Owen Rascovich

That tends to happen with good performance.

So if the rest of the market thinks, oh, you know, the person that manages that listed investment company is going to do a bit better in the future, I'm willing to pay a bit more.

Or if the listed investment company's management team start to do more marketing.

So they might put out a monthly letter saying, hey, things aren't as bad.

Why don't you come and invest in our shares?

And you're getting all this exposure to a dollar's worth of shares for 60 cents.

Then eventually it goes to 61, 62, all the way up to maybe 90 cents.

Yeah, they do, indeed.

So you touched on a point earlier on, which is that people put their money in at the start.

So that's the difference with an ETF.

With an ETF, you put the money in as you go.

So when you invest the money, you're actually getting exposure.

The person that runs the ETF will go out and get those shares and have them as kind of like your shares.

You don't actually see them in your account.

You just see the ETF, but they're getting it for you, and that's what an ETF does.

Yeah, it's like unlimited, right?

Whereas with a lick, the money goes in at the start and the original shareholders get shares back at a dollar.

So a dollar for every dollar that was invested.

Now, I think the key question here is what does the person or the company that manages this listed investment company get?

And the answer is always they get some pretty hefty fees.