Katie Griefeld

And on the point about technology, I mean, it's a good reminder that you don't just put out funds.

You also have a brokerage platform as well.

And with that in mind, Slim, I do want to ask you about a Bloomberg News scoop from last week that the U.S.

federal government is considering handing Robinhood a key role in overseeing the new Trump accounts that it's creating for children.

According to Bloomberg's reporting, some of the country's largest brokerages, including Fidelity and including yourself, you haven't so far been on the list of candidates considered.

So I'd like to ask you, have you been in contact with the Trump administration about potentially the brokerage handling some of those Trump accounts?

Salim, I want to talk about international.

So Vanguard dominates in the U.S.

You're 28% of all fund assets here, double the old high watermark.

You want to expand internationally.

You said you want to go from 17 million clients to 40 million in five years.

I have found internationals way harder because people generally don't worry about retirement as much as they do here, so they're not as good as shopping for funds.

And you don't have fee-based advisors.

It's more brokers and distribution.

How do you overcome those two issues?

All right, Salim, that's a good place to leave it.

Really appreciate your time today.

Big day for you with the fee cuts.

Big day for us with the relaunch.

So really appreciate it.