Anna Macdonald

It seems to be the reverse now.

Standard & Poor's, or S&P, who produced the S&P 500 index, they have made what I think is quite a mature decision in terms of they are not changing their rules just to allow fast track entry for SpaceX.

or anthropic or open AI.

So they are still thinking that, you know, things like seasoning, as in time spent as a listed company, they think things like profitability and float are important.

Now, NASDAQ are waiting.

So they are doing fast track.

entry, but they are applying a weighting to it.

So it's not like it's going to be, there's not going to be the kind of wall of passive money that you might have thought.

So that means, yes, if you choose FTSE Russell, you're buying it.

If you're getting SpaceX, if you choose NASDAQ over the next week or two, you're getting SpaceX.

If you choose S&P 500, you're not.

But I guess there's always been that argument that

Well, if you're buying the Nasdaq 100, you are buying the top 100 shares.

You're automatically excluding some.

If you're buying S&P 500, you're automatically buying those biggest qualifying 500 companies.

So I suppose to some extent there always has been some kind of, there's some kind of choice there.

But you're right, you are actively choosing to have exposure.

Okay, right.

Anna, I've got nine chairs.

Have you got any?