Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.</li>
<li>We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.
We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.


Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

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.

Equity Bottom-Up

<ul><li>Short interest signals were sharply divided this week.</li><li>Big increases hit FCEL , URA , and SOLS , while covers accelerated in ASIC , FTEC , and PB .</li><li>Borrow markets flashed stress in several small-caps, with LVWR and VFS hitting near-zero availability.</li></ul>

Short interest signals were sharply divided this week.Big increases hit FCEL , URA , and SOLS , while covers accelerated in ASIC , FTEC , and PB .Borrow markets flashed stress in several small-caps, with LVWR and VFS hitting near-zero availability.

Short Sellers Charge Into Energy and Niche Names as Week Closes Mixed

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>There are two pending M&amp;A deals on track to trigger deletions before the September rebalance, but no room for intra-review replacements with membership already at 102.</li>
<li>We expect no changes at the September 2026 indexx rebal event, though the increase in SpaceX free float weight, should still drive roughly US$19bn of one way flow.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
There are two pending M&amp;A deals on track to trigger deletions before the September rebalance, but no room for intra-review replacements with membership already at 102.
We expect no changes at the September 2026 indexx rebal event, though the increase in SpaceX free float weight, should still drive roughly US$19bn of one way flow.


Quiddity Leaderboard Nasdaq100 Sep26 Rebal: No Changes, Flow Driven by SpaceX Free Float Upweight

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atlassian-corp" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian (TEAM US)</a> is expected to be deleted from Nasdaq100 in April 2026 due to low index weighting following a price tumble of ~50% in the last 3 months.</li>
<li>
<a href="https://www.smartkarma.com/entities/sandisk-corp" target="_blank" data-smartkarma-citation="entities:1093:1" rel="noopener">Sandisk Corp (SNDK US)</a> is forecasted to replace <a href="https://www.smartkarma.com/entities/atlassian-corp" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian (TEAM US)</a> as it is the highest-ranked non-constituent following a price surge of ~200% in the last 3 months.</li>
<li>
<a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> is now the top addition candidate following the anticipated inclusion of <a href="https://www.smartkarma.com/entities/sandisk-corp" target="_blank" data-smartkarma-citation="entities:1093:1" rel="noopener">Sandisk Corp (SNDK US)</a>.</li>
</ul>



Atlassian (TEAM US) is expected to be deleted from Nasdaq100 in April 2026 due to low index weighting following a price tumble of ~50% in the last 3 months.

Sandisk Corp (SNDK US) is forecasted to replace Atlassian (TEAM US) as it is the highest-ranked non-constituent following a price surge of ~200% in the last 3 months.

Lumentum Holdings (LITE US) is now the top addition candidate following the anticipated inclusion of Sandisk Corp (SNDK US).


Atlassian (TEAM US): Fast-Exit Potential from Nasdaq100 in April 2026

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Warner Bros Discovery  / Equity Bottom-Up

<ul><li>Warner Bros. Discovery has experienced a sharp reversal in sentiment following a meteoric rise in its share price.</li><li>The rally, sparked by rumors of a takeover bid from Paramount Skydance, saw the stock surge 63% from September 11 to September 25, significantly outpacing the broader S&P 500’s 1% gain over the same period.</li><li>However, concerns over the sustainability of this rally have emerged.</li></ul>

Warner Bros. Discovery has experienced a sharp reversal in sentiment following a meteoric rise in its share price.The rally, sparked by rumors of a takeover bid from Paramount Skydance, saw the stock surge 63% from September 11 to September 25, significantly outpacing the broader S&P 500’s 1% gain over the same period.However, concerns over the sustainability of this rally have emerged.

Warner Bros. Rally Sparks Doubt: Will The Paramount Deal Fall Apart?

United States

Warner Bros. Discovery, Inc. operates as a media and entertainment company. The Company offers a complete portfolio of content, brands, and franchises across television, film, streaming, and gaming.

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Warner Bros Discovery (WBD US)

Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

Intra-review changes from two M&A deals and a spin-off could trigger early flows in the Select Sector indices, while the December rebalance one-way...

Anjana Amarasuriya

Short Sellers Charge Into Energy and Niche Names as Week Closes Mixed

Short interest signals were sharply divided this week. Big increases hit FCEL , URA , and SOLS , while covers accelerated in ASIC , FTEC , and PB...

ORTEX Market Intel

Quiddity Leaderboard Nasdaq100 Sep26 Rebal: No Changes, Flow Driven by SpaceX Free Float Upweight

$8.5bn SpaceX inclusion flow, adds $19bn more on free float upweight. Pending EA/WBD deletions won't open slots for new adds as member count...

Anjana Amarasuriya

Atlassian (TEAM US): Fast-Exit Potential from Nasdaq100 in April 2026

The consultation has concluded, and the fast-exit rule will be removed effective May 2026. As a result, Atlassian (TEAM US) is still expected to be...

Dimitris Ioannidis

Warner Bros. Rally Sparks Doubt: Will The Paramount Deal Fall Apart?

Warner Bros. Discovery has experienced a sharp reversal in sentiment following a meteoric rise in its share price. The rally, sparked by rumors of...

Baptista Research

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