FTSE Russell is celebrating the tenth anniversary of the FTSE MIB Index, the preeminent stock market index for the Borsa Italiana, the national stock exchange of Italy.

The FTSE MIB is the foremost stock market index of Borsa Italiana.

The index is the most widely followed barometer of the health of the Italian equity market.

It consists of the 40 largest and most liquid stocks listed on the MTA and MIV markets of the Borsa Italiana and seeks to replicate the broad sector weights of the Italian stock market.

Constituents are weighted by float-adjusted market capitalization, subject to a 15% cap per stock.

The 40-constituent version of the index was established in September 2004 when it was known as S&P/MIB and administered by Standard & Poor’s. In June 2009 the index was passed to FTSE Group, which is owned by Borsa Italiana’s parent company London Stock Exchange Group.

At a market opening ceremony earlier this week to mark the ten-year anniversary of FTSE’s involvement with the index, Raffaele Jerusalmi, CEO of Borsa Italiana, said he was pleased that Borsa Italiana had transferred to a highly reputed index compiler a decade ago to oversee the management of its set of indexes, and appreciates the positive partnership FTSE Russell orchestrated.

The index is the underlying reference benchmark for traded futures and options as well as some 2,500 certificates and warrants listed on Borsa Italiana.

It also serves as the underlying reference for eight ETFs. The largest of these is the Lyxor FTSE MIB UCITS ETF (MIBX LN) with €400 million in AUM, followed by the €180m iShares FTSE MIB UCITS ETF. The Lyxor and iShares ETFs come with total expense ratios (TERs) of 0.35% and 0.33%, respectively.

The cheapest ETF to track the FTSE MIB, however, is the Amundi FTSE MIB UCITS ETF (FMI FP) which comes with a TER of 0.18%. It has $25m in AUM.