Russell Investment Group, a subsidiary of Tacoma, Wash.-based Northwestern Mutual, will add a new microcap index to its family of U.S. equity benchmarks after an annual reconstitution of indexes scheduled for June 24.

The Russell Microcap Index will consist of the smallest 1,000 securities in the small-cap Russell 2000 plus the next 1,000 companies below the index. The new index of the smallest publicly traded companies will represent approximately 3% of U.S. equity market capitalization, officials said. Stocks traded on OTC Bulletin Board or penny-stocks of "pink sheets" will not be included.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.