S&P Dow Jones Indices announced yesterday that Tesla (TSLA Quick QuoteTSLA - Free Report) will be included in the popular S&P 500 index on December 21.  Based on its current market capitalization, the world’s most valuable car maker will be one of the largest weight additions to the S&P 500 in the last decade. It will be among the S&P 500′s (SPY Quick QuoteSPY - Free Report) ten most valuable companies.

The index provider is seeking comments on whether Tesla should be included in one or two tranches, with the first tranche added one week earlier and the second tranche added effective on the rebalancing effective date.

The stock is surging about 10% today. Tesla was expected to join the index in September when it posted a profit in four consecutive quarters, which is one of the requirements of joining the index. The stock had sold off a bit after S&P Dow Jones passed on it but it is still up about 400% this year.

There is over $11.2 trillion indexed or benchmarked to the S&P 500 index, with indexed assets comprising approximately $4.6 trillion of this total. These index funds will be adding Tesla stock in the coming weeks. Currently, the Nasdaq 100 ETF (QQQ Quick QuoteQQQ - Free Report) is the only major index ETF that has Tesla among its holdings.

The iShares U.S. Consumer Goods ETF (IYK Quick QuoteIYK - Free Report) , the SPDR S&P NYSE Technology ETF (XNTK Quick QuoteXNTK - Free Report) , the ARK Autonomous Technology & Robotics ETF (ARKQ Quick QuoteARKQ - Free Report) and ARK Innovation ETF (ARKK Quick QuoteARKK - Free Report) have high allocation to Tesla stock. Please watch the short video above to learn more.

(Disclosure: I own shares of Tesla in my personal trading portfolio.)

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