As SpotGamma notes, many traders are starting to discuss the upcoming Russell Index rebalances, and the prospect of GME, AMC or other meme stocks being added to Russell 1000.

Each year in June (today - Friday, June 25 this year) the FTSE Russell uses a set of criteria to determine which companies stock will be tracked by their benchmark indices.

The new constituents will be announced after the bell today.

There are many ways investors can track these indices, such as through an ETF like IWM.

For massive assets like pension funds, they track by owning the individual stock components of the index.