Definition
Uncapped Series
The version of the index in which constituents are weighted purely by Live-Attributable Market Cap, with no maximum weight applied.
- Status
- Definition in force
- Method version
- 1.0
- Reviewed
- 2026-08-22
In the Live Index framework
The uncapped series is the plain reading of the weighting rule: each constituent's weight is its Live-Attributable Market Cap divided by the sum of all constituents' Live-Attributable Market Caps. Nothing is trimmed, redistributed or floored.
Its value is descriptive honesty. Concentration is a real feature of the live-music equity market — a small number of large listed operators account for most of the sector's public equity value — and an uncapped series shows that concentration instead of engineering it away. Read against the capped series, the gap between the two is itself a measure of how concentrated the sector has become.
Its limitation is equally plain: a single large constituent's idiosyncratic news can move the uncapped level substantially without any change in sector conditions. Neither series should be read alone.