Euronext 100
The Euronext 100 Index (N100) is a prominent stock market index that tracks the performance of the 100 largest and most liquid blue-chip companies by full market capitalization listed on the main markets of Euronext, Europe's leading pan-European stock exchange operating in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris.[1] It is calculated as a full market capitalization-weighted index, incorporating liquidity screening to ensure investability, with a cap of 10% weight per constituent to promote diversification. Launched for publication on October 2, 2000, the index has a base date of December 31, 1999, and a base value of 1000, reflecting the integration of major European exchanges following the formation of Euronext in 2000.[2] The index serves as a key benchmark for European equity markets, underpinning numerous exchange-traded funds (ETFs), structured products, and investment strategies that provide broad exposure to leading companies across sectors such as technology, luxury goods, and financial services.[1] Constituents are reviewed semi-annually in April and October, selected based on full market capitalization rankings among all companies admitted to listing on Euronext's main markets, with a buffer zone (ranks 91–110) to minimize turnover and maintain stability.[2] As of September 2025, the index's total free-float market capitalization exceeded €4.3 trillion, with top holdings like ASML Holding and LVMH Moët Hennessy Louis Vuitton accounting for significant weight, underscoring its role in representing economic vitality across multiple Eurozone and non-Eurozone countries.[1]Introduction
Definition and Purpose
The Euronext 100 is a prominent stock market index that tracks the performance of the 100 largest and most liquid blue-chip stocks listed on the main markets of Euronext exchanges across Europe, including Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris.[2] It comprises the highest-ranking companies by full market capitalization from the eligible universe, subjected to a liquidity screening requiring a minimum velocity of 20% over the preceding 12 months to ensure investability and represent the core of the European equity market.[2] The index serves as a key pan-European benchmark, reflecting broad price trends in the trading of major European-listed shares and representing a significant portion of the total market capitalization within the Euronext universe. As of September 30, 2025, its total free-float market capitalization was €4.39 trillion.[1] By focusing on established, high-capitalization firms, it provides investors, fund managers, and financial institutions with a reliable gauge of the region's leading economic performers, facilitating benchmarking for portfolios and the development of investment products like exchange-traded funds (ETFs) and structured instruments.[1] Operated by Euronext N.V. and its subsidiaries, the index is disseminated under the trading symbol N100.[2] It was established with a base value of 1000 on December 31, 1999, serving as the foundational reference point for measuring subsequent performance.[2]Significance in European Markets
The Euronext 100 index serves as a vital representation of major economic sectors within the Eurozone and broader European landscape, encompassing key areas such as finance, technology, and consumer goods among its blue-chip constituents. Comprising 100 leading companies selected for their market capitalization and liquidity, it captures the performance of prominent firms driving innovation and growth across these industries, thereby providing a snapshot of Europe's industrial and commercial vitality. This sectoral diversity underscores the index's role in mirroring the interconnected economic activities that span national boundaries, highlighting the integration of financial services, technological advancements, and consumer-driven enterprises in a unified market framework.[1] As a primary benchmark for European large-cap equities, the Euronext 100 is extensively utilized by fund managers, exchange-traded funds (ETFs), and derivatives products to gauge and replicate regional market performance. Investment vehicles tracking the index enable investors to access diversified exposure to high-quality European stocks without the need for individual security selection, facilitating efficient portfolio construction and risk management. Its status as a full market capitalization-weighted index ensures it reflects the relative influence of larger entities, making it a standard reference for performance evaluation in asset allocation strategies across the continent.[1] The index functions as an economic indicator of cross-border integration in Europe, incorporating stocks from multiple countries including France, the Netherlands, and Belgium, which promotes a pan-European perspective on market dynamics. By aggregating performance from diverse national exchanges under the Euronext umbrella, it illustrates the deepening economic ties and capital flows that support the European Union's Capital Markets Union initiatives. This coverage fosters a cohesive view of regional resilience and growth, influencing policy discussions on financial harmonization.[3] Furthermore, the Euronext 100 exerts considerable influence on investor sentiment and receives prominent media coverage as a proxy for overall pan-European market health. Fluctuations in the index often signal broader trends in economic confidence, prompting reactions from institutional and retail investors alike, while financial news outlets frequently reference it to contextualize continental equity movements. This visibility reinforces its position as a barometer for European prosperity, guiding market narratives and strategic decisions in real time.[1]History
Formation of Euronext
Euronext N.V. was established on September 22, 2000, through the merger of the Amsterdam Stock Exchange, the Brussels Stock Exchange, and the Paris Bourse, marking the creation of the first truly cross-border European stock exchange.[3][4][5] This integration combined the operations of these historic exchanges to form a unified platform capable of handling equities, bonds, and derivatives trading across multiple jurisdictions.[3] The merger was driven by the need to consolidate fragmented European markets in response to increasing global competition, enabling more efficient liquidity and reduced costs for participants.[6] Following its formation, Euronext pursued strategic expansions to broaden its geographic and product scope. In 2002, it acquired the Lisbon Stock Exchange, incorporating Portugal into its network and enhancing its presence in southern Europe.[4][7] The same year, Euronext acquired the London International Financial Futures and Options Exchange (LIFFE), adding a major derivatives marketplace and strengthening its offerings in futures and options.[3][4] These moves solidified Euronext's position as a pan-European infrastructure provider. Later integrations included the Oslo Børs in 2019, which brought Nordic markets under its umbrella, and the Borsa Italiana Group (including the Milan Stock Exchange) in 2021, further expanding its footprint in Italy.[8][9] Euronext's operations are governed by the European Union's regulatory framework, including key directives such as the Markets in Financial Instruments Directive (MiFID), which promotes harmonized rules for cross-border trading and investor protection across member states.[10][11] This framework enables seamless access to multiple markets while ensuring compliance with EU-wide standards for transparency and stability.[12] By 2025, Euronext has evolved into a comprehensive multi-asset platform, offering trading in equities, fixed income, derivatives, foreign exchange, and commodities, while serving regulated exchanges in seven countries: Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal.[13][3] Euronext launched a voluntary exchange offer for the Athens Stock Exchange (ATHEX) in October 2025, with the acceptance period ending on November 17, 2025, and results announced on November 19, 2025; if successful, this would integrate Greece as its eighth market, further advancing its federal model for European capital markets.[14] Among its key offerings is the Euronext 100 index, which benchmarks the performance of leading blue-chip companies across these markets.[3]Launch and Evolution of the Index
The Euronext 100 index was established with a base date of December 31, 1999, functioning as a unified benchmark for the leading stocks across the Amsterdam, Brussels, and Paris exchanges before their formal merger into Euronext on September 22, 2000.[1][7] This timing allowed the index to harmonize trading and reference standards amid the consolidation efforts that formed the pan-European exchange.[15] Initially, the index tracked the 100 largest companies by full market capitalization on these core markets, representing approximately 80% of the total market capitalization within Euronext's investment universe.[1] (Note: The 80% coverage is consistently noted in official documentation.) The index evolved alongside Euronext's geographic expansions, incorporating new markets to reflect the exchange's growing footprint. Following the 2002 acquisition of the Lisbon Stock Exchange, Portuguese companies became eligible for inclusion, broadening the index's scope.[7] A significant milestone occurred in June 2019 with the full integration of Oslo Børs, enabling Norwegian stocks—such as those from Equinor and Telenor—to qualify based on size and liquidity criteria, thereby enhancing Nordic representation within the index.[16] Subsequent integrations, including Borsa Italiana in 2021, further diversified the constituent pool across seven countries.[3] In the 2020s, Euronext introduced sustainability-focused variants like the Euronext Europe Sustainable 100 EW in 2018, applying ESG criteria to a parallel selection process, which complemented the flagship index's evolution toward investor demands for responsible benchmarks.[17]Index Methodology
Selection Criteria
The Euronext 100 index comprises stocks from companies listed on the main markets of Euronext exchanges, forming the index universe of eligible securities.[2] Only companies admitted to the main listing segment qualify, as determined by their inclusion in broader benchmarks like the Euronext Europe 500 or adherence to standard index calculation rules.[2] To ensure sufficient liquidity, eligible companies must demonstrate a minimum velocity of 20% over the 12 months preceding the review cut-off date, where velocity is defined as the percentage of issued shares traded during that period.[2] Companies with fewer than 40 trading days of listing history or those delisted due to mergers or acquisitions within the prior 12 months are excluded from consideration.[2] There are no sector-specific caps, including for financial institutions, provided the trading volume thresholds are met.[2] Eligible companies passing the liquidity screen are then ranked by their full market capitalization as of the review cut-off date.[2] The 100 highest-ranking companies are selected for inclusion, with a buffer zone comprising ranks 91 through 110 to prioritize retaining current constituents and minimize turnover.[2]Weighting and Calculation
The Euronext 100 Index employs a full market capitalization weighting methodology, where the weight of each constituent stock is proportional to its total market capitalization, calculated as the product of its current share price and the total number of shares outstanding, without any free-float adjustment. Individual weights are then capped at 10% to promote diversification.[2][1] The index value is computed using the formula: \text{Index Level} = \frac{\sum (\text{Price}_i \times \text{Shares Outstanding}_i)}{\text{Divisor}} where the summation is over all 100 components, \text{Price}_i is the real-time price of the i-th stock, \text{Shares Outstanding}_i is the total number of shares for that stock, and the divisor is a scaling factor initially set at the index launch and subsequently adjusted to maintain continuity during corporate actions such as stock splits, mergers, or dividend distributions.[2] The index is calculated daily in euros and updated in real time every 15 seconds during trading hours across Euronext's regulated markets, from 9:00 CET to the close of the last venue, ensuring intraday reflectiveness of market movements.[2] In addition to the price return version, a total return variant of the Euronext 100 Index (ISIN: QS0011224258) accounts for dividends by assuming they are reinvested on the ex-dividend date at the closing price, providing a comprehensive measure of performance that includes both capital appreciation and income.[2]Review and Rebalancing
The Euronext 100 index is subject to semi-annual reviews to maintain its relevance and alignment with market developments, with assessments based on data captured after the market close on the penultimate Friday of February and August each year. These reviews evaluate the index universe—comprising companies listed on Euronext's regulated markets—for eligibility and ranking, focusing on full market capitalization and liquidity metrics to select the top 100 constituents. Changes to the composition, including additions and removals, along with weight adjustments and the application of a 10% maximum cap per constituent, become effective after the market close on the last trading day of April and October, respectively.[2] Criteria for changes during reviews emphasize significant shifts in full market capitalization rankings and liquidity, requiring eligible companies to demonstrate a velocity of at least 20% over the prior 12 months and to have been listed for a minimum of 40 trading days. To mitigate frequent turnover and promote stability, buffer rules are applied: current constituents ranked between 91 and 110 in the selection process are retained over non-constituents in the same range unless the latter outperform by a sufficient margin in rankings. This approach ensures the index captures evolving market leadership while avoiding unnecessary disruptions.[2] In addition to scheduled reviews, special adjustments address corporate events occurring outside these periods, such as mergers, acquisitions, delistings, and initial public offerings (IPOs). For mergers and acquisitions in this full market capitalization-weighted index, a constituent is typically not removed until delisting unless the acquirer obtains control exceeding 85% of shares, in which case removal occurs two business days after the offer becomes unconditional; share-for-share offers may result in replacement by the acquiring entity if it meets eligibility criteria. Delistings result in removal at the close of the last trading day before the effective delisting date, using the last traded price or zero value if suspended. IPOs of qualifying companies are incorporated daily to reflect real-time market cap contributions. These ad hoc measures, governed by Euronext's corporate actions policy, preserve the index's integrity and continuity.[18]Composition
Distribution by Country
The Euronext 100 index exhibits a geographic distribution that underscores its pan-European scope, with the majority of its components originating from core Euronext markets. As of the October 2025 semi-annual review, the index comprises approximately 59 companies from France, 19 from the Netherlands, 9 from Belgium, 7 from Italy, 3 from Portugal, 2 from Ireland, and 1 from Norway.[1] This composition has evolved significantly since the index's inception, particularly following Euronext's strategic expansions. The 2021 acquisition and integration of Borsa Italiana markedly increased the Italian representation in the index, elevating it from negligible levels to seven companies by incorporating qualifying large-cap firms from the Milan exchange. Such a distribution promotes regional balance within the index, ensuring exposure to diverse European economies while prioritizing liquidity and market capitalization from dominant markets like France and the Netherlands. This structure enhances the index's role as a benchmark for pan-European equity performance, fostering cross-border investment and economic integration across the continent.[19]Sector Breakdown
The Euronext 100 index exhibits a balanced yet concentrated sector composition, emphasizing key pillars of the European economy while providing diversification for investors. As of September 2025, the index's dominant sectors include Electronic Technology at approximately 14%, Financials at around 18%, Consumer Discretionary at 12%, and Industrials at 20%. Smaller allocations are directed toward Health Care (around 9%), Energy (7%), Utilities (5%), and other sectors such as Materials and Communication Services, collectively ensuring exposure to a range of economic activities without over-reliance on any single area. This structure underscores the index's role as a benchmark for blue-chip European equities, with sector weights determined by full market capitalization adjusted for liquidity and free-float factors.[1] Over the past decade, particularly in the post-2010s era, the index has experienced a notable shift toward the Technology sector, driven by the rising influence of high-growth firms like ASML Holding, which has become one of the index's largest components due to its pivotal role in semiconductor manufacturing. This evolution mirrors broader European trends in innovation and digital transformation, with Technology's share increasing from under 10% in the early 2010s to its current level, supported by favorable market conditions and policy emphasis on tech infrastructure. Meanwhile, traditional sectors like Industrials and Financials have maintained stability, adapting through consolidation and regulatory changes.[1] The index methodology incorporates guidelines to promote broad sectoral representation, including a maximum 10% weighting cap per individual constituent, which prevents dominance by a few large players and encourages inclusion across industries. Although there are no explicit sector-level caps, this constituent limit, combined with semi-annual rebalancing based on market cap rankings and liquidity thresholds, helps maintain diversification and aligns the index with the overall composition of Euronext-listed companies.[2] This sectoral profile effectively captures European economic strengths, such as robust industrial engineering and a globally competitive luxury goods industry within Consumer Discretionary, exemplified by leading brands that drive exports and brand value. The geographic distribution across Euronext markets influences sector availability, with France and the Netherlands contributing heavily to Consumer Discretionary and Technology exposures, respectively. Overall, the breakdown supports the index's utility in reflecting continental resilience in manufacturing, finance, and innovation-driven growth.[1]| Sector | Approximate Weighting (%) |
|---|---|
| Industrials | 20 |
| Financials | 18 |
| Consumer Discretionary | 12 |
| Technology | 14 |
| Health Care | 9 |
| Energy | 7 |
| Utilities | 5 |
| Others | 15 |
Current Components
The Euronext 100 index underwent its semi-annual rebalancing in September 2025, with changes effective at the start of trading on October 1, 2025, resulting in a stable composition of 100 blue-chip stocks from across Euronext markets in Amsterdam, Brussels, Dublin, Lisbon, London, Milan, Oslo, and Paris.[20] The components are selected based on full market capitalization and liquidity criteria, and the index is weighted by free-float adjusted market capitalization, capped at 10% per constituent to ensure no single stock exceeds 10% weight. As of September 30, 2025, the total weights sum to 100%, with the largest components typically from the Netherlands, France, and Belgium, representing key sectors like technology, luxury goods, and energy. The table below lists the top 10 components ranked by weight, including ticker symbol, company name, primary country of listing, sector (using ICB classification), and weight percentage derived from recent market data. Key facts for these top components are noted briefly below the table for context, focusing on market cap range and primary business. The full list of 100 components is available from cited sources.[21][22]| Rank | Ticker | Company Name | Country | Sector | Weight (%) |
|---|---|---|---|---|---|
| 1 | ASML.AS | ASML Holding N.V. | Netherlands | Technology | 7.33 |
| 2 | MC.PA | LVMH Moët Hennessy - Louis Vuitton SE | France | Consumer Discretionary | 5.93 |
| 3 | SHELL.AS | Shell plc | Netherlands/UK | Energy | 4.15 |
| 4 | AIR.PA | Airbus SE | France | Industrials | 3.57 |
| 5 | PRX.AS | Prosus N.V. | Netherlands | Technology | 3.25 |
| 6 | SU.PA | Schneider Electric S.E. | France | Industrials | 3.13 |
| 7 | EL.PA | EssilorLuxottica Société anonyme | France | Health Care | 2.91 |
| 8 | SAF.PA | Safran SA | France | Industrials | 2.90 |
| 9 | TTE.PA | TotalEnergies SE | France | Energy | 2.60 |
| 10 | AI.PA | Air Liquide S.A. | France | Basic Materials | 2.33 |
Performance and Usage
Historical Development
The Euronext 100 index was first published on October 2, 2000, establishing a base value of 1000 as of December 31, 1999, to serve as a benchmark for the largest and most liquid stocks across Euronext markets.[2] Since inception, the index has mirrored broader European economic cycles, exhibiting resilience amid volatility while growing from its starting point to approximately 1673 by November 2025.[23] Its trajectory reflects a compound annual growth rate (CAGR) of about 5.15% through total returns since December 31, 1999, underscoring steady long-term appreciation despite periodic downturns.[1] The following table summarizes year-end closing values from 2000 to 2024, along with the latest available value for 2025, highlighting key milestones in the index's evolution.[24]| Year | Closing Value (EUR) |
|---|---|
| 2000 | 997.25 |
| 2001 | 800.47 |
| 2002 | 540.27 |
| 2003 | 608.97 |
| 2004 | 657.93 |
| 2005 | 810.35 |
| 2006 | 962.84 |
| 2007 | 995.23 |
| 2008 | 544.92 |
| 2009 | 683.76 |
| 2010 | 690.80 |
| 2011 | 592.85 |
| 2012 | 680.87 |
| 2013 | 809.95 |
| 2014 | 839.52 |
| 2015 | 906.33 |
| 2016 | 933.89 |
| 2017 | 1,032.74 |
| 2018 | 916.63 |
| 2019 | 1,144.39 |
| 2020 | 1,103.54 |
| 2021 | 1,361.69 |
| 2022 | 1,231.60 |
| 2023 | 1,395.52 |
| 2024 | 1,453.67 |
| 2025* | 1,673.62 |