New from me today on how BlackRock has an IVV problem and a fee cut could be in store.. If you look at the biggest ETF issuers all of them are in record territory except BlackRock, the gap almost entirely due to IVV which is -$7b YTD flows (normally it contributes $80b!). Now some may be due to temporary big boy tax/model stuff but I think SPYM is also an issue, eating some its lunch as it came out of nowhere to grab $60b YTD. And BlackRock isn't the kind of firm to sit there and take it and so I think we could see IVV cut to 2bps or even 1bp. We'll see, watch this space..