Another element of our strategy is the growth opportunity in global retail. We saw long-term net flows of $13.1 billion during the second quarter; driving 10% annualized organic growth with positive flows across products and regions.

As Mark Wiedman discussed at Investor Day, there are three ways our clients are looking at ETFs and iShares specifically. One is core investments, or building blocks to construct the basis of buy-and-hold portfolios; two, precision exposures to express a specific, a targeted investment viewpoint, and three, as a financial instrument to efficiently add beta exposure to a variety of equity and/or fixed income markets in some case, replacing futures with ETFs and iShares. Each of these key product segments globally contributes to iShares’ growth in the quarter, delivering the number one ETF flow market share position for both the quarter and now year-to-date.

Yes. So we have grown significantly from being Merrill Lynch-centric on retail, and in fact broadened the distribution to several others in a very significantly way. And in fact, our market share at some of the larger warehouses beyond Merrill Lynch has more than doubled over the last two years. So we continue to penetrate, because we are bringing products that a lot of them do not offer, and especially, in the ETF side, we’ve seen a lot of growth in that particular area.

There’s other channels that have also been developed beyond just a typical warehouse, which is the RIA channel, of which a lot of financial advisors have moved from the large broker dealers into smaller channels, and we have pretty significant penetration in the RIA channel. We also as you know, have read about our joint venture was fidelity and that has been more successful than we had originally planned. So that broadens out our effort.