On cost, neutrality, and infrastructure.

Short, opinionated pieces on why the liquid-alt market works the way it does, and where it’s heading.

Why liquid-alt cost comparison matters — Morningstar made ETF costs comparable and reshaped public markets. Liquid alts never got that moment, and advisors are paying for it.
What advisors actually pay through a distributor — The headline platform fee is only half the story. Here is what the full distribution stack costs a firm over five years, and who really pays for it.
Built for the tokenised future: one schema across every structure — Tokenisation is turning the fund universe into a hybrid of on-chain and off-chain data. Legacy databases were not built for it. The data layer has to be.