The custodian collects money received from the fund’s buyers and from portfolio income, and arranges for cash distributions
through dividend payments, portfolio purchases, and share redemptions.
Sometimes the custodian also serves as the fund’s registrar and transfer agent, maintaining records of who owns the fund’s shares.
20. ETF 的tracking error比别的产品小，但是主要针对的是mutual fund，因为mutual fund是mainly active managed，可是如果是同为passive managed，cost少的原因是因为exchange traded，因为etf可以像股票一样交易，所以transaction cost小