Ann: AGM Presentation 2019, page-8

It earns income in excess of the $100m seed capital (not $200m), and if the seed capital rises in value to $105m for example (making a $5m profit for the funders), then that $5m will start paying fees. So it'll earn fees on: additional purchases by holders, and any value that the seed capital rises above $100m.

I'm not sure what the costs will be like. You'd think at least some of them are covered in the 0.88%, since SWF only retains 0.48% (I think the remaining 0.4% is split between 2 parties - seed capital people, and ETF management people).

"$200m in FUM would represent $480k in additional annual revenue to SelfWealth"

In that example, it could be $90m of contributions by holders and $10m increase in value of the seed capital, if SELF had risen 10% by that point. You'd hope that it can get $90m of contributions by the time the ETF rises 10%. Then if SELF rose further, that $200m would further rise in value to pay fees on the new higher FUM. So if the market rises, it actually helps the ETF over time.

If the costs are in fact ~$250k, then it'd need to hit about $150m FUM to break even (not such a big ask in 6 months time).

Current FUM is $102.7m. The $103.7m quoted in the presentation was a high lasting half a day. Since the units outstanding jumps by 20,000 units every time the market makers buy more (plus it bounces around with the market), it means waiting for them to need to buy a new block, which could take a week (then it will jump by ~$1.3m). The past week was a bit slow volume-wise. They'll work on promoting it now.