May 31, 2026
To whom it may concern, I am writing as a retail investor to submit my formal objection to the Nasdaq rule filing SR-NASDAQ-2026-004, which permits the 15-day "fast entry" of mega-IPOs into core market indexes. As a long-term passive investor, I rely on major indexes to provide stable, diversified market exposure. Forcing index funds to purchase massive allocations of unseasoned IPOs on their 15th trading day creates severe issues that directly harm retail retirement accounts: 1. Artificial Price Inflation: Mechanical buying by multi-billion dollar index funds creates a predictable, artificial demand spike. This allows active traders and hedge funds to front-run the index, leaving long-term passive investors holding shares at inflated, early-cycle peaks. 2. Removal of Seasoning Periods: Historically, a 1- to 3-month seasoning period has been necessary for the market to find an equilibrium price for new listings. Forcing inclusion at 15 days strips away this basic risk mitigation. 3. Adverse Selection: Modified lock-up periods allow early insiders to dump shares directly into the mandatory liquidity window provided by passive index funds. The SEC-s primary mission is investor protection. This rule change actively transfers wealth from passive retail portfolios to Wall Street front-runners and corporate insiders. I urge the Commission to reject this rule change and protect the integrity of passive index products. Sincerely, Eirik Møgedal Norway