Yeah. My impression is, small players exploit the loopholes like there's no tomorrow, big players hire external consultants to give them least-effort playbook and take over liability, as anything more clever is exponentially more expensive.

One of the funniest ideas I heard was that we in South Asia do corruption properly, because unlike the West, even the poorest person gets to be corrupt while in the West you have to have money and know people. Democracy!

How is creating your own ETFs to avoid paying taxes low effort?

I mean, it's very low effort to have somebody else do all the work. But you'll never see a self-employed electrician creating an account in the Cayman Islands to avoid taxes.