@Lambo there have been dozens of examples over the years where a holding company trades at a discount the underlying asset value, even if the assets are publicly listed values. the holding company structure does have inherent risks, that is, there is one step more between you and the money. alot can and has happened in that step. capital allocation risk. unless i am super bullish on the underlying assets, ie they have big upside, and they trade only at fair value, then unless it is25-30% discount i am not usually willing to take the risk. imo.

my favourite example was a comapny call Bell Resources with $2 cash, trading at $1. Alan Bond got control and ALL the cash disappeared, it went broke. thats an extreme but real example. Mgt here look much more trustworthy!! can value disappear?

Thanks for the heads up. From what I can see that ETF focuses on more established private companies as opposed to the real start up venture capital micros. However, I like the complimentary nature of the ETF to what BTI are doing.