Annual Changes to the Nasdaq-100 Index®

Nasdaq (NDAQ) announced the annual reconstitution of the Nasdaq-100 Index (NDX), effective prior to market open on December 22, 2025.

Rhea-AI Summary

Nasdaq (NDAQ) announced the annual reconstitution of the Nasdaq-100 Index (NDX), effective prior to market open on December 22, 2025. Six companies will be added: Alnylam (ALNY), Ferrovial (FER), Insmed (INSM), Monolithic Power Systems (MPWR), Seagate (STX), Western Digital (WDC).

Six companies will be removed: Biogen (BIIB), CDW (CDW), GlobalFoundries (GFS), Lululemon (LULU), ON Semiconductor (ON), The Trade Desk (TTD). The Nasdaq-100 underpins more than 200 tracking products with over $600 billion in assets under management, including the Invesco QQQ Trust (QQQ).

Positive

• Six companies added to Nasdaq-100 effective Dec 22, 2025
• Nasdaq-100 underpins over 200 tracking products
• Index AUM exceeds $600 billion

Negative

• Six companies removed from Nasdaq-100 effective Dec 22, 2025

Argus Dec 15 session

-0.68% close to close Open Argus

Details

News Market Reaction – NDAQ

In the Dec 15 session, NDAQ declined 0.68%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement outlines the annual reconstitution of the Nasdaq-100 Index, with six companies add...

Analysis

This announcement outlines the annual reconstitution of the Nasdaq-100 Index, with six companies added and six removed effective December 22, 2025. Because the index underpins more than 200 products and over $600 billion in assets, these changes shape benchmark exposure and trading flows. In context of recent operational updates and steady price responses, investors may track how this rebalance interacts with Nasdaq’s volume trends and upcoming earnings disclosures.

Key Figures

Index constituents: 100 companies Companies added: 6 companies Companies removed: 6 companies +3 more

Index constituents

100 companies

Nasdaq-100 tracks 100 largest non-financial Nasdaq listings

Companies added

6 companies

Number of additions in 2025 Nasdaq-100 reconstitution

Companies removed

6 companies

Number of deletions in 2025 Nasdaq-100 reconstitution

Tracking products

More than 200

Products underpinned by the Nasdaq-100 Index as of Dec 2025

AUM linked to NDX

Over $600 billion

Assets under management in Nasdaq-100-linked products globally

Effective date

December 22, 2025

Reconstitution becomes effective before market open

Historical Context

5 past events · Latest: Dec 09

5 events

1. Dec 09

   Short interest update

   24h Move

   +1.3%

   Reported end-of-month open short interest across all Nasdaq-listed securities.

2. Dec 09

   Listing transfer

   24h Move

   +1.0%

   Walmart completed transfer of its listing to Nasdaq and began trading.

3. Dec 03

   Monthly volume data

   24h Move

   +2.2%

   Reported November 2025 trading volumes and posted detailed data sheet.

4. Dec 03

   Investor conference

   24h Move

   +2.2%

   Announced participation in Goldman Sachs 2025 Financial Services Conference.

5. Dec 02

   Trading halt notice

   24h Move

   -0.9%

   Announced trading halt in MaxsMaking Inc. pending additional information.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

nasdaq-100 index, ndx, futures, options, +1 more

5 terms

nasdaq-100 index financial

"announced the results of the annual reconstitution of the Nasdaq-100 Index"

A stock market index made up of the 100 largest non-financial companies listed on the Nasdaq exchange, ranked by the total value of their publicly traded shares. Think of it as a single basket or scoreboard that tracks how a group of prominent, mostly tech- and growth-oriented firms are performing together; investors use it as a benchmark to gauge market trends, build funds or ETFs, and get broad exposure to large-cap Nasdaq-listed stocks.

ndx financial

"reconstitution of the Nasdaq-100 Index® (NDX®), which will become effective"

The Nasdaq-100 Index (commonly shown as NDX) is a stock-market benchmark made up of the 100 largest non‑financial companies listed on the Nasdaq exchange, arranged so bigger companies have more influence. Think of it as a single basket holding many large U.S. growth and technology stocks; its movement shows how that segment of the market is doing. Investors use it to track performance, price index funds and trade derivatives tied to broad tech and growth exposure.

futures financial

"a range of derivatives and structured instruments, such as futures, options, and other products"

A futures contract is a standardized agreement to buy or sell an asset (like a commodity, currency, or stock index) at a fixed price on a specific future date. Think of it like locking in the price of a house today for a move-in years from now: it lets buyers and sellers protect themselves against price swings or bet on which way prices will move. For investors, futures matter because they provide a cheap way to manage risk, amplify returns through leverage, and signal market expectations that can move cash prices.

View in glossary

options financial

"structured instruments, such as futures, options, and other products based on the Nasdaq-100 Index"

Options are contracts that give investors the right to buy or sell an asset at a specific price within a certain time frame. They function like a reservation or a ticket that allows for potential profit or protection against price changes, making them useful tools for managing investment risks or speculating on market movements.

View in glossary

quadruple witch expiration technical

"is reconstituted each year in December, timed to coincide with the quadruple witch expiration Friday"

Quadruple witch expiration is the day when four types of derivatives — stock options, stock index options, stock index futures and single-stock futures — all expire simultaneously. It matters to investors because the simultaneous settlements often lead to much higher trading volume and sudden price swings, like a large number of people trying to exit or adjust positions at once, which can create short-term volatility and unusual trading opportunities or risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NEW YORK, Dec. 12, 2025 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced the results of the annual reconstitution of the Nasdaq-100 Index® (NDX®), which will become effective prior to market open on Monday, December 22, 2025.

The following six companies will be added to the Index: Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), Ferrovial SE (Nasdaq: FER), Insmed Incorporated (Nasdaq: INSM), Monolithic Power Systems, Inc. (Nasdaq: MPWR), Seagate Technology Holdings plc (Nasdaq: STX), Western Digital Corp. (Nasdaq: WDC).

The Nasdaq-100 Index is a globally recognized index that tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq Stock Market® encompassing a diverse range of industries and sectors. From technology and retail to healthcare, telecommunications, biotechnology, and media, these companies collectively shape the new 21st century economy. The Nasdaq-100® is reconstituted each year in December, timed to coincide with the quadruple witch expiration Friday of the quarter.

As of December 2025, the Nasdaq-100 Index underpins more than 200 tracking products with over $600 billion in assets under management globally, including the Invesco QQQ Trust (QQQ®), which seeks to deliver investment results that, before expenses, correspond to the performance of the Nasdaq-100 Index. In addition to QQQ, a range of derivatives and structured instruments, such as futures, options, and other products based on the Nasdaq-100 Index and the Invesco QQQ Trust trade on various exchanges.

As a result of the reconstitution, the following six companies will be removed from the Index: Biogen Inc. (Nasdaq: BIIB), CDW Corporation (Nasdaq: CDW), GlobalFoundries Inc. (Nasdaq: GFS), Lululemon Athletica Inc. (Nasdaq: LULU), ON Semiconductor Corporation (Nasdaq: ON), The Trade Desk, Inc. (Nasdaq: TTD).

Information

For information about the six companies to be added to the Nasdaq-100 Index, please visit the following respective company websites:

• Alnylam Pharmaceuticals, Inc. – https://www.alnylam.com/
• Ferrovial SE – https://www.ferrovial.com/
• Insmed Incorporated – https://insmed.com/
• Monolithic Power Systems, Inc. – https://www.monolithicpower.com/
• Seagate Technology Holdings plc – https://www.seagate.com/
• Western Digital Corp. – https://www.westerndigital.com/
  
  

About Nasdaq Global Indexes

Nasdaq Global Indexes has been creating innovative, market-leading, transparent indexes since 1971. Today, our index offering spans geographies and asset classes and includes diverse families such as the Dividend and Income (includes Dividend Achievers), Dorsey Wright, Fixed Income (includes BulletShares®), Global Equity, Green Economy, Nordic, and Commodity indexes. We continuously offer new opportunities for financial product sponsors across a wide spectrum of investable products and for asset managers to measure risk and performance. Nasdaq also provides exchange listing, custom index, and design solutions to financial organizations worldwide.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com

Nasdaq®, Nasdaq-100 Index®, Nasdaq-100®, NDX®, QQQ®, and Nasdaq Stock Market® are registered trademarks of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

Media Relations Contact		Investor Relations Contact
Name: Maximilian Leitenberger Email: Maximilian.leitenberger@nasdaq.com		Name: Index Client Services Email: indexservices@nasdaq.com

NDAQF

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will the Nasdaq-100 reconstitution become effective for NDX and NDAQ?

The reconstitution becomes effective prior to market open on December 22, 2025.

Which companies will be added to the Nasdaq-100 index on December 22, 2025 (symbols)?

Added: ALNY, FER, INSM, MPWR, STX, WDC.

Which companies will be removed from the Nasdaq-100 index on December 22, 2025 (symbols)?

Removed: BIIB, CDW, GFS, LULU, ON, TTD.

How large is the asset base tied to the Nasdaq-100 index mentioned by Nasdaq (NDAQ)?

The Nasdaq-100 underpins more than 200 tracking products with over $600 billion in assets under management.

Will the Invesco QQQ Trust (QQQ) be affected by the Nasdaq-100 annual reconstitution?

Yes; QQQ seeks to track the Nasdaq-100, so its holdings will reflect the reconstitution effective December 22, 2025.