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To your first point, yes absolutely, but that creates *absolute* momentum (al companies go up together) not *relative* momentum (biggest winners rise more)
To the second point, yes I agree, I don’t think I have ever argued with this, in fact I explicitly talked about index adds/deletes as an exception when a passive ETF would need to trade (as well as new issuance or buybacks)
I guess - I commonly say that the indexing complex is a source of a large amount of incremental momentum investing relative to the status quo it supplanted and feel justified statistically and causally in saying so given the above -- tho I agree mechanically re S&P itself
I certainly agree that passive investing should be more supportive of momentum *in theory* when it replaces active, although I haven’t seen a ton of evidence for it (one obvious prediction would be that the momentum factor should be working better now but... it’s not?)
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