Morningstar completes quarterly reconstitution of Morningstar Market Indexes

Morningstar completed the third-quarter reconstitution for Morningstar Market Indexes, which underpin more than $3 trillion in investor assets.

• More than $2 trillion is linked to the Morningstar US Total Market Index, the parent benchmark for the index suite.
• SpaceX entered the indexes five days post-IPO; it reached a $2 trillion market cap on day one, yet was 0.1% of the total-market index.
• Morningstar US Micro Cap Index rose nearly 22% year-to-date through Sept. 4, outperforming other size segments over the past year.
• Top 10 stocks held 35% of total market cap; down from 36% in December 2025, while mega-cap constituents fell to 165.