Massachusetts Financial Services holds 5.1% of NASDAQ

NASDAQ, Inc. investor Massachusetts Financial Services Company reports beneficial ownership of 29,060,440 shares of Common Stock, representing 5.1% as of 03/31/2026.

Rhea-AI Filing Summary

NASDAQ, Inc. investor Massachusetts Financial Services Company reports beneficial ownership of 29,060,440 shares of Common Stock, representing 5.1% as of 03/31/2026. The filing shows sole voting power over 28,366,895 shares and sole dispositive power over 29,060,440 shares.

Insights

Institutional Ownership Analyst

MFS reports a passive sizable stake in NASDAQ at 5.1%

Massachusetts Financial Services Company discloses beneficial ownership of 29,060,440 shares of NASDAQ common stock as of 03/31/2026. The filing lists sole voting and dispositive power for most shares, indicating direct managerial control over its voting instructions.

Holder decisions on voting and disposition will determine any influence; subsequent filings may show changes in percentage or voting posture.

Key Figures

Beneficial ownership: 29,060,440 shares Percent of class: 5.1% Sole voting power: 28,366,895 shares +1 more

4 metrics

Beneficial ownership 29,060,440 shares as of <date>03/31/2026</date>

Percent of class <percent>5.1%</percent> reported on Schedule 13G

Sole voting power 28,366,895 shares Number with sole power to vote

Sole dispositive power 29,060,440 shares Number with sole power to dispose

Key Terms

Schedule 13G, Beneficially owned, Sole dispositive power

3 terms

Schedule 13G regulatory

"reports beneficial ownership of 29,060,440 shares"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficially owned financial

"Amount beneficially owned: 29,060,440 shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 29,060,440"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Massachusetts Financial Services (NDAQ) report?

MFS reports beneficial ownership of 29,060,440 shares, equal to 5.1%. The figure is shown with voting and dispositive power details as of 03/31/2026 in the Schedule 13G excerpt.

Does the filing show who controls voting for the shares?

Yes. The filing states MFS has sole power to vote for 28,366,895 shares and sole dispositive power for 29,060,440 shares, indicating direct voting and disposition authority for most of its reported stake.

What form was filed to report this ownership in NDAQ?

The ownership is reported on a Schedule 13G for NASDAQ common stock (CUSIP 631103108). The excerpt lists issuer address and reporting person details and is signed by a compliance director on 05/14/2026.

Is the 5.1% stake a controlling position in NASDAQ?

A 5.1% beneficial stake is significant but not a majority. The filing documents sole voting power over many shares, yet it does not by itself indicate control of the company or board composition.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 04:03 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

NASDAQ, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

631103108

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 631103108

1

Names of Reporting Persons

Massachusetts Financial Services Company

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 28,366,895.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 29,060,440.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,060,440.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NASDAQ, Inc.
(b)	Address of issuer's principal executive offices: 151 West 42nd Street, Floors 26, 27, 28, New York, NY 10036
Item 2.
(a)	Name of person filing: Massachusetts Financial Services Company
(b)	Address or principal business office or, if none, residence: 111 Huntington Avenue, Boston, MA 02199
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 631103108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 29,060,440 shares of Common Stock consisting of shares beneficially owned by MFS and/or certain other non-reporting entities
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 28,366,895
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 29,060,440
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Massachusetts Financial Services Company

Signature:	Deepu Pylee
Name/Title:	Compliance Director
Date:	05/14/2026