Katie Griefeld

This is going to be really interesting over the next 30 years of all these established players coming into the ETF market and you're going to lose these key man, key woman risks out there.

All right, Kathy, that's a good place to leave it.

Really appreciate you taking the time for us on our relaunch day.

That is Kathy Wood of ARK Invest.

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Let's keep this conversation going now with Salim Ramji.

He is the CEO of Vanguard.

Salim, it's great to have you with us on our relaunch day.

Let's start with some news out of you this morning that Vanguard unleashing another round of fee cuts.

It'll take your average asset weighted fee down to six basis points from seven basis points.

That's right.

I'm going to ask you the question that I always do, and that is what the decision tree looks like between continuing to lower fees versus investing some of that money back into the business.

Salim, so obviously a lot of the fee cuts were on the passive funds and they are, as we say, dirt cheap.

You guys have been launching nothing but active funds, though, for the past couple of years.

And I got to ask, you know, you are pushing active.

You know, the founder, Jack Bogle, was pretty savage towards active.

How are you trying to sell active being known as the passive ETF issuer?