Optionality

constrained — AUM is fiduciary/benchmark-bound (~64% index-passive); free corporate cash ~$10B is ~0.06% of what it commands

high confidence · as of 2026-07-26 · about BlackRock

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blackrock-axes bundle (10-K composition + balance sheet) ~64% index/passive of AUM; corporate cash ~$9.8B vs AUM $15.3T (~0.06%)
2026-07 high

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