Tim Buckley: Greg, a lot has been composed about ETFs in the present sector ecosystem. They’re building up the preponderance of investing out there. They’re giving a ton of liquidity. Now, ninety% of the investing that goes on with ETFs happens in the secondary sector. Just two buyers are finding each and every other in the sector and they’re environment the price. In the ten% of instances wherever there is an AP (authorized participant) involved, why really don’t you explain that course of action? Because as a consequence, things like savings arrive into enjoy, and I think it would be helpful for our shoppers to understand that a minimal little bit superior.
Greg Davis: So what takes place in a redemption circumstance is an AP would be offering ETF shares to Vanguard. Vanguard would in essence be offering the underlying bonds of that ETF back again to the AP.