The S&P 500 is a cornerstone of the U.S. financial markets, representing 500 of the largest publicly traded companies. Established in 1957, it serves as a key indicator of the U.S. equity market’s health.
The S&P 500 undergoes periodic rebalancing to ensure it accurately reflects the U.S. large-cap equity market. These adjustments typically occur on a quarterly basis, aligning with the expiration of stock options, stock index futures, and stock index options contracts—events collectively known as “triple witching.” In 2025, the scheduled dates for these rebalancing events are:
- March 21, 2025: First quarter rebalancing
- June 20, 2025: Second quarter rebalancing
- September 19, 2025: Third quarter rebalancing
- December 19, 2025: Fourth quarter rebalancing
Inclusion Criteria
To be considered for inclusion in the S&P 500, a company must meet specific criteria:
- Market Capitalization: Minimum of $20.5 billion.
- Liquidity: Annual dollar value traded to float-adjusted market capitalization ratio greater than 0.75.
- Domicile: Must be U.S.-based, with at least 50% of revenues derived from the U.S.
- Public Float: At least 50% of shares must be publicly available for trading.
- Financial Viability: Positive earnings in the most recent quarter and over the sum of the past four quarters.
- Exchange Listing: Must be listed on the NYSE, Nasdaq, or Cboe.
Certain entities, such as limited partnerships, master limited partnerships, OTC bulletin board issues, closed-end funds, ETFs, ETNs, royalty trusts, tracking stocks, preferred stock, unit trusts, equity warrants, convertible bonds, investment trusts, American depositary receipts, and American depositary shares, are ineligible for inclusion.
Potential Candidates for Inclusion
Several companies have been identified by analysts as potential additions to the S&P 500 in upcoming rebalancing events:
| Company | Ticker | Market Capitalization | Sector |
|---|---|---|---|
| AppLovin Corp. | APP | $88.2 billion | A mobile technology company specializing in app monetization and marketing. |
| Interactive Brokers Group Inc. | IBKR | $80.2 billion | An electronic brokerage firm providing trading solutions for retail and institutional investors. |
| DoorDash Inc. | DASH | $75.7 billion | A food delivery and logistics company operating globally. |
| Southern Copper Corp. | SCCO | $72.3 billion | A mining company engaged in the exploration and production of copper and other minerals. |
| Coinbase Global Inc. | COIN | $54.4 billion | A cryptocurrency exchange platform facilitating digital asset trading. |
| Ares Management Corp. | ARES | $48.4 billion | An alternative asset manager specializing in credit, private equity, and real estate investments. |
| Cheniere Energy Inc. | LNG | $48.2 billion | An energy company focused on liquefied natural gas (LNG) production and exports. |
| Carvana Co. | CVNA | $39.8 billion | An e-commerce platform for buying and selling used cars online. |
| Robinhood Markets Inc. | HOOD | $39.7 billion | A financial services company known for commission-free stock and crypto trading. |
| Veeva Systems Inc. | VEEV | $38.3 billion | A cloud computing company providing solutions for the life sciences industry. |
| Datadog Inc. | DDOG | $38.2 billion | A software company specializing in cloud monitoring and security services. |
| Block Inc. | SQ | $37.0 billion | A financial technology company offering payment processing and mobile banking solutions. |
| HubSpot Inc. | HUBS | $34.0 billion | A software company providing marketing, sales, and customer service solutions. |
| Ferguson Enterprises Inc. | FERG | $33.4 billion | A distributor of plumbing and HVAC supplies for construction and maintenance industries. |
| Vertiv Holdings Co. | VRT | $31.4 billion | A provider of data center infrastructure, power management, and cooling solutions. |
Inclusion in the S&P 500 is a significant milestone, often leading to increased visibility and investment. However, companies must continue to meet the index’s stringent criteria to maintain their position.
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