This is a very good point. A very simple scenario would be that all the money is placed in super-thrifty ETFs with .05% fees. When you have figures as high as

This is a very good point. A very simple scenario would be that all the money is placed in super-thrifty ETFs with .05% fees. When you have figures as high as $882B, those outside management fees get large. In this case, it would be 441M!