Legacy fund managers such as Capital Group, Franklin Templeton, and T. Rowe Price are rapidly ascending the ETF assets under management (AUM) leaderboard by significantly reducing fees. These firms have cut their average ETF fees to half of their mutual fund fees, revitalizing their market presence. However, this shift has led to offsetting outflows from their mutual funds. Over the past five years, these companies have experienced varied fund flows across different product types. Fidelity stands out as an exception, maintaining strong inflows due to its extensive range of low-cost index funds.