Who's Really Making Money in ETFs?
The big headlines tend to be about the giant flows coming into ETFs—$1.5 Trillion so far this year, with a capital T! But that doesn't necessarily tell you much about what's going on inside the industry itself, and indeed, as the numbers get bigger and bigger, the raw flows number are less and less relevant to the actual business of ETFs. For that, we've got to look at actual fee-revenue.

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