Morley Conn

You do have those large trades that happen from time to time, but retail is all over this market.

This is actually kind of interesting, guys, in the sense that in the U.S., it's somewhere around the same, somewhere between 65%, 70%.

But in that retail number, the RIAs are included.

Now, I don't know about you, but some of these RIAs, the registered investment advisors, are monsters.

They're as big as institutions.

And they're about 35% of the market.

So if you take the IRAs...

out and include them.

It's more like almost, I don't know, are they institutions or are they not institutions?

They run billions of dollars.

I would argue that in the US, it's probably about two-thirds institutional if you include the RIAs as institutions.

So it is definitely a different market down there than it is up here.

Everyone.

It runs the gamut from multi-asset, balanced fund type asset managers and all the banks have them.

They are actually some of the largest users of ETFs in the marketplace.

Hedge funds use them.

A lot of actually, believe it or not, guys, active single security investors will use ETFs as well.

I'll get into that a little bit soon.

Hedge funds use them.

Pension funds certainly use them.