So, actively managed mutual funds, both closed-end and open-end, are worried about the loss of business to ETFs, and of course they stomp all over them. Well, former mutual fund holders like me (I've dumped most of my MFs in favour of ETFs, which in turn have done much better than my ETFs did), got fed up with being ripped off by the MFs' excessive management fees and lackluster performance. The bank MFs are among the worst, but the others aren't much better. Here's my response to FPA Capital and what I have to say to mutual fund managers in general: I think that mutual funds, especially the ones in Canada, have been among the bigger scams of our time.  What's your response to that?