Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.</li>
<li>We now expect two regular changes in December 2025. There are also multiple live M&amp;A and special situation events likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
We now expect two regular changes in December 2025. There are also multiple live M&amp;A and special situation events likely to trigger intra-review index changes.


[Quiddity Index] S&P500/600 Dec25 Rebal: 2 Regular ADDs/DELs + Multiple Intra-Review Changes Coming

<ul>
<li>The SP 500 Index (you can guess) tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.</li>
<li>We expect two <em>regular</em> changes in December 2025. There are also <em>multiple live M&amp;A events which are likely to trigger intra-review index changes</em>.</li>
</ul>


The SP 500 Index (you can guess) tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
We expect two regular changes in December 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] SP500/600 Dec25 Rebal: One Name (Always Bridesmaid Never the Bride) Stands Out

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Even though tariffs disrupt Chinese competitiveness, U.S.-centric petrochemical companies face pressures from weak demand, low prices, and higher input costs.</li>
<li>Olin has outperformed peers in a weak petrochemical cycle, supported by U.S.-centric sales, disciplined capital allocation, and investor flows, while Dow and Eastman struggled with tepid exports and margins.</li>
<li>Tariffs boosted U.S. sales but hurt exports, and while the sector remains in a downcycle, Olin’s domestic focus and shareholder-friendly strategy have fueled a sharp stock rally.</li>
</ul>


Even though tariffs disrupt Chinese competitiveness, U.S.-centric petrochemical companies face pressures from weak demand, low prices, and higher input costs.
Olin has outperformed peers in a weak petrochemical cycle, supported by U.S.-centric sales, disciplined capital allocation, and investor flows, while Dow and Eastman struggled with tepid exports and margins.
Tariffs boosted U.S. sales but hurt exports, and while the sector remains in a downcycle, Olin’s domestic focus and shareholder-friendly strategy have fueled a sharp stock rally.


Olin Stands Out as Tariffs Pressure Exports Amid Bearish Petrochemical Fundamentals

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group Inc (EME US)</a> are the main candidates for addition due to consistently high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> or <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> is forecasted to be the third addition, with sector balance acting as the limiting factor.</li>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> recently regained eligibility following positive August earnings and could be a surprise addition if the tech sector is excluded.</li>
</ul>



Robinhood Markets (HOOD US) and Emcor Group Inc (EME US) are the main candidates for addition due to consistently high eligibility scores.

Microstrategy Inc Cl A (MSTR US) or AppLovin (APP US) is forecasted to be the third addition, with sector balance acting as the limiting factor.

CRH (CRH US) recently regained eligibility following positive August earnings and could be a surprise addition if the tech sector is excluded.


S&P500 September 2025 Final Forecast: HOOD, EME & 50/50 on MSTR/APP

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>, <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a>, and <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> are the main candidates for addition from TMI at the September 2025 review.</li>
<li>
<a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group Inc (EME US)</a> are the main candidates for addition from MidCap at the September 2025 review.</li>
</ul>



Microstrategy Inc Cl A (MSTR US) became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.

Robinhood Markets (HOOD US), Microstrategy Inc Cl A (MSTR US), and AppLovin (APP US) are the main candidates for addition from TMI at the September 2025 review.

Interactive Brokers Group, Inc (IBKR US) and Emcor Group Inc (EME US) are the main candidates for addition from MidCap at the September 2025 review.


S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

United States

Eastman Chemical Company is an international chemical company which produces chemicals, fibers, and plastics.  The Company's operations include coatings, adhesives, specialty polymers, and Inks, fibers, performance chemicals and intermediates, performance polymers, and specialty plastics.

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Eastman Chemical Co (EMN US)

[Quiddity Index] S&P500/600 Dec25 Rebal: 2 Regular ADDs/DELs + Multiple Intra-Review Changes Coming

The Dec25 SP500 rebal season threatens to be quite active. We now see two normal changes and a few intra-review changes are possible, which means...

Travis Lundy

[Quiddity Index] SP500/600 Dec25 Rebal: One Name (Always Bridesmaid Never the Bride) Stands Out

The S&P500 should have 2 ADDs + 2 DELs in Dec25 at this point. There are multiple possible intra-review M&A changes as well, which could reduce...

Travis Lundy

Olin Stands Out as Tariffs Pressure Exports Amid Bearish Petrochemical Fundamentals

Tariffs impact Chinese competitiveness, but U.S. petrochemical companies face challenges from weak demand and low prices. Olin outperforms peers...

Mint Finance

S&P500 September 2025 Final Forecast: HOOD, EME & 50/50 on MSTR/APP

HOOD and EME are the top candidates for addition with MSTR or APP forecasted as the third addition. CRH became eligible again following positive...

Dimitris Ioannidis

S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

MSTR is now eligible for S&P500 inclusion after reporting $10bn in Q2 earnings on July 31, joining HOOD, IBKR, EME and APP among the top candidates...

Dimitris Ioannidis

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52-week Range

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[Quiddity Index] S&P500/600 Dec25 Rebal: 2 Regular ADDs/DELs + Multiple Intra-Review Changes Coming

The Dec25 SP500 rebal season threatens to be quite active. We now see two normal changes and a few intra-review changes are possible, which means...

Travis Lundy

[Quiddity Index] SP500/600 Dec25 Rebal: One Name (Always Bridesmaid Never the Bride) Stands Out

The S&P500 should have 2 ADDs + 2 DELs in Dec25 at this point. There are multiple possible intra-review M&A changes as well, which could reduce...

Travis Lundy

Olin Stands Out as Tariffs Pressure Exports Amid Bearish Petrochemical Fundamentals

​Tariffs impact Chinese competitiveness, but U.S. petrochemical companies face challenges from weak demand and low prices. Olin outperforms peers...

Mint Finance

S&P500 September 2025 Final Forecast: HOOD, EME & 50/50 on MSTR/APP

​HOOD and EME are the top candidates for addition with MSTR or APP forecasted as the third addition. CRH became eligible again following positive...

Dimitris Ioannidis

S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

MSTR is now eligible for S&P500 inclusion after reporting $10bn in Q2 earnings on July 31, joining HOOD, IBKR, EME and APP among the top candidates...

Dimitris Ioannidis

Tariffs impact Chinese competitiveness, but U.S. petrochemical companies face challenges from weak demand and low prices. Olin outperforms peers...

HOOD and EME are the top candidates for addition with MSTR or APP forecasted as the third addition. CRH became eligible again following positive...