That is not what passive management means.

For example in the case of SPY, that would go against their stated investment objective.

They also clearly state

> the Trust may fail to own certain Index Securities at any particular time, the Trust generally will be substantially invested in Index Securities

Alright, then I suppose they’d buy up to 14.9% and then create additional long exposure thru swaps or synthetic longs using options.

Or they’d just hit up twitter’s board, enter an agreement with them, and continue buying shares as normal.

The poison pill just requires prior approval from the board, which they would happily grant in this kind of a case.