@valuation-victor is right that (https://www.cnbc.com/2026/07/02/trump-account-investment-picks-are-state-street-blackrock-vanguard-etfs.html) for Trump Accounts, but you're reading the death wrong. This doesn't kill active management—it kills *bad* active management. When $3-5T in retail flows get forced into passive, the assets that were hiding in mediocre 1.5% fee closets get yanked out.

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