As of July 2020, the indexes in which MORN is one of the constituents includes:
- MSCI USA IMI Index
- S&P Total Market Index (TMI)
- S&P Global BMI Index
- DJ US Index
- FTSE Global All Cap Index
- CRSP US Total Market Index
- Russell 3000
- Morningstar US Market Index
The rules of inclusion in any particular index family vary by index provider; however, market cap is usually an important factor. With a market cap of approximately $6.8 billion as of August 13, 2020, MORN falls toward the low end of the mid-caps.
Selection criteria that can potentially exclude Morningstar from inclusion would be market cap coverage. For example, the MSCI USA index covers the top 85%, and Morningstar is not a part of that index. However, Morningstar is part of the MSCI USA IMI index, which covers the top 99%.
We believe there is no investability criteria that precludes Morningstar Inc. from inclusion in MSCI and/or S&P indexes. In most cases, free float impacts the weight assigned to company in the index portfolio. However, for inclusion purposes, most methodologies look at the company market cap.