Morley Conn

An at-risk trade will be an intraday type of trade that we'll do with retail investors and or institutions.

There are some very large retail investors out there as well, guys.

So we will see large flow from our advisor front as well.

But it's an at-risk trade that needs to be done with the immediacy of the market because...

They want certainty of execution.

Maybe they have a view on the market that particular day.

Maybe it's just driven by the sheer need to get the trade done.

It could be a view.

With the net asset value trade, that's an agreement where we will exchange, we will trade with the client

at the closing price based on the net asset value of that fund.

It's all of the component parts in their percentages in that ETF.

We will meet at a price that is the closing price, net asset value, fair value.

So if they're a buyer or seller, we will execute at the closing price.

it's just a very, very different, it's almost more like your traditional mutual fund type trade, but there are definitely some investors out there in the marketplace that are more comfortable doing net asset value trades and make that a standard fare for their transactions.

Yeah, exactly.

is a closing price.

It would be the closing market price.

That's right.

Very standard fare.

And it's your risk and it's also our risk.