Morley Conn

Whereas in Canada, because we have so many more retail investors, they're looking as well for actively managed alternatives.

And even though these are actively managed funds,

they are still more attractively priced than traditional mutual funds of a comparable ilk.

And so that is one very big difference between the US and Canada.

I already alluded to it already, but the amount of trade in the US market is just insane.

It is such a capitalist cowboy market.

There are so many different markets

strategies being utilized, the liquidity is truly amazing.

Whereas the Canadian market is still developing from that standpoint.

As well, another difference is because there's such a big RIA component to the US ETF market, that sophisticated group of investors

looks to the ETF market to buy a lot of derivative-based ETF products.

Yes, Ben, these are buffer-type products.

Believe it or not, they are actually buying.

There is a lot more interest in derivative-based products in the U.S.

market than there is right now in the Canadian market.

I would say that from a simplicity standpoint, because...

The Canadian market is as retail focused as it is.

I think that the education involved with some of these derivative strategies is

is keeping investors from those products to date.

But let's not oversell the retail investor.