An interesting little thought:Now, 45% of revenue is from...

An interesting little thought:

Now, 45% of revenue is from trades, and trades are seasonally low over Christmas (Dec Quarter). If ETF can start contributing a decent proportion of revenue, then that should help to smooth the company-wide seasonality. I'd expect revenue from ETF management fees to be continuous throughout the year, mainly varying on inflows/outflows/fund-price over time, not on high or low seasonal trade volume like the brokerage.