Welcome to E*TRADE Financial Fourth Quarter and Full Year 2010 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. Following the formal remarks, we will open the call for QnA. Thank you.
ETF and open-end asset flows combined show a strong preference for bonds, emerging markets, and passive funds, while active U.S. stock fund managers and money market funds have suffered the brunt of outflows.