{"id":222300,"date":"2025-04-17T12:53:04","date_gmt":"2025-04-17T16:53:04","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=222300"},"modified":"2025-04-21T12:52:38","modified_gmt":"2025-04-21T16:52:38","slug":"made-in-america","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/made-in-america\/","title":{"rendered":"Made In America"},"content":{"rendered":"\n<p><strong>What does it really mean when a company is &#8220;Made in America&#8221;?<\/strong> In this episode of the IBKR Podcast, our guests from Nasdaq break down how global companies are classified for index inclusion\u2014and why it\u2019s more complicated than just where they\u2019re headquartered.<\/p>\n\n\n\n<iframe title=\"Made In America\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=vqdih-18834f9-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<p>AUDIO PLACEHOLDER<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-248\">Summary \u2013 IBKR Podcasts Ep. 248<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>Hi everyone. My name&#8217;s Jeff Praissman with Interactive Brokers Podcast. It&#8217;s my pleasure to welcome Rob Jankiewicz, Director of Index Product Development at Nasdaq, and Nicole Torskiy, Lead Economic Research at Nasdaq. Hi guys, how are you?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nicole-torskiy-nbsp\">Nicole Torskiy&nbsp;<\/h3>\n\n\n\n<p>We are doing well. Thank you for having us. How about you?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-0\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>I am doing great, and it&#8217;s my pleasure to have you guys in for our monthly podcast with Nasdaq. We have a really interesting subject \u2014 we&#8217;re gonna talk about global companies and how you classify where they&#8217;re domiciled.&nbsp;<\/p>\n\n\n\n<p>So for Nicole and Rob \u2014 we live in a global economy where certainly almost every large, probably many medium, and even small companies do business in several countries and continents. Many have head executive regions as well. Classify tough. Start at a basic level \u2014 what makes a stock American?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rob-jankiewicz-nbsp\">Rob Jankiewicz&nbsp;<\/h3>\n\n\n\n<p>Yeah, that&#8217;s a great question. And you&#8217;re right \u2014 classifying a company&#8217;s home country can certainly be difficult at times. If we start at a basic level, we may generally think of a company&#8217;s location based on where the company is headquartered or where a company&#8217;s primary equity security trades.&nbsp;<\/p>\n\n\n\n<p>So for example, let&#8217;s say there&#8217;s a company with headquarters in the US, and the company&#8217;s stock trades in the US as well. Then at a very basic level, we might consider this to be a US company. But, as I think we&#8217;ll talk about a little later on, there are typically other determinants of a company&#8217;s home country that are especially important for index construction.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-1\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>What are some of the other factors then that can determine if a company&#8217;s American?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rob-jankiewicz-nbsp-0\">Rob Jankiewicz&nbsp;<\/h3>\n\n\n\n<p>Right, so in reality, it&#8217;s not always as simple as headquarter location or listing exchange. It tends to be far more nuanced than that. So there are a few other factors that can help determine a company&#8217;s home. Most often, the company&#8217;s country of incorporation and the source of the company&#8217;s assets and revenues are also taken into consideration.&nbsp;<\/p>\n\n\n\n<p>For example, although a company may be based outside of the US, if its stock trades in the US and the majority of assets and revenues are also in the US, the company may very well be considered a US company.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-2\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And a country&#8217;s location can affect so many items \u2014 obviously taxes, in this environment; tariffs, of course, it&#8217;s the hot list. But one of them that maybe some people don&#8217;t really necessarily think about is the eligibility to be included in certain indices. Do S&amp;P, Russell, and Nasdaq all use the same rules to determine if a company&#8217;s eligible for indices?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rob-jankiewicz-nbsp-1\">Rob Jankiewicz&nbsp;<\/h3>\n\n\n\n<p>Yeah, that&#8217;s a great point. And the index rules do differ. So speaking in terms of the Nasdaq indexes, it really depends on that index in question. Although many people, I think, are familiar with the Nasdaq-100\u00ae, there&#8217;s a plethora of other indexes that Nasdaq operates, each with its own specific set of rules.&nbsp;<\/p>\n\n\n\n<p>So in terms of the Nasdaq-100 and Nasdaq Next Generation indexes \u2014 or you could really think of these as the&#8230; this is the index of the next 100 largest non-financial companies listed on Nasdaq outside of the parent Nasdaq-100 \u2014 a company&#8217;s incorporation and headquarter location doesn&#8217;t really matter.&nbsp;<\/p>\n\n\n\n<p>In fact, the indexes are unique in that they allow foreign company ADRs \u2014 or American Depository Receipts \u2014 to be eligible, while other major index providers don&#8217;t. With that said, there are other country indexes that Nasdaq does operate that do use country of incorporation, domicile, or primary listing exchange for eligibility.&nbsp;<\/p>\n\n\n\n<p>But in terms of the other index providers or other major benchmarks, I think it is a little different. Isn&#8217;t that right, Nicole?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nicole-torskiy-nbsp-0\">Nicole Torskiy&nbsp;<\/h3>\n\n\n\n<p>Rob, thanks. So as for the other two, both the Russell and the S&amp;P start with where a company\u2019s incorporated, listed, and headquartered. But then each index applies rules on these locations a little differently.&nbsp;<\/p>\n\n\n\n<p>So the S&amp;P looks at headquarters, incorporation, listing location, and where the plurality of assets and revenues are. If all the countries match, a company is assigned to that country.&nbsp;<\/p>\n\n\n\n<p>The Russell also starts with the same three factors of headquarters, incorporation, and listing location, but only checks assets and revenues if one of the three factors doesn&#8217;t match a single country. Then, S&amp;P US indices also require a company to file 10-Ks or domestic issuer SEC filings to be eligible, while the Russell index allows foreign private issuer filers.&nbsp;<\/p>\n\n\n\n<p>And finally, how each index decides if a company not headquartered or incorporated in the USA is American is also a little different.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-3\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>So Nicole, are there other items index providers will use that can help categorize a company&#8217;s domicile if all these criteria aren&#8217;t met?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nicole-torskiy-nbsp-1\">Nicole Torskiy&nbsp;<\/h3>\n\n\n\n<p>So that&#8217;s a great question. There&#8217;s quite a few. But first, how a company isn&#8217;t meeting the domicile criteria is also important. All the major indices have some exclusion countries for headquarters or incorporation. Usually, these are either countries without a domestic exchange or countries historically known for being more business-friendly for corporate entities.&nbsp;<\/p>\n\n\n\n<p>However, the list of countries is slightly different across the indices, and how domicile is determined based on the countries and other factors is also different for each index.&nbsp;<\/p>\n\n\n\n<p>So for example, if headquarters, incorporation, or listing exchange aren&#8217;t all the same in the same place, then the Russell will try to establish a country link first using geographic assets, then using geographic revenues. If they can&#8217;t, and the company is headquartered in one of their exclusion countries, domicile could default to the country of the company&#8217;s most liquid listing.&nbsp;<\/p>\n\n\n\n<p>On the other hand, depending on where a company is incorporated, the S&amp;P will either only look at headquarters and listing location or go through a list of other factors to determine domicile.&nbsp;<\/p>\n\n\n\n<p>In fact, most of the major index providers use a list of other factors. So in addition to the S&amp;P, the MSCI and the CRISP \u2014 or CRSP \u2014 also use other factors in addition to assets and revenues. The major index issuers look at where shareholders, other listings, operations, employees, management, and annual meetings are located \u2014 and where investors think the company operates.&nbsp;<\/p>\n\n\n\n<p>They also look at the company&#8217;s history, functional currency, reporting currency, and the accounting method the company uses. And finally, some indices even have specific checks, like the CRISP index checks if the company has an EIN \u2014 or an Employer Identification Number \u2014 which is required for a company that pays employment taxes or withholds income taxes in the US.&nbsp;<\/p>\n\n\n\n<p>Overall, when most of these other factors point to a single country, the index classifies the company in that country.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-4\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>Yeah, with all these factors, do the providers ever make exceptions to include companies in certain indices? Say for example, the S&amp;P 500 is one of the most well-known indices out there \u2014 are all 500 companies domiciled in the US?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nicole-torskiy-nbsp-2\">Nicole Torskiy&nbsp;<\/h3>\n\n\n\n<p>So all the companies in the S&amp;P 500 had to pass the S&amp;P Index methodology screens for US domicile. So they\u2019re considered US companies, but as of April 7th of this year, 28 companies are incorporated, and 22 companies are headquartered outside of the USA. All the non-US incorporations are either in domicile of convenience countries or certain European countries \u2014 all included in the S&amp;P methodology as exception locations.&nbsp;<\/p>\n\n\n\n<p>So most likely, the S&amp;P committee prioritized headquarters and exchange locations, or used that other factors list we talked about earlier, to determine them to be US companies. At the end of the day, the S&amp;P Index Committee has final domicile determination and can review companies on a case-by-case basis.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-5\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And a lot of founders these days are almost like rock stars, right? We know their name, and they almost take on the personality of the company themselves. Does a founder&#8217;s birthplace or residence come into play, even if the company&#8217;s listed on the US exchange?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nicole-torskiy-nbsp-3\">Nicole Torskiy&nbsp;<\/h3>\n\n\n\n<p>That&#8217;s a really interesting question. The S&amp;P, CRSP, and MSCI indices look at company history, and where a company was founded is a part of its history. They&#8217;ll also consider where company management is located. So while a founder&#8217;s birthplace for index inclusion is not brought into play, where the founder incorporated the company \u2014 and where the founder is now, if they&#8217;re on the management team \u2014 can matter for these other factors.&nbsp;<\/p>\n\n\n\n<p>I think this question really highlights why looking at all the other factors \u2014 like geographic assets and revenue, geographic shareholder distribution, a company&#8217;s functional currency, where the annual meeting is held, and even investor perception \u2014 is important. Today, we really live in an integrated global economy. So while a startup probably incorporates wherever the founders are living when they start the company, as the company grows and develops a global presence, its operations also evolve.&nbsp;<\/p>\n\n\n\n<p>These extra rules help bring into play that a company&#8217;s operations today might be different than 10 or 20 years ago and help companies that are operating within the US economy be included in US indices.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-6\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And Rob, the US is a big, diverse country. I&#8217;d imagine American companies are headquartered in different regions. Does geographical location play a part in where certain sectors are generally located? And if so, what sectors are in the Northeast, the Midwest, the West, and the South?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rob-jankiewicz-nbsp-2\">Rob Jankiewicz&nbsp;<\/h3>\n\n\n\n<p>Yeah, that&#8217;s a good question. So we actually recently did a study where we looked at headquarter location by state for companies included in the Nasdaq US Benchmark. And this is really just a Nasdaq index representing companies that we would typically consider to be American.&nbsp;<\/p>\n\n\n\n<p>So when we look at the types of companies headquartered throughout the US, we do see some differences in the sector makeup across geographies. For example, if we split the US up into different regions \u2014 like you were saying, North, South, East, West \u2014 we see that there tends to be, for example, a larger concentration of healthcare and financial companies in the Northeastern US corridor.&nbsp;<\/p>\n\n\n\n<p>So think companies like Johnson &amp; Johnson or Merck for healthcare. Or, in the case of financials, most of the larger banks and asset managers such as JPMorgan, Goldman Sachs, Morgan Stanley.&nbsp;<\/p>\n\n\n\n<p>And then we see a larger concentration of energy companies in the South \u2014 companies like ExxonMobil or Chevron. And, perhaps unsurprisingly, we also tend to see a larger representation of technology companies based out of the West Coast. So you can think of some of your popular Magnificent Seven names \u2014 stocks like Apple, Microsoft, Nvidia, or Google.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-7\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>What about incorporation? Is it the same breakdown as where these companies are headquartered, or is it different?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rob-jankiewicz-nbsp-3\">Rob Jankiewicz&nbsp;<\/h3>\n\n\n\n<p>No, so actually the data tells us a different story. When we look at the state of incorporation, for example, we see that over 60% of US companies are actually incorporated in Delaware, despite being headquartered elsewhere.&nbsp;<\/p>\n\n\n\n<p>But when we take a step back and consider that finding, it&#8217;s not really as surprising as one might initially think. This is because Delaware has historically been known for its business-friendly regulatory policies as well as its corporate court system. So, in very simple terms, Delaware tends to be more business-friendly for corporate entities.&nbsp;<\/p>\n\n\n\n<p>And overall, this is somewhat similar to companies that may intentionally incorporate in certain countries for business-friendly purposes, as we learned earlier on.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-8\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And Rob and Nicole, this has been great. Are there any other final thoughts you&#8217;d like to leave our listeners with?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rob-jankiewicz-nbsp-4\">Rob Jankiewicz&nbsp;<\/h3>\n\n\n\n<p>So overall, I think determining a company&#8217;s home is just one component of an index&#8217;s set of rules. Although not all indexes are built the same way, each provides a transparent and systematic set of rules that ultimately play a pretty vital role in the way that people save and generate wealth over the long term. What about you, Nicole?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nicole-torskiy-nbsp-4\">Nicole Torskiy&nbsp;<\/h3>\n\n\n\n<p>Index rules are always evolving. Just this year, the Russell and the S&amp;P both slightly updated their domicile methodologies. And the Russell updated their free float definition. It&#8217;s an exciting space to be in.&nbsp;<\/p>\n\n\n\n<p>Overall, index inclusion is really good for a company. It provides long-term holders and can boost turnover and liquidity. So it&#8217;s important for issuers to know index rules. Thank you so much for having us on today.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rob-jankiewicz-nbsp-5\">Rob Jankiewicz&nbsp;<\/h3>\n\n\n\n<p>Yeah, thank you.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-9\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>Rob, Nicole, this is great. Thank you guys for coming by. I want to remind our listeners that you can find lots of great material from Nasdaq on our website. Go to Education, and you can click on contributors from Nasdaq or go to webinars we&#8217;ve done with them, articles they&#8217;ve contributed to, and, of course, our monthly economic podcast.&nbsp;<\/p>\n\n\n\n<p>Until next time, I&#8217;m Jeff Praissman with Interactive Brokers. Thank you.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What does it really mean when a company is &#8220;Made in America&#8221;? In this episode of the IBKR Podcast, our guests from Nasdaq break down how global companies are classified for index inclusion\u2014and why it\u2019s more complicated than just where they\u2019re headquartered.<\/p>\n","protected":false},"author":914,"featured_media":222301,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10842,13857],"tags":[9004,19176,19177,16919,6988,19175,19174,18400,789,778,17200,910,4109,19178],"contributors-categories":[13576,13756],"class_list":{"0":"post-222300","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-podcasts","8":"category-podcasts","9":"tag-adrs","10":"tag-company-domicile","11":"tag-corporate-headquarters","12":"tag-equity-indexes","13":"tag-financial-markets","14":"tag-global-companies","15":"tag-index-inclusion","16":"tag-index-methodology","17":"tag-investing","18":"tag-nasdaq","19":"tag-russell-index","20":"tag-sp-500","21":"tag-stock-market","22":"tag-ticker-classification","23":"contributors-categories-interactive-brokers","24":"contributors-categories-nasdaq"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Made In America | IBKR Podcasts<\/title>\n<meta name=\"description\" content=\"What does it really mean when a company is &quot;Made in America&quot;? 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