Next, the continued rise of Robinhood impacted both the number of investors and the type of vehicles available. Robinhood has some 13 million subscribers (with a significant number of millennials) and allows for the purchase of fractional shares (sometimes as low as $1). This development is a competitive differentiator, which fuels the equity trading picture by expanding the liquidity available in the system – all from retail. It should be noted before pulling the ability to trade certain issues (including GME) and the resulting class action lawsuit it faces, that Robinhood recently paid a $65 million fine for misleading investors around its lack of transparency around payment for order flow commercial model.