There is an opportunity to increase large volume trades with investors. More than half of investors are still buying ETFs through a broker/dealer, suggesting that they still value some advice. This corroborates the view from roughly 40% of issuers that many investors could beneift from basic education about ETFs. At the same time, almost half of issuers, especially the larger ifrms, believe many investors are ready for a more sophisticated level of education, particularly around sourcing liquidity for larger trades. Focusing on educating investors about working directly with a capital markets desk might lead to an increase in the mere 10% of investors surveyed that indicated they buy ETFs this way. How do you buy ETFs? 56% 35% 17% 10% Broker/Dealer Online Brokerage Own Trading Capital Markets Account Platform Desk What level of education does the investor community need in 2020? 8% 38% 41% 49% None How do ETFs work? What are ETFs? Sourcing Liquidity Issuer Investor 9