Over time no fees make a big different to returns. Because of the compounding of returns re-invested, assets with no fees take off relative to fee based assets after a few years.
The new asset class has no fees.
Suppose you invest $100 in a product based on the new design and another $100 in a hedge fund fee structure that both track the same strategy retuning 20% a year.
By year 10 the new class is returning 71% more a year than the hedge fund. By year 20 it is returning 195% more.
How many investors wish for no fees in their investment choices?