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Semi-transparent ETFs are, quite simply, ETFs where you cannot see the holdings every day. They don't exist today. One of them has been approved by the SEC, but it doesn't mean it's out yet. And there are five others coming out, potentially, if they get approved by the SEC. But in reality, all they are is ETFs that do not disclose holdings every single day—like the ETFs do today. Realistically, what they're trying to accomplish with this is you'll be able to bring forth portfolios that you couldn't normally do in today's structure. If you have a concentrated portfolio, or a portfolio where there's a lot of trading, if you get too large, you may not be able to trade out of a specific position that day. If you're trading, someone can actually see it in a transparent structure. Let's use Apple as an example. If it does from 3.5% to 2.75% to 2%, somebody could start front-running your position. Well, in a semi- transparent structure, if you don't disclose those holdings, no one can see what the trading is. And specifically in concentrated portfolios, you have the ability bring forth more alpha-generating products, or your best ideas, forward without fear of someone seeing what you're doing and what you're holding every single day. That's why they're different, and that's why people want them to come out.