Russell Preliminary Lists Out; AMZN Mostly Value, Big Increase in Tech For RMG

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Russell Preliminary Lists Out; AMZN Mostly Value, Big Increase in Tech For RMG

USA | Equity Strategy EquityMayResearch24, 2026

STRATEGY NOTERussell Preliminary Lists Out; AMZN Mostly

Value, Big Increase in Tech For RMG

Preliminary indexes from Russell arrived, LOTS of changes. Top end of Small Breakpoint of RUT was $9.6B; Mid it was

$73.1B

based on 4/30 $9.6B, smallest $140M, SMID $23.2B, Mid $73.1B. AMZN will Market Cap

be 92% Value, hence R1V weight increases to 6.6%, while AAPL's weighs 5.7%. Benchmark Largest Smallest

BE moves from RUT to T200, first time ever. Large sector shifts across Mid RussellRussell 20002500 23.2B9.6B 140.2M140.2M

Growth with Tech +12.3%, index has 270 stocks, R1G 370. R2G loses 702bps Russell Midcap 73.1B 2.72B

in Industrials, +388bps in Health Care, R2V trims Tech by 4.8%, gets 400bps in Russell 1000 4.85T 2.72B

.Financials. Note: Based on April 30 closing prices. Source: FactSet; FTSE Russell; Jefferies

We received the lists from FTSE Russell Friday evening, and we saw some significant shifts, but Big changes are happening in the MAG 7

names

much of this was anticipated. The actual rebalancing takes place at the close on Friday, June Weight Changes

26, with the new weights effective at the open Monday, June 29. We should see even more moves Symbol Company Name R1G R1V

between now and when the actual rebalancing takes place. AAPL Apple Inc. -5.20 5.70

AMZN Amazon.com -4.47 4.49

GOOG Alphabet Class C 2.03 -1.91

This is not the only FTSE Russell rebalancing in '26 with the 2nd occurring December based on GOOGL Alphabet Class A 2.50 -2.37

just market cap. The cutoff is Friday, October 30. Preliminary lists available Friday, November 13, META Meta Platforms 0.16 -0.03

rebalancing taking place at the close on December 11.