Why are Italy, Spain, and France so dominant in particular?

Well, I think one important thing to keep in mind is that these products are typically something that your advisor at your bank sells to you.

And so your advisor might alert you, "Hey, there is a subscription period that's just opened, and this is a very attractive opportunity." So in Italy and Spain, for example, these are markets dominated by big commercial banks and advisor networks who have incentives to sell these products.

So there is a whole infrastructure in place in those markets for selling these funds to retail clients, uh, particularly in Italy, but, you know, also in Spain.

Then there are some other factors that play a role.

For example, Italian investors have been, you know, historically very familiar with the concept of buying government bonds.

They like buying BTPs, which is the acronym for the Italian government bond.

But they have finally entered that market?