Benjamin Felix

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.

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.