So the transaction fees get passed on to the people who buy into the funds (except, buying into a fund is also a "financial transaction" so may also end up bein

So the transaction fees get passed on to the people who buy into the funds (except, buying into a fund is also a "financial transaction" so may also end up being taxed). Moreover this logic seems to assume HFT is useless. It's a source of liquidity. Everyone who directly or indirectly invests in the stock market ends up paying for higher liquidity - it's just a case of how easily you can see it.