According to Valuewalk, they had $6.5M AUM as of July 2019.[0] Their size is primarily a function of the passive indexing they offer, do you consider that AUA?

According to Valuewalk, they had $6.5M AUM as of July 2019.[0] Their size is primarily a function of the passive indexing they offer, do you consider that AUA? Or AUM? I'd argue that it's AUM. The reason their revenue is so low (by bps) is that indexing is extremely low-fee. [0] https://www.valuewalk.com/2019/07/top-10-largest-asset-management-companies/ https://www.valuewalk.com/2019/07/top-10-largest-asset-manag...