Yep, so basically what happens is if the ETF is tracking higher in price, a insto will short the ETF (borrowing at the rates you linked) and then buy a basket of the stocks to deliver to the ETF (including ASN) for a “creation”, the ETF accepts the stocks into its holding (increasing book value) and gives the insto newly created ETF units (dilution book value back) which then the insto uses to square up the original borrowed ETF units and in the whole circle of events makes a profit.
Same can happen in reverse, this makes the URA holdings page show more and less.
