Benjamin Felix

Yeah, interesting.

So the consumers are really choosing the ETF wrapper more, it sounds like.

How has the concentration among the largest fund sponsors evolved over time?

How concerned do you think investors should be about rising fund complex concentration?

Do you see any differences in the flows and the market flow response between ETFs and mutual funds?

I'm surprised it's that high.

Does that support John Bogle's concern that he always had about ETFs being vehicles for active trading?

So it's not product specific, yeah.

Do we know where those dollars have gone?

Like, do we know they've flowed from active into passive?

That's really interesting.

Do you know from, I don't know, surveys or anything like that, why that shift is happening?

There's been some pretty interesting products launched as ETFs.

I find stuff like leveraged single stock ETFs to be just wild that those are out there.

I think that's a big part of why there are so many new ETFs.

That's exactly what I was thinking as you were saying that the market will decide how useful these products are in the long run.

That's the key though, because I think a lot of people do get enticed by investment products without fully understanding what they're getting into.

And that's where we can have problems at the individual level.

Choice is generally good.

It is finding that sweet spot between choice and informed.