S&P Index Changes Add: FDXF, DAVE, Delete: AMWD, SSTK, Migration: EPAM

Research evidence excerpt

S&P Index Changes Add: FDXF, DAVE, Delete: AMWD, SSTK, Migration: EPAM

US Index Update

Global Quantitative and Derivatives Strategy Team Min Moon

Week of May 25, 2026 As of May 27, 2026 (Close) g +1 (212) 272 ,8456 min.k.moon@jpmorgan.comg

Friday, May 29, 2026

• SP500 S&P 500 & 100 constituent FedEx Corp. (NYSE:FDX) is spinning off FedExFreight Holding in a transaction expected to be completed June 1. Post spin-off, the parent FedEx will remain in the S&P 500 and 100.

• SP600 Dave Inc. (NASD: DAVE) will replace American Woodmark Corp. (NASD: AMWD) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, June 1. S&P SmallCap 600 constituent MasterBrand Inc.

(NYSE: MBC) is acquiring American Woodmark in a deal expected to close May 29, pending final closing conditions.

Monday, June 1, 2026

• SP500 FedEx Freight Holding Company (NYSE: FDXF) will replace EPAM Systems Inc. (NYSE: EPAM) in the S&P 500, and EPAM Systems will replace Shutterstock Inc. (NYSE: SSTK) in the S&P SmallCap 600 effective prior to

SP600 the opening of trading on Tuesday, June 2. EPAM Sysytems is more representative of the small-cap market space. Shutterstock is anticipated to be acquired in a deal that is expected to close soon.

Shares Out (M) Indexer Flows S&P Index

Index Announcement Effective on Current New Weight Days to

Event Date Close of Ticker Name (Sector**) Event Detail Last Price Wgt Wgt Change Gross Net Trade Old New Shares Shares Rank IWF

(M) (M)

S&P 500 Add 27-May-26 29-May-26 FDXF FedExFreight Holding Spin-off $ 151.00 0.00 235.12 0.000% 0.052% 0.052% 0.00 0.92

S&P 500 Delete 27-May-26 1-Jun-26 EPAM Epam Systems Inc (IT) Moving to S&P 600 $ 101.68 55.24 0.00 0.008% 0.000% -0.008% -6.56 1.11 0.57 499.00 1.00