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

MongoDB, Inc. develops database software. The Company provides an open-source database platform for automating, monitoring, and deployment backups. MongoDB renders enterprise software integration, platform certification, and commercial licensing services. MongoDB serves clients worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.</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 the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/ebay-inc" target="_blank" data-smartkarma-citation="entities:1291:1" rel="noopener">eBay Inc (EBAY US)</a> are the main addition candidates for the acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> by mid-2025 and the December 2025 review.</li>
</ul>



MongoDB (MDB US) is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.

Shopify (SHOP US) is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.

Alnylam Pharmaceuticals (ALNY US) and eBay Inc (EBAY US) are the main addition candidates for the acquisition of Ansys Inc (ANSS US) by mid-2025 and the December 2025 review.


MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

Afcons Infrastructure Limited / Index Rebalance

Afcons Infrastructure Limited provides construction and infrastructure services. The Company focuses in areas of marine works, highways, bridges, railway metro works, oil and gas, and tunnels. Afcons Infrastructure serves customers worldwide.

Afcons Infrastructure Limited (6595396Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">AFCONS</a> debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.</li>
<li>
<a href="https://www.smartkarma.com/compose/insight/184573/AFCONS%20is%20forecasted%20to%20be%20added%20to%20Global-F%20SmallCap%20at%20the%20June%202025%20review%20with%20a%20free%20float%20of%2031.7%%20following%20the%203-month%20lock-up%20expiry%20of%20the%20Anchor%20Investors." target="_blank" rel="noopener">AFCONS</a> is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" rel="noopener">AFCONS</a> is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.</li>
</ul>



AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.

AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.

AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.


Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

<ul>
<li>The anchor lock-up expired on 13 Feb 2025 and the pre-IPO shareholder lock-up expires on 13 May 2025. The free float is forecasted to increase from ~13% to ~40%.</li>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> is expected to be added to global all-world at the June 2025 review following its IPO in November 2024 and the lock-up expiries.</li>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> is expected to be added to global standard in May 2025 if top-down approach is used for free float. Otherwise, its addition will take place in August.</li>
</ul>


The anchor lock-up expired on 13 Feb 2025 and the pre-IPO shareholder lock-up expires on 13 May 2025. The free float is forecasted to increase from ~13% to ~40%.

Swiggy (SWIGGY IN) is expected to be added to global all-world at the June 2025 review following its IPO in November 2024 and the lock-up expiries.

Swiggy (SWIGGY IN) is expected to be added to global standard in May 2025 if top-down approach is used for free float. Otherwise, its addition will take place in August.


Swiggy (SWIGGY IN): Post-IPO Global Index Inclusion & Final Lockup Expires In May 2025

Glencore Plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Plc offers its products and services around the world.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a> currently ranks 77 in STOXX Europe50. If it ranks 75 or worse on 30 April, the security will be deleted via Fast-Exit on 7 May.</li>
<li>
<a href="https://www.smartkarma.com/entities/rolls-royce-holdings-plc" target="_blank" data-smartkarma-citation="entities:22121:1" rel="noopener">Rolls-Royce Holdings (RR/ LN)</a> is forecasted to be the replacement to the Fast-Exit deletion.</li>
<li>Main forecasted addition and deletion candidates at the September 2025 annual review include <a href="https://www.smartkarma.com/entities/banco-bilbao-vizcaya-argentari" target="_blank" data-smartkarma-citation="entities:21251:1" rel="noopener">Banco Bilbao Vizcaya Argentaria (BBVA SM)</a> and <a href="https://www.smartkarma.com/entities/mercedes-benz-group-ag" target="_blank" data-smartkarma-citation="entities:21602:1" rel="noopener">Mercedes-Benz Group (MBG GR)</a>, respectively. </li>
</ul>



Glencore Plc (GLEN LN) currently ranks 77 in STOXX Europe50. If it ranks 75 or worse on 30 April, the security will be deleted via Fast-Exit on 7 May.

Rolls-Royce Holdings (RR/ LN) is forecasted to be the replacement to the Fast-Exit deletion.
Main forecasted addition and deletion candidates at the September 2025 annual review include Banco Bilbao Vizcaya Argentaria (BBVA SM) and Mercedes-Benz Group (MBG GR), respectively. 


Glencore (GLEN): Fast-Exit from STOXX Europe50 In May 2025

Horizon Robotics, Inc. offers technology services. The Company develops advanced driver assistance systems, autonomous driving solutions, and other for passenger vehicles. Horizon Robotics provides its services throughout Hong Kong.

<ul>
<li>Free float is expected to increase from 10% to 70% on 24 April for Global-F and on 24 October for Global-M. The delayed increase is due to undisclosed shareholders.</li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is forecasted to be added to global all-world in June 2025 following the 6-month lock-up expiry of most shareholders.</li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is forecasted to be added to global standard in February 2026 following the 12-month lock-up expiry of undisclosed shareholders.</li>
</ul>


Free float is expected to increase from 10% to 70% on 24 April for Global-F and on 24 October for Global-M. The delayed increase is due to undisclosed shareholders.

Horizon Robotics (9660 HK) is forecasted to be added to global all-world in June 2025 following the 6-month lock-up expiry of most shareholders.

Horizon Robotics (9660 HK) is forecasted to be added to global standard in February 2026 following the 12-month lock-up expiry of undisclosed shareholders.


Horizon Robotics (9660 HK): Global Index Inclusion After April & October Lock-Ups

Index Rebalance professional of US, EU and Global Indices. Specialized in shareholder structure and index free float calculation, SPACs, quarterly rebalance predictions of US-EU indices and cross-index implications of corporate actions such as M&A's, Spin-offs and IPOs.

All forecasts and calculations are estimates derived from a combination of public sources considered reliable. These sources include, but are not limited to, exchange and regulatory filings, company announcements, and ETFs. While best efforts are made to maximize accuracy, estimates and predictions are subject to uncertainty.

No index data are used.

Dimitris Ioannidis
US-EU Index Rebalances / Quantitative Researcher
• ORTEX

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

MDB is set to be removed from Nasdaq100 on 16 May due to its low index weighting, with SHOP expected to replace it. ALNY and EBAY are potential...

Dimitris Ioannidis

Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries

Afcons Infrastructure is expected to be added to Global SmallCap in June 2025, with its free float projected to increase in August and September...

Dimitris Ioannidis

Swiggy (SWIGGY IN): Post-IPO Global Index Inclusion & Final Lockup Expires In May 2025

Following research, due to the 6-month lock-up on the pre-offer share capital, the free float increase from 13% to 40% is expected to take place on...

Dimitris Ioannidis

Glencore (GLEN): Fast-Exit from STOXX Europe50 In May 2025

Glencore (GLEN) is ranked ~79 as of 29 April. With only one day to go, the stock price needs to surge ~8% to avoid fast-exit. As a result, the...

Dimitris Ioannidis

Horizon Robotics (9660 HK): Global Index Inclusion After April & October Lock-Ups

IPO lock-up expiries of disclosed and undisclosed shareholders are forecasted to boost free float from 10% to 70% and lead to global index...

Dimitris Ioannidis