PREDICTIONS · Nasdaq Nordic semi-annual review Announcement 23 Nov 2026 Effective 1 Dec 2026

Who's in. Who's out. And by how much.

A forensic, model-based preview of the December 2026 reviews of OMXS30, OMXS30 ESG, the OMX Stockholm Benchmark and the OMX Copenhagen Benchmark. Every selection rule is rebuilt from the methodology, every free-float factor is reconstructed from dated filings, and every call is stress-tested in 20,000 simulations.

OMXS30 · 30 seats

Waiting list →

The briefing

Ten things the market should know before 23 November

The verdict

Predicted changes, index by index

Probabilities are the share of 20,000 simulations, in which every free-float factor is redrawn from the model's own uncertainty band, that produce the same outcome. Prices and turnover were fixed at the 30 October reference date.

The revolving door

The Benchmark indexes have no buffer for existing members, so names that sit near the 85% coverage line keep moving in and out. Five of this review's additions were removed within the last year, and Attendo would leave after only six months.

SecurityIndexDec 2025Jun 2026Dec 2026 (model)Why it flips

Historical changes from Nasdaq's semi-annual announcements (Nov 2025, May 2026). A dash means no change that review. A dashed outline marks a prediction.

OMXS30 · Selection, step by step

Lifco misses the buffer by one place

The 71 liquid companies (6-month ADTV ≥ SEK 50m, one share line each), ranked by company-level free-float market cap at the 30 October reference date. Step through the rules exactly as the methodology applies them.

Selected New entrant Exit Qualifies, no free seat Not selected

Benchmark indexes · The 85% machine

Inside each sector, the 85% mark decides

Within every ICB supersector, securities are taken in order of free-float market cap until cumulative coverage reaches 85%. The one that crosses the line still gets in, and the next one does not. The top 10% by 12-month turnover enter automatically, and the bottom 30% can never enter. Pick a supersector to watch it fill.

Stays Added Deleted Not selected Ineligible (bottom 30% turnover) Turnover fast lane
Coverage reached0%

The capped twins

Same members, different weights

OMXSB Cap and OMXCB Cap hold exactly the same stocks as their parents, so they get the same additions and deletions. The difference is weight. Each company is capped at 4.5%, but the largest companies may go up to 9%, as long as all companies above 4.5% add up to no more than 36%. Most Swedish index money follows the capped version, led by Storebrand Sverige (SEK 20bn). In Copenhagen, the cap cuts Novo Nordisk from 30% to 9%.

Uncapped parent weightCapped weightCut by the cap

Portfolio in motion

Watch the index rebalance

Each bubble is a constituent, sized by index weight. Run the rebalance: deletions drift to the exit lane, additions arrive from the entry lane, and every free-float revision resizes a holding.

Unchanged Free-float revised (▲/▼) Added Deleted

Preliminary proforma

The new portfolios, day by day

Each proforma weight is the free-float-adjusted share count times the closing price, divided by the total. OMXS30 and OMXS30 ESG are ranked and capped at the reference date: the close of Fri 30 Oct, a half day 22 trading days before the effective date. OMXSB and OMXCB have no price fixing. Their weights are set at the close on Mon 30 Nov, which is also when trackers trade, so any weights shown at the 23 Nov announcement are only indicative. The capped versions, OMXSB Cap and OMXCB Cap, hold the same stocks but cap each company at 4.5%, or 9% for the largest names up to 36% in total. That capping is set at the close on 23 Nov, six trading days before the effective date, and Nasdaq rebalances daily if a company passes 10% or names above 5% exceed 40%. Days up to the latest price data use real Nasdaq closing prices. Later days hold every price flat at that close and are marked as projected.

Proforma weights

After reviewBefore review
Weight path

Passive demand

From weights to money

Trackers must own the new weights by the close on 30 November. The estimated trade per security is the tracking capital times the change in weight (proforma weight minus current weight), both priced on the date chosen in the proforma above. Days of ADTV tell you whether the closing auction can absorb the trade.

Largest estimated trades

BuySellOver 1 day of ADTV

The quiet trade

147 free-float revisions nobody headlines

Adds and deletes get the attention, but trackers also have to trade every free-float revision. The model reconciles each June factor with ownership filings up to 30 October and predicts the December factor. Bar opacity shows the model's confidence in its predicted value.

Proprietary rankings

Five lenses you won't find on a terminal

Stress test

How sure is the model? Mostly, very.

Once the 30 October reference date has passed, the prices and turnover used for selection are fixed. What can still move is the free-float factor Nasdaq applies, and for 512 securities the model records its confidence and the alternative values it considered. Each of the 20,000 runs draws every factor from that distribution and re-runs all four indexes.

Every predicted change, by probability

OMXS30 rank ranges in simulation

Range of ranks each company reached across 20,000 runs (ranks 18–40).

Between now and 1 December

What could still change

After the 30 October reference date, ranks and selections are locked in. Three things can still change the outcome: corporate actions, the calls that sit close to a threshold, and Nasdaq's own discretion. Here is each of them, with what the methodology says happens next.

Corporate actions on the radar

If it happens, what do the rules say?

The calls that could still flip

For every Benchmark supersector, the last security inside the 85% line and the first one outside it, with the free-float market cap that separates them. A small gap means a modest free-float revision or price move could swap them.

Method & audit trail

Rebuilt from first principles

OMXS30

The universe is OMXSPI, limited to stocks with 6-month ADTV of at least SEK 50m, one share line per company. Companies are ranked by free-float market cap summed across all their share lines. The top 20 are selected. Existing members ranked 21–35 are kept. Any free seats go to non-members ranked inside the top 30. Weights are capped at 15%.

Methodology ↗

OMXS30 ESG Responsible

The index holds every OMXS30 member that passes its ESG screening: UNGC compliance, no controversy rating of 5, and product-involvement thresholds such as weapons, gambling, and oil & gas. It needs at least 25 constituents. In the model, Evolution is excluded because its revenue comes from gambling, and Saab because of its involvement in weapons. That leaves 28.

Methodology ↗

Stockholm & Copenhagen Benchmark

The top 10% by 12-month turnover enter automatically (at least 25 securities). The rest are filled by free-float market cap up to 85% coverage of each ICB supersector. The bottom 30% by turnover are ineligible. There is no incumbent buffer and no cap. The Cap versions (OMXSBCAP, OMXCBCAP) hold the same stocks, with each company capped at 4.5%, or 9% for the largest names up to 36% in total. Their capping is priced at the close six trading days before the effective date and checked daily against 10% / 5% / 40%.

OMXSB ↗ · OMXCB ↗ · OMXSBCAP ↗ · OMXCBCAP ↗

Replication check

An independent re-implementation of the rules reproduces the spreadsheet models exactly:

  • OMXS30: 71 of 71 ranks and 30 of 30 selections
  • OMXSB: 115 of 115 selections
  • OMXCB: 39 of 39 selections

Audit trail

    What the model can't see

    Corporate actions announced after the 30 October reference date, Nasdaq's discretionary decisions, and errors in source filings. Flow estimates depend on tracking capital, which is estimated bottom-up from fund sizes listed under Sources. The current-weight side uses June factors on today's share counts, so share-count updates are not counted as a separate trade.

    Sources

    Check every number yourself

    Every input on this page comes from a public document. Below are the index rules, the market data, the fund sizes and the full source register behind each security's free-float factor, share count and price. To verify a call independently, follow the five steps below.

    Reproduce the results

      Source register:

      About the author

      Aneta Piotrowska

      Index analyst · Nordic equities

      I built every part of this analysis myself: the free-float dossiers reconstructed from primary filings, the share-count reconciliations, rule-exact selection engines for four Nasdaq indexes, and the simulation and flow estimates on top. It is independent work, done because index reviews are a puzzle I enjoy getting right before the market does.

      I'm currently open to new opportunities in index research, index and ETF operations, passive portfolio management or equity research, and I'm ready to move into active portfolio management. The work behind this page draws on the same skills: reading ownership and corporate actions before the market prices them, sizing trades against liquidity, and forming a view I'm willing to publish. If your team could use someone who reads a methodology document the way others read a thriller, I'd be glad to talk.

      Index methodologyFree-float analysisCorporate actionsRebalance flow estimationOwnership & filings researchExcel modellingPythonMonte Carlo simulationPortfolio construction