Interesting research paper on S&P500 and impact of index inclusions on SP's...
https://repository.upenn.edu/cgi/viewcontent.cgi?article=1020&context=joseph_wharton_scholars
TLDR: arbitrage algorithms diminished / removed any effective weighting induced gains by the 1990s (index's changes were first announced in 1976 - at which time gains were double digits)... it would be without question that this would be how things operate on the ASX also.
But predictive rebalancing algorithms can have downsides:
https://www.forbes.com/sites/nathanvardi/2020/03/27/hedge-funds-suffered-losses-as-index-rebalancing-trade-went-awry/?sh=324365ab4218
New index inclusions, page-9
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