Ann: S&P DJI Announces December 2022 Quarterly Rebalance, page-3

Interesting to see what happens on Monday.

Based on my research, SPDR® S&P® /ASX 50Fund(Code: SFY) seems to be the primary ETF, tracking S&P/ASX 50 indice.

As of 1st Dec 2022,
N.A.V. of SPDR® S&P® /ASX 50 Fund - $ 863,747,645.80
N.A.V. per Creation Unit - $ 1,635,090.00
Each Creation Unit has 654 shares of LLC.

I think it means that the fund needs to sell about 345,480 shares of LLC (863,747,645.80/1,635,090.00*654).
Worth noting that there might be other funds tracking S&P/ASX 50 indice or SFY.

Given LLC turnover for the last 30 days is about 2,500,000 shares per day. The volume of shares to be sold by SFY (about 14% of daily turnover) looks manageable and they might use block trade sell the shares in a more orderly manner.

However, it would be interesting to see if there are other factors contributing to selling pressure by other share holders e.g. any reputation damage to LLC due to removal from ASX 50.