HSBC Sydney act for URA for ASX holdings, amongst others.
ETFs don’t hold their own exposure, they mostly aren’t even allowed to do so.
URA don’t do any buying or selling directly, brokers transfer and receive all units in creation and redemption activities which flow through HSBC clearing (for ASX) and whatever USA bank for NA stocks etc.
ETFs aren’t like a hedge fund or super fund. They aren’t holding as an institutional investor.
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