ETF Edge - “Energy”, “power” & “infrastructure” converging 9/23/26

Episode Date: September 23, 2026

The traditional lines between parts of the energy sector are blurring… and forming a new whole. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The EETF Edge podcast is sponsored by InvescoQQQ. Let's rethink possibility. Investco Distributors, Inc. Welcome to ETF Edge, the podcast. If you're looking to learn the latest insights on all things, exchange-traded funds, you're in the right place. Every week we're bringing you compelling interviews, thoughtful market analysis, and breaking down what it all means for investors.

I'm your host, Dominic Chu. Forget just oil volatility. There's a bigger upheaval at play as energy. and power and infrastructure rapidly converge. Here's my conversation with Tyler Rosenlicht, Cohen and Sears, head of natural resource equities, along with Adam Patty, the CEO of Vista shares. Gentlemen, thank you very much for being here right now.

I laid it out as an oil and gas trade only because oil and gas is garnering all the headlines these days, and it's mostly around what's happening with the Iran War. But maybe I'll go to you, Tyler, for this one first. When it comes to natural resource investing, when it comes to stuff that we dig out of the ground, is oil and gas vis-a-vis Iran the main driver behind some of the interests these days? And if so, can it last? You know, it's a great question.

And the reality for us is it's way bigger picture than that. Obviously, what's going on in the Middle East today is really driving supply demand and balances for oil specifically and rising oil prices. But you have to look at the bigger picture cycle. You know, for us, we think we're in a new inflation regime. Inflation's going to be a lot higher on average and a lot less predictable going forward. Your traditional 60-40 stock bond portfolio from the last 20 years is no longer going to give you the same level of diversification and portfolio benefits. So for us, it's really about real assets broadly. It's about this idea that you need to have inflation-sensitive in the portfolio. That's because supply of goods

and supply of natural resources is constrained as the demand is accelerating. So we think oil is obviously sort of like very important, but it's not the only thing. It's part of like a much bigger, broader regime change that's underway. Adam, does that kind of maybe reconcile with what you're seeing from a thematic standpoint? Your firm, Vista shares, does a lot of thematic investing. You roll out a lot of thematic type ETFs on the actively managed side of things. How much do investors still have to pay attention to oil?

and gas, natural resources in general, how much of that is going to be more of a longer-term inflation hedge story, not necessarily because you believe in oil and gas per se, but just because those types of products tend to be good hedges against an inflationary environment in the future. Well, I agree with, I agree with Tyler. I mean, bonds just aren't the hedge they used to be, right? I mean, in an inflationary environment, yields are going up. So the problem with oil and gas, it's really about the volatility, not about the direction, right? It's so headline-driven right now. I mean, if there's a peace deal where it's going to go down $10 a barrel, if there's escalation,

it's going to go back up $10 a barrel. I think the bigger story in kind of the broad oil and gas sector is really diesel, and that's being driven what's going on in Ukraine and Russia, because diesel is what really drives industry and is really the inflationary provides the inflationary pressure on all goods and services because all of our trucking and so forth uses diesel and that's where we're seeing the prices really sustain much higher levels and while they are volatile not quite as volatile as the oil and gas which is more consumer driven and diesel just keeps going up right it's not seeing those spikes down it just keeps going up in terms of overall natural resources yeah i mean look

again, going back to Ukraine, look what's happened with their, you know, they used to be the breadbasket of Europe and now they can't get grain produced and sold. So food is a big issue, water is a big issue. I think we have issues across all the natural resources, particularly in times of war where it's harder to produce and ship than in the days past. Tyler, how much do you then focus a little bit more away from the traditional kind of oil and gas plays on price using those as a hedge. I mean, some people actually use exchange traded products tied to things like the energy sector as a way to even hedge themselves at the pump, right? Because these oil and gas companies tend to go higher in price, as we see gasoline prices and oil prices go

up as well. When you focus on those types of products and those types of, I guess, investing strategies, how much are investors turning a little bit more towards some of these exchange traded products like ETFs around natural resources and energy as a way to actually take that kind of a view to hedge out inflationary risks? Yeah, I think it's really starting to pick up. It feels very early stage in terms of the recognition of where we are in the cycle and the need to have some of these things in your portfolio. But as people think about like natural resource equities, which are obviously the companies that facilitate the extraction, the processing and the transportation of the resource economy versus commodity futures, for instance, we actually think natural resource equities are

really good way to get the portfolio benefits that you just talked about. You can get a dividend. You're investing in professional management teams that are helping you make the buy, sell commodity decision itself. You can compound the equity value in the commodity cycle a lot better via, we think the equities than commodity futures. Commodity futures are expensive to maintain. You very much is dependent on what's happening in the front month, not necessarily in the longer term. So I'd say investors are starting to wake up to it. We think resource equities are a really good way to get real return hedging and very good inflation beta without sort of some of the friction that you get with commodity futures products as an example. Now, if you use those,

if I could follow up there, Tyler, if you can use those equities because they have more leverage, right, over the commodity prices, they tend to kind of move to a greater degree than some of the underlying actual commodities that they're involved with. For that reason, I wonder if you can take us through the reasons why we are seeing more of a focus on some of the other parts of the of the natural resource spectrum of products and commodities out there versus straight oil and gas. And a lot of that is because there is this whole narrative in the marketplace about trying to power the future, not the least of which is being AI-driven. Yeah, don't get me wrong. We really like traditional energy. We like oil and gas. I mean,

I'd be happy to make the case for why we think multiples for traditional oil and gas companies like the oil sands need to go up a lot. But the reality is, you know, you could have an environment where inflation is picking up quite a lot, but maybe oil prices come down. And so your goal is to get inflation sensitivity and protection and good returns from your natural resources. But if all you're doing it is investing in oil companies, you might sort of miss the bigger picture. And so for us, we think investors are looking more broadly. They're saying this is a big regime change. I don't necessarily want to be wrong and have oil prices go from 185 and have my oil stocks go down in the short term. I want to make sure that I'm

capturing the ag economy, I'm capturing the resource economy, metals and mining, gold prices, oil, natural gas, uranium, all the other parts of the sort of resource businesses that we look at. And so for us, it's kind of like if you very small picture are excited about oil prices and oil, you know, oil ETFs are going to be great. But if it's, hey, I see this bigger thing happening and I want to make sure that the portfolio is well positioned for it, that's why the lens is getting getting broadened and why these broader, more diversified natural resources strategies are really starting to get a lot of investor attention. Adam, how much more are traders and investors in this kind of a market using ETFs and exchange traded products that are tied to these types of themes? How much more are

they using them? And are they using them strategically to take maybe medium or longer term views on a certain type of cycle or theme playing out? And how much of it has become more? more tactically oriented, those who shorter firm hold these things because of these more tactical moves in commodities or the underlying equities tied to them. You know, we talked a little bit about just how much the equities kind of differ in terms of performance against the underlying commodities. So are we seeing a little bit more investor in trader interest on the tactical use of some of these exchange traded funds or taking longer term secular views on them? Well, I think it depends on the resource we're talking about.

I mean, my favorite resource to be invested in for the long term is electricity. Electricity, we have an ETF POW that covers it. It's one of our most popular ETFs, particularly of late. You talk about inflation hedging, right? The biggest bottleneck, you mentioned AI, is electricity. And it's going to take trillions of dollars deployed to just upgrade our grid, putting aside data centers just for consumer use and electric cars and heat pumps and things like that.

So, you know, electricity prices are continually rising. Demand is continually rising and it's outpacing supply. And there's tremendous bottlenecks on the equipment required to improve the grid with transformers and distribution, transmission, really being a problem right there. So I would view those as more long-term strategic allocation to your portfolio. And that's how our investors are using POW. And then, of course, as Tyler mentioned, you know, I agree. I think the equities are a better place for most investors. You know, most investors don't understand contango and backwardation and all the issues related to a futures-based products.

So if you look at the kind of oil futures, ETFs, they are better for short-term use and you'll see more trading activity there. And that's a better use for them because they won't necessarily track the spot price of oil, as you may expect, in different regimes based on that contangor and backwardation and how the futures role works. Tyler, it wasn't maybe that long ago when we used to talk about stories around some of these types of products and use energy, referring specifically more to the kind of oil and gas side of things, and then power more towards the kind of power generation, electrification, infrastructure side of things. These days, it really feels as though the energy and the power trade have now converged because specifically around the stories around AI. Is that how you see things playing out as well right now that energy and power are becoming closer and closer to synonymous

given what's happening with AI? I think they are and I think it's because it's not just because of AI. It's because of reindustrialization. It's because of the digitalization of the global economy. It's because of electricity demand, power demand, data centers, clearly all of the above. I think what the market is waking up to. And we talked about this five years ago when we launched one of our strategies, which is the Conan Steers Future of Energy Strategy, which is it's an energy addition world, not an energy transition. Yes, alternatives are going to gain market share, but we really need more of everything. We think oil demand is going to rise for a while and then plateau. Natural gas demand is going to rise for a really long time. Alternative energy is going to accelerate even

faster, given everything that we're seeing. And really it is about creating sort of the electrons, the electricity, the power needed for the global economy to run. be it sort of moving data, powering homes, or moving sort of airplanes across the world. And so, you know, for us, I think the world is waking up to the fact that energy is going to be very different five years from now than it was five years ago. Like five years ago, when you heard energy, you just thought Exxon, oil and gas, traditional resources. Now when you hear energy, hopefully you think still Exxon, but also natural gas pipeline

companies, natural gas producers, uranium companies, nuclear generation, all the power stack utilities, it's this much broader world, and it's a very sensible convergence in our view. Okay, let's follow up on that. So I'm going to stick with you, Tyler, on this. Because you basically have a role that centers around the equity side of the natural resource trade. Can you take us through, you mentioned a number of different kind of themes or sectors or industries that are in focus for you. What types of companies are coming through as being at the forefront of some of those more kind of sub-industry themes that go into this power generation AI infrastructure kind of trade, I guess, in the coming years? Yeah, so we have a couple different

sort of portfolios and strategies. We have an infrastructure, ETF, which is CSIO, we have a natural resources, one, CSNR, and then the future of energy strategy. And for us, it's all about finding the bottlenecks and investing where we think the bottlenecks are going to have duration. You know, when I think about the AI, the power trade, what we're sort of talking about here, you know, some of the The biggest bottlenecks are natural gas, right? It's really hard to build natural gas pipelines here in North America. If you have incumbent natural gas pipelines in the ground, those are suddenly going to be more valuable.

We think that those businesses are moving further downstream. They're not just about moving natural gas molecules from supply basins to demand basins, but it's actually about getting power behind the meter at data centers. So that's a theme that we really like. We really like the engineering and construction businesses that are building all the utility infrastructure. One of the tricky things with utilities right now is there's almost too much opportunity and all that opportunity in CAP-X is inflationary to the customers and they're going to see some challenge returns potentially in a midterm election year. Actually the companies that build

the infrastructure for them, we think are going to see great opportunities because, hey, their demand is rising, their supply constraint in terms of skilled labor is getting harder and harder. So that's another one we like. Like I said, uranium, nuclear generation, it's clean. It's predictable. It's high capacity factors, low variability. It's the kind of energy the world wants. And so again, you know, at the core, find the bottlenecks.

Where is the bottleneck underappreciated and longer lasting? And we think there's great opportunities across infrastructure, natural resources, and energy when you look with that kind of lens. Adam, how do you actually construct an underlying index or portfolio to track some of these kind of, I guess, more prevalent themes that are developing here. In other words, as you put a fund together, what exactly then goes into the fund?

How exactly do you decide what goes into a fund? And how exactly do you figure out what goes in and out? How do you rebalance? How do you tactically allocate? How exactly does a firm like Vista shares take some of these bigger kind of constructs and ideas around themes and turn them into an actual product that people use on the exchange traded fund basis? We have a very novel approach. We actually develop what we call the bill of materials approach, and we file the patent on this. And what it is is very simple. We follow the CAP-X. So what we'll do is, whether it's AI infrastructure, electrification, we have AIS for that. We have POW, we have robotics and other funds. We will first analyze the supply chain to identify all the different segments of the supply chain. Then we overlay the bill of materials. And what the bill of materials really does is really just identify the economic value of between. level of the supply chain. So just taking AIS, for instance, our AI infrastructure, ETF, you know, many people don't know that cooling systems are around 25% of overall CAPEX spend in building a data center. So very important. So once we overlay the bill of materials, then we'll analyze the actual

companies to see how much of their business is actually coming from, you know, electrification or AI infrastructure or robotics infrastructure business. Because taking cooling, for instance, we don't care about cooling companies. We don't even care about cooling. companies that are building data centers. We only care about cooling companies that are supplying their gear for AI data centers. So you really got to tease out those financials to understand what their pipelines look like. And that builds the core of our portfolio. So we're getting a full representation of what it actually takes to build these systems. So we like to say when somebody builds an AI data center, the cash register rings across AIS's entire portfolio. And that

is consistent across POW, R2, Galaxy, all of our products. But the secret sauce is really identifying people to sit on the investment committee that are operators. So, you know, we're not doing just analysis. We actually pull people onto our investment committees that are experts in the space. So if you look at who we have, these are people who are building the companies, who are building the data centers, who are, you know, thought leaders in energy technology, who are actually, you know, understand the pipelines, understand the technologies and understand the changes before the bottlenecks occur. And that's really our secret sauce, is really tapping into that expertise of the operators

to choose companies or at least identify opportunities where we can find the companies to fulfill the new opportunities that they raise. Tyler, let's talk about whatever secret sauce you guys have. What exactly is passing your screening process right now from your portfolio managers through your investment executives and your teams and analysts about the kinds of companies that will fill the portfolio around next-gen power and infrastructure. Are there specific names that are coming to the forefront? Which ones have kind of really passed your screens and are going to stick around?

And which kinds of companies, perhaps, are the ones that you're maybe looking for to take a bigger role in your portfolios in the coming quarters in years? Yeah, absolutely. So, I mean, Conan Steers, we only do a few things, but we try to do those things really well. We are listed real assets, which is REITs, natural resource equities, infrastructure, energy, and then we have some alternative income as well. We invest in those sectors because we think that there's the ability for active managers to add alpha. There's inefficiencies. So take infrastructure as an example. The biggest challenge right now with infrastructure investment is regulatory risk.

And the rules getting changed. You think about investing in utilities. You know, utilities can see their returns benefit or hindered based on the decision of a few utility commissioners, sitting in a room somewhere, sort of deciding what they want to do for the local customers and ratepayers. So for us, it's about alpha from active management, and that can come from, hey, where do we find the best themes? You know, we want to make sure that we're investing, obviously, where the excitement is, where the growth is, and where the better opportunities are, and then identify the best relative value. So, hey, within data centers today, or sorry, within infrastructure today, we think some regions are inviting data center growth. Some are going to constrain it. You know, in June, there were 92 local

moratorium on data center development. Today there's 520. So we want to find the places that are not putting up the moratorium that are actually inviting data centers into their service territory. And then we're trying to find the best relative value opportunity. So, hey, where is the growth underappreciated? Where's the management team's ability to execute the best? It's utilities like Black Hills and Energy.

It's natural gas pipeline companies like Williams. So again, it's those theme identification with then fundamental bottom up work to find out where's the market mispricing the opportunity set and where can we generate alpha by positioning accordingly. All right. So there's a handful of those names that we just went through here. Adam, for you, what types of names are coming through, individually speaking? Are there certain types of companies or stocks that are featuring more prominently in some of the

screening processes that you're doing? So if you look at electrification, for instance, and analyze where the CAPEX is being deployed, there's a lot of noise around the generation area, but it's only around 15% of total CAPEX. So where the CAPEX is actually being deployed is in disqualification. distribution and transmission. So it's it's the boring, it's the switching equipment, it's the cabling. Believe it or not, it's a transformers. You know, when you go outside and you look up on those big poles, those are transformers at the top. You can't get transformers. So it's the companies like Prismian. It's the companies like Eaton, Powell Industries, Delta Electronics,

that are providing kind of those nuts and bolts. And the back, the backlogs they have for getting their equipment are, you know, sometimes a year or too long at this point. They can't produce enough. And that's what we're focused most of our allocations on these days. All right. So the energy trade, kind of morphing into the power trade, morphing into the infrastructure and electrification trade, all of these themes playing out at once here.

Now it's time to round out the conversation with some thoughtful analysis and perspective to help you better understand ETFs with our Markets 102 portion of the podcast. Adam Patty, VistaShare CEO, continues with us now. Adam, you know, we talked a lot about the natural resource theme that's been playing out and how there's a convergence, a blurring of the lines between the traditional energy trade, the traditional power trade, the electrification trade, and everything else coming together. That's indicative of many parts of the market that are seeing some transitions happening right now because of things like AI as a massive theme. I wonder as the CEO of an ETF provider, an issuer, how exactly, do you come up with the themes you think will resonate the most with investors because those that resonate tend to garner more assets leading to a better profitability picture for you

as an ETF issuer. So how do you strategically come up with the products you think will resonate the most with investors? Well, we're a little old-fashioned. We talk to investors. We go out and we talk to investors all day long. We try to understand. We try to understand. understand the pain points, what's missing in their portfolios, what they have and can be improved, given new market environments. So on the thematic side, you know, what we do is we tend to focus on what we view as super cycles. So these super cycles are technology-driven trends that are decades in the making and decades long. So, you know, AI is certainly one of them.

You know, the Industrial Revolution was a super cycle. The internet was a super cycle. So these are massive trends. develop all that really changed the way people live, work, and change economies completely. So, you know, AI, robotics, space, defense, even at this point, right? The way military technology has been changing and electrification. So we want to create foundational technology exposures that are meaningful for investors to the next decade or two.

Similarly, you know, look, we've been in a lot of volatility lately, and investors are are fearful and they're looking for novel ways to get downside protection, but still retain some upside potential. So, you know, the buffer space has really been important for investors for that purpose. The problem with many buffers is that, you know, they're year long or their quarterly resets or they're, you know, that you have to buy multiple products or a laddered product to get monthly exposure. So what we did is we launched yesterday, two brand new products, ticker Voo B, V-O-O-B, which covers the S&P 500, and QQQB, which is the NASDAQ-B, and we set out to solve all of the issues with buffers that investors have been complaining about, the serialization, the cliff risk on the

downside of the buffer, the lack of upside. So what these are very simple. They are monthly rebounds products. They are designed to give you 8% hard buffer assistance to protect against the first 8%, and then below the 8% will absorb 50% of any downside as tail risk. And every single month, you get that same protection. And why that's important is it goes back to your first point, is that things are so volatile right now. There's so much headline risk. The market can go up and down 5%, 3% a day just based on a tweet.

And, you know, you need to have monthly protection to it to deal with that. So it's a whole different environment which requires different solutions. That old school style of talking to investors to get an idea of what they're looking for, when you talked and spoke with investors about kind of the buffer space, because let's be honest, a lot of folks are out there putting buffer products out there to find outcome type products out there. It is one of the fastest growing parts of the actively managed ETF ecosystem right now. when you spoke to those investors, investment advisors,

retail traders, and everybody else you spoke to to to kind of get an idea of how you wanted to roll product out, what exactly was the feedback there? Was it that overwhelming where you felt as though they wanted that kind of defined outcome protection? And if so, why is it that everybody's flooding into this space and how exactly do you stand out with your products given what you've got going on?

I know that yours is different because you have a monthly kind of buffer reset. But these are all types of conversations that lead to, you know, different types of products coming out. How exactly did those conversations go for you to lead you to VOB and QQQB? So we can't be everything to everybody. We're a small company. We're around $2.5 billion in assets. So growing fast, that's after 18 months.

So I'm proud of that. But, you know, we were trying to develop products. that are evergreen. So the problem with current buffers is that advisors need to ladder them. They need to roll in and out of different monthly series every month. And that's a lot of work for them. So the other providers have come up with laddered versions and things like that. They're often their times are ETF of ETS, so they're little clunky.

So what we really just try to do is say, okay, if you can design something for downside protection, what would it be? It would be an evergreen product. They buy once. You set it and forget it. And then, you know, having 20% hard buffer is nice, but how often does the market actually go down 20%? Not often. Typically, the market grinds down over a series of months.

So, you know, you need to have that protection reset every month. You know, the market might go down five and up six and then down three and down five. So we need to have that protection every single month. And what we found in our analysis is that 8% was the optimal range. The markets rarely go down below 8%. even in really distressful times. But to protect, you still want to have that tail risk insurance, right? So we're not going to give you 100% under the 8%,

but we'll give you 50%. So if the market goes down 20, we protect against the 8, and then we split the 12. So we're down 6, the market's down 20, but then the next month you get the full protection back. So it's just a very different structure. The other part of it is that most of the buffers out there, just by the way they do their option strategies,

they're capping the upside. So they're good on the downside, bad on the upside. We did it without a cap. So you're still going to get only partial exposure to the upside, just because that's what the nature of the product is. But it should give you a little more upside potential than their traditional buffers, which we think is important. So it's good for investors that are looking for, you know,

a hedge on their equity exposure. And frankly, it's really good for bond investors. You haven't gotten anything out of bonds in years. These are 2 to 4% volatility. You get more protection on the downside than with bonds. And you still get kind of that bond or bond plus exposure for the upside. All right. So you have basically index products that have derivative type strategies built around them

to kind of give you some of these more desired or defined outcomes. Can we also then talk about some of the other products that you have that are not necessarily broad index-based, but still have to be constructed with portfolios of securities to then track a certain type of theme or industry group or some trend. You have a number of those products out as well. How exactly do you actively manage? How do you construct the underlying portfolios?

And then how do you actively manage them so that they are giving investors kind of the best exposure that you can for the types of themes that they want to, build into their own portfolios? Great question. And, you know, the ETF, and I've been in the ETF business since 2002, so I'm an old-timer, but the ETF industry is notorious for creating portfolios and naming them something, and there being a major mismatch, you know, calling something AI fund and you look under the

hood and you're like, what am I buying? It's just the nature of the business. It is what it is. But, and I wish I could take credit for this, but my partner, gentleman named John McNeil, he was the president of Tesla. He, you know, he's a brilliant, you know, brilliant businessman, brilliant technologist. And, you know, he was looking for exposure in the AI space, looked under the hood of a couple of the products, realized, wait a minute, these are not AI exposure. This is not, these are not AI companies. And so he said there's got to

be a better way. And he actually developed this bill of materials process where we analyze a supply chain, so taking AI infrastructure for an instance, we have AIS, which is one of our leading products there. We'll analyze the supply chain. So every single component that goes into a data center or a semiconductor is analyzed and laid out onto a supply chain map. Then what we do is we overlay the bill of materials. So we'll say, okay, cooling is worth every dollar that goes into a data center, cooling is a dollar, racking is 15 cents, and we'll just go down the list. And we'll just go down the list to see how important economically every level of the supply chain is. Once we understand that, then we'll start mapping companies to each level of the supply chain. And we'll

start digging into their financials to understand, you know, okay, this company's in cooling, but is it an AI data center cooling? Because that's what we want. We don't care about cooling companies. We want companies that are actually filling their own business pipeline with AI deals. So we'll do that analysis, and then we'll wait up, wait all those companies based on their contribution to their individual supply chain segments. And we'll roll that into a core portfolio. And that's why we, so we're, you know, the portfolio is, is, it was all about identifying where the CAPX is being deployed and who is making the money from that CAPX.

But then the secret sauce is really in the expertise on the investment committee. So our core portfolio looks very different than anyone else's core portfolio in the space, whether it's our, you know, R2, our robotics or GALX, our space or ammo or to Vents product. They all look very different, but the secret sauce is the people who are either or kind of overseeing the portfolio because what we tried to do is bring on a combination of operators and portfolio construction people. So the operators are the ones that are doing it every day. They're building data centers. They are out there creating new energy technologies. They are, you know, building spacecraft. You know, our space ETF, GALX, we have this gentleman

I know I'm the CEO of Apex Space. He's a leading provider of satellite buses. I mean, it's a wild industry. But those are the people that guide where the bottlenecks are because they see the bottlenecks before anyone else does because they're the ones who are building the products. Once they identify risks and opportunities in the portfolio, then it goes over to the portfolio of the construction people, which is more my side. And where we're analyzed, the companies will put it on a watch list and kind of see how

how it all plays out, and then express the views of the operators into the portfolio. So it's just a different approach to portfolio construction, and it's worked out quite well. AIS has, you know, been the top-performing AI ETF in the world. Powell, I think, is the top-performing electrification ETF in the world right now. So, you know, performance comes and goes. There's no guarantees, but the supply chain, CAPX, profit pool perspective seems to be paying off. All right, Adam, one last question before we let you go here. What's next on your radar?

What's blipping but kind of far out on the screen? Oh, there's, look, AI is driving a lot of changes in a lot of different industries. I don't want to give any of my competitors any ideas, but there are quite a few industries where our bill of materials process really can work very well. So we've got them scoped out. We'll be dropping registration statements for them. you know, fairly soon. So, you know, that's the space will be active in. All right. Nice little tease there from Adam, Patty. Adam, thank you very much for joining us here. We appreciate it. Come back and

update us with those new ideas soon, all right? I will. Thank you, sir. All right, that's Adam Patty, the CEO of Vista shares. Thanks for listening. Join us again next week or head over to etfedge.cnbc.com. Over the last few decades, technology has transformed our world in amazing ways. Through it all, Investco QQQEF has connected investors to the forefront of innovation. Access the future today with Investco QQ. Let's rethink possibility. There are risks when investing in ETFs, including possible loss of money. ETF risks are similar to those of stocks.

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