John Zito

We've experimented with doing partnership with State Street and Lord Abbott.

We're experimenting with what we listed our first fund on blockchain with five different protocols.

And we're tokenizing the fund where I think funds will actually trade.

Yeah.

And even though they're quarterly liquid, they'll trade every day, 365, 24 seven.

Coinbase saying that they're going to list a token that's backed by their stock.

You can see what's happening, which is this evolution of

It trades in secondary pretty liquidly.

There's a pretty big bit.

You look at the volumes going through the secondary business every year.

it's extremely liquid if you want to get out of it in most market conditions you can get out of it at some price not that far from 90 92 96 depending on the fund depending on the design of the fund the sector the size of the manager and the brand of the manager but by and large you can transact in that the more you pool assets the more likely you'll get more liquidity

To your point.

So the more that you can call it diversified beta, the more likely you'll be able to.

More that it's deemed to be private markets beta as opposed to single name underwrite, the more likely you can actually move the risk.

And that's happened in fixed income market where portfolio trading is happening.

You can trade a pool of investment grade bonds at three basis points.

But if you want to trade a single name bond, it's half a point to a point wide, which is just vastly different in terms of cost of execution.

It's hard to say it doesn't grow.

People are just under indexed to private.

It's not that dissimilar to the story I said about 2003.