Nasdaq's fast-entry rule creates artificial demand pressure that inflates prices for newly included mega-cap stocks, benefiting insiders and front-runners at the expense of passive index investors.

"The core structural critique of the fast-entry rule is not just that passive investors bought SpaceX — it is that they bought it at a price inflated by exactly the process that made the buying mandatory. Under the new 15-day window with a five-day advance notice, the front-running opportunity is precise, brief, and enormous."