Honeywell Aerospace Set to Join S&P 500 & S&P 100; Others to Join S&P MidCap 400 and S&P SmallCap 600
S&P Dow Jones Indices said Honeywell Aerospace Inc. will be added to the S&P 500 and S&P 100 on June 29, replacing Conagra Brands in the S&P 500 and Honeywell International in the S&P 100 after Honeywell International’s planned June 29 spin-off. Conagra will replace Grid Dynamics in the S&P SmallCap 600. National Health Investors will replace Apollo Commercial Real Estate Finance in the S&P SmallCap 600 on June 30. Toast will replace TopBuild in the S&P MidCap 400 on July 1, and IES Holdings wil
How this was made
The 30-second read
Why it matters
These are scheduled index reconstitutions with specific effective dates prior to market opens, which can trigger mechanical buying/selling by index-tracking funds and ETFs.
Market read
Traders should focus on event-date rebalancing flows around the specified effective opens, especially for the spin-off-related HONA inclusion and HON deletion.
What to watch
Spin-off mechanics (HON→HONA) and the separate acquisition overhang (QXO/TopBuild) could dominate any index-flow effect, making direction dependent on broader deal/spin-off sentiment.
Background
S&P Dow Jones Indices announced scheduled constituent changes across the S&P 500, S&P 100, S&P MidCap 400, and S&P SmallCap 600, including a spin-off-related swap for Honeywell Aerospace.
Ticker impact
Honeywell International is being replaced in the S&P 100 effective June 30 as part of the planned spin-off of Honeywell Aerospace.
Likely modest, event-driven volatility near June 30; direction uncertain without flow estimates.
The article discloses a specific S&P 100 replacement effective prior to the open on June 30, but provides no magnitude of expected index-tracking flows.
Honeywell Aerospace will be added to the S&P 500 and S&P 100 on June 29, replacing Conagra Brands in the S&P 500.
Potential near-term upward bias into/at inclusion, with possible volatility around the effective open.
The article specifies addition to S&P 500 & S&P 100 effective Monday June 29, which typically triggers index-tracking buying, but no flow size is provided.
Conagra Brands will be removed from the S&P 500 effective June 29 as Honeywell Aerospace replaces it.
Possible mild downward pressure or volatility around June 29 due to mechanical selling.
The article gives an explicit S&P 500 replacement effective prior to the open on June 29, but does not quantify expected fund flows.
Grid Dynamics Holdings will be removed from the S&P SmallCap 600 effective prior to the open on June 30.
Likely modest negative/volatile reaction around June 30; direction depends on relative flows to the replacement.
The article states the index deletion timing but provides no details on expected net flows or liquidity impact.
Toast will replace TopBuild in the S&P MidCap 400 effective prior to the open on July 1.
Potential short-term upward drift into July 1 inclusion, with event-day volatility.
Inclusion is clearly stated, but the article lacks any flow estimates or market context for magnitude.
TopBuild will be removed from the S&P MidCap 400 effective prior to the open on July 1.
Possible mild negative/volatile reaction around July 1.
The index change is specified, but no additional fundamental catalyst magnitude is provided for BLD beyond the related acquisition mention.
Toast’s replacement of TopBuild coincides with QXO acquiring TopBuild in a deal expected to close soon.
Potential incremental support if acquisition expectations rise; otherwise limited impact from index mechanics.
The article mentions QXO acquiring TopBuild, but does not provide deal terms or new closing certainty beyond 'expected to close soon'.
IES Holdings will replace Janus Henderson Group in the S&P MidCap 400 effective prior to the open on July 1.
Possible short-term upward bias into/at July 1 inclusion; volatility likely.
The index inclusion timing is explicit, but no flow magnitude or market expectations are provided.
Market effects
Reconstitution is company-specific (industrial/healthcare/financials/tech) with limited sector-level read-through.
Primarily US passive/benchmark flow effects; no direct regional macro signal.
Limited global relevance beyond potential cross-border index-tracking funds holding these constituents.
Counterpoint
Index changes may be largely anticipated by systematic rebalancing desks, so price impact could be muted versus typical inclusion/deletion effects.
Key entities
- companyHoneywell Aerospace Inc.
Added to the S&P 500 & S&P 100 on June 29; replaces Conagra Brands in the S&P 500 and Honeywell International in the S&P 100.
- companyHoneywell International Inc.
Removed from the S&P 100 effective prior to the open on June 30 as it spins off Honeywell Aerospace; renamed Honeywell Technologies Inc. and remains in the S&P 500.
- companyConagra Brands Inc.
Removed from the S&P 500 effective June 29; replaces Grid Dynamics Holdings in the S&P SmallCap 600.
- companyGrid Dynamics Holdings Inc.
Removed from the S&P SmallCap 600 effective prior to the open on June 30.
- companyToast Inc.
Added to the S&P MidCap 400 effective prior to the open on July 1; replaces TopBuild.

