The Jack Bogle Paradox: the more money that goes into cheap Vanguard-ian funds, the more hot sauce & derivative products you will see launched. Right now 60% of ETF assets are now invested in funds charging 10bps or less, yet those generate only 16% of industry revenue. Meanwhile, ETFs charging 51 bps or more account for 8% of assets but nearly a third of revenue. HENCE ALL THE WILD AND CRAZY LAUNCHES. Good note/chart from @psarofagis(Eric Balchunas)