And where do you think that kind of gradient of exposures, what does that mean for investors?

I think that's exactly right.

EM has been an exemplary area of where we've seen investor interest and therefore flows.

So I think that that is a really good indicator of how investors are looking to diversify away from the US.

So I think as the audience knows that EM is not certainly a monolith.

It is composed of very individual stories and that are very well diversified globally.

And I think the reason why EM is certainly in focus is because we are living in a market where there are so many different cycles and various interconnectedness of different markets, right? So whether we're talking about commodities, which is even more topical today as we're sitting in 2026, to AI and technology.

As people think about diversification and diversifying into international market exposures, into EM, naturally steps out of just doing dollar investment, right? So the big question that always comes up, especially when you start thinking about domestic US allocation, is to hedge or not to hedge, right? So how do you view that and what are you hearing back from investors around the hedgeability of some of the product solutions?