The top guy at American Funds, James Rothenberg, doesn’t speak publicly that often. Frankly, he doesn’t have to as his company attracts billions of dollars of new money each year. Among brokers and commissions-based financial advisers, American funds pulls in more money than any other fund company. Interestingly though, he recently said American Funds has no intentions of entering the exchange traded funds (ETFs) industry, according to Joe Morris of Ignites.

While Rothenberg admits that the ETF industry has seen tremendous growth lately, hopping on the ETF bandwagon isn’t part of the company’s business philosophy, Joe Morris of Ignites reports. Why should it be when it’s doing just fine offering funds with expense ratios averaging more than 1.2%, which is three to four times what conventional ETFs charge? When ETFs become available in 401k plans, watch American Funds change its tune.

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