"go make a new benchmark" completely ignores how this works in practice. Benchmarks are only useful because everyone uses the same one, you can't swap it out. The S&P 500 benchmark is used as a comparison for trillions of dollars of mutual funds, index funds, and institutional mandates. The further the S&P 500 strays from reflecting the actual market, the more useless it becomes.

Also the S&P criteria have been revised multiple times, it's not some sacred unchangeable document.

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ywvcbk an hour ago | parent [-]

You want to turn S&P 500 to a total market index. Why? That was never its purpose.

	▲	tristanj 19 minutes ago \| parent [-]
		No? Where did I say that? The purpose of the S&P 500 is to be the "best single gauge of U.S. large-cap equities". That's direct from their website. I never dispute this. I dispute the fact they claim to be the best benchmark of large-cap U.S. equities, yet have rules that (currently) exclude large-cap equities like SpaceX, OpenAI, or Anthropic.