According to @EricBalchunas, mutual fund to ETF conversions typically lower investor costs, with average expense ratios declining from 89 basis points before conversion to 53 basis points after conversion, source: Eric Balchunas on X, Jan 16, 2026. He adds that aligning with the market’s pricing norms is key to succeeding in ETFs, highlighting fee reductions as central to competitiveness, source: Eric Balchunas on X, Jan 16, 2026. This implies a reduction of about 36 basis points, roughly a forty percent decrease, based on his figures, source: Eric Balchunas on X, Jan 16, 2026.