ASX 300 Index (XKO)

The S&P/ASX 300 Index (XKO) tracks the 300 largest companies listed on the Australian Securities Exchange (ASX) by float-adjusted market capitalisation. It includes every company in the ASX 200 plus around 100 additional small-cap stocks, giving a broad view of the Australian share market.

The index is structurally weighted toward financials and resources, reflecting Australia's banking strength and commodity-driven economy, with meaningful representation from healthcare, technology, energy and consumer sectors. As a result, the ASX 300 captures both domestic economic conditions and global market trends.

Because it combines blue-chip giants with a slice of smaller growth companies, the ASX 300 is widely used as a benchmark by Australian equity fund managers and index-tracking ETFs. Its movements are driven by Reserve Bank of Australia policy, commodity demand (especially from China), and global monetary and geopolitical developments.

Recently, the index has been trading near multi-year highs, supported by strong earnings from major banks, resilient iron ore and energy exports, and defensive contributions from healthcare and technology. While the outlook remains constructive, risks around interest rates, China's economic slowdown and global uncertainty mean the index is likely to see periods of consolidation alongside its longer-term growth trajectory.

The XKO is a float-adjusted, market-capitalisation-weighted index. A company's weight is based on the market value of its shares that are freely available to trade, so the largest companies drive most of the index's daily movement. Major banks, iron ore miners and healthcare leaders typically carry the heaviest weights.

Constituents are reviewed on a regular schedule. Companies that grow into the top 300 can be added, and those that slip below the cut-off may be removed, keeping the index representative of the market.

The headline XKO figure is a price index. For total return including reinvested dividends, investors use the ASX 300 Accumulation Index (XKOA), an important measure given the relatively high dividend yields of many Australian companies.

All three indices are dominated by the same large companies, so they tend to move closely together. The differences show up when small caps outperform or lag the market leaders. Read more about the ASX All Ordinaries.

Australia's equity outlook will hinge on monetary policy, commodity trends and global growth. A dovish shift by the RBA could support financials, REITs and consumer and property sectors, while structural tailwinds keep technology and healthcare attractive. Resources and energy are likely to stay volatile but earnings-supportive, helped by demand for iron ore, LNG and critical minerals.

Key risks include interest rates staying higher for longer and capping valuations, a deeper China slowdown weighing on the resource-heavy index, and geopolitical tension creating uncertainty. The ASX 300's extra small-cap exposure can also amplify moves in either direction.

What is the ASX 300 Index (XKO)?

The S&P/ASX 300 (XKO) is an Australian share market index that tracks the 300 largest companies listed on the ASX by float-adjusted market capitalisation. It covers all ASX 200 companies plus around 100 additional small-cap stocks.

How many companies are in the ASX 300?

The ASX 300 includes the 300 largest ASX-listed companies by market value. Constituents are reviewed regularly, so companies can be added or removed as their market capitalisation changes.

What is the difference between the ASX 200 and the ASX 300?

The ASX 200 (XJO) tracks the 200 largest ASX companies, while the ASX 300 (XKO) adds the next 100 companies. That gives the ASX 300 more small-cap exposure while still being dominated by the same large banks and miners.

What is the difference between the ASX 300 and the All Ordinaries?

The ASX 300 covers the largest 300 companies, while the All Ordinaries (XAO) covers the largest 500. The All Ords offers broader small-cap coverage, whereas the ASX 300 is more commonly used as a benchmark by index funds and ETFs.

When did the ASX 300 start?

The S&P/ASX 300 was introduced in April 2000, when S&P took over management of Australia's major share market indices.

How is the ASX 300 calculated?

The XKO is a float-adjusted, market-capitalisation-weighted index. Larger companies have a bigger weight, so price moves in the largest banks and resource companies have the greatest effect on the index.

The ASX 300 is trading near the top end of its bullish trend, reflecting strong momentum supported by financials, materials and healthcare leaders. While the medium-term outlook remains constructive, driven by Australia's resource base and stable corporate earnings, the index is technically stretched in the short run.

A break above 9,110 points would confirm further upside potential, while consolidation around 8,400–8,600 points should not be ruled out. Longer-term investors may continue to benefit from Australia's resource leverage and income-rich dividend profile, but should remain mindful of external risks from China and global interest-rate policy.

Use the chart and the ASX 300 companies list above to follow the index, or explore the Kapitales ASX screener to research individual constituents in more depth.