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.

Index Rebalance

<ul>
<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> and <a href="https://www.smartkarma.com/entities/comfort-systems-usa-inc" target="_blank" data-smartkarma-citation="entities:6730:1" rel="noopener">Comfort Systems USA (FIX US)</a> are the main candidates for addition due to consistently high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/pure-storage-inc" target="_blank" data-smartkarma-citation="entities:27421:1" rel="noopener">Pure Storage Inc (PSTG US)</a> and <a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> face reduced conviction due to sector balance and turnover.</li>
<li>
<a href="https://www.smartkarma.com/entities/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> has a higher probability of inclusion following the acquisition of <a href="https://www.smartkarma.com/entities/kellogg-co" target="_blank" data-smartkarma-citation="entities:16090:1" rel="noopener">Kellogg Co (K US)</a> which is still pending.</li>
</ul>



CRH (CRH US) and Comfort Systems USA (FIX US) are the main candidates for addition due to consistently high eligibility scores.

Pure Storage Inc (PSTG US) and Solstice Advanced Materials (SOLS US) face reduced conviction due to sector balance and turnover.

Vertiv Holdings Co (VRT US) has a higher probability of inclusion following the acquisition of Kellogg Co (K US) which is still pending.


S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> just became eligible for S&amp;P500 following positive earnings released on 30 October 2025.</li>
<li>The company's market cap and other eligibility metrics are estimated to place it among the top 5 addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.</li>
<li>Top 3 addition candidates for S&amp;P500 are <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</a>, <a href="https://www.smartkarma.com/entities/comfort-systems-usa-inc" target="_blank" data-smartkarma-citation="entities:6730:1" rel="noopener">FIX</a> and <a href="https://www.smartkarma.com/entities/pure-storage-inc" target="_blank" data-smartkarma-citation="entities:27421:1" rel="noopener">PSTG</a> with the next inclusion expected by the end of November following the Omnicom-Interpublic $13bn acquisition.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US) just became eligible for S&amp;P500 following positive earnings released on 30 October 2025.
The company's market cap and other eligibility metrics are estimated to place it among the top 5 addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.
Top 3 addition candidates for S&amp;P500 are CRH, FIX and PSTG with the next inclusion expected by the end of November following the Omnicom-Interpublic $13bn acquisition.


Alnylam Pharmaceuticals (ALNY US): On Track for S&P500 Inclusion Following Positive Earnings

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The SP 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 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.</li>
</ul>


The SP 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 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: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

<ul>
<li>The $25.6bn acquisition of <a href="https://www.smartkarma.com/entities/interpublic-group-of-companies-inc" target="_blank" data-smartkarma-citation="entities:8544:1" rel="noopener">Interpublic Group Of Companies (IPG US)</a> by <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group (OMC US)</a> may close by 11 September, with a possible extension if the merger is delayed.</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 plc (CRH US)</a> is forecasted to be the primary replacement candidate of IPG in S&amp;P500, followed by <a href="https://www.smartkarma.com/entities/cheniere-energy-inc" target="_blank" data-smartkarma-citation="entities:16683:1" rel="noopener">Cheniere Energy (LNG US)</a>.</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 plc (CRH US)</a> regained eligibility after reporting positive quarterly earnings in August.</li>
</ul>


The $25.6bn acquisition of Interpublic Group Of Companies (IPG US) by Omnicom Group (OMC US) may close by 11 September, with a possible extension if the merger is delayed.

CRH plc (CRH US) is forecasted to be the primary replacement candidate of IPG in S&amp;P500, followed by Cheniere Energy (LNG US).

CRH plc (CRH US) regained eligibility after reporting positive quarterly earnings in August.


CRH (CRH US): Poised for S&P500 Inclusion Amid Positive Earnings and Omnicom–Interpublic Merger

United States

Pure Storage, Inc. provides enterprise storage solutions. The Company offers flash enterprise arrays for high performance workloads, including server consolidation, virtualization desktop, database, and cloud computing. Pure Storage serves customers throughout the United States.

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Pure Storage Inc (PSTG US)

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Alnylam Pharmaceuticals (ALNY US): On Track for S&P500 Inclusion Following Positive Earnings

After several extensions, Omnicom and IPG have just confirmed that the European Commission has granted antitrust approval for the acquisition,...

Dimitris Ioannidis

[Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

SP500 could see two changes in Dec25. One has a lot to buy if chosen. There are also a few intra-review actions/changes scheduled for the near...

Travis Lundy

CRH (CRH US): Poised for S&P500 Inclusion Amid Positive Earnings and Omnicom–Interpublic Merger

After multiple extensions since September, Omnicom now confidently expects to complete its acquisition of Interpublic by the end of November, as...

Dimitris Ioannidis

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52-week Range

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Dividend (Yield)

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

​CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Alnylam Pharmaceuticals (ALNY US): On Track for S&P500 Inclusion Following Positive Earnings

After several extensions, Omnicom and IPG have just confirmed that the European Commission has granted antitrust approval for the acquisition,...

Dimitris Ioannidis

[Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

SP500 could see two changes in Dec25. One has a lot to buy if chosen. There are also a few intra-review actions/changes scheduled for the near...

Travis Lundy

CRH (CRH US): Poised for S&P500 Inclusion Amid Positive Earnings and Omnicom–Interpublic Merger

After multiple extensions since September, Omnicom now confidently expects to complete its acquisition of Interpublic by the end of November, as...

Dimitris Ioannidis

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...