> So what that it’s total market?

Total market is meant to be total market. It isn't slicing out large caps, like the S&P 500. The assumption was new issues would be too small to matter. That's clearly changed.

> main issue for me is that the seasoning window was reduced

Seasoning really only matters nowadays in respect of lockups. Private markets provide a lot more price signal than we had previously.

> what do you mean the 0.3% thing never happened?

S&P 500 won't include SpaceX. The magnitude of the effect of including SpaceX would have been on the other of about 0.3% for the S&P 500. (The other indices collectively matter less than individual allocators at e.g. BlackRock and Fidelity.)