Morley Conn

And we've already actually seen some of that occur.

Why?

Because now...

Mutual funds, alt funds, and ETFs are going to have to provide additional disclosure, full disclosure on all their costs.

If you are using leverage, you need to reflect that cost.

If you are using swap facilities, you need to give all of your other sundry costs that your fund is enduring, including performance-related fees.

So those funds that are underperforming and are high costs,

are at risk of seeing investors through IAs in particular, sell down those positions and move more into lower cost alternatives.

In particular, of course, lower cost alternatives is what the ETF market is all about.

And so this is definitely a tailwind for the ETF industry.

The huge spike we've seen in ETF activity and flows this year, inflows into the market.

Last year, guys, we saw about $125 billion in inflows into the ETF market.

And we're on pace now, at the end of May, around $88, $85 billion.

We're on pace to get to like $200 billion.

And I think some of that flow is driven by some IAs moving out of high-cost products,

and into lower cost products, hence the ETF market.

I've had conversations with IAs where this is definitely occurring.

They're very sensitive to it.

So it is truly a reality.

Oh my goodness.