Free float isn’t just about calculating a company’s outstanding shares — it gives investors a more accurate view of what’s actually investable. Corporate actions and shifting shareholder structures have been driving major float changes across markets in recent years. So what does this mean for investors? Based on our analysis, they should treat free float as a risk and liquidity variable — not just a technical index adjustment. Not every share in the market is truly available to investors. Our float-adjusted approach is designed to help ETFs track efficiently, support liquidity and keep exposures aligned with what’s actually accessible. Learn more about how free float impacts stock returns in our blog post.