You are absolutely right. However, the Russell contains too many too small companies that are not necessarily reflecting the US market. Additionally, performance tracking by US and foreign equity managers/firms are based comparatively to the $SPX.
So, for these reasons, as well as to remain "in synch" with the rest of the "world" - in terms of market action/reaction - I decided to keep the $SPX as the measure of all things developing in equities, or ETFs.
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