Whenever we talk about investments and constructing portfolios, working with a lot of high net worth clients, they're very tax-sensitive. So it's one thing to look at just gross returns, and that's what you see printed and that's what you see talked about all the time. But just like the commercial they had years ago for a tax-free bond fund, it's not what you earn; it's what you keep that counts.
So it's critically important, and with exchange traded funds and ETFs in particular, the cost efficiency and the tax efficiency is extraordinary in terms of not realizing gains and giving us the flexibility to realize gains in years when clients can, to give appreciated securities to charity in order to avoid capital gains, and to be able to tax lost harvest in years when markets go down. And very efficiently we can use ETFs to try to harvest losses in years that there might be losses.