Yeah the 6 month average price pre the September rebalance would probably be similar to where the SP is now at a glance.
But the march average will be substantially lower having spent so long at $2.
Liquidity is a consideration but the other conditions have to also be satisfied.
Here's the rules on MC for addition and removal:
Buffers. In order to limit the level of index turnover, eligible non-constituent securities will generally only
be considered for index inclusion once a current constituent stock is excluded due to a sufficiently low
rank and/or liquidity, based on the float-adjusted market capitalization. Potential index inclusions and
exclusions need to satisfy buffer requirements in terms of the rank of the stock relative to a given index.
The following buffers aim to limit the level of index turnover that may take place at each quarterly
rebalancing, maximizing the efficiency and limiting the cost associated with holding the index portfolio.
Rank Buffer for
Index Addition Deletion
S&P/ASX 20 14th or higher 26th or lower
S&P/ASX 50 39th or higher 61st or lower
S&P/ASX 100 84th or higher 116th or lower
S&P/ASX 200 179th or higher 221st or lower
S&P/ASX 300 274th or higher 326th or lower
These float-adjusted market capitalization rank buffers serve as the guidelines used by the Index
Committee to arrive at any potential constituent changes to the indices. However, the Index Committee
has complete discretion to bypass these rules when circumstances warrant.
So there's a chance that the lack of semiconductor companies on the ASX will mean they'll exercise their discretion and keep it in.
(20min delay)