How have ETFs changed the way people invest?

Massively is the short answer.

So if you think about in two thousand and one, there were two equity ETFs giving you A or B around Australian shares.

And now to your point, there is probably more than four hundred growing at a good rate, and you can choose any part of the asset class and sub-asset classes that you would like.

You mentioned the phrase democratizing.

Uh, there's a phrase I hear out of the US that I quite like, and it's taking the opportunity from Wall Street to Main Street.

And by that I mean if you think about generally investing, the more you have to invest, generally the lower price point you pay.

How are intermediaries and advisors thinking about ETFs within broader portfolio construction today?