I think we'll see continued growth of ETFs, especially more active strategies. Asset managers are just starting to realize that ETFs are a distribution tool, that it's a way to make your fund available to investors. The original thought was that ETFs are a great new product. For the most part, people are now realizing it's not a new product; it's a new way to distribute a product.

The real argument is low-cost investing versus high-cost investing, not active versus passive. The handicap is that active investing is very high cost, and net returns are a function of cost. If you can implement a low-cost active strategy, that could be very good.