AGM australian governance & ethical index fund

zfx has 73pc but i have a question

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    I have been tracking the AGM on market trades and the ZFX announcements for the month of March and 161.6M shares have traded on the ASX, but ZFX has only purchased 119.7M. The difference is 41.8M which represnts 5.35% of AGM share capital that ZFX has not purchased.
    There are some flaws in this analysis. There could be some churning, there could be buying at 1:105 and then selling at 1:10, (althogh I do not know why anyone would do that), or there could be sme other reason.

    I would appreciate some discussion from Hot Copperites on this anomoly and some thoughts on the differences.

 
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