Can you tell us, I think most people are unfamiliar with this, so can you maybe take it from the top? What is exchange fund replication? Why is it not an exchange fund? What's ideal about it? Who's the right investor for it? Maybe just take it from the top.

It's one of the better value propositions, I think, that we've brought to market, right? So if covered calls are the most ubiquitous thing in the derivatives options overlay landscape, exchange fund replication is probably the most nuanced, but it also requires education, but it's got the highest order value.

And so let's start from the beginning and why we even built it.

So in 2018, the conventional operators of the exchange funds that being our friends at Goldman Sachs and Eaton Vance, which is now owned by Morgan Stanley Investment Management, for the first time rejected Apple.

And so let's take a step back.

What is an exchange fund? It's a private fund where an asset management will aggregate like individuals with different securities, and they'll try to build a diversified portfolio where everybody contributes their security in kind.

And the huge value prop that an exchange fund delivers is that you rid yourself of your concentrated low basis security and you gain diversification.

But there's a lot to keep track of here, and that's where BlackRock's execution, risk management, and scale are really interesting.