Innovations in asset management only come along every so often: * 1770s: Closed-end mutual funds * 1920s: Open-end mutual funds * 1940s: Hedge funds * 1970s: Money-market funds, index funds, SMAs * 1990s: ETFs, target-date funds * 2020: Vaults You could quibble around the edges (REITs, factor strategies, etc.). But I think this is the scale we're talking about with vaults.