Balancer is a new financial primitive that combines asset management and decentralized exchange. For investors, Balancer currently offers indexed management of cryptoassets. Instead of paying fees to portfolio managers, investors earn fees for contributing their assets to Balancer pools. For traders, Balancer is a permissionless and non-custodial trading venue with competitive prices where the fees from trading increase returns for the asset depositors. In conventional finance, this would be akin to smashing Fidelity asset management together with NASDAQ’s exchange, funneling NASDAQ’s trading profits to Fidelity’s asset holders.