Jonathan Kleeborn believes the largest opportunity for ETFs in Europe is attracting money from savings accounts and deposits, rather than competing for existing market share.

Over the past five years, ETF savings plans in Germany, known as Sparplans, have attracted millions of investors, many of whom are investing for the first time.

The recent European Union "retail investment strategy" regulation is not expected to accelerate the shift to fee-based financial advising on the continent.

Vanguard's investment philosophy avoids thematic ETFs, instead advocating for buying the entire market through broad index funds.

Research by Hendrik Bessenbeinder found that only 4% of securities accounted for the entirety of stock market returns over a 100-year period.

Vanguard has no near-term plans to launch buffer ETFs.

Due to float adjustment, the SpaceX IPO resulted in an initial weighting of only about 15 basis points in the total US market index.

The all-in cost for financial advice is approximately 220 basis points in Germany, 190 in Italy, 165 in the UK, and less than 100 in the US.

Vanguard's Wellington Fund has generated an average annual return of 8.44% since its inception in 1929.

The ETF wrapper in Europe lacks the same tax advantages as in the US, which presents a challenge for the growth of active ETF strategies.