This is the 12th year in a row that [analysts say] it's a tricky market and you have to be a stock picker, ... For the past 12 years, active managers have consistently underperformed their benchmarks.

I wouldn't say mid caps are a screaming buy, but they are somewhat attractive on a relative basis.

It's just 30 stocks, ... It is generally positive, but overall it doesn't change the position of institutional investors or individual investors for that matter.

We would be willing to talk to other fund companies that would want to use the innovation.

A lot of people are starting to realize they need to diversify more than simply holding large cap stocks. The more sophisticated investors are going for a 'total-market' concept. They're buying not just large caps, but mid caps and small caps.

Index funds really deliver what they promised, and you don't necessarily get that with an active manager.