Daniel Shrimsky

And we think it's one that can add value to investors' portfolio, given obviously what's happening in the technology world.

So look, we will continue to launch product through the remainder of this year.

And we think that one sits really nicely in our portfolio.

Yeah, for sure.

And I think what we always say to investors is not all ETFs are created equal.

And I think people just need to understand the makeup of the ETF and make sure they understand their risk tolerance.

But look, we anticipate the ETF world continuing to grow and 30% per annum since 2018 just shows the attractiveness across the investor population.

We're 100% index ETFs, James.

So, you know, again, to your point, I think, you know, we just sort of think of the ETF as a wrapper, ultimately, whether it's a managed fund or whether it's an ETF.

That can come in an index form or it can come in an active form.

That's just ultimately a wrapper and it's different from ultimately what the investment strategy might be.

But all of our, we've got approximately 70 ETFs and they're all index-based ETFs.

Yeah, well, I mean, I think, again, we're tracking an index and we are buying and selling stocks based on what that index has in it.

And just like an active managed fund, active managers are ultimately taking bets on what might be happening out there in the market.

And look, it's not something that we do here in Australia and we'll stick to what

We think we have proven we're good at, and I certainly don't foresee any change in that in the coming years.

Yeah, look, I mean, I think there are many more active solutions out there and I imagine that will only increase.

But look, I think, you know, what we keep saying is it's really hard to actually beat the index.

And you've seen the SPIVA report, the S&P index versus active report, James.

And, you know, it would show that irrespective of whether it's a managed fund or an active ETF, active managers find it really hard to beat the index.