Kanish Chugh

Essentially, you want the tracking difference for the majority of cases to be just the fee that we charge.

You don't want it to be any more than that.

It can be for certain ETFs and there's reasons for that.

But that's essentially what it would be, be a sample of the underlying index because it's physically and operationally and cost, you know, from an efficient perspective, just not possible to hold three, 4,000 names within an ETF.

So it's easier for the providers to simply do a sample.

Exactly right.

And then they would physically hold, well, for those that are physically holding the underlying stock, they would physically hold those X number of the 2000, for example.

As I said, from where we sit as ETFs, we don't do that.

None of our indexes are large enough where we need to do it.

on the equity side that we have to.

So, you know, we're sort of fortunate in that position at the moment, but not so that we won't need to do any index sampling in the future.

Yeah.

And I think just on the cost you were asking, how do you keep the cost down?

So if you think of a active manager now, you know, my previous background was in active funds management.

So I've sort of come from that side.

active managed funds, they're paying, you know, quite high staffing costs to analysts, to portfolio managers.

And because that's their role to research stocks and make decisions about, you know, let's think about a large cap Australian equity managed fund.

They're going to make a decision.

Do I buy CBIT Commonwealth Bank today?

Do I sell ANZ tomorrow?