Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

BioPharma Credit PLC Fund / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.</li>
<li>We see two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.</li>
<li>Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
We see two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.
Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.


Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The UK’s CMA cleared the Keysight-Spirent deal without a Phase 2 investigation, removing a major regulatory hurdle for the acquisition's completion.</li>
<li>If the acquisition is not finalized by June 30, 2025, Spirent shareholders will receive an additional 1p per share, compensating for the delay.</li>
<li>With a 7% gross spread and an 89% probability of completion, market confidence in the acquisition remains strong, supported by shareholder approval and regulatory progress.</li>
</ul>


The UK’s CMA cleared the Keysight-Spirent deal without a Phase 2 investigation, removing a major regulatory hurdle for the acquisition's completion.
If the acquisition is not finalized by June 30, 2025, Spirent shareholders will receive an additional 1p per share, compensating for the delay.
With a 7% gross spread and an 89% probability of completion, market confidence in the acquisition remains strong, supported by shareholder approval and regulatory progress.


UK Competition Regulator Clears Keysight/Spirent Deal

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.</li>
<li>We see three M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review (one announced later today) and then two more shortly after the rebal event. </li>
<li>Our latest estimates suggest there could be one regular change for the F250 index during the September 2025 rebalance. We do not currently see any changes for the F100.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
We see three M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review (one announced later today) and then two more shortly after the rebal event. 
Our latest estimates suggest there could be one regular change for the F250 index during the September 2025 rebalance. We do not currently see any changes for the F100.


Quiddity Leaderboard F100/F250 Sep25 Results: Methodology Change Could Result in a Surprise Addition

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.</li>
<li>We see up to five M&amp;A-related intra-review changes for the F250 index in the run up to the June 2025 review. Many could be very high impact.</li>
<li>Separately, there could be one regular index change for the F250 index in June 2025. At present, we do not see any changes for the F100 index.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.
We see up to five M&amp;A-related intra-review changes for the F250 index in the run up to the June 2025 review. Many could be very high impact.
Separately, there could be one regular index change for the F250 index in June 2025. At present, we do not see any changes for the F100 index.


Quiddity Leaderboard F100/F250 Jun25: Multiple High-Impact Intra-Review Index Additions Likely

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.</li>
<li>We see up to three M&amp;A-related intra-review changes in the next few months.</li>
<li>Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
We see up to three M&amp;A-related intra-review changes in the next few months.
Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.


Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

United Kingdom

Spirent Communications plc provides electronic solutions for the technology industry, including businesses in the telecommunications and medical sectors. The Group specializes in telecommunications testing systems, including computer software and hardware systems, cable management systems, and transmitters. Spirent operates in the Americas, Europe and the Asia Pacific region.

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52-week Range	0.00 - 0.00
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Spirent Communications (SPT LN)

Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

BioPharma Credit PLC Fund (BPCR LN) has been our top F250 potential ADD after a recent rule change. This could be a high-impact index addition that...

Janaghan Jeyakumar, CFA

UK Competition Regulator Clears Keysight/Spirent Deal

UK's CMA clears Keysight-Spirent deal without Phase 2 investigation, boosting market confidence in acquisition completion by June 30, 2025.

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Sep25 Results: Methodology Change Could Result in a Surprise Addition

We see many high-impact F250 potential ADDs with opportunities to get added to the index during the regular Sep25 index review or on an intra...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Jun25: Multiple High-Impact Intra-Review Index Additions Likely

Most of the intra-review replacement candidates have well in excess of 10x ADV to buy if they get added to the F250 index. Some of these names...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

Most of the names leading the race for F250 addition have more than 10x ADV to trade and some of these names could get added on an intra-review basis.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

BioPharma Credit PLC Fund (BPCR LN) has been our top F250 potential ADD after a recent rule change. This could be a high-impact index addition that...

Janaghan Jeyakumar, CFA

UK Competition Regulator Clears Keysight/Spirent Deal

​UK's CMA clears Keysight-Spirent deal without Phase 2 investigation, boosting market confidence in acquisition completion by June 30, 2025.

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Sep25 Results: Methodology Change Could Result in a Surprise Addition

We see many high-impact F250 potential ADDs with opportunities to get added to the index during the regular Sep25 index review or on an intra...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Jun25: Multiple High-Impact Intra-Review Index Additions Likely

Most of the intra-review replacement candidates have well in excess of 10x ADV to buy if they get added to the F250 index. Some of these names...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

Most of the names leading the race for F250 addition have more than 10x ADV to trade and some of these names could get added on an intra-review basis.

Janaghan Jeyakumar, CFA

UK's CMA clears Keysight-Spirent deal without Phase 2 investigation, boosting market confidence in acquisition completion by June 30, 2025.