Kanish Chugh

I need to take a five-year view with that.

Yeah, so I guess two things there.

So generally for all of our ETFs that we run on the equity side, we physically replicate.

So we fully replicate those underlying indexes.

So I guess breaking it back down, an ETF, when you're talking about passive, it's essentially tracking and benchmark.

So if we're talking about equity ETFs, it's tracking an equity index.

Now, we as the fund managers, we don't profess to know which stock we should buy.

We outsource that and we license those indexes.

So an example there is Robo ETF.

We license that index from Robo Global.

They're the experts in that space and they're the ones that are able to identify the 90 near stocks that are, you know, part of this theme of robotics automation and artificial intelligence.

So we licensed index off them.

Now within those 90 stocks, we fully replicate that.

So we hold all 90 stocks within our portfolio.

For example, we were licensing an index that had 2000 names.

And there are ETFs out there that have indexes that have more than thousands of names in them.

It's very difficult to actually hold 2000 names within an ETF so that you do what's called index sampling.

And that's where the index ETF providers, you know, they appropriate and they work out, okay, well, what's the best sample of that index that gives the closest reflection of the underlying index in terms of performance.

Now, they're experts in this and that's what we would do in that case.

We would want to make sure essentially that the tracking difference between the ETFs performance and the index performance is minimal.