Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Moderna, Inc. operates as a biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases.

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.</li>
<li>We expect threes changes at the December index rebal event and no intra-review changes before then.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.
We expect threes changes at the December index rebal event and no intra-review changes before then.


Quiddity Leaderboard Nasdaq100 Dec26 Rebal: 3 ADDs/DELs; US$42bn One-Way Flow

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.</li>
<li>We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.
We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.


Quiddity Leaderboard Nasdaq100 Sep26 Rebal: Still No Changes in September

Astera Labs, Inc. provides semiconductor-based connectivity solutions. The Company develops and deploys intelligent connectivity platforms built for cloud and AI infrastructure. Astera Labs serves customers in the United States, Canada, China, Taiwan, and Israel.

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.</li>
<li>We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.
We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.


Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

Cheniere Energy, Inc. is an energy company focused on LNG-related businesses. The Company owns and operates liquefied natural gas (LNG) receiving terminals and liquefied natural gas (LNG) pipelines. Cheniere Energy manages and operates projects in Louisiana and Texas.

<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

Bloom Energy Corporation manufactures power generation equipment. The Company offers on-site power generation systems that utilizes fuel cell technology to generate electricity. Bloom Energy serves banking, health care, data centers, media and communication, food and beverage, logistics, technology, and utilities industries in the United States.

<ul>
<li>The ADDs/DELs for SP 500, SP MidCap400, and SP SmallCap600 indices for the September 2026 index rebal event were announced after market close on Friday 4 September 2026.</li>
<li>There are 3 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes. </li>
</ul>


The ADDs/DELs for SP 500, SP MidCap400, and SP SmallCap600 indices for the September 2026 index rebal event were announced after market close on Friday 4 September 2026.
There are 3 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes. 


Quiddity SP 500 Sep26 Results: Over US$31bn One Way Flow