According to Eric Balchunas, only 50% of 2025 ETF net inflows went into funds charging 10 bps or less, the lowest share in years, source: Eric Balchunas Jan 7 2026. He said this is not due to investors leaving ultra cheap funds, since the 50% slice still totaled about 750 billion dollars of flows, source: Eric Balchunas Jan 7 2026. He attributed the shift to an expanding ETF universe that includes legacy active strategies, buffer ETFs, hot sauce products, and BYOA, source: Eric Balchunas Jan 7 2026. He added that this is welcome news for asset managers after a period when cheap beta seemed poised to take everything, source: Eric Balchunas Jan 7 2026.