Agreed. GALT was around $5 a year ago. Now it is in the teens. A math-challenged rhesus monkey could have seen months ago that Russell index funds were going to need to buy a bunch of shares on June 27.
While the index funds don't buy between rebalance dates (essentially, they buy and hold for a year), other fund managers can easily see this coming, front load the stock and then sell it by pre-arrangement to the index guys at the closing price on rebalance day.
The managed funds make money on the appreciation and don't drop the market when they exit a big position all at once, and the Russell funds buy a big chunk all at once without spiking the market. Works for both sides.
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