September Preview – Early Read

Research evidence excerpt

September Preview – Early Read

Idea

July 21, 2026 08:30 PM GMT

Morgan Stanley Australia Limited+MAustralia Macro+ Index Analytics | Asia Pacific Antony Conte

Equity Strategist

September Preview – Early Antony.Conte@morganstanley.comChris Nicol +61 2 9770-1544

Chris.Nicol@morganstanley.com +61 3 9256-8909

Read Chris Read

Equity Strategist and Australia Economist

Chris.Read@morganstanley.com +61 2 9770-1513

The September rebalance is shaping as a material event for Isabel Black

passive and active flow traders. Multiple potential additions and EquityIsabel.Black@morganstanley.comStrategist +61 2 9775-2519

deletions across the index hierarchy could generate substantial

implementation demand.

September Preview – Early Read: The September 2026 S&P/ASX review could be

one of the more active recent rebalances, with potential changes across the full

index hierarchy. Our early assessment points to no change in the 20, possible

turnover in the 50, a likely VNT / ALX switch in the 100, up to six changes in the Exhibit 1 : Largest Notional Trades

200, and as many as 20 in the semi-annual 300 review. Announcement is due Friday ADJUSTMENTInflow COMPANYNational Aust. Bank SHARE3,774,328FLOW 150,406,956AUD FLOW DTC0.9

September 4, with implementation at the close of trading on September 18, 2026. AddAdd (ASX(ASX 200)100) SmartgrpCodan LimitedCorporation 1,900,3876,222,799 79,303,16680,834,162 14.36.1

Add (ASX 100) Ventiaservicesgroup 12,912,278 76,957,178 5.6

Outflow CSL Limited -619,862 -76,441,436 0.4

A broad rebalance, but the trading impact is likely to be concentrated. We Add (ASX 200) Service Stream 27,770,287 69,703,420 27.3

Add (ASX 200) Sunrise 4,703,597 68,155,124 8.4