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Investing in a Single Stock ETF
Alex Borsuk: I thought to myself a that's so innovative, but be how come nobody's ever done that before it seems so obvious. The SEC wasn't the one who would worry about us concentrating in a single issuer It was the IRS They don't want you to put a stock inside of an ETF and never pay short-term capital gains on it So they have the ones who say you have to own five things basically nothing more than 24.9% And then want something else to round out the rest. We've done a fairly decent job of managing that exposure risk without real cost Alex borsuk: But all that is a long-winded way of saying we were