Morley Conn

And there's been a few ETFs that have tried to introduce on a lower percentage level, albeit a 15%, which is what the SEC allows them to do.

But they've introduced some private credit to their ETFs.

Those ETFs have not been a smashing success.

It's been a tough tape for private credit in general with some of the very well-pronounced

bankruptcies of private credit companies.

And I think that it's going to take time to develop a

But just like I thought that there was no way that high yield could ever do this, I don't think we can discount that down the road, private credit will also make its way into ETFs in a more significant way.

It's not now.

The liquidity isn't there.

The innovation and technology to trade those securities is not quite where it needs to be.

But I'm not going to say definitively that it's a done deal, that it's not going to happen in the future, because I was so wrong in the past when it came to opining how well these ETFs would do.

The total cost reporting that comes out of the client relationship model phase three that the Canadian Securities Administrator, they're a collective of all of the securities commissions, the provincial securities commissions, and they put together...

rules and consultation that then eventually becomes binding law by the securities commissions.

Just to give some background here.

So the Canadian Securities Administrator, along with CERO, has implemented this total cost reporting as part of the client relationship model.

And it's to increase disclosure around cost linked to ETF transactions.

to all ETFs issued in the market.

And interestingly enough, this total cost reporting is going to go into place by 2027.

So issuers and the market is working on it right now.

It's going to be very favorable to ETFs.