Daniel Shrimsky

Yeah, well, first of all, I would echo those comments, James.

I mean, we've just seen such tremendous growth in ETF volumes and all sorts of different investors, which is great.

But you're right.

I mean, there is a point where we won't go any further in terms of the types of ETFs that we launch.

We're not...

an organization that'll just try to launch as much product as we can that's not who we are but we do think where we can launch a product where it will improve investor portfolios and it's low cost and it's simple to understand that's our space and that's where we feel like we can add value so look we still think that investors are best served if it's low cost

if it's diversified index solution.

And that should be the core of an investor's portfolio, in our opinion.

So, look, we've launched more product this year than we have for some time.

As you say, we launched a suite of S&P 500 products.

We launched global technology, international high yield.

And again, they fit, we think, within individuals' portfolios.

So, you know, we were asked to launch those and we have and so far so good.

But just to maybe finish the point,

Exactly.

As you say, we are much more cautious at that speculative end of the spectrum.

And it's really hard to value speculative investments if there's no cash flow.

And we'll leave that to others.

Look, again, we actually do have an index that we're tracking a 300, it's 300 global technology stocks.

And we debated that one a lot.