Tim Buckley: Greg, a great deal has been penned about ETFs in the existing sector atmosphere. They’re earning up the preponderance of investing out there. They’re giving a ton of liquidity. Now, 90% of the investing that goes on with ETFs happens in the secondary sector. Just two buyers are obtaining each other in the sector and they’re location the selling price. In the ten% of events exactly where there’s an AP (approved participant) concerned, why never you describe that system? Because as a end result, matters like special discounts arrive into perform, and I assume it would be practical for our purchasers to realize that a small bit much better.
Greg Davis: So what comes about in a redemption state of affairs is an AP would be delivering ETF shares to Vanguard. Vanguard would in essence be delivering the fundamental bonds of that ETF again to the AP.