Kanish Chugh

How much do I hold of BHB, et cetera, et cetera.

As an ETF, as an ETF provider, our role is purely to track the index.

So

We're not actively saying within our ETF, you know, take our FANG ETF.

We're not saying, well, we should sell Facebook and buy Amazon and we should double the weight of Netflix.

No, all we're doing is if the index says this, we track the index and every quarter.

And that's the beauty of the passive ETF is that the rules around the indexes, it's all visible.

You know, investors can jump onto our website, for example, and actually see the holdings of our equity products and

Even on our gold and metal products, they can see the exact number of bars, the weights, the serial numbers of each bar.

Our gold fund has 25 tons of gold.

You can get to the level of how many bars are in there.

So the transparency is there.

At the index level, they know when those rules are going to be applied.

They know what those rules are.

There's no secret sauce as such.

And that's why you can charge a lot less than what you may have to do if you're an active fund that wants to keep that IP in-house.

Yeah, so obviously there are a lot of positives, but there are some risks that people need to be aware of.

So an example there is if I've built a portfolio of just ETFs and, you know, say it was, let's call it 15 ETFs because I've got enough, you know, money that I can do that across 15.

And I decided that every quarter I'm going to rebalance that portfolio back to my original weights.

Well, that essentially means you're doing 15 trades or potentially more of selling down and buying more, et cetera.