'Only' 50% of the flows last year into ETFs went into ETFs charging 10bps or less (aka dirt cheap) the lowest % in years. This is not a byproduct of ppl leaving dirt cheap (after all 50% = $750b) but rather the expanding ETF tent (legacy active, buffers, hot sauce) as well as BYOA etc. Still tho, has to be welcome news for asset mgrs.. for a while there it seemed like cheap beta may eat everything.(Eric Balchunas)