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Transparency in the ETF Market
We spend a lot of time thinking about this before we enter into the ETF market. What kind of path do we want to take? Do we want to embrace transparency or go down this semi-transparent path that exists? And when we looked at why clients prefer theETF wrapper, I think it came down to cost cheaper for investors. There is no debate that in the US, an individual taxable investor is better off in the Tracker than they are on the mutual fund wrapper. We decided to lean into that. So we went fully transparent. My best guess is the semi- transparent stuff is going to shut down and it won't exist. It will go the way of the mini-