Obsession to be the cheapest.
Are members jumping ship to the 'cheapest'? I don't think that's what it is all about. Reducing fees 3 times in 2 years. Heat map obsessed? Keeping the regulator at bay? You wonder where all the gaps are if you are running that lean. Having a look at the Vision website and socials, not a lot of stuff that stands out regarding product (other than a bit of climate activism). Not even a webinar for members during COVID19.
At 10bn, with funds ramping up the merging process, you do wonder if they should be holding fees steady and investing in the fund.