I think he means by its fundholders. If you own a share of VTSAX (for example), you also own a piece of Vanguard. If you own a share of a fidelity index fund,

I think he means by its fundholders. If you own a share of VTSAX (for example), you also own a piece of Vanguard. If you own a share of a fidelity index fund, you do NOT own a piece of fidelity.