SpaceX's inclusion in the index has led to differentiation between the S&P and Nasdaq funds, widening the differences in their capital structures.

The trillion-level index funds that track the S&P 500 will passively buy into SpaceX on a large scale if the rules are modified to include it. Currently, the top three S&P 500 tracking ETFs have a total of $3.2 trillion in assets under management, while the total size of the top Nasdaq 100 funds is only about $600 billion. The S&P 500's delay in including SpaceX and similar newly listed companies may lead to a record high level of divergence in the returns of the two major mainstream indices in recent years. Investors are attracted by the AI boom in new stocks, but at the same time have concerns about the high risk of trillion-dollar valuation new stocks, leaving them in a dilemma. King Lip, Chief Strategist at Baker Avenue Wealth Management in San Francisco, says, "Overall, investors with higher risk preferences are better suited to the Nasdaq 100, which can accommodate growth companies that have not yet turned a profit. If the market's risk aversion sentiment increases, the S&P 500 is probably more favorable in terms of performance."