Alternative beta

I want to ask you something else that I've seen over the last 10 years, maybe the last five years with allocators.

And this is liquid alt space, not talking about AI, but I'm talking about they're gaining exposure through alternative beta.

Instead of hiring, I'll call it a trend following manager, they could buy that exposure through a swap method.

for basically next to nothing.

And it's very capital efficient.

Are you seeing this alternative beta stuff percolating around?

Yeah, I mean, well, yes and

no all the time.