AOL Inc. was passed over for inclusion in the Standard & Poor’s 500 Index, forcing fund managers who track the benchmark index to dump shares of the Internet pioneer.

The company, which will be spun off from Time Warner next week, was picked for the S&P MidCap 400 Index.

Because S&P 500 funds can’t own stocks outside the index, they’re expected to sell 5.3 million more AOL shares than S&P MidCap 400 managers will buy, an analyst predicted.