Annual Changes to the Nasdaq-100 Index®
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
Key Figures
Market Reality Check
Peers on Argus
Sector peers showed mixed, mostly small moves, with MSCI -0.21%, ICE +0.01%, COIN -1.55%, MCO +0.09%, and CME +0.57%, suggesting stock-specific dynamics for NDAQ.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 09 | Short interest update | Neutral | +1.3% | Reported end-of-month open short interest across all Nasdaq-listed securities. |
| Dec 09 | Listing transfer | Neutral | +1.0% | Walmart completed transfer of its listing to Nasdaq and began trading. |
| Dec 03 | Monthly volume data | Neutral | +2.2% | Reported November 2025 trading volumes and posted detailed data sheet. |
| Dec 03 | Investor conference | Neutral | +2.2% | Announced participation in Goldman Sachs 2025 Financial Services Conference. |
| Dec 02 | Trading halt notice | Neutral | -0.9% | Announced trading halt in MaxsMaking Inc. pending additional information. |
Recent operational and market-structure updates have generally coincided with modestly positive price reactions.
Over the last several weeks, Nasdaq has released a series of operational and market-structure updates, including November 2025 volume statistics on Dec 03 and end-of-month short interest data on Dec 09, each followed by positive price moves. Corporate actions such as a trading halt in MaxsMaking Inc. on Dec 02 had a small negative impact. This index reconstitution announcement continues a pattern of rules-based market updates that frame Nasdaq’s role as an exchange and data provider.
Market Pulse Summary
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 Terms
nasdaq-100 index financial
futures financial
options financial
AI-generated analysis. Not financial advice.
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
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
When will the Nasdaq-100 reconstitution become effective for NDX and NDAQ?
Which companies will be added to the Nasdaq-100 index on December 22, 2025 (symbols)?
Which companies will be removed from the Nasdaq-100 index on December 22, 2025 (symbols)?
How large is the asset base tied to the Nasdaq-100 index mentioned by Nasdaq (NDAQ)?
Will the Invesco QQQ Trust (QQQ) be affected by the Nasdaq-100 annual reconstitution?
