Summary

• The June 2026 Russell reconstitution reflects a US equity market that expanded significantly over the past year.
• While the continued rise of mega-cap companies such as Nvidia and Alphabet has reshaped the top of the market-cap spectrum, preliminary reconstitution data also points to improving breadth beneath the surface.
• While June remains the primary reconstitution event - particularly for the Russell US Style indexes - the addition of a December reconstitution will allow market changes to be reflected more frequently throughout the year.

By Catherine Yoshimoto, Director, Product Management, Benchmark Product Development

The Russell US Indexes reconstitution provides a clear snapshot of how the US equity market has evolved in recent months. With approximately $12.2 trillion benchmarked to Russell US