There’s more of course since Blackrock owns the S & P 500 as an asset manager it also has an algorithm bot called Aladdin which oversees 20% of total GDP or something with Vanguard owning 7% of Blackrock and something street owning another 7% of the two. Basically owning ETF’s centralizes power to this assets manager which owns everything.

Here’s the video- https://m.youtube.com/watch?v=F-sJDPROwyU