So I know if you start either, you must register with the SEC. But if there's an actively managed fund that gets insider information and uses it to buy/sell some of the securities in the pool and maybe they embezzle the money as well, is there a white collar crime analyst that looks for this stuff who works at SEC? Whats the process like when they open a probe? Is there an SEC boss that approves investigation? At what point do they go to a DA? Is it like the FBI or a CIA movie. SEC Analyst: Hey boss, I was looking through quarterly review and these securities in this ETF were shuffled a little too conveniently. Its like the P/E or any chart would lead one to believe this company would at best stay stagnant but likely slowly go down, yet this ETF somehow knew to go long. SEC Boss: Yes counselor, lets open a probe! I'm assigning Detective Mustache to join forces with you on this case. You'll be working together, now get me some more hard line proof! And we'll meet some more in this conference room. And then like at some point, they put the faces up of the suspected insider traders or money launderers like in Homeland the show and somebody explains everything about them to a bunch of people. Is that how it works?