Spot on observation right there. ETFs represent capitalism in its rawest form—transparent, competitive, low-cost. You could argue most other corners of this industry lean socialist. Think about it: mutual funds coasting on bull market subsidies, hedge funds feeding off taxpayer-backed endowment cash.

That structural advantage? It's exactly why they struggle when real competition shows up. When you're built on subsidies rather than efficiency, you don't develop the muscle to survive in a truly competitive environment. ETFs stripped away the fluff and forced everyone to justify their fees. The resistance you see isn't about product quality—it's about protecting outdated business models that can't stand on their own merit.