Thomson Reuters To Replace ANSYS In Nasdaq-100 Index

Nasdaq announced that Thomson Reuters Corp (TRI) will replace ANSYS, Inc. (ANSS) in the Nasdaq-100 Index (NDX) and Nasdaq-100 Equal Weighted Index (NDXE), effective prior to market open on July 28, 2025. This rebalancing also extends to several Nasdaq-100 Tech Sector indices, signaling Thomson Reuters' growing prominence within key technology-focused benchmarks and necessitating portfolio adjustments for index-tracking funds.

Analysis

Nasdaq has announced a forward-dated change to the composition of the Nasdaq-100 Index (NDX) and its related technology sector indices, effective July 28, 2025. Thomson Reuters Corp (TRI) will be added, while ANSYS, Inc. (ANSS) will be removed. This rebalancing event is significant as it will mandate portfolio adjustments for all passive funds and ETFs tracking these widely-followed benchmarks. Consequently, this action will create a future technical catalyst, generating forced institutional buying of TRI and forced selling of ANSS. The inclusion of Thomson Reuters underscores its substantial market capitalization and position within the technology and information services landscape. Conversely, the removal of ANSYS signals a relative shift that has led to its disqualification from this key group of non-financial companies. The extended lead time of over a year allows the market to anticipate these flows, though price volatility for both stocks is likely to increase closer to the effective date.

Key Decisions for Investors

• Investors should anticipate a structural tailwind for Thomson Reuters (TRI) as the July 2025 inclusion date nears, driven by mandatory buying from index-tracking funds.
• Holders of ANSYS (ANSS) must be prepared for potential downward price pressure and increased selling volume leading up to the exclusion date.
• The significant lead time before the rebalancing takes effect may present opportunities for pairs trading, positioning long TRI against short ANSS to capture the anticipated price divergence stemming from index fund flows.
• It is crucial to recognize that this is a technical rebalancing event based on index methodology, not a direct commentary on the fundamental operating performance or outlook of either company.