Olddog, Yes it seems to be semantics. The individuals that hold the blackrock funds have all the risk. Blackrock makes just their management fees. Blackrock makes funds that they insert IDCC such as IOT, telecom,automated cars, patents, technology, etc. Blackrock does "pick" IDCC because it fits into the titled fund. The reason Blackrock files the SEC forms is because the IDCC stock is held in "street name" not in the 100,000 +/- individual names that are constantly changing. The individual does not have the option to "take" their holdings.
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