. >> bob rosen blublum joins us t ta more and what he means for you and he's the director of exchange-traded. it's great to have you he, todd. welcome back. >> we posed the question in our meetings whether this is a race to the bottom in this particular part of the financial services industry. what do you think? >> yeah, we're there. fidelity offering a zero fund ths will launch tomorrow big deal. the asset management industry has not wanted to break the seal and they've done so and if you're a mutual fund fan you cae get for fnd if you want other product, the fees come down sharply at fidelity the same wayor it has other firms which is great for investors. >> because there is the move anr has been a number of years now toward passive investing, indexnvesting as opposed to active management. what happens to active management now? >> well, we think they really need to differentiate emselves. one, we hope to see fees coming down for actively managed mutual funds. you really need to price yourself against a zero or near-zero benchmark that's out there and you need to justify why you're differen