Tim Buckley: Greg, a great deal has been created about ETFs in the recent marketplace natural environment. They’re making up the preponderance of trading out there. They’re giving a ton of liquidity. Now, 90% of the trading that goes on with ETFs occurs in the secondary marketplace. Just two buyers are getting every single other in the marketplace and they are setting the value. In the ten% of occasions wherever there’s an AP (approved participant) associated, why don’t you describe that approach? For the reason that as a outcome, items like discounts appear into perform, and I feel it would be beneficial for our clients to have an understanding of that a small little bit greater.
Greg Davis: So what comes about in a redemption scenario is an AP would be offering ETF shares to Vanguard. Vanguard would in essence be offering the underlying bonds of that ETF back