Morley Conn

It's usually anywhere between 5 and 25 basis points, guys.

But we will embed that in our models in the ETF pricing.

And so it will be reflected in the pricing in the marketplace because we are going to be charged it by the issuer.

And so we have to charge it to the market.

You will see many products, many securities do not have a CAF, this capital adjustment factor, but you do have it on some products from time to time.

So that will widen the bid offer spread.

Time of day will widen the bid offer spread.

Volatility in the market will also drive it.

Also, the number of market makers that are...

quoting the offer on a particular security.

So there's a number of different factors that will drive that bid offer spread.

Activity as well in the underlying.

And we can get even more into that.

It's a lot of the liquidity of ETFs is as much driven by the underlying securities than it is anything about the ETF.

The ETF itself is just a wrapper.

The underlying securities are what drive that liquidity.

Not really, because I can tell you this, the wider spread products are not trading as much.

You know, we mentioned before the roles of the various players in the ETFs.

The issuers, the ETF issuers, the asset managers will often have a capital markets, an ETF capital markets desk.

We are going to that desk and communicating with that desk when it comes to creation redeem that desk.