Lumentum will join the NASDAQ-100 index, replacing CoStar Group, effective May 18. The change takes place before the market opens that day.
The index shuffle
The NASDAQ-100 tracks 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Membership is based on market capitalization and other criteria. Index changes like this one happen periodically as companies grow or shrink in value.
CoStar Group is being removed from the index. No specific reason for the swap was given. The move reflects the normal rebalancing of the benchmark.
For Lumentum, joining the NASDAQ-100 means increased visibility among index-tracking funds and investors. The company will now be included in any fund that mirrors the index.
What comes next
The adjustment is automatic. Investors holding funds tied to the NASDAQ-100 will see Lumentum's shares added and CoStar's removed on May 18. No further action is required from shareholders.
