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4/ ETFs are far more relevant in crypto than in TradFi. While single DeFi assets are 99% likely to fail, there is little doubt that DeFi as a movement is going to be transformative. Investors want to bet on movements.

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5/ But more importantly, TradFi ETFs are broken - they can only: 1) Be issued and managed by permissioned license holders 2) Rebalance on rigid parameters (Market cap) every quarter DeFi fixes this.

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6/ What if we could have an algorithmically managed ETF, where rebalancing is dictated via permissionless incentives? That is, when asset composition needs to change, the community has arb incentives to trade agains the ETF? Wall street becomes obsolete.

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7/ Algorithms have a richer design space. - Social / user activity used to rebalance - Wider asset selection (crypto, derivatives, mAssets) - Cliff triggers (100% $RUNE when $RUNE goes above 10 dollars) - Yield + assets (aUST included in basket) And anyone can do this

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