So with all that lead in, can you give us a little bit of background, maybe 101 on the SpaceX IPO and how that's impacted index providers and asset managers this year?

Yes.

So June 12th, 2026, for those of us in index land, it's probably as close as we're going to get to the, you remember where you were type of moment.

Every single client, and I'm not exaggerating, every single client conversation from the beginning of the year through the IPO started or ended with, and what's happening with these mega cap IPOs? Because they wanted to know what their exposures were because of the headline valuation.

And I'll take us back to 2020 for a moment because Tesla is a really useful reminder that these index rules and timing, they matter for investors.

So Tesla was added to the Russell 1000 Index in September of 2010.

It wasn't added to the S&P 500 Index until December 1st of 2020.

What are some of those biggest active decisions that happen within a passively managed option? You just rattled off a few, but what are the biggest ones that have the biggest impact in your mind?