SpaceX dropped more than 17% this week and will be included in the Russell 1000 Index after Friday’s close.

According to a Reuters report, FTSE Russell will include SpaceX in its Russell US Index after the close on Friday (June 26) as part of its semi-annual index rebalancing. This means passively managed exchange-traded funds (ETF) that track the Russell indices, such as the iShares Russell 1000 ETF, will be forced to buy SpaceX shares in their portfolios. This event may occur within a narrow window close to Friday’s market close, as fund managers attempt to minimize the "tracking error" between their fund's performance and the index—such errors may occur if their purchase price differs from the closing price.