The market will not drive index fund purchases of SpaceX - the 5x multiplier of the floating shares will. And that’s the rub.

Fiduciary responsibility in this context is a large umbrella of responsibilities. They should be fighting the new nasdaq rules on behalf of us. As you mentioned, this forces them to participate in fleecing the passive fund holding public and undermines the whole point of index funds. I don’t see how a fund manager could just blindly take this rule change and not make a ruckus about how it’s forcing him to break their fiduciary obligations

Following the rules of the fund and being index is one thing. Sitting silently as this pump and dump is designed to fleece your clients, is something entirely different.

> Starting May 1, 2026, Nasdaq rules allow large IPOs (e.g., top 40 market cap) to join the Nasdaq-100 Index within 15 trading days. This forces index-tracking funds to buy new shares, often at inflated valuations shortly after listing, a "fast entry" rule designed for mega-IPOs like SpaceX or OpenAI