While the Big 3 of ETF are seeing their collective mkt share erode, the Big 3 of MFs is seeing their's grow. Vanguard, Fidelity and Cap Group hold 56.6% of all non money mkt MF assets, up from 49% in 2020 and 41% in 2015. Why? Because nearly ALL of the new competition and energy is in ETFs rn (60 new issuers past two yrs) so harder for the big dogs to dominate there vs in a stale environment like MFs. Good stuff from @DavidCohne(Eric Balchunas)