Index and ETF investors are getting some serious changes coming to major indexes in a quarterly rebalancing act. The S&P 500 is the biggest index change of them all because it has the “SPY” ETF that is so large. On top of this index rotation, after 4 additions and deletions from the S&P 500, there are index component changes to the S&P 100 and to the S&P Mid-Cap 400 index and S&P Small Cap 600 Index.
Oggonomics has pulled these index changes to reflect the changes in an easy to see format. It should be noted that the inclusion of each of these stocks will matter on days of big index moves because it means these stocks will now participate from index-trackers like mutual funds, ETFs and from independent index chasers.
The index changes will take effect prior to the markets opening on Monday, March 24 as part of the quarterly rebalance. According to S&P, these index changes are to ensure that each index is more representative of their respective market capitalization range earmarked for each index.
All in all, this is more than 30 companies being added to an index, moving up or down in an index, and being booted out of an index. And if you are wondering — yes, many strategic investors chase index changes like this.
S&P 500 CHANGES
The S&P 500 is the biggest index tracked. After all, the SPDR S&P 500 ETF Trust had more than $600 billion in assets under management as of March 6, 2025. These are the top changes:
- DoorDash Inc. (NASD: DASH) added to S&P 500 fresh
- TKO Group Holdings Inc. (NYSE: TKO) added to S&P 500, previously in S&P MidCap 400
- Williams-Sonoma Inc. (NYSE: WSM) added to S&P 500, previously in S&P MidCap 400
- Expand Energy Corp. (NASD: EXE) added to S&P 500, previously S&P MidCap 400
THE S&P 500 EJECTIONS
- Borgwarner Inc. (NYSE: BWA) booted from S&P 500
- Teleflex Inc. (NYSE: TFX) booted from S&P 500
- Celanese Corp. (NYSE: CE) booted from S&P 500
- FMC Corp. (NYSE:FMC) booted from S&P 500
S&P MID-CAP 400 INDEX CHANGES
The companies being added into the S&P Mid Cap 400 Index are shown as follows:
- VF Corp. (NYSE: VFC) added
- Alaska Air Group Inc. (NYSE: ALK) added
- Hims & Hers Health Inc. (NYSE: HIMS) added
TKO Group Holdings, Williams-Sonoma and Expand Energy are coming out of the index and moving up into the S&P 500 index as noted above.
Teleflex, Celanese, FMC and Borgwarner will replace VF, Alaska Air, Hims & Hers Health, and Ambac Financial Group Inc. (NYSE: AMBC) in the S&P SmallCap 600.
S&P SmallCap 600 constituents moving up to the S&P Mid-Cap 400 Index:
- Bath & Body Works Inc. (NYSE: BBWI)
- ATI Inc. (NYSE: ATI)
- EchoStar Corp. (NASDAQ: SATS)
The companies being replaced in the S&P Mid-Cap 400 Index are as follows:
- The Chemours Co. (NYSE:CC)
- Teradata Corp. (NYSE: TDC)
- Neogen Corp. (NASDAQ: NEOG)
According to S&P’s release, Chemours, Teradata and Neogen will replace Bath & Body Works, ATI and EchoStar in the S&P SmallCap 600.
NEW & BOOTED S&P SMALL CAP 600 MEMBERS
The new additions into the S&P Small Cap 600 Index are listed as follows:
- Ryman Hospitality Properties Inc. (NYSE: RHP)
- Element Solutions Inc. (NYSE: ESI)
- Freshpet Inc. (NASDAQ: FRPT)
- WillScot Holdings Corp. (NASDAQ: WSC)
- Mueller Water Products (NYSE: MWA)
- Kratos Defense & Security Solutions Inc. (NASDAQ: KTOS)
- CleanSpark Inc. (NASDAQ: CLSK)
According to S&P, the stocks being removed from the S&P SmallCap 600 are no longer representative of the small-cap market space. These are the companies being removed from the S&P Small Cap 600 Index:
- Wabash National Corp. (NYSE: WNC)
- Green Dot Corp. (NYSE: GDOT)
- Fulgent Genetics Inc. (NASD:FLGT)
- Nabors Industries Ltd (NYSE:NBR)
- Green Plains Inc. (NASDAQ: GPRE)
- Mativ Holdings Inc. (NYSE: MATV)
- Hain Celestial Group Inc. (NASDAQ: HAIN)
- Ambac Financial Group Inc. (NYSE: AMBC), as noted above
S&P 100 INDEX CHANGES
The S&P 100 Index is in reality a more representative index for the broader market than the Dow Jones Industrial Average for total representation of the economy, but it does not get the attention, nor does it get the ETF activity as much as other index ETFs. Please note that all of the companies which are being booted out of the S&P 100 will be remaining members of the broader S&P 500 Index. S&P also noted that all stocks being added to the S&P 100 are more representative of the mega-cap market space.
Additions to the S&P 100 are as follows:
- Palantir Technologies Inc. (NASDAQ: PLTR)
- Intuitive Surgical Inc. (NASDAQ: ISRG)
- ServiceNow Inc. (NYSE: NOW)
Companies being replaced in the S&P 100 are listed as follows:
- Dow Inc. (NYSE: DOW)
- The Kraft Heinz Company (NASDAQ: KHC)
- Ford Motor Co. (NYSE: F)
