Benjamin Felix

What proportion of U.S.

households own investment funds of some kind?

I can't decide if that's a low number or a high number.

I don't know what I was expecting.

Seems like a high number, right?

Wow.

So the 401ks have been a big push toward financial market participation.

Interesting.

So it's a gateway, makes people comfortable maybe.

What does the average or typical mutual fund owning household in the U.S.

look like?

We talked about the number of funds earlier where mutual funds may be declining while ETFs are increasing.

How has the split between ETF mutual fund assets evolved over time?

What's the typical risk tolerance of households that invest in funds?

Makes sense.

You used fees earlier as an example of ongoing competition in the fund industry.

Is that the only thing driving fees down or are there other factors?

What do you think about the risk of private assets?

Like you were just talking about being held in semi-liquid funds, like an interval fund that are targeted at retail investors.

A lot of it comes back to, again, understanding what you're buying and what the risks are and what the expected returns are and all that stuff.