But from Schwab's standpoint and from where you can see the visibility that you have, Are there certain areas of that international market that are garnering more attention than others? Are they maybe growth-oriented stocks that have the potential for tech-like returns? Are they more dividend-oriented strategies? Are there certain specific market caps on the spectrum that are more represented than others? Is it about maybe certain geographies specifically? Are there places that you're seeing that kind of fund flow activity tell you a little bit more about just where the kind of more, I guess, nuanced interest is within that international trade?

You know, there is when we, so let's start with the developed markets and we really look at the developed markets composed between large cap and small cap.

And we're seeing much more interest in the large cap space in the developed markets.

You know, our product SCHF, our international equity ETF, which focuses on large cap, we've seen significant flows there to fund that's approaching $70 billion in assets and flows have been over 12 billion since early 2024.

You compare that to our international developed small cap product, SCHC, also a broad-based index product, but flows have not been as strong there.

We think that what Josh was talking about, the strong fundamentals, is largely playing out in the large cap space.

These companies that have more ability to drive capital, drive investment, and more diversification across their business lines than in the small cap space.

I wonder from your perspective, just how much generally speaking, because we know that every investor is different, but across the ETF investor universe, as you can see it over at Schwab Asset Management, just how much are some investors under-indexed to international equity exposure, and how much more runway could we see with that interest, with the under-indexing, the way that it is right now?

What exactly is driving all of the fund interest and flow into global equities outside of the US?

You know, I think, Dom, finally investors are starting to see the benefit that can come along with international investing.

You know, you look back at years like '23 and '24, exactly what you said.

It's so US dominated.

We really saw the resilience in international markets come back in 2025, and the outperformance of those international markets really drove a lot of investor interest in international index and products.

How much do ETF and fund investors at this stage have to scrutinize things like interest rates on the 10-year note in the US and currency valuations, the dollar relative to the euro, yen, everything else out there?

You know, I think it, it, it's less around that scrutinization and it's more about thinking about the long-term strategic allocations they have in their portfolios.

You know, we're starting to see that investors are understanding that benefit.

But that's still very much a thing, isn't

it? It very much is.

But we also ask in the survey, how are you using ETFs? Over 50% of the respondents indicated they're using ETFs to the core of their portfolio or core and satellite.

So from the data we see in the survey, it appears that they may be using those type of products, but it's not the entirety of their portfolio.

Smaller allocations to get that type of exposure.

I mean, are you seeing the demand for abroad or emerging markets or.

This year has been really strong internationally.

You know, if we go back five years, international markets have underperformed the U.S. markets.

How do you feel about the market overall right now?

Well, the market seems like it's got no end in sight in the rally we're seeing right now.

It's amazing that I think yesterday was the seventh day in a row we've seen equity markets moving positive.

They're positive again today.

We're seeing that translate into a lot of ETF flows.

In the month of September, ETFs saw the biggest flows of any month this year, and they're on pace to have another record in 2025.

So when we think about ETF fund flows, I mean, what's going right? What are people demanding? Where do you see the inflows?

Well, we're seeing it largely in U.S. equities.