Dan Bortolotti

So as we see funds flowing into mutual funds, can you talk a little bit about how market returns affect that?

In other words, are investors just chasing performance when they decide where to allocate their mutual fund investments?

Now, one of the big differences between mutual funds and ETFs, of course, is intraday liquidity.

So you can trade an ETF throughout the day, whereas mutual fund orders are filled at the end of the day.

How important is that intraday liquidity to ETF investors?

So we've talked to guests about money flowing into index funds in higher numbers.

The corollary of that, it's presumably that funds are flowing out of traditionally actively managed funds.

And can you talk a little bit about just how significant that outflow has been over the last decade or so?

Wow.

Why do you think that there were so many new ETFs created in 2025 relative to past years?

Just as a follow-up on that, it's interesting that a big reason why so many investors shifted from mutual funds to ETFs historically, of course, has been exchanging active management for traditionally passively managed ETFs.

That hasn't been true for a long time, it sounds like.

I mean, that's still part of the trend.

But I guess what I mean is this idea that exchanging mutual funds for ETFs is a move from active to passive just...

doesn't seem to be true anymore.

And that a lot of people moving to ETFs are moving because they just want active strategies with a different wrapper.

What effect do you think that regulated funds like ETFs and mutual funds have had on financial market participation and democratization, if you will?

So is it fair to say that the primary owners of mutual funds and ETFs are households as opposed to institutional investors?

Wow.

Virtually all of them, yeah.