On a point of order, the index methodology looks at free float...

On a point of order, the index methodology looks at free float market cap, so holdings from entities deemed to be strategic/long term holders are not included. In SMR's case, only a little over a third of its total market cap is considered free float, while PNV's is considered 100% free float. The liquidity requirement (to make it eligible for 300 and bigger) uses the free float number and turnover. SMR is fine from that perspective.

I guessed PNV was not at risk this time around, but it's closer to the danger zone for September. On its own, that isn't enough to boot it out... there also has to be sufficient candidates to replace the deletions. If there are fewer additions candidates, then that can keep a deletion candidate in the index.