Thursday, 25 September 2025 Reading time : 2 minutes

The S&P 500® is trading in an updated composition since this week. At the beginning of September, S&P Global, the index provider, announced that it would be adding three new stocks to the S&P 500® as part of its latest review. These are the online broker Robinhood, the app and game development advertising platform AppLovin, and the industrial services provider Emcor Group.Conversely, MarketAxess, Caesars Entertainment and Enphase Energy are no longer represented in the index.

Inclusion in the index can have significant consequences for companies' share performance. As the S&P 500® is one of the most closely watched stock market indices worldwide, a considerable number of actively and passively managed index funds track its performance. Fund managers thus have to replicate the index's adjustments to mirror its performance.

This effect is clearly visible in the prices of the new additions. Since its inclusion in the index was announced, AppLovin's share price has risen by more than 28%, while Robinhood's has climbed 23%.The S&P 500® has gained around 2% over the same period. 

For investors who believe that shares will rise slightly over the next six months but do not want to take the risk of a direct investment, a barrier reverse convertible may be an alternative. The BRC on AppLovin (in qCHF) has a barrier of 57%, which is only observed at expiry only. The product pays a coupon of 12.00% p.a. regardless of the price performance. The BRC on Robinhood (in USD) also has a barrier of 57%, which is monitored at expiry. The product pays a coupon of 15.00% p.a. regardless of the price performance. 

Barrier Reverse Convertible on AppLovin
12.00% p.a. BRC on AppLovin
Barrier: 57% (observation at expiry)
Currency: qCHF
Valor: 147 482 389

Barrier Reverse Convertible on Robinhood
15.00% p.a. BRC on Robinhood
Barrier: 57% (observation at expiry)
Currency: USD
Valor: 147 482 390

Indicative terms

 

Disclaimer
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