Lance Glinn:
Welcome in to another episode of the Inside the ICE House Podcast. Today's guest is Pedro Palandrani. He is the head of product research and development at Global X ETFs.
Pedro, thanks so much for joining us inside the ICE House. Happy to have you here.
Pedro Palandrani:
Thanks for having me.
Lance Glinn:
So Global X ETFs is here at the NYSE celebrating the launch of the Global X NYSE 100 ETF here on March 26th, the ticker symbol, of course, NYSX. Now, for listeners hearing about this for the first time, let's look big picture to start. What is the fund? What does it track?
Pedro Palandrani:
Yeah, absolutely. Look, first of all, very excited about today's launch. It really signals a lot of the innovation that we are doing in the ETF space. And look, this ETF is tracking the NYSE 100 Index developed in collaboration with ICE and the New York Stock Exchange. Very excited about it really tries to track the top 100 tech and tech enabled growth companies that are listed across all US major exchanges. But again, it's really trying to offer that targeted exposure to where we're seeing innovation in the market. So it's a ruled space product, passively manage, and it really compliments a lot of our lineup in the thematic space.
Lance Glinn:
And one thing you said there, you said it's tech and tech enabled. And I think one of the unique parts of this ETF and this fund is the expansion of what traditionally qualifies as technology. Instead of sticking to say classic sector lines, it's the ETF incorporates those tech enabled, as you said, companies across multiple industries.
How does the NYSE 100, how does Global X really define technology today with that?
Pedro Palandrani:
Yeah. Look, I think you're getting to the key aspect of this fund. There are really two key pitfalls and/or considerations that investors have been dealing with when trying to invest in innovation. So the first one, like you alluded to, investors for the most part have gravitated toward just technology ETFs or tech specific strategies out there. But of course, tech as defined by the gig sector, it's only going to include certain names. Just take us as an example, the Magnificent Seven companies. There are many of those names that are actually living outside of the tech sector as defined by gig sector. And I think we all can agree that those are companies that are definitely at the forefront of innovation.
Lance Glinn:
Sure.
Pedro Palandrani:
So whether that's in communication services, whether that's in consumer discretionary, there's a lot of innovation happening beyond the walls of traditional IT. So that's one of the pitfalls/considerations that we're seeing investors are there when trying to invest in innovation.
The other one is really around large traditional benchmarks that by default of the size of these larger companies, they tend to get exposure to some degree to innovation. But some of these benchmarks may, for example, invest in companies that are only listed in one exchange, for example. They may include other sectors like consumer staples, utilities that perhaps are not at the forefront of innovation. So the NYSX ETF is really trying to address these gaps in the marketplace and bring in a benchmark, benchmark-like exposure to investors who are really trying to get access to innovation.
Lance Glinn:
And I want you to dive into a little bit more on the process and the criteria that determines which companies make it on to the NYSE 100 Index. I think that's always one thing on the mind of investors or the standards that companies are being held to.
Pedro Palandrani:
Absolutely.
Lance Glinn:
Tell me a little bit more about that. How are companies determined or what is the determination process in getting companies on the NYSE 100?
Pedro Palandrani:
Absolutely. So it's a multifactor process. Again, I mentioned it's going to be the top 100 companies driven by a multifactor approach, whether that's valuation, liquidity, size, and growth. So we're really looking across those four factors and identifying the companies that rank the highest. It's ultimately going to be market cap weighted. So it's going to feel like you get exposure to those larger companies at the very top of the index. But it's going to be diversifying enough where you're going to get companies in artificial intelligence, in defense technology, in data centers, in so many areas of innovation where I think we can agree there's a lot of growth opportunities.
Lance Glinn:
And I want to go back to that tech versus tech enabled, because I do think that is such an important piece. I mean, you said it, it's such an important piece to this fund and this ETF. Why was that a core component that needed to be included, that it wasn't just tech, it's tech enabled and that could include companies across multiple sectors.
Pedro Palandrani:
Look, again, take for example, companies like a Tesla. Tesla leaves within consumer discretionary. It's a car company by most definitions. But as we all know, there's a lot of innovation happening in that company specifically, whether that's artificial intelligence, whether that's robotics. And that's just one example. I think where I'm trying to go is that, again, beyond tech, you have consumer discretionary, you have communication services, you have also a lot of innovation happening in the financials world as well, industrial.
So there are a lot of sectors where we're seeing significant growth opportunities. Say, for example, space exploration. And we know that 2026 may be a strong year for space exploration with potential IPOs coming to market this year. That's a sector that lives within industrials, for example. So for investors just gravitating towards the tech sector, they may be missing consciously or not on a lot of these growth opportunities that live outside of the tech sector.
Lance Glinn:
And I think with all of this, timing is always a big part of product development. When you're going to launch, could do it here, could do it then, but decided on today, March 26th. So given everything happening in innovation, in markets and in investor behavior, why was now the right time to launch NYSX?
Pedro Palandrani:
Look, I mentioned that investors have become more intentional with their asset allocation. They're really trying to be very targeted when it comes to investing these days. And the ETF wrapper gives you that ability. You have over 5,000 ETFs in the marketplace. So if there's a word that describes CTFs these days is that targeted exposure. And that's really what NYSX is allowing investors to do these days, really targeted innovation across multiple sectors, across multiple exchanges, and really capturing that significant market opportunity. There wasn't something available for investors in a rules-based systematic approach. And NYSX is really filling the gap in a low cost basis as well, we didn't discuss that, but it's a nine basis points ETFs are really on the low cost side of things when it comes to ETFs.
Lance Glinn:
And so there are a lot of index funds out there. They're constantly competing for investor attention. You mentioned just the number of ETFs out there for people to sort of go after. When someone looks at NYSX, and maybe it is that sort of tech-enabled that we talked about earlier, what would you define or describe as the biggest and the most core differentiator that it possesses?
Pedro Palandrani:
Look, true innovation exposure, I think that's first and foremost what we're hoping investors really understand from this strategy, exchange agnostic and cutting across multiple sectors where we're seeing significant innovation. And it's going to be diversified enough. Again, it's not going to be super concentrated because we're capturing top 100 companies. So that's really the main goal here for investors, thinking about an innovation, a benchmark-like opportunity for them to tap into the growth opportunities that are really expanding across sectors in our economy.
Lance Glinn:
And it's interesting because you have some funds and ETFs that are very broad and then you have other ones that are more narrowly focused, maybe on a single sector. But it does seem like NYSX sort of sits in the middle of those where there's broadness, but there's also narrowness to it as well. How do you explain the fund's positioning to investors?
Pedro Palandrani:
That's a great question and that's a fair assessment, I would say as well. Look, here at Global X, we're very well known for our thematic offering. We're leaders in the thematic investing landscape, whether that's artificial intelligence with our AIQ ETF, whether that's defense technology, with our shield ETF, pave and infrastructure development and whatnot. We have the most comprehensive lineup of thematic ETFs. And usually we want to be very targeted and concentrated when it comes to these offerings because we believe it's very important for investors to get pure play exposure to a given theme. So that's really what we're trying to do when it comes to these type of thematic strategies.
But yes, we also offer other type of strategies, whether that's on benchmark, benchmark like and core type of strategies where definitely there's a lot more diversification, concentration is not as high as you can see in this thematic lineup that we have. So to your point, I think yes, and NYSX definitely sits at the intersection of these two differentiated worlds, but we've had for many, many years investors coming to us really asking sometimes, what's the one ticker solution that would really give me access to broad innovation in a passive wrapper, in a low cost wrapper? And this is really the response to that level of interest that we've seen by investors for many years.
Lance Glinn:
Yeah. NYSX really is that solution, like you said, to what investors have been asking for. And I want to ask about or talk about the NYSE and the Global X ETFs partnership that's really behind this fund. This wasn't something obviously built overnight. This is something that takes a lot of time to put together multiple meetings, multiple strategy sessions to really develop what has become the Global X NYSE 100 ETF.
How did this idea originate and how did this collaboration really start to take shape over the last months and years?
Pedro Palandrani:
Yeah, look, we work very closely with both ICE and the New York Stock Exchange teams, right? And we have many other strategies that leverage the index capabilities of ICE and the New York Stock Exchange brand. So over years, we've always thought about multiple type of offerings. And we have several of those in the marketplace. But again, this really originated from the fact that, look, Global X is at the forefront of innovation and we believe that, look, the New York Stock Exchange with so much history around innovating and bringing access to investors around the world to the most sophisticated and exciting strategies and companies was the best mix to combine our forces and bring the NYSX ETF to market.
And I'll go as far as saying, look, it also took a lot of involvement from our part and company, Mirae Asset. We're part of that large conglomerate in Asia that it's always at the forefront of innovation. We like to think about ourselves as permanent innovators. And this is a strategy that are actually going to be leverage across our affiliates around the world under the Global X umbrella, under the Mirae Asset umbrella across different ETF markets. So it's a very exciting opportunity. It's an exclusive opportunity that we're leveraging with the New York Stock Exchange and ICE. So very excited about that.
Lance Glinn:
And so that's sort of how the idea came to be, that's sort of how the partnership kind of originated. But obviously once a concept or ideas in motion, there is significant behind the scenes of work to do, everything from design to licensing to making sure the fund obviously reflects what you ultimately want it to reflect when it goes to market.
So take us behind the scenes for those who really don't know what it's like crafting a fund like this or an ETF rate, what does it take to go from original concept to ultimately launch as we sit here on March 26th? What's the process for those of us who are just sitting here like, "All right, we see these ETFs come to market, but what does it actually take?"
Pedro Palandrani:
Even the ticker choice, right?
Lance Glinn:
Yeah, even all the way down to the NYSX, right?
Pedro Palandrani:
Right.
Lance Glinn:
The name in itself, there's got to be a science behind it. There's got to be a reason behind it. What is the process? Whether it be for this one or any other one. I find the from start to finish to be so interesting.
Pedro Palandrani:
Look, it's oftentimes a little bit more an art of data science, but I'll start by saying, look, we always start with the idea of bringing high conviction investment opportunities, meaning where do we see investment opportunities available for investors out there? Where do we see market gaps? Again, mentioned that there are over 5,000 ETFs in the marketplace already, so there is no shortage of options for investors out there, but if there's a gap and if there is a high conviction investment idea and we have partners like ICE and the New York Stock Exchange where we can leverage our forces and expertise to bring solutions to market, that's really where the starting process begins.
Of course, from an idea, you mentioned license agreement, in this case, an exclusivity agreement as well with them, market assessment from a pricing standpoint, what's going to be the name that we believe really explains very well the goal of the strategy as well as become something that investors can relate to and easily understand to the ticker choice. And we have a lot of fun at Global X picking good tickers. We have several of those, I believe, I'm biased of course, but we have several of those good tickers within our lineup. And NYSX is a result of, again, months and months, like you say, of collaboration, of developing significant thought processes and thought leadership up until today, again, March 26th when everything feels like all of a sudden it materialize and it becomes accessible for investors almost instantly.
Lance Glinn:
And I like what you said at the beginning. You said it's more of an art than it is a science, so to speak. And it makes sense, especially when you get to the chance to be creative with those ticker symbols at the end of the day. Finally, like you said, those really good ticker symbols, whether it be three characters, four characters that really sort of resonate with people. They remember NYSX, right? They remember what it is and what it stands for.
And for our listeners who may or may not be familiar with Global X ETFs, they may know the name, but they don't necessarily know the full story. I want to dive into the firm for just a few questions. New York based, almost two decades old. It's obviously synonymous with ETFs and thematic investing, but how would you describe what Global X ETFs is and really what the company and the mission is?
Pedro Palandrani:
Yeah, look, like you say, founded in 2008, really our core DNA is in innovation. If you go back in history and start looking at what were the first ETFs that we brought to market, whether that was a single country exposure where before that point in time, there wasn't really an offering for investors out there, whether that was our lithium and battery technology ETF, which we brought to market in 2010, well before electric vehicles were even a thing. So we were always thinking forward looking, trying to identify where those investment opportunities were going to come and for us to really bring these ETFs to market to allow investors to capitalize on those structural secular trends.
So again, that DNA of innovation is really who we are beyond thematic investing where, yes, everyone knows about Global X from a mathematics standpoint, we also have over 100 ETFs in income with some of the largest cover coal strategies in the marketplace out there. With commodities, we have some of the largest mining exposure, whether that's uranium, copper, silver, and whatnot, as well as international and some core offerings. So really a breadth of offering for investors out there, everything from the start point of innovation, where can we really add value to our clients? Where can we really add value to investors out there with a differentiated, unique type of offering? So that's who we are. And like you say, we've been in the market for almost two decades now.
Lance Glinn:
And you've brought up a couple times this idea of finding gaps and 5,000 or so ETFs out there on the market, you really sometimes have to dig deep to find said gaps because there are already so many out there. What is the process like for Global X for you, for your team, and finding those gaps and finding what the market is asking for and then going about solving that problem?
Pedro Palandrani:
Yeah. Look, for example, in the thematic space, we spend a lot of time doing research and trying to be at the forefront of understanding where the technological world is going. And one of the ... It's been very well documented in the tech world, but one of the greatest failing of the human mind sometimes is the inability to understand the exponential function. And by that, I mean that sometimes for us sitting here today, it's very hard to foresee what's going to happen in the next 10, 20 years. Innovation is happening at a very, very rapid pace.
Lance Glinn:
Especially today.
Pedro Palandrani:
Exactly. And so I think it's very important to really try to be at the forefront of these technological innovations. So when it comes to the thematic space, we're really trying to understand what's a total addressable market, for example, what's the current penetration rate for a given technological adoption, right? Where it could be in the next five, 10 years, as far as we can go, is there a path to profitability? I talked about having high conviction. So we definitely want to make sure that if we bring a strategy to market, that at least we have the conviction of an early stage technology, having a path to profitability in the years to come.
Again, a great example is space technology, something that we've been monitoring for as long as I can remember here at Global X. And over the last couple of years, if not months, we've seen a significant shift in the economics and fundamental picture of companies operating in space technology that all of a sudden gave us significant conviction in the market opportunities that investors could tap into in that specific theme, for example.
So again, that's been the thought process for many of our thematic strategies and similar frameworks and processes happening across, again, option-based strategies, derivative income, commodities, international strategies and whatnot.
Lance Glinn:
So the firm also approaching a milestone 100 billion in assets under management. So an early congratulations to that.
Pedro Palandrani:
Thank you.
Lance Glinn:
And that will come soon. From your perspective, what does crossing that threshold represent when it comes to two things? One, obviously external perception, but then two, internal perception for those who have been with the company for a long time that have seen it rise over the last two decades, what does it all mean to reach that milestone, both externally and internally?
Pedro Palandrani:
Look, I'll start with the latter because, look, I've been with a firm for over seven years now, in Global X terms it feels a lot longer than that in the best way possible. I joined the firm when we're just slightly below $10 billion. And like you say, we're getting closer to that $100 billion milestone. A lot has happened in the last seven years, at least just for me, a lot of new funds, a lot of new client conversations, investor interests, different market cycles. But look, from an external perspective, I think it's really validation from our clients who we are forever grateful for the opportunity and trust to invest in many of our strategies and really showing the scale of who we have become in the ETF industry today.
It's very easy to bring an ETF to market these days. We talk a little bit about the art if you wish, but it's very hard to be in front of a client with the best type of service. And we like to think about ourselves, always bringing to clients a wide globe approach, being there with education, being there with though leadership, being there with a breadth of offerings for any given market environment. So again, it's really thanks to our clients that we're almost about to reach $100 billion, hopefully in the months to come and hopefully celebrate that milestone with all of them.
Lance Glinn:
Absolutely. And you had mentioned something in that answer too, the education part of it, because I think that's so important. And really all the people that I talk to, whether they're listed companies, private companies, ETF issuers, you name it, the education aspect of what these companies do is so important. I feel like it's not talked about enough, the importance of making sure that the products that you put out onto the market, whether it's a tangible product or say an ETF or stock, whatever it might be. How much value does Global X place into that education component of making sure that those clients that you're working with, those investors, they're educated on the products that you're putting out and they're knowing exactly as we're talking about in this conversation, what the fund is about, what the fund tracks, the purpose of it, all those little nuances?
Pedro Palandrani:
Absolutely. Look, it's so important for us at Global X. Yes, the ETF structure is transparent already, giving investors really a good readthrough about what they're owning, but ultimately comes down to education and what are the risks, what are the opportunities. Being really clear about all of those aspects of an investment opportunity is something that is very important for us at Global X. Look, we have a research team in place with significant know how and expertise in key areas of the market. So many of our investors engage with us and try to leverage this expertise. Whether it's to learn about option-based strategies and the taxation of those strategies and how can they really use these type of strategies in client portfolios, or whether that's in commodities and understanding the cyclicality of those markets and whatnot.
So I think it's something that we're always going to really offer to our investors. It's that thought leadership, education when it comes to investing in this very differentiated, unique type of market strategies.
Lance Glinn:
So Pedro, bringing it back to NYSX and the NYSE 100 Index prior to looking at the ETF landscape as a whole, where does this new fund fit within the broader Global X ETF product ecosystem? Because it is a large ecosystem, but where does NYSX sort of fit in your mind?
Pedro Palandrani:
Yeah. Look, again, one ticker solution for true innovation exposure, again, in tech and tech-enabled growth sectors of our economy, and it's really aimed for investors trying to have that benchmark, benchmark-like position within their portfolio, of course, on the equity side of things, and again, at a very low cost type of offering. So you can complement these type of offerings with your type of thematic strategies around the ages. There are ETF investors and analysts out there that call this kind of the hot sauce, if you wish, and this kind of your plain vanilla type of offering, and investors can really compliment that type of solution.
And again, we've been in this thematic space for many, many years. We know what investors have been looking for, and hopefully the NYSX ETF is a response to that market interest and market dynamics that we've seen.
Lance Glinn:
So let's zoom out a bit and focus on the broader ETF industry now as we sit here in late March and how really even through volatility, the ETF industry continues to grow. I think you said earlier, right around 5,000 or so ETFs out there on the market. So from your vantage point, just broad first and foremost, how would you just describe the state of the ETF market right now and just overall investor interest and investor habits in it?
Pedro Palandrani:
Yeah, look, naturally 2026, the level of volatility has increased substantially from where we're last year, I think investors are really trying to be very targeted. In some areas, they have become slightly more defensive than where they were in 2025 with their portfolios, but still trying to capitalize on structural trends within the market. For example, defense technology is one of those top of mind headline grabbing opportunities if you wish. We know what's happening around the world, whether we like it or not, investors are really having an opportunity to capitalize on those investment dynamics.
Just to give you a couple statistics, around the world, there's close to $3 trillion of this defense spending. The United States has a lion share of that spending with around a trillion dollars of spending just in 2026 given the recent events with Iran and the conflict there, there's likely an increase in budget around $200 billion have been requested, but again, $3 trillion of annual spending going towards defense and technologies related to defense. It's a really massive opportunities.
But what we've seen over the last few years is that there was a shift in that type of spending going from large multi-billion dollar assets. Think about fighter jets if you wish that take multiple years to build multi-billion dollar type of assets to now asset-light technologies, think about drones, think about AI systems, advanced unmanned vehicles. So all of these technologies are really now at the forefront of that budget capture from defense and defense technology related budgets. And that's where we're seeing the [inaudible 00:26:14] going on the investment opportunity.
So look in 2023, we brought to market our Defense Technology ETF, ticker SHLD, S-H-L-D, now with over $8 billion in assets under management. And it has really been kind of that flagship ETF or defense technology type of allocation in the marketplace. Before that one, there wasn't really an offering in the marketplace for that type of exposure. So that's really what we're seeing in the ETF world. Investors trying to be targeted, but still capturing those long-term investment opportunities that as well know, they're always going to be there.
Lance Glinn:
And see, that's the art of the ticker symbol, right? SHLD. We talked about the art of it and having fun with it.
Pedro Palandrani:
Yeah. There you go.
Lance Glinn:
The SHLD. The art of the ticker symbol, you can have fun within, you can come up with some pretty clever ticker symbol names, but to that point, are the macro trends, are they mostly around, not necessarily for 2026, but even looking beyond too, are the biggest macro trends really the volatility that comes with everything going around in our day-to-day lives? What are you seeing as sort of the biggest macro trends that could dictate what the rest of 2026 looks like, as well as what 27 and 28 beyond could look like? Look,
Pedro Palandrani:
The geopolitical environment is driving a lot of these trends, whether that's inflation driven mostly by energy prices these days. We've hearing a lot of news on the private credit side of things. Artificial intelligence, I think it's still top of mind for investors out there. So there's definitely a lot of multiple trends and factors impacting the market today for investors. I think the most important aspect is for investors to really understand what their level of risk tolerance is at the moment and really trying to position the portfolios accordingly, whether that's, hey, there are ways to capture volatility, right? Option-based strategies can monetize that volatility by, for example, selling, writing call options and really capturing that increase in volatility and potentially benefiting investor strategies in a sideways market if that's where investors believe the market is going to be in 2026.
So I think investors really leveraging ETFs have really a unique opportunity nowadays to capture and have targeted exposure to a lot of these trends and market opportunities.
Lance Glinn:
And you said you've been with Global X, correct me if I'm wrong, about seven or so years?
Pedro Palandrani:
Seven years, yeah.
Lance Glinn:
So you talked about what we've seen from '25 to '26, but over the course of seven years ... I'm sure we could do full podcast on this, that could be 35 minutes long, but if you could break it into a couple minutes, right? How have you seen just consumer behavior change and the overall perception around ETFs change from when you started with Global X to obviously where we sit here in 2026?
Pedro Palandrani:
Look, I was lucky enough to start at Global X right around the time of 6c-11. Everyone knows in the ETF world, that's a kind of ETF rule where that rule made a lot easier for issuers to bring an ETF to market, enhance the proliferation of ETFs ever since. That really allow issuers, including us, to bring to market a lot more ETFs in a faster way, in a more structure and rules-based approach, if you wish. So that has driven a lot of these proliferation of ETFs in the market.
But one dynamic/trend that I believe has really shifted over the last few years since I've been at the firm is really the perception around thematic and innovation investing. We're talking about NYSX today, where again, I mentioned it's really true innovation exposure. Five, six years ago, I think there still was a lot of hesitation and sometimes a skepticism by investors in terms of tapping into innovation and trends. And there was a lot of belief that many of these strategies could be potentially just tactical traits, just want to get in and out really trying to capture a market opportunity.
But I think that over the last few years, we've really seen that many of these, whether thematic strategies, structural trends, however we want to call them, are here to stay for the long term. Again, we talked briefly about AI, but I think we all understand that it's just been a couple years since the launch of ChatGPT, but we're still in the early stages of adoption of artificial intelligence at the consumer level, at the business level. And these are structural trends that I believe investors are now gravitating towards and are trying to be more targeted when it comes to their asset allocation in their portfolio.
So rather than just investing in large benchmarks or specific gig sectors, I think we're seeing investors now gravitating towards these type of targeted exposures more and more.
Lance Glinn:
And so I'm not asking you to give me sort of the secret sauce or the next step for Global X ETFs, but we've talked about over the course of our conversation that Global X obviously has a strong history of being early in identifying these disruptive themes or these thematic type of ETFs, this thematic investing. So as you and the team think about the next chapter for Global X ETFs, is there like a sector or so that you are sort of keeping your eye that like, man, this could be a sector that really takes off in the future? You mentioned space obviously earlier, and that's one that we've seen throughout 2026 and maybe a little towards the late end of 2025. But is there another sector that you're really keeping your eye that you have a big interest in?
Pedro Palandrani:
Look, the answer is yes. Mentioned space, technology and exploration, but another one is really what's happening in tokenization. And it's really impacting the financial services industry in a way that, at least I'll be honest, I was skeptical at the very beginning of the whole blockchain tokenization story. But as we've learned more and more about the benefits and opportunities of leveraging this technology in a responsible way, I think there's going to be an opportunity for investors to either leverage tokenization as a way to invest or invest in the companies at the forefront of tokenization. And I think that's another early stage thematic opportunity where, look, it is likely going to be very volatile, but we believe it could offer long-term investment opportunities for clients out there.
Lance Glinn:
And as we wrap up our conversation and bring it all the way back to what we started talking about, which of course is the Global X NYSE 100 ETF, NYSX, you've talked a lot about innovation, what it offers, the tech versus tech enabled. But if you could leave listeners and investors with a core message about what it is and what it represents, what would that be?
Pedro Palandrani:
Yeah, look, the Global X NYSC 100 ETF is really giving that true targeted innovation exposure across multiple exchanges, across several sectors, not all sectors, but several sectors where we believe growth and innovation opportunities are ahead. That's the way investors should define innovation in 2026 and beyond. So NYSX, excuse me, is a ticker for that fund.
Lance Glinn:
Well, Pedro, I really enjoyed this conversation. Thanks so much for joining us inside the ICE House
Pedro Palandrani:
Thanks for having me. This was great.
Speaker 3:
That's our conversation for this week. Remember to rate, review, and subscribe wherever you listen and follow us on X at ICEhousepodcast. From the New York Stock Exchange, we'll talk to you again next week, inside the ICE House. Information contained in this podcast was obtained in part from publicly available sources and not independently verified. Neither ICE nor its affiliates make any representations or warranties expressed or implied as to the accuracy or completeness of the information and do not sponsor, approve, or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell, a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some portions of the proceeding conversation may have been edited for the purpose of length or clarity.