The table below shows the historical constituents of NASDAQ 100 stock index for the past five years. The index includes the 100 largest non-financial companies listed on the NASDAQ stock exchange. Even though the index consists of 100 companies it does not have 100 but 103 components (9/30/2020). NASDAQ has been following the example of S&P Dow Jones Indices and the new index rules allow the inclusion of multiple share classes of a single company. If a company was part of the index during the first day of a year, it is marked as X.
NASDAQ 100 – Historical Index Components
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How are the index components selected?
The most important selection eligibility criteria for a company to be added to the index are:
- Primary US listing on the NASDAQ Global Select Market or the NASDAQ Global Market.
- Not a financial company.
- Average daily trading volume of at least 200,000 shares
- The company’s stock must be “seasoned”, meaning that it has been listed on NASDAQ or NYSE for at least three full months.
To stay part of NASDAQ-100, a company’s stock must always fulfill the selection eligibility criteria. There is no minimum market cap for inclusion but a firm must have an adjusted market cap at least 0.10% of the total adjusted market cap of the index or it will be replaced.
The index is rebalanced annually using the NASDAQ’s Ranking Review process. NASDAQ is ranking all companies that meet the eligibility criteria based on their market capitalizations (calculated using the stock price from the last day of October). Every stock that is still among the top 100 is kept in the index. Also stocks that are ranked 101 to 125 won’t be replaced if they were part of top 100 during the previous Ranking Review. All the other components are switched. The changes always become effective after the trading closes on the third Friday in December. Because the index is only balanced once a year, NASDAQ-100 does not include the 100 most valuable companies for majority of the time.
On Aug 26, 2014, NASDAQ announced that it will change its rules about multiple share lines of a single company. According to the new methodology, all share classes of a company part of the index will be included to NASDAQ-100 if they will meet the inclusion criteria. NASDAQ stated that this will help the index to better reflect the market value of corporations.
Google was the first company to have two different share classes part of the index: its Class C Common stock (GOOG) was included to the index on Apr 3rd 2014. On October 2009, the digital commerce business of Liberty Interactive started trading under its own stock, Liberty Ventures (LVNTA). Liberty Ventures was added to NASDAQ 100 on Nov 6th 2014. Comcast’s Class A Special (CMCSK), Twenty-First Century Fox’s Class B (FOX) and Liberty Global’s Class C (LBTYK) share classes were included to the index on Dec 22nd 2014 and NASDAQ 100 consisted of 107 components at the end of 2014. On July 1st 2015, Liberty Interactive created two new stocks, Liberty Lilac Class A (LILA) and Liberty Lilac Class C (LILAK), that were included to the index, making the total number of constituents 109. However, In December 2015, LILA, LIKAK and CMCSK were removed from the index, making the number of components to be 106 at the end of the year.
NASDAQ 100 stock index
NASDAQ 100 index was created on January 1985 by the NASDAQ stock exchange. The index includes companies from industries like computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. The component weights are based on the market capitalizations of the companies but there are certain rules that are limiting the weights of the most valuable companies. In 6/30/2015, the weight of the largest component, Apple, was 14.26%. The second largest component is Microsoft whose weight is 7.14%.