@seonlee
4. If they classify them as a “fund,” passive index inclusion becomes impossible.
Funds can’t enter that “buy → grow → index inclusion → more buying” loop because it violates index rules.
5. MSCI’s final decision is scheduled for January 15, 2026.
If these firms are labeled as “funds,” companies like MSTR will be automatically removed from all indices.
6. That means pension funds, mutual funds, and all passive ETFs will be forced sellers of MSTR.
7. They also lose any future index-inclusion potential — effectively killing one of the core reasons DATs exist.
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