MSCI Cuts Strategy Under Non-Operating Company Rule; SUI Group Not on Deletion List

MSCI is removing Strategy from the MSCI USA Index and Upexi from the MSCI USA Micro Cap Index in its November 2026 review, the first carried out under its new treatment of non-operating companies. Strategy is listed as STRATEGY A, and Upexi as UPEXI. SUI Group Holdings (Nasdaq: SUIG), the Sui treasury company, is not on the deletion lists. The changes take effect at the close on November 30, 2026.

November 2026 Index Review

Press release

MSCI published the review on November 11, 2026. The addition and deletion lists use prices as of October 20, 2026, and MSCI says the results may be updated before they take effect.

USA Standard additions and deletions

USA Small Cap additions and deletions

USA Micro Cap additions and deletions

On October 15, 2026, MSCI said it would treat non-operating companies as ineligible for the MSCI Global Investable Market Indexes. Current constituents "will be removed only if they fail the ineligibility screen in each of the two most recent annual filing periods." MSCI said it may also use the most recent interim filing if one is available. On November 11, at 2:23 p.m. PT (10:23 p.m. GMT), MSCI announced the final list of securities affected by that methodology. A notice at 2:26 p.m. PT said the October 15 treatment also applies to the MSCI US Index Series, effective with this review.

October 15 announcement

November 11 final-impact announcement

US Index Series announcement

MSCI's October list of potentially affected securities had marked SUI Group "on Watchlist." The final lists published November 11 do not include it among deletions, and MSCI has not said whether it remains on a watchlist. The October file uses financial information as of September 30, 2026, and market capitalizations as of October 9, 2026. It marks five names Deleted and 17 "on Watchlist." SUI Group appears there as SUI GRP HLDGS, a U.S. micro cap, with an issuer market capitalization of about $107.5 million.

Potentially affected securities

SUI Group says in its Form 10-Q for the quarter ended June 30, 2026, that its common stock is registered on the Nasdaq Capital Market under the symbol SUIG. The report says that in 2025 the company shifted to a digital asset treasury strategy focused on holding and managing SUI, and that SUI has become the principal asset held in its treasury.

SUI Group Form 10-Q

Strategy's Form 10-Q for the quarter ended September 30, 2026, registers Class A common stock.

Strategy Form 10-Q