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I'm not sure I understand this logic: I assume this must be due to the size of its holdings alone. That is, if BlackRock wants its investments to track the Dow, it buys into the Dow. However, I can track an index without owning a majority share of those stocks. BlackRock not only tracks an index, but at this level of investing, they become the index. This is where their models become the market. This was surprising to me:Because BlackRock is often their largest shareholder (see chart 2), companies care what it thinks, even if the nature of its ETF business means that its level of investment in them is to some extent predetermined (to track indices, the company needs to keep hold of large chunks of the biggest companies on the market).
