jon: thank you for the perspective, randy smallwood of wheaton precious metals.nd joe, thank you to you. coming up, billions of dollars poured into etf's this week, including kathy woods, catching some investors off guard. this is bloomberg. ♪ kriti: this is "bloomberg markets." i focused on the volume this week in the $7 trillion etf industry. we are seeing this huge input in etf volume. we are looking at a chart. etf volume is surging as we see the selloff. i have a lot of questions about who is driving these flows and what is going on. to break it down, joining us as an etf analyst -- is an etf analyst. it is not uncommon to see etf volume surge when you have these selloffs. our etf striving the trade? >> i think it is the other way around. when markets get volatile, people are going to etf's. i think it is that way we have to look at it. i thought yesterday would not be a record in trading, it was a good day, but it was not as big as in january. if you put it in context with historical periods, yesterday was not a heavy trading day but is was stashed yesterda