Animal Spirits Podcast - Talk Your Book: Investing in Next Gen Tech Stocks

Episode Date: February 23, 2026

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠��⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Paul Schroeder from ⁠⁠Invesco⁠⁠ to discuss: the Invesco NASDAQ Next Gen 100 ETF, the broadening out of market leadership this year, where investor flows are going and more. Find complete show notes on our blogs... Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[e-mail]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://idontshop.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's Animal Spirits Talk Your Book is brought to you by Invesco. Go to Invesco.com to learn more about the Invesco, NASDAQ, NextGen 100 ETF, ticker QQQJ. That's the tech juniors. Is that right, Michael? That's right, Ben. All right. Invesco.com to learn more. Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching. All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ridholt's wealth management. This podcast is for informational purposes only and should not be relied upon for any

investment decisions. Clients of Ridholt's wealth management may maintain positions in the securities discussed in this podcast. Welcome to Animal Spurts with Michael and Ben. There was a time there, Ben. When was it? It was at 23 when I was like, apologized? to the audience, and to you, I guess, for, sorry, we're doing this talk again.

We're doing it. We're talking about the Mag 7 because that's all there was to talk about. There was one year in particular, I do think it was 23, where the S&P was up, whatever it was, and X the Mag was basically flat. Or said differently, the Mag 7 was up 20% of the 493 were flat. Like, it was that stark. And this year, we're recording this intro on February 9th. The spread between the equal weight and the cap weighted S&P has never been this large. And I would imagine, well, I can't prove it with a cursory glance, maybe I could,

that if you were to equal weight the tech stocks versus tech, it would look similar, said differently, what about the juniors? Today we're talking to Invesco about the junior cues, the triple QJ. Yes, as of today, year-to-date basis, this is just price only. The next gen, which is the, yeah, the triple Q's with the J on the end, is up almost 6%. And the cues themselves are just about flat on the year. So you're seeing this, not only the S&P and the NASAC, you're right. It was all like the biggest stocks are carrying all the weight.

When is this other stuff going to play catch-up? And now we're seeing that happen. And so we, on today's show, we talked to Paul Schroeder. Paul is the equity product strategist at Investco, the QQQQQ equity product strategy. And they have all these different cues strategies that they talk about. So we talk about some of them today. But we really highlighted these juniors. And so you have the NASDAQ, 100, which is the 100 biggest.

And then this is the next 100, right? So call it mid-cap kind of growth space. And yeah, it's outperforming this year. So here's our talk with Paul. Paul, welcome back. Good to see you again. Great to see you, too. Thanks for having me on, Michael.

And then. If I'm a betting man, and I think our listeners know I am, I would bet that everybody who's listening to this knows of the NASDAQ 100. But I don't know that they are familiar with the juniors, the QQQJ, which is what we're going to be spending most of the show talking about today. Paul, who are the NASDAQ juniors? Yeah.

Is that really what they're called? Did you make that up, Michael? I just put up my radio voice. No, that's what they're called, no? Well, it's the NASDAQ next gen, but a lot of people within the firm, you know, the Jay obviously junior, so I think you hit the nail on the head, Michael. Oh, and I call them juniors. All right.

I've always said there need to be more juniors. Like, why do we reserve that just for precious metals? Junior gold miners and silver miners, there should be for other stocks. Yeah, I couldn't agree with you more. I mean, KQQQQJ was launched in 2020 as part of our broader innovation suite. And to the point that you just made, Ben,

I'm surprised that we didn't launch this sooner, you know, to really capture the halo effect from the cues. Michael, you're 100% correct. You know, I talk to people from my local community, whether it's church, kids basketball, team, my family. And they're like, oh, hey, I saw your KKK commercial. We're very familiar with it. You know, very frequently, in nice cases, you know, like it's made me a lot of money through the years, right? But to your point, not that many people have heard of KQQQJ, right? So,

really, we launched it back in 2020 to really extend out what KQQQ really provides exposure to. So you're looking at stocks 100-1 through 200, non-financial companies listed on the NASDAQ Stock Exchange that are in QQQJ attracts the NASDAQ next gen 100 index. You know, we've been a big partner with NASDAQ through the years, over 26 years, through QQQ. And I think it just makes sense to extend that out with all the success we've seen from the Q's through the years. Does that end up being more of like a mid-cap index Or is it still technically large-cap? So it falls somewhere in the middle. I mean, we define it as a mid-cap growth strategy.

Morningstar defines it as a mid-cap growth strategy. So it definitely is. But I think the way that we like to really talk about it, especially now where we are in the market, is that it does generally tend to skew bigger than your average mid-cap growth strategy. I think when you look at something like the SMP, 400. That could even be argued that it's borderline small cap. We're a little bit bigger in size from a

market cap perspective within Jay. And the way that I like to think about it is it could be its own standalone within the midcap bucket. Not that many people invest in midcap, right, directly. But it's a good way to diversify against your large cap exposure. I'm looking at the holdings. And the largest one is Sandisk at DeBenz question. This is like a large company. It's $89 billion. I'm guessing that when you reconstitute, this will graduate out of the juniors. There definitely is possibility for it. I mean, we reconstitute it on the same schedule as the queues. And the companies in the queues are strictly disqualified from being included, right? So you have zero overlap. And when they both change holdings, you generally tend to see about five to seven

holdings move up from QQQQQJ and go into the cues. Right. Every year you have things that pop up, right? What's going to be the graduates that move from Jay into the cues? We see about four to seven, as I mentioned. And that's definitely at the top of the list of being the potentials to move in. You know, I think as we saw earlier this year with the cues just last month, Walmart moved in because it changes where listed over to NASDAQ and AstraZeneca dropped out. So you get some of these off cycle additions. And if you have something like that where Walmart obviously, was never in Jay, you might have a company like Sandusk had leapfrogged over, right, by a company like Walmart, right? But I think looking at those top holdings by market cap kind of give you an idea, assuming between now and next December, how performance is of potential additions into the queues. There's this idea that the NASDAQ is just all technology stocks, I guess, from people who aren't aware, but this is actually a pretty diversified portfolio. Like, even the top 10 holdings well, yeah, you have Sandysk and eBay and some of the core weaves and one of the stocks that

people know, but there's United Airlines. Alta Beauty is one that sticks out to me because I have daughters who are really interested into skin care these days. Same. So I have to see all the Alta Beauty supplies around. But even just looking at the sector weightings, tech is obviously the biggest sector, but there are, you know, there's a healthcare component here, and there's consumer component. And so this is, I guess this is probably more diversified than most people would assume.

you're 100% right so people just assume because the cues is about 60% tech that kukukuj is about the same as you alluded to the tech exposures half of that of the cues around 30 32% similar though the top four are are the same tech consumer discretionary health care industrials right but i think with the type of exposures that that that you do see within health care um and how fastly it has been growing within J. I think you do get a different sort of exposure within that, even within tech, you know, you get a different exposure within semis, within software. Software may be a dirty word over the last week, right? But within software, along with other components within the tech sector. This is a really interesting time in the market. Listen, let's be honest, the past

couple of years were, I was going to say relatively boring, that's not exactly true. I mean, it's not, in fact, it's not true at all. But like the conversations that we were having, Ben, remember when it was like every week I was saying to the audience, I promise we're not going to do the Meg 7 this week. But in 2023, they were the only thing going up. And the 493 were going sideways. And it was just getting redundant. Now, it was nice, right?

If you're like a broadly diversified investor, like you were doing very well. Obviously, the stock market had had a great couple of years. But it was just, it was getting boring. And it was repetitive. of and now, the story is a lot different. So you see small cap stocks doing well all over the place, renewed interest in them. And you're seeing that in the juniors as well. I was surprised to see that the juniors have outperformed the majors, is what I'll call the triple Q's in this context over the last year. I'm curious if the type of conversations that you all at Investco are having

with their clients are reflecting the renewed interest. It definitely is. You have to think about our lineup as well, Michael. You know, we have over 230 different tickers here in the U.S. alone, right? And the Q's obviously is a major part of that story. But, you know, we're trying to make sure that our clients' portfolios are diversified. So we've been having that conversation around diversification, concentration risk that's in the broader market, you know, within the S&P 500, you know, for the past three, past two years, really.

You know, we have the largest equal weight S&P 500 fund. That's our ETF that's out there. there through RSP. So it's a conversation that we have been having. And in some situations, like back in 2023, it almost felt forced, right? Because everyone was so focused on MAG7. Everyone excited about the AI revolution that was upon us. And obviously, the returns was driving a lot of that conversation. You know, what we've seen over the past 12 months is a broadening out that I think is very welcomed, at least within Invesco and I think probably other. asset managers as well, but also clients, right?

You know, they're speaking to the end investor on a daily basis saying, hey, you need this diversified portfolio. And a lot of the conversations are, why isn't there more Palantir in my portfolio? Why? Yeah, why? Why don't you own Palantir? Why do you own these boring ETFs? Why do you own this value ETF?

Value investing is dead, right? When secretly, you know, over the past week or so, value has been up. It has positive performance, right? So there's these rotations that happen in the market. We're always doing our best to make sure our clients know that everything is cyclical and need to make sure you are positioned for what might happen the next day, next week. And it's made the conversations a lot easier and has opened up the conversations to something outside of a top 10 holding within QQQ. I'll set the stage here.

This is the first week of February they're recording this. And early this week, the big stocks were all rolling over. and RSP, the equal weight that you mentioned, was making new all-time highs. And so you're starting to see this. And I think it's really the last, I don't know, 12 to 15 months, international stocks have done better and small cap stocks have done better and value stocks have done better and quality stocks and all these other places that you mentioned, these diversification pieces. So people who have been worried about the concentration in the market cap-weighted indexes,

there's plenty of easy ways to diversify now. It was just you had to force yourself to do it when it didn't feel very, very, comfortable. Are you also seeing that in the flows these days? Are all these other funds starting to get more money because people are seeing the performance perk up a little bit? We definitely are. I mean, to give you an idea of where we were, you know, midway through 2025, we have a momentum fund, SPMO, which is, you know, the top quartile of momentum ETS over the past 12 months. And it went from being about a billion dollar fund to about a nine billion dollar fund, right? Just like that because of the exposure that it had.

You know, it's towards the tail end though. Oh, yeah. Right? We started to see more flow come back into equal weight. We started to see more flow come back into quality, et cetera, right? So we definitely have seen it in the flow. And fast forward to 2026, you know, RSP has brought in several billions of dollars so far in net new flow off of, I think, this renewed skepticism,

around the hyperscalers, how much you're spending, and whether the revenue is going to be able to keep up with the spend that they have? One of the charts that I use all the time on our shows is RSP, or actually RSPD divided by RSP. And that is a ratio chart of the equal weight discretionary ETF at Investco. divided by the equal weight staples ETF. And I do that because the GICS sector, and correct me if I'm like mischaracterizing it,

they have 40-ish, 40-odd percent, at least the last I checked, in Tesla and Amazon. So that like really skews it. I mean, directionally, it's the same. But when I look at the equal weight basket, that gives me a really good indication of where the market is in terms of like a risk-on, risk-off type of environment.

You have the equal weight for every sector. And I'm curious, like, are people allocating there? Because for the last couple of years, it was just, it was S&P 100, right? It was mega cap or get out of here. Nothing else was working. Are we seeing, like, more conversations? Is that, like, too granular? Like, do people care about the equal weight sector ETFs?

They do and they don't. I mean, it's obviously a very large suite that we have here. And we're the only shop in town that equal weights those sectors, right? So we do have a decent amount of AUM and them. But I think to really accurately answer that question, Michael, you have to think about the way our clients, these FAs is the way that they run their business, right? We're running into fewer and fewer FAs that run and take specific sector exposures like that and using more of cowards. Using more models from the home office or, you know, taking more of a diversified, higher level, like almost Morningstar style. approach. With that being said, though, there are a few things you have to keep in mind with

the equal-eight sectors, right? Not only do you need to get your sector right, but you also have to assume that there's going to be broad participation within that sector, right? So when you do have some of the smaller companies really rip in within discretionary, right, outside of Tesla, right, then evil weight is definitely the way to go. And I think in general, discretionary is a great example of it when you have such a high concentration and very few names, it really does make sense to equal weight perhaps all the time if you are taking that sort of sector exposure. One of the areas that we've talked that is really seems to be on investors' radar as the last two to three years is anything with options. And I know you guys have

in your suite some NASDAQ products that use options as well. Are you still seeing a lot of fanfare there from investors who really love to see that high income? Oh, we definitely are. I mean, you just think about where demographics are right now and, you know, the way people look at retirement, right? I mean, gone are the days of defined benefit plans and here are the days of defined contribution plans where you have to generate your own income, let alone people are age, right, who may not be able to rely on Social Security. You know, when we do retire, income products are here to stay and they're going to continue to be irrelevant. One thing I do, interesting is that, you know, 15 years ago, you'd talk to someone who was just entering retirement, and they're like, if the 10-year was just at 5%, if it was at 4.5%, I'd throw my whole portfolio in that, right? And we've had that for the past two years, and what did we get from that? We didn't get portfolios that were 100% treasuries. We got portfolios that augmented it with dividend income strategies, with structured notes strategies. And obviously, as you alluded to option strategies, right? You know,

It has been one of the fastest growing areas within the ETF business, not only within active ETFs in general, but option income, right? And Invesco definitely needed and wanted to be part of that conversation. You know, we have a few different flavors of it. They are actively managed ETFs. But I think the one that's gained the most success has been QQA, which uses the NASDAQ-100 portfolio as the base, the primary portion of it, and it has an option overlay of it,

where it's basically selling covered calls, selling cash secured puts, to generate around 10% above the indexes dividend, right? We pay that dividend out on a monthly basis, and we've been able to do that pretty successfully through the past year and a half, two years. So that whole idea of boomer candy, that's a real thing, that people really love these things because they'd like to see the regular income come in.

It totally is. I mean, Eric Beltunis, I think maybe has coined that, or I've heard him use that term quite a bit. You know, income is such a large concern of people who are retired, right? And I think with just where interest rates have been, if you think about someone who is 60 to 70 years old, they've only basically seen the 10-year treasury continue to fall. Interest rates fall after they got spacked with their first mortgage at 8 to 12 percent, right? They're looking for something that might not only provide a steady stream of income, but also have a component.

to it that has some capital appreciation. I really appreciate the advisors that that are able to shift that conversation from not only the income or yield that a portfolio is bringing in. Also think about it from a capital appreciation standpoint, especially if it's in a qualified account. It's being tax the same when you pull that money out regardless, right, as income. So why not look at it from two different angles, along with the appreciation that equities have given over the past three to five years?

Paul, getting back to the J's, how different is the exposure? Obviously, the market cap is massive. But in terms of the sector exposure, is it too dissimilar or does it look a lot like the majors? No, it definitely is a little bit different. And I think the part that sticks out to me the most is the healthcare exposure, right? We like to look at the exposures within QQQQQJ and the Qs, not only through your typical GICs or ICB lens, right? but we also dive a little bit deeper with the help of BASDAQ by looking at the different patents that these companies are filing as well.

If you think about it, patents are really a roadmap for you to see what these underlying companies are really focusing on and where they feel their business is going to be not just next year, but three, five, multiple years down the line, right? And where we see the most patent activity within KKK over the past 12 months has been bioinformatics, right? which definitely falls within pharmaceuticals, that biotech sub-industry, right? So you do get differentiated exposures within KQQQJ.

You get less tech exposure. Obviously, with the great job that NASDAQ has done with polling companies that are either classified as tech or technologically focused companies to list on their exchange, that pool of companies does generally tend to skew that way. But overall, it is a great diversifier if you're looking at QQQ or just pairing it with the SPY or VLO. You know, it has about 4% overlap with the SMP 500, 0% overlap with the Q's. So definitely a great diversifier.

Okay, I'm curious about your low-val strategy. So you have a Q-Q-LV, which is 25 names of the lowest volatility for the last 12 months. Because I think a lot of people would think that the cues have more volatility. What does this tend to own? Like, what kind of stocks is that kind of fund owning? Yeah, so what you're generally tending to see, it's interesting the exposures that you do see come up. I mean, I don't think very dissimilar from other low-val strategies.

You do tend to see some staples pop in there along with some industrials as well. It's a strategy that I think can definitely hold a place within a portfolio, especially if you're owning the broader market, if you think the way the S&P 500 has changed through the years to how growthy it has skewed to the point where Morningstar has to redefine the definition of growth, you know, a few years back, being able to tag on and complement your core exposure with something like a low-val if you are a little bit more risk-adverse or like a QQA, if you are more income-focused, or even a QBIG, which owns the top 40% of the NASDAQ-100 if you have

longer-term time horizon and are really leaning into the current themes of those larger companies. It makes a lot of sense. Paul, how long did it take you to boom, boom, boom, all these tickers? That's not, that's impressive. You know, it's something that takes years of practice. I started with Investco back in the Power Shares days as an internal wholesaler, right? About 10 years ago, back when we still had that name before we dropped it in just what with Investco. ESFs. And I felt like a fish out of water. I was an FAA before, moved to this side of the

business. And back then it was maybe 150 different tickers. Right. And everyone on the desk knows these tickers. They're rattling them off. You know, it's like muscle memory. You know, similar with even individual investors or FAs with stock, you know, AAPL, AVGO, NVDA. You know, it's just something that sticks. It takes time, though. It takes practice. So a consultant, set to you guys, drop the power shares. It's cleaner. I mean, that's above my pay grade. I wasn't in those conversations. I really enjoyed the power shares orange. If you guys recall that back in the day, we had these orange was our primary color. Now, with that being said, the Invesco blue that we have now is pretty sharp. Blue is my favorite color. But yeah, it was a sad day to see that name go.

So we've seen a ton of innovation in the ETF space. And I think that's great for advisors and retail clients like, like, where are we headed next? Like, what else can investors expect? Because at first, it was just the index funds and you get this stuff at a really cheap cost, right? Get your beta exposure for super cheap pennies on the dollar. And then it got, you know, like I said, more, there's buffered stuff now and there's active ETFs and there's the options. Like, where are we going next? Yeah. So I still think the active ETF phase is at the very beginning, even though we saw the most launches last year within active ETFs really dominate the launch space.

I still think that's where we're going. I mean, if you take a look at what we've done at and Vesco through the years, you know, a lot of these larger companies similar to us are launching the active strategies that they've typically housed in either an SMA or a mutual fund and launch that in an ETF, right? We're very active within that space.

I would imagine we're going to continue to be active with that as we have a lot of really good active strategies within fundamental equity within the U.S., along with fixed income. So I think we're still going to see a lot of growth within that. Now, being kind of an ETF passive, index-based purist, right, I generally try to stick with what falls in my wheelhouse, like the cues and individual factor-based investing, sometimes multi-factor. But I have become a nerd a little bit on options through the years. So all the launches, we've seen over the past 12 to 18 months, you know, with this option-based income has really intrigued me. All right, Paul, where do we send people who want to learn more?

So if you'd like to learn more about QQQJ, the Invesco NASDAQ, NextGen ETF, would be Invesco.com slash QQQQJ. Just learning more about Invesco in general, Invesco.com. All right. Appreciate it, Paul. Thanks for coming on. Yeah, thanks for having me. Great conversation. Good questions. Okay. Thank you to Paul. Remember check out Invesco.com to learn more. Email us, annals spirits at the compound news.com.