Nike has been removed from the S&P 100 Index after 18 years, replaced by Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk. The change takes effect September 21, according to an announcement by S&P Dow Jones Indices on September 4.
The S&P 100 tracks the 100 largest U.S. companies by market capitalization and is the underlying index for the OEX options contract, one of the most actively traded derivatives markets. An exit from the index typically triggers forced selling by funds that track it and can affect options positioning across the options market.
Nike's removal follows a steep decline in its market value. The apparel maker's stock has fallen sharply in 2024 and 2025 amid softer consumer demand and inventory challenges. The company's market capitalization has contracted by approximately $230 billion from its peak, placing it outside the top 100 companies by size.
The four replacements are all technology companies. Dell and Palo Alto Networks are enterprise-focused hardware and software vendors. Arista Networks makes switches and software for data centers. SanDisk, now owned by Western Digital, manufactures flash memory and solid-state drives. None of these companies were in the S&P 100 before this index reconstitution.
S&P Dow Jones Indices conducts periodic reviews of its indexes to ensure constituent lists match current market conditions. Index changes on this scale are uncommon; the S&P 100 typically sees only a handful of entries and exits per year. Market capitalization has shifted toward the technology sector over the past 18 years.
Fund managers tracking the S&P 100 will need to rebalance their holdings to match the new index composition by September 21. Derivatives traders have begun pricing the impact on options strategies tied to Nike and the four entering stocks. The change closes a chapter for Nike, which had been among the index's largest and most liquid constituents.
