The Big Three's (BlackRock, Vgrd, State Street) share of ETF inflows is going down, was 80% at peak 6yrs ago, today it's 'only' 55%. This is due to the number of issuers exploding there's just so much more competition incl monster-size legacy MF cos. that said 55% of $2T is a LOT of money and their size vs everyone else breathtakingly big. They've got nothing to worry about it. Another banger chart from @psarofagis(Eric Balchunas)