JonesTrading Launches JT20™ Index, a Concentrated Benchmark Tracking the 20 Largest U.S. Companies

LOS ANGELES and NEW YORK, May 4, 2026 /PRNewswire/ -- JonesTrading Institutional Services LLC ("Jones") today announced the launch of the JT20™ Index, a full market-capitalization-weighted equity index comprised of the 20 largest listed U.S. companies.

The JT20™ Index was developed to provide investors, strategists, and market participants with a transparent lens into the valuation of the companies driving the performance of the U.S. equity market. The index is available on Bloomberg under the tickers JT20P Index (Price Index) and JT20T Index (Total Return Index). The current composition of the index represents approximately 49.9% of the S&P 500's market capitalization and approximately 43% of the total U.S. equity market capitalization.

"The combination of business evolution and market structure of the twenty first century has driven the ultra megacap era and these stocks drive the daily performance of the U.S. stock market," said Michael O'Rourke, Chief Market Strategist at JonesTrading.

"The JT20™ illustrates a less-is-more approach to monitoring the U.S. stock market. In a world where passive flows dominate, 20 companies comprising 50% of the benchmark's market capitalization can provide direct insight into broad market valuation—and they trade at more than 33 times earnings," added O'Rourke.

The JT20™ Index has historically demonstrated correlations in the range of 92% to 97% with both the S&P 500 and Nasdaq 100 indices, underscoring the increasing concentration within U.S. equity markets and the outsized influence of ultra-megacap companies.

The index ranks and rebalances annually on the first and third Friday of December and is expected to experience turnover of approximately two to four members per year.

"The structure of the U.S. equity market has evolved dramatically over the past two decades," said Tim O'Neil, Chairman of the Board at JonesTrading. "The JT20™ was created to provide a straightforward framework for understanding the concentration trends shaping benchmark performance, valuation, and capital flows across the market."

Current members of the JT20™ Index include:

• NVIDIA Corp
• Alphabet Inc
• Apple Inc
• Microsoft Corp
• Amazon.com Inc
• Broadcom Inc
• Meta Platforms Inc
• Tesla Inc
• Walmart Inc
• Berkshire Hathaway Inc
• Eli Lilly & Co
• JPMorgan Chase & Co
• Exxon Mobil Corp
• Visa Inc
• Johnson & Johnson
• Oracle Corp
• Mastercard Inc
• Netflix Inc
• AbbVie Inc
• Palantir Technologies Inc

The JT20™ Index is designed for portfolio managers, strategists, analysts, media commentators, and product developers seeking a more focused benchmark for monitoring the companies that increasingly define the direction of the U.S. equity market.

About Jones

JonesTrading Institutional Services, LLC ("Jones") is a leading full-service investment banking firm, providing a comprehensive suite of services, including capital markets, M&A, and strategic advisory to corporate clients. The firm is dedicated to building lasting partnerships by delivering innovative solutions, deep industry expertise, and tailored strategies that drive value and success. Founded in 1975, JonesTrading has established itself as the global leader in block trading and a premier liquidity provider to institutional investors. The firm's offerings also include derivatives trading, outsourced trading, electronic trading, prime services, private markets trading, and research/market intelligence. Member FINRA and SIPC.

For more information, please visit www.jonestrading.com

Megan Bracero
[email protected]

SOURCE JonesTrading Institutional Services