Investing in Exchange Funds

One of the things Michael and I have talked about for the last few years is the sheer amount of retail trading in the space from places like Robinhood. How much has that had an actual impact on the pricing, the structure of the markets? Has retail really changed things in the options market in a big way? It's definitely altered it. If you think of all of options in the listed marketplace as having weeklies and monthly and quarterly maturities, retail tends to traffic in the front part of the curve.