MSCI is set to publish its final "Non-Operating Companies List" on November 11, placing Strategy (Nasdaq: MSTR) at risk of removal from its global investable market indexes. The index provider finalized new rules on October 15 that deem non-operating companies ineligible for inclusion, effective with the November review cycle. Changes will take effect on November 30. JPMorgan analysts previously estimated that removing Strategy could trigger approximately $2.8 billion in selling by funds tracking MSCI indexes. However, this projection was based on an earlier digital-asset proposal rather than the final rules now being implemented.