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In short, with an hin, you own legally the share and if your broker collapses, you still own them.HIN
Holder
Identification
Number
meaning the ASX/CHESS identifies you as the beneficial holder
otherwise they would mostly likely be held in a trust structure
but you would have to dig into the fine print ( some ETFs do NOT hold any shares at all , only derivatives reflecting indirect exposure to the share movement , normally they are called 'synthetic ' )
With no hin, you do not own them, just a promise on a value, probably a giant pool managed by a trust.
an extra risk
.