Glad you recognize this fact. Love explaining the SPY as "rank public equities by revenue, take the top 500, then weight by market capitalization". Starting an

Glad you recognize this fact. Love explaining the SPY as "rank public equities by revenue, take the top 500, then weight by market capitalization". Starting an ETF is highly regulated, this differs in that these algorithms just manage your money interfacing with the public market rather than moving in ETF. Less regulation, but encounters tax implications (hence the less frequent trading of these models) among other things.