Permissionless Expenseless Index Funds How it works: 1) A smart contract enables anybody to create a custom indexing methodology 2) If an investor wants exposure, they deposit stables into the smart contract and queue up an RFQ to find maker who can most cheaply source the underlying equities 3) The smart contract receives the equities from the best RFQ, custodies the equities and mints an index token to the investor Because the custodian is just a smart contract, the expense fees can approach 0 And because an methodology is just a config stored onchain, anybody can create their own Value gets redistributed to: 1) The UI that helps investors discover the best index funds. They can charge a "builder fee" on mint/burn requests 2) The market makers bridging liquidity for the mint/burn requests 3) The investor who isn't charged an expense fee