US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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>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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 3 constituent changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> in September. There are capping changes for the Select Sector indices and the Equal Weight Index too.</li>
<li>The round-trip trade is US$19.6bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> and <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP)</a>, <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD)</a>, <a href="https://www.smartkarma.com/entities/trade-desk-inc-the" target="_blank" data-smartkarma-citation="entities:26467:1" rel="noopener">Trade Desk (TTD)</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA)</a>, <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL)</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL)</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft (MSFT US)</a>, <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil (XOM)</a> and <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron (CVX)</a>.</li>
</ul>


There are 3 constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in September. There are capping changes for the Select Sector indices and the Equal Weight Index too.
The round-trip trade is US$19.6bn with a big chunk from the Equal Weight Index, Technology Select Sector SPDR (XLK US) and Communication Services Select Sector SPDR Fund (XLC US). 
The largest flows are expected in AppLovin (APP), Robinhood Markets (HOOD), Trade Desk (TTD), NVIDIA (NVDA), Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT US), Exxon Mobil (XOM) and Chevron (CVX).


Select Sector Indices and S&P Equal Weight Rebalance: Changes to Drive US$19.6bn Flow

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<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>The rankings used for the September 2025 index rebal event will be based on yesterday's (3rd September 2025) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next two quarters).</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.
The rankings used for the September 2025 index rebal event will be based on yesterday's (3rd September 2025) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next two quarters).


[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>September brings heavy index rebalancing activity. <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> will join both the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> and the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a>.</li>
<li>
The Fed is widely expected to cut rates and Asia-Pac peers (BoJ, RBA, RBI) are also meeting.</li>
<li>
Why Read: Plan ahead and take into account known market events when making investment and trading decision.</li>
</ul>


September brings heavy index rebalancing activity. Pop Mart (9992 HK) will join both the Hang Seng Index (HSI INDEX) and the Hang Seng China Enterprises Index (HSCEI INDEX).

The Fed is widely expected to cut rates and Asia-Pac peers (BoJ, RBA, RBI) are also meeting.

Why Read: Plan ahead and take into account known market events when making investment and trading decision.


Index Changes and Rate Cuts: Key Events in September 2025

United States

Robinhood Markets, Inc. operates a financial services platform. The Company offers brokerage and cash management applications such as stocks, exchange-traded funds, options, and cryptocurrency. Robinhood Markets serves clients in the United States.

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Robinhood Markets (HOOD US)

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

Select Sector Indices and S&P Equal Weight Rebalance: Changes to Drive US$19.6bn Flow

Constituent changes to the S&P500 Index and capping changes result in a round-trip trade of US$19.6bn. AppLovin, Robinhood and Emcor will have more...

Brian Freitas

[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

The S&P500/400/600 Sep Rebal cutoff was decided at y/day's open. S&P500 predictions are like tilting at windmills, but we like windmills. We...

Travis Lundy

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

Index Changes and Rate Cuts: Key Events in September 2025

September packs in index rebalances, quarterly expiries, central bank calls, and Fed drama—keeping markets busy amid a light holiday calendar.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Select Sector Indices and S&P Equal Weight Rebalance: Changes to Drive US$19.6bn Flow

Constituent changes to the S&P500 Index and capping changes result in a round-trip trade of US$19.6bn. AppLovin, Robinhood and Emcor will have more...

Brian Freitas

[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

The S&P500/400/600 Sep Rebal cutoff was decided at y/day's open. S&P500 predictions are like tilting at windmills, but we like windmills. We...

Travis Lundy

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

Index Changes and Rate Cuts: Key Events in September 2025

September packs in index rebalances, quarterly expiries, central bank calls, and Fed drama—keeping markets busy amid a light holiday calendar.

Gaudenz Schneider

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