Which of the following statements is most likely NOT reflective of the mutual fund industry trend over time?

The mutual fund industry has grown in popularity over time in the last 5-10 years.

The size of the US regulated fund industry is relatively larger than other parts of the world.

The total net assets of regulated funds do not vary widely by geographic region despite the differences in culture and in capital market developments.

The COVID-19 pandemic has had some effect on the mutual fund flows.