They are, but SpaceX is trying to get rules changed. They want the index to buy at a multiple of the float, so they release say 5% but get bought as if they had released 15% float. They also normally wouldn't be eligible for index inclusion for ~1 year, after showing multiple quarters of good stewardship, etc. They're trying to bypass all that

Yes, the MSCI World and FTSE World that many broad ETFs and funds track are float weighted.

Matt Levine wrote (uh, yesterday?) that the Nasdaq 100 was adding it (not a full linear weighting....) right now to accommodate this scam.

Ok fair, I forgot that QQQ is as big as it is.

Edit: wait, but QQQ is float adjusted?

What are the biggest not-float-adjusted index funds?

I don't know about the funds, but it's really about the index. Both for the index funds that use the index, and the active mutual funds and index funds benchmark to that index.

Why is it really about the index though, if the index fund doesn't track that public index?

If the index fund is tracking some proxy that is float weighted, isn't that what matters? At least when it comes to people's money.

Index funds track an index, thus the name

Yes but they don't track the literal index that we the public see.

They track a float weighted approximation of it

(Typically - I thought QQQ did based on your earlier comment, but it also is float weighted)

Yeah, the OEX is a more serious index for more serious people.