Background Index funds replicate existing stock indices by buying shares of the member firms of a particular index, and holding them “forever”, unless the composition of the index changes. Today, the index fund industry is dominated by three index fund managers – BlackRock, Vanguard and State Street, which are popularly referred to as the “Big Three”. The Big Three manage over $5 trillion of the U.S. corporate equities, constitute the largest shareholder in 88% of the S&P 500