After market this Friday 31/5 is when the MSCI Aust Small Caps index listing kicks in as per the MSCI rebalance notice: MSCI_May24_SCPublicList.pdf
Presumably there are several index funds that track this index. From my research, a number of the larger international 'small caps' funds exclude the Australian small cap list due to the prevalence of non-profit generating mining explorers, or otherwise they apply rules around which companies they include to exclude such companies hence not true index trackers.
The good news is that we should see Vanguard make its first buy in after market this Friday through their MSCI Australian Small Caps index fund. This is a $920m ETF. I am not sure how they calculate their initial buy in for new entrants. Their average holding of circa 180 companies is $5m but the range goes from $23m down to 100k for the tail end listings hence will be interesting to see how much they go for initially.
Note that they deleted 3 companies from the list and added in 5 hence. For Vanguard these 3 represented approx just under $16m (see snip below) according to their current fund summary. If this fund maintains their overall fund value and splits evenly between the 5 new entrants then you might see an initial purchase of approx $3.15m of WA1 however I am not sure if this is how they do it.
Let's hope there are numerous other funds in addition to Vanguard that will also be buying in....
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