The underlying S&P MidCap 400 provides float-adjusted, market-cap-weighted exposure to U.S. mid-caps selected by the S&P Index Committee, with additions guided by quarterly-reviewed size guidelines that typically center on unadjusted market caps of roughly USD 7.4–20.5bn for new entrants, bridging the gap between the S&P 500 and S&P SmallCap 600. Constituent eligibility requires U.S. domicile and primary U.S. listing, adequate public float (≥10%), sustained trading history, and liquidity measured via an annual dollar-value-traded-to-float-market-cap ratio that must meet index-specific minimums; profitability screens require positive as-reported earnings in the most recent quarter and over the sum of the most recent four quarters. The index is uncapped and float-adjusted; share counts and free float are updated quarterly, with committee changes made as needed rather than on a fixed schedule. Rebalancing occurs quarterly, applying buffers to reduce unnecessary turnover while preserving target segment representation.

The underlying S&P MidCap 400 Index provides float-adjusted, market-cap-weighted exposure to U.S. mid-caps selected by an index committee for investability, sector balance, and representation of the mid-cap segment. Candidates must be U.S. companies with sufficient public float and liquidity, and meet financial viability screens (positive GAAP earnings over the most recent quarter and the sum of the last four quarters). Typical market-cap guidelines target the band between the S&P SmallCap 600 and S&P 500, with buffers used to limit turnover; existing members benefit from size and liquidity buffers at reconstitution. There are no explicit issuer caps beyond float adjustment. Shares outstanding and floats are updated quarterly (March, June, September, December) with constituent changes made as needed to maintain 400 names.

The underlying S&P MidCap 400 Growth Index targets the growth segment of the S&P MidCap 400 universe, whose constituents are committee-selected mid-caps; typical addition guidelines reference unadjusted market caps in the U.S. mid-cap band (recently around USD 8–22.7 billion). Style assignment uses three growth measures—sales growth, earnings change to price, and momentum—balanced against value measures; securities can have partial exposure to both styles. Each company’s float-adjusted market cap is split between Value and Growth in proportion to relative style scores; the Growth portion is then market-cap weighted within the index (a modified market-cap approach). The index reconstitutes annually after the December rebalance, with quarterly reviews each March, June, and September to reflect float, share, and corporate-action updates, while maintaining sector neutrality relative to the parent is not explicitly targeted.

The underlying S&P MidCap 400 Growth Index delivers exposure to growth-oriented, committee-selected U.S. mid-cap equities. The 400-company universe typically admits companies with market cap of USD 8.0–22.7 billion, float-adjusted security market cap of at least USD 4.0 billion, at least 10% publicly available shares, positive latest-quarter and four-quarter GAAP earnings, 250,000 shares traded in each of six months, and a float-adjusted annual value-traded ratio of at least 0.75. Growth scores average standardized three-year earnings-per-share change relative to price, three-year sales-per-share growth, and 12-month momentum; value scores use book-to-price, earnings-to-price, and sales-to-price. Companies are ordered by growth-rank/value-rank ratio: the top 33% of parent market cap enters fully, the bottom 33% is excluded, and the middle 34% is split by distance from style-basket midpoints. Style-adjusted float market cap weights are capped at 23%; companies above 4.8% collectively cannot exceed 50%. Style resets after the third Friday of December; caps reset quarterly.

The underlying S&P Metals & Mining Select Industry Index offers modified equal-weighted exposure to U.S. metals and mining companies classified in specified GICS sub-industries (Aluminum; Coal & Consumable Fuels; Copper; Diversified Metals & Mining; Gold; Precious Metals & Minerals; Silver; Steel) drawn from the S&P Total Market Index. Additions require either float-adjusted market cap ≥USD 500m with FALR ≥90% or market cap ≥USD 400m with FALR ≥150%; ongoing members must remain ≥USD 300m and FALR ≥50%. The index seeks at least 35 constituents; if primary sub-industries fall short, highly correlated supplementary sub-industries may be used to reach the target. Constituents are initially equal-weighted each quarterly rebalance (March, June, September, December), then subject to a basket-liquidity cap and a final single-name cap of 4.5%, with excess redistributed iteratively to uncapped names to preserve diversification and liquidity.

The underlying S&P Kensho Smart Transportation Index provides exposure to U.S.-listed equities, including ADRs, whose products and services drive smart transportation across electric vehicles, autonomous vehicles, advanced transport systems and drones. The index universe is all constituents of four theme subindices; at each review only stocks with float-adjusted market cap of at least 100 million USD and three-month average daily traded value of at least 1 million USD are eligible. Constituents are classified as Core or Non-Core using text analysis of regulatory filings and revenue segments, with Core names deriving more of their business from the targeted technologies. Within each subindex, Core and Non-Core stocks are equally weighted inside their bucket; the Smart Transportation index then rescales these weights using risk-adjusted performance to set each subindex’s contribution and systematically tilts toward Core stocks at the aggregate level. The index is reconstituted and rebalanced each June and additionally rebalanced each December.

The underlying S&P Kensho New Economies Composite Index targets U.S-listed equities (including ADR/GDR) globally domiciled that are mapped—via Kensho’s NLP-driven taxonomy—to “New Economies” subsectors spanning robotics, AI, automation, connectivity, and related transformational technologies. Each qualifying Kensho subsector index applies systematic screens for investability and liquidity, modified equal weighting, and semi-annual rebalancing of constituents. The Composite aggregates all eligible subsector indices but weights each subsector by its trailing Sharpe ratio, recalculated annually, so faster-maturing themes receive proportionally higher weight while early-stage themes remain represented. Within the Composite, issuer weights flow from underlying subsector memberships and caps; country/sector exposures reflect the breadth of the taxonomy rather than market-cap dominance. The lifecycle-aware subsector weighting plus periodic reconstitution and semi-annual underlying rebalances balance diversification, capacity, and turnover control.

The underlying S&P Kensho Intelligent Infrastructure Index provides thematic exposure to companies driving the transition to intelligent, adaptive and connected infrastructure. The index consists of U.S.-listed common stocks and ADRs, drawn globally from both developed and emerging markets, that are classified within S&P Kensho’s Intelligent Infrastructure taxonomy, spanning smart power grids, intelligent transportation infrastructure, smart building systems and advanced water infrastructure. Constituents are sourced from the S&P Kensho Smart Grids Index and S&P Kensho Smart Buildings Index, with additional investability filters on minimum market cap and trading liquidity so the basket can be efficiently replicated. S&P Kensho uses natural language processing on regulatory filings and other disclosures to score each company’s thematic relevance and distinguish “core” from more peripheral exposures. The index applies a modified equal-weighting scheme that gives greater weight to core names, includes caps to limit single-stock and subsector concentration, and is reconstituted annually and rebalanced semiannually.

The underlying S&P Kensho Future Security Index targets companies whose products and services are driving innovation in future security, including cybersecurity, advanced border and homeland security, defense systems, and related enabling technologies.(S&P Global) The index draws from U.S.-listed common stocks and ADRs of companies domiciled across developed and emerging markets, applying minimum size and liquidity requirements so that very small or thinly traded names are excluded while retaining capacity for institutional implementation.(S&P Global) Using a rules-based natural-language and classification framework, S&P Kensho assigns companies to specific future-security subthemes and distinguishes higher-purity “core” exposures from more diversified “non-core” names. The index then applies a modified equal-weighting approach that emphasizes core companies while capping individual stock weights to avoid excessive concentration; weights are allowed to drift with performance between reviews. It is reconstituted and rebalanced on a semiannual schedule, with interim maintenance for corporate actions, ensuring the basket stays aligned with evolving security technologies.

The underlying S&P Kensho Final Frontiers Index targets companies whose products and services enable deep-space and deep-sea exploration. The index comprises U.S.-listed equities, including ADRs, drawn from the S&P Kensho Space Index and the deep-sea exploration subset of the S&P Kensho Drones Index, covering issuers domiciled in developed and emerging markets. Eligible securities must trade on NYSE, NASDAQ or CBOE, have price ≥USD 1, float market cap ≥USD 100 million and three-month average daily traded value ≥USD 1 million. Constituents are identified via an automated scan of regulatory filings for theme-related terms, then reviewed by an index committee and classified as Core (primary revenue from the theme) or Non-Core. At each rebalance, Core names are overweighted versus Non-Core, with equal weighting inside each group, subject to liquidity and diversification adjustments. The index reconstitutes each June and rebalances in June and December.