Jun. 9, 2026
To the Securities and Exchange Commission, Re: File No. SR-NASDAQ-2026-045 - Objection to Nasdaq Fast Entry Rule Change I am writing as a retail investor to formally object to the Nasdaq "Fast Entry" rule change, which reduces the Nasdaq-100 seasoning period from three months to 15 trading days. I understand the comment deadline for File No. SR-NASDAQ-2026-045 is June 12, 2026, and I respectfully request this letter be entered into the public record. The timing and circumstances of this rule change raise serious investor protection concerns: 1. The rule was proposed and finalized in direct response to SpaceX's reported demand for fast-track Nasdaq-100 inclusion as a condition of listing. Rules governing index inclusion should be developed in the public interest, not in response to the demands of a single company's IPO negotiation. 2. The seasoning period is a foundational investor protection that allows newly public stocks to stabilize before trillions of dollars in passive funds are automatically benchmarked to them. Removing it exposes index fund holders - including retirement savers - to volatility they did not knowingly accept. 3. SpaceX's IPO has a reported free float of only 3-4%, an extremely thin level of public liquidity for a company targeting a $1.75 trillion valuation. Rapid index inclusion of such a thinly traded company creates systemic risk for passive investors. I urge the Commission to scrutinize whether this rule change is consistent with the Securities Exchange Act's mandate to protect investors and maintain fair, orderly markets. I also urge the SEC to consider whether the process by which this rule was developed - in apparent response to a single issuer's demands - is appropriate. Thank you for considering this comment. Sincerely, Aki Lampert