russell sales representative for more
information.

FTSE Russell

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Russell U.S. Equity Indexes, January 2024

FAQ

1.

Data cut-off, implementation, and announcement
Cut-Off Date: The cut-off dates for the receipt of data for consideration at periodic reviews will be on the lastworking day in January, April, July and October.
Implementation: Periodic changes will be implemented after the close on the third Friday of March,September, and December. The Annual Reconstitution changes will be implemented at the close of theRecon effective date.
Periodic Review Announcement: Additions, deletions, indicative shares outstanding and free float data ispublished on the fifth Friday prior to the effective date. The lockdown period begins on the Monday (open)
after the first Friday prior to the reconstitution implementation. The Russell US index annual reconstitution is
now considered final and any additional changes are made in exceptional circumstances only, inaccordance with the FTSE Russell Recalculation Policy and Guidelines:
Recalculation Policy and Guidelines – Equity Indices (lseg.com)

2.

Quarterly free float and shares in issue changes
March 2024
The cut-off date for normal quarterly share and free float changes (including headroom adjustments) will be
the last working day in January.
For illustration purposes: for the March 2024 quarterly the cut-off date will be Wednesday 31 January2024.
June 2024
The cut-off date for normal quarterly share and free float changes (including headroom adjustments) will be
Rank Day in April. In June 2024, all normal quarterly share and free float updates will be implemented
regardless of size (i.e., the respective 1% and 3% buffers will not be applied). Please refer to the following
FAQ document for further details:
Shares_and_Free_Float_Maintenance_FAQ.pdf
September 2024
The cut-off date for normal quarterly share and free float changes (including headroom adjustments) will be
the last working day in July.
For illustration purposes: for the September 2024 quarterly review, the cut-off date will be Wednesday
31 July 2024.

FTSE Russell

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Russell U.S. Equity Indexes, January 2024

December 2024
The cut-off date for normal quarterly share and free float changes (including headroom adjustments) will be
the last working day in October.
For illustration purposes: for the December 2024 quarterly review, the cut-off date will be Thursday
31 October 2024.

3.

IPO
IPOs outside of the annual reconstitution will be reviewed quarterly for inclusion. IPOs are added to Russell
indexes on the basis of total market capitalization ranking within the market adjusted capitalization breaks
established during the most recent reconstitution. Country assignment determination is made using data
provided in prospectuses or other filings. Market adjustments to the capitalization breaks are made using
the returns of the broad market Russell 3000E Index.
– It is priced and traded.
– It ranks larger in total market capitalization than the market-adjusted smallest company in the Russell
3000E Index as of the latest June reconstitution.

4.

Market capitalisation date used to determine IPO eligibility in March,
September, and December
Quarterly
Addition

Guidelines

2024 First-Quarter
Additions2024 Third-Quarter
Additions2024 Fourth-Quarter
Additions

Initial Offering
PeriodIPOs which initially trade
between Rank Day +1 of theprevious cycle and Rank Dayof the current cycle.

IPOs which initiallyprice/trade between
Nov 1 and Jan 31.

IPOs which initiallyprice/trade between
May 1 and Jul 31.

IPOs which initiallyprice/trade between Aug 1and Oct 31.

Rank Date*

Last working day in Jan, July,and October.

31 January 2024

31 July 2024

31 October 2024

Announce Date*

Fifth Friday prior to theeffective date (after marketclose)

16 February 2024

23 August 2024

22 November 2024

Effective Date**

Third Friday of the month.

18 March 2024

23 September 2024

23 December 2024

* If a date falls on a holiday the previous business day is used.
** After the close on the third Friday of the month.

5.

Rebalance effective date
Reconstitution occurs on the last Friday in June. However, at times this date is too proximal to exchange
closures and abbreviated exchange trading schedules when market liquidity is exceptionally low. To ensure
proper liquidity in the markets, when the last Friday in June falls on the 29th or 30th, reconstitution will occur
on the preceding Friday. A full calendar for reconstitution is made available each spring.

6.

Impact of country reclassification changes
Historically, asset owners have diversified their risk by assigning assets to specific countries. Somecompanies incorporate in a specific country for tax reasons, while some companies choose better access tocapital. Therefore, to most closely track country risk, FTSE Russell uses objective criteria to assign
companies to the U.S. equity market. All companies that are determined to be part of the U.S. equity market
are included in the Russell U.S. indexes.

FTSE Russell

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Russell U.S. Equity Indexes, January 2024

Further information

If you have any questions and would like to speak to a client services individual directly, please do not hesitate tocontact us on the numbers below, or via email at info@ftserusell.com.
Hong Kong +852 2164 3333
London +44 (0) 20 7866 1810
Milan +39 02 3604 6953
New York +1 888 747 FTSE (3873)
Sydney +61 (2) 9293 2864
Tokyo +81 (3) 3581 2811

FTSE Russell

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