In the serene realm of passive asset management, a tempest is brewing, and with each passing day, the turmoil intensifies. From the ascent of interest rates to the first-ever outflows, from stagnant equity markets to the cancellation of robo advisor acquisition deals, and even the demise and closure of some robo advisors - it's a world rife with chaos. Add to this the woes of a 33% drop in revenue, the cessation of business operations in China, tardiness in conquering Europe, and the shift towards active strategies, it's apparent that the USD 30 trillion passive asset management industry, particularly its top three players, is navigating tumultuous waters despite the growing popularity of passive investing.