1). You should never work with VCs who devote their time to dunking on startups on x. Taking money from Sheel’d fund is a hugely negative signal for the startups who do that for this reason, he is bad for the ecosystem and this behavior is a pattern of his. I’d imagine that his fund will have adverse selection because of this sort of nasty online presence. VCs who endlessly critique startups from the sidelines in public deserve no respect. 2). I don’t talk about our etf business much because we did not officially launch it yet, but it’s not that hard to understand that launching ETFs with (typically) 1/3 to 1/2 the fees of legacy incumbents for comparable products is a strategy that will lead to inflows, even if it takes some time. Clowning on us for this is like clowning on any startup for having small revenue while completely ignoring growth rate, unit economics, etc. giving investors choices at a (typically) lowest in category expense ratio is (in my opinion) a good strategy for our company. If you don’t like it, keep paying the high fees and choose other funds (there’s plenty to choose from)!