The most important breakthrough in SpaceX’s record IPO is not creating the world’s first trillionaire or activating retail investors globally; it’s turning passive funds from deal-breaker to deal-clincher.ETFs and other passive funds are the biggest change in public equity capital markets this century. They account for more than one-quarter of all shares in the S&P 500 and are growing so fast that they make up more than half the daily cash equities market turnover on Wall Street.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles