There's a bit more to it than current market capitalisation. The...

There's a bit more to it than current market capitalisation. The key intent of the ASX300 is to represent the 300 largest, highly liquid securities on the ASX. The full methodology is here: https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-asx-australian-indices.pdf

The following factors are taken into account:

• Average daily float-adjusted market capitalisation over the last 6 months'
• Relative liquidity, which is the stock's liquidity compared to the overall market (All Ordinaries) liquidity. DroneShield must have a minimum relative liquidity of 30% for addition to the index.
• For a new stock to be added, it must rank at least 274^th

I don't see enough benefit in doing the work to calculate the daily average float-adjusted MC of each of the 500 companies in the All Ordinaries index, just to get the ranking for DroneShield. And it's roughly the same same amount of work to calculate the relative liquidity.