A Russian ETF story... Russian stocks are soaring today on the prospects of a peace deal; MOEX was halted on the upper vol bands. Too bad holders of frozen/delisted/liquidated/to be liquidated zombie U.S. Russian ETFs can't trade the events. Since 2022, I don't trust U.S. ETFs. As the Russia-Ukraine conflict escalated in 2022, shadow bureaucrats blackmailed exchanges and issuers to halt, freeze, delist and liquidate Russian ETFs. Issuers and investors could not do anything about it. Assets were frozen. All without laws or public support. Just shadow phone calls and threats. Many Americans got force-liquidated and got cents on the dollar. Some could hold onto some shares via foreign subsidiaries and traders. Since then many big investors are asking "where should I hold my money to be safe" instead of "what should be in my portfolio". This has created a dangerous precedent in the U.S. fund markets, particularly among professionals and big investors. Who says that it's not another country ETF, a sector ETF, a bond ETF, a commodity ETF or something else next? Maybe it's your core equity piece? The trust has been broken, but people don't dare to speak about it. As you think about saving, you should not only think about what to invest in but where your assets are and what are the risk around jurisdictions. I am hopeful that the technology that Bitcoin and asset digitization afforded us will help make the markets more open, safe, censorship resistant and unbiased.