The Future of ETFs

The turnover that folks have seen since the product went live is I'd call it modest. It has not experienced the same sort of extreme turnover that some of the multi-strategy mutual funds have. And so part of what we want to do with these products is create that strategy, that manager diversification in order to create a return stream that we expect to be more consistent than if you were just betting on my views or your views or somebody else's views or your own intuition. That's the goal.

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