The One-Year ETF

The 16.67 that I'm quoting is gross. So you're going to have to pay 79 basis points each year, basically 150 basis points. If the market's up 10% less than 150%, you're only up 16.7 minus whatever the expense ratio is. The reason it needed to be two years is because if we tried to do this over a one-year period, the cap is very, very low. We couldn't get really any cap that we thought would be attractive to anyone.

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