And that's before performance fees that limit your upside. The low fees that are attracting the flood of money into ETFs are boosting less liquid stocks like Pro Medicus and other new members of the S&P/ ASX200 that Mr Johnson labels a bubble such as Clinuvel Pharmaceuticals Ltd ( ASX: CUV ). This could also become a multiplier effect as the more 'value managers' ignore these stocks and underperform the index the more money could flow into ETFs to chase them. Talk about an unvirtuous circle. The kicker is that Betashares is forecasting ETF FUM to grow to $60 billion by just the end of 2019.