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>
<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

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Equity Bottom-Up

<ul><li>The culture of trading has shifted, with people enjoying losing money and constantly looking for prices on various assets</li><li>Robinhood caught the wave of this cultural shift with its user-friendly interface and introduction of free stock trading during the pandemic</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The culture of trading has shifted, with people enjoying losing money and constantly looking for prices on various assetsRobinhood caught the wave of this cultural shift with its user-friendly interface and introduction of free stock trading during the pandemicThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Robinhood's CEO on the Plan to Tokenize Everything

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Interactive Brokers Group, Inc / 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 September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025. There are also multiple live M&amp;A events which are 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 September 2025 index rebal event.
We expect two regular changes in September 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.</li>
<li>The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. </li>
<li>According to our sources, the Chime order book is considered multiple-times oversubscribed.</li>
</ul>


The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.
The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. 
According to our sources, the Chime order book is considered multiple-times oversubscribed.


Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

<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 June 2025 index rebal event will be based on yesterday's (4th June 2025) opening prices. The announcement will be 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 June 2025 index rebal event will be based on yesterday's (4th June 2025) opening prices. The announcement will be 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 Jun25] S&P500/600 Jun25 Rebal: Final Predictions APP and IBKR

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)

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

Robinhood's CEO on the Plan to Tokenize Everything

iShares by BlackRock offers over 450 ETFs for easy investing, while Robinhood popularized free stock trading and attracted retail investors with a...

Odd Lots

[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

There are a number of intra-review events (before the Sep rebal) which will likely prompt changes, possibly shrinking the existing pool of likely...

Travis Lundy

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

IPO Boutique

[Quiddity Index Jun25] S&P500/600 Jun25 Rebal: Final Predictions APP and IBKR

The S&P500 June rebal comes after the close on Friday 6 June. We expect two ADDs and two DELETEs but the S&P Index Committee is fickle...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Robinhood's CEO on the Plan to Tokenize Everything

iShares by BlackRock offers over 450 ETFs for easy investing, while Robinhood popularized free stock trading and attracted retail investors with a...

Odd Lots

[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

There are a number of intra-review events (before the Sep rebal) which will likely prompt changes, possibly shrinking the existing pool of likely...

Travis Lundy

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

​Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

IPO Boutique

[Quiddity Index Jun25] S&P500/600 Jun25 Rebal: Final Predictions APP and IBKR

The S&P500 June rebal comes after the close on Friday 6 June. We expect two ADDs and two DELETEs but the S&P Index Committee is fickle...

Travis Lundy

Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...