Let's start off with how you feel that institutional use of ETFs have evolved over the past decade from tactical tools to strategic allocations.

That's a really good question, Bipin.

We, in fact, have done several events and talked about this evolution because I have seen this change in literally just the 15 years that I've been at BMO Global Asset Management and working with institutional investors.

I could sit here, Bipin, and tell you that institutions are using them for insight.

They're using them for hedging.

They're using them for securities lending, to access inventory.

they're easier to short.

But which of those segments are driving most of the ETF growth today?