BlackRock remains overweight equities but trimmed exposure due to higher valuations, Fed repricing (cuts to hikes), and higher oil. They are adding alternative ETFs as shock absorbers instead of long-duration bonds, given risk of positive stock-bond correlation. Model portfolios are a $3T machine driving ETF flows, but crowding risk is manageable.

Dimensional's fee cuts on ETF share classes will pressure others but value matters more than price. ETF share classes accelerate active ETF proliferation but won't fix bad strategies. Victory Capital is a consolidator in an industry that will continue to consolidate; smaller issuers may need to join forces for distribution.