US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.</li>
<li>The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.</li>
</ul>



Shopify (SHOP US) is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.

Shopify (SHOP US) is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.
The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.


Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

Nanshan Aluminium International Holdings / Index Rebalance

Nanshan Aluminium International is a leading alumina manufacturer in Southeast Asia. The firm’s primary focus has been tapping into Indonesia’s abundant bauxite and coal reserves, utilizing the low-temperature Bayer process to produce metallurgical-grade alumina in sand form.

Nanshan Aluminium International Holdings (NAI HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium (2610 HK)</a> is forecasted to fail the fcap thresholds of both Global indices in 2025 due to low IPO free float.</li>
<li>The free float is <em>not</em> expected to increase upon lock-up expiry because of strategic Cornerstone and substantial shareholdings.</li>
<li>Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic Cornerstone holdings from filings thus free float.</li>
</ul>



Nanshan Aluminium (2610 HK) is forecasted to fail the fcap thresholds of both Global indices in 2025 due to low IPO free float.
The free float is not expected to increase upon lock-up expiry because of strategic Cornerstone and substantial shareholdings.
Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic Cornerstone holdings from filings thus free float.


Nanshan Aluminium (2610 HK): Low IPO Free Float Prevents Global Index Inclusion Despite $2.4B Mcap

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.</li>
</ul>



Klarna Group (KLAR US) is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.

Klarna Group (KLAR US) can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.

Klarna Group (KLAR US) is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.


Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.</li>
<li>Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. </li>
<li>RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> is the main deletion candidate.</li>
</ul>



Rheinmetall AG (RHM GR) surged ~65% over the last month and is now passing the sector coverage threshold resulting in its selection list qualification and rank of ~26.
Fast-Entry inclusion to Euro STOXX50 can be triggered at the June 2025 quarterly review if RHM's price increases by ~4% to reach the fast-entry rank of 25. 
RHM's inclusion at the September 2025 annual review has a high probability given a failed fast-entry in June. Kering (KER FP) is the main deletion candidate.


EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

JX Advanced Metals Corporation develops and mines non-ferrous metal resources. The Company develops, mines, smelts, refines, and markets non-ferrous such as copper, gold, and silver. JX Advanced Metals also manufactures and sells copper foils, semiconductor materials, precision-rolled coppers, copper-alloy products, and special steel products.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> is scheduled to be listed on 19 March 2025, at the prime market of the Tokyo Stock Exchange at an expected valuation of ~$5.3bn.</li>
<li>Fast-Entry inclusion for the one global index can take place on 25 March if the stock price surges by ~30% or more on the first trading day.</li>
<li>Review inclusion given failed fast-entries for both global indices, is expected in August and September 2025.</li>
</ul>



JX Advanced Metals (5016 JP) is scheduled to be listed on 19 March 2025, at the prime market of the Tokyo Stock Exchange at an expected valuation of ~$5.3bn.
Fast-Entry inclusion for the one global index can take place on 25 March if the stock price surges by ~30% or more on the first trading day.
Review inclusion given failed fast-entries for both global indices, is expected in August and September 2025.


JX Advanced Metals (5016 JP): IPO Fast-Entry 30% Away; Index Review Inclusion in Aug & Sep 2025

ORTEX
Global Financial Data and Analytics Platform

Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

SHOP is set for inclusion in Nasdaq100, R1000 and Krisp Mega Cap in 2025, following its Nasdaq listing transfer and US nationality assignment via...

Dimitris Ioannidis

Nanshan Aluminium (2610 HK): Low IPO Free Float Prevents Global Index Inclusion Despite $2.4B Mcap

Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic...

Dimitris Ioannidis

Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

Following the IPO prospectus, KLAR faces exclusion from all major US indices including rasel due to a US foreign listing and a UK nationality...

Dimitris Ioannidis

EURO STOXX50: Fast-Entry In June Or Inclusion In September 2025 For Rheinmetall AG (RHM GR)

Rheinmetall AG (RHM) is now ranked 26th in Euro STOXX50, after surpassing the Industrial sector coverage threshold and is ~4% away from fast-entry...

Dimitris Ioannidis

JX Advanced Metals (5016 JP): IPO Fast-Entry 30% Away; Index Review Inclusion in Aug & Sep 2025

Final offering price is 820 JPY, lower than the initial indicative price of 862 JYP. But the greenshoe has been exercised and assumed to be...

Dimitris Ioannidis