Well, often the people who are calling fundamentally weighted indexing a kind of active strategy are the defenders of cap-weighted indexing; they're defenders of the status quo. I think after five years of real-time data, people should just look at what's actually happened over the last five years. I remember when WisdomTree launched in 2006, there was a lot of media attention around fundamentally weighted indexing. I wrote an article in Index Universe in 2007 laying out the philosophical case for it. And at the time, people really had three or four criticisms.

There's no small-cap bias in the WisdomTree approach because we select our size cuts based on market capitalization size. So, on our large-cap dividend index, we're including the 300 largest companies in the country by market cap that pay dividends, which makes our large-cap index more large-cap than the S&P 500—more of the weight is in companies with market caps above $10 billion than the S&P.