According to @EricBalchunas, the most asked question at a live ETF panel was how to get into Merrill’s model, directed to Richard Tseng, who runs a $200 billion Merrill model portfolio described as the biggest ETF portfolio in the world after the Bank of Japan. Source: @EricBalchunas on X, Dec 11, 2025. According to @EricBalchunas, the panel also featured Riz Hussain from Schwab and Matt Orton from Raymond James. Source: @EricBalchunas on X, Dec 11, 2025. According to @EricBalchunas, the crowd’s focus on model inclusion highlights the distribution importance of Merrill’s model to ETF issuers seeking scalable access via model portfolios. Source: @EricBalchunas on X, Dec 11, 2025.