Tim Buckley: Greg, a large amount has been penned about ETFs in the recent marketplace setting. They are making up the preponderance of trading out there. They are furnishing a ton of liquidity. Now, 90% of the trading that goes on with ETFs occurs in the secondary marketplace. Just two traders are finding each and every other in the marketplace and they’re environment the price tag. In the 10% of situations in which there is an AP (licensed participant) included, why really do not you describe that course of action? Due to the fact as a consequence, matters like special discounts arrive into engage in, and I feel it would be beneficial for our clientele to have an understanding of that a small bit much better.
Greg Davis: So what comes about in a redemption situation is an AP would be providing ETF shares to Vanguard. Vanguard would in