Yes, but that assumes markets are…

Yes, but that assumes markets are efficient. They tend not to be in these liquidity type events. Blackrock can likely generate significant inflows. There is a lot of demand that does not have access, and also relatively less supply right now. I could be wrong, but I'd look at this in terms of supply, demand and liquidity, rather than, efficient markets and front-running. OTOH the Canadian ETF didnt change alot. So it could go either way, but you would not want to bet against the inflows.