Millions of investors who have never purchased a single share of Space Exploration Technologies Corp (NASDAQ:SPCX), aka SpaceX, are now exposed to the aerospace giant after it officially joined the Nasdaq-100 on Tuesday, July 7.
The move automatically added the stock to hundreds of ETFs and mutual funds that track the technology-heavy benchmark, making SpaceX a new holding for passive investors across retirement accounts, brokerage portfolios and workplace savings plans.
The inclusion affects a universe of more than 200 investment products managing roughly $800 billion in assets.
According to JPMorgan estimates cited by Reuters, the index addition is expected to trigger around $4.3 billion in passive inflows as index funds rebalance their portfolios.
That means investors in popular funds such as Invesco QQQ Trust (NASDAQ:QQQ) now own SpaceX regardless of whether they intentionally invested in the company. • SpaceX stock is testing lower boundaries.
