The Importance of Listening to the Market

Ex-out is a large cap core product even though it is what I'll call smarter beta. We won the award for best new smart beta ETF of 2019 wow of course nobody saw the award ceremony because we were all in a global pandemic and quarantined from being able to go to the awards show. So if you could outperform the market by two or three hundred basis points why shouldn't you be willing to pay 60 basis points for that? You know now they want to debate me about fees because you know our industry our industry is a fee compression world that will continue forever. Those who perform well will get rewarded and people pay the fees and those who don't shouldn't get