The Importance of Technology in an ETF

I think the price of any innovation is that you have edge cases where it doesn't work and it's not good for investors. I've got a slightly different question, which is really around dangers and leverage. It's very clear to me that there are lots of vehicles masquerading under the passive umbrella. We put out a proposal a few years ago around reclassifying ETFs. And we don't think they should even be calledETFs at all.