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Afaik this is the first time that an IPO is big that it immediately gets a significant share of a broad market index fund. The rules among the providers are actually quite diverse, so it's complicated. The Rational Reminder podcast discussed it in April: https://rationalreminder.ca/podcast/406

Their conclusion: It might be bad, but so be it. No need to change strategy.

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if you want to personally manage your risk you can by taking a small short position or buying long dated puts.

It being in the public markets is something you can deal with if you want.

It being in private markets means you cannot choose to participate in the upside if you want.

The episode was excellent

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