The Russell 2000 recently dropped to a 12-month low but it still isn't cheap.
The S&P 600 fared better during this time (and long-term) due to additional criteria applied for index inclusion.
I was never a fan of the Russell 2000 because it tends to include more unprofitable companies.
Also, front-running the index before its annual reconstitution is not uncommon. ArticleStockCharts