remember when sanford bernstein made a splash with a report titled "passive investing is worse than marxismhe firm followed up with launching a pair of etf's tracking recommendations. bernstein is quitting after they failed to attract enough assets. let's get passive aggressive and track the tensions between active and passive investing. as passive products gain popularity, hedge funds and pe together have become the last frontiers to be democratized by etf's. julian klymochko is trying to change that. he joins us from toronto. great to see you. my first question, can you copy hedge funds in an etf wrapper given the liquidity requirements of an etf? you have to be able to redeem shares whenever needed. whereas, a hedge fund is more flexible. julian: certainly. historically hedge funds have focused on liquid securities. but we are bringing to the market we believe is institutional-caliber hedge funds within the etf structure. we have been in the business of running hedge funds for about 10 years with another firm. we really are bringing that model with liquid securities in long short strateg

remember when sanford bernstein made a splash in with a report 2016 titled "passive investing is worsen marxism." the firm followed up with launching a pair of etf's tracking its recommendations. bernstein is quitting after they failed to attract enough assets. let's get passive aggressive and track the tensions between active and passive investing. as passive products gain popularity, hedge funds and pe together have become the last frontiers to be democratized by etf's. julian klymochko is trying to change that. he joins us from toronto. great to see you. my first question, can you copy hedge funds in an etf wrapper given the liquidity requirements of an etf? you have to be able to redeem shares whenever needed. whereas, a hedge fund is more flexible. julian: certainly. historically hedge funds have focused on liquid securities. what we are bringing to the market we believe is institutional-caliber hedge funds within the easy to use etf structure. we have been in the business of running hedge funds for about 10 years years with another firm. we really are bringing that model with liq