James Chokmok

Yeah, it's interesting.

Right before earnings came out, I was getting the latest bogey numbers for the Azure number, and it remained in the high 30s, around 39%, and that's kind of where the numbers landed, right around there.

And I was telling our team that this is a pretty lofty expectation, especially the fact that it's retraced somewhat heading into the quarter.

You know, a lot of high expectations on all these companies.

Microsoft right on up there with all of them.

And the valuation, it is where it is with that double digit times sales.

You know, you want it.

It's great that it's a subscription asset.

It's a recurring revenue business.

But at the end of the day, you know, you got to deliver the growth.

And it's all about the growth relative to expectations.

And in this case, it was just in line.

No, no.

I think we're maintaining it.

The way we're looking at it is, you know, we're about half the weight of where it is in the Nasdaq.

You know, we feel comfortable being underweight that.

And that's on a gross basis.

We actually have hedges within the ETF as well, where we're short the Nasdaq and the S&P.

So the net weight is actually closer to 4%.

So, you know, it is a top 10 weight within the fund.