I like to think about investment fees. A man in a clown suit can lure me into a panelled van with a cheap ETF. Over the last week or so, however, I've come to realise that an ETF's price tag is only one part of a much bigger picture. Yes, Big Bad Industry, I realise this is common knowledge to you, but I'm a retail investor, remember? Until now nobody told me.

Following the now fabled conversations with Roland Rousseau – the unofficial mascot of The Fat Wallet Show – I've been paying much more attention to things like sectoral exposure and risk in ETFs. I enthusiastically share my findings on exposure the NewFunds GIVI in this Periscope.

I'm starting to discover cheapness is relative when it comes to ETFs. So far, I've been focusing on a combination of total expense ratio (TER) and brokerage fees. However, Roland mentioned churn in ETFs. I knew churn wasn't part of the TER, but I had a sneaking suspicion that I was paying for it anyway.

In this episode, I talk to Simon about churn, we take a little trip to spread and finally end up at tracking error. I have to go back and back again a few times to wrap my head around it. I'm here to learn, so that's okay.

I think every question deserves an answer. If you've been wondering about personal finance or investment concepts, drop your questions to [email protected]. I'll try to help you find the answer.

Kris