00:00So let's talk about Nios. I'm going to be honest, I kind of lost track of you guys after you
00:05came
00:05out. I looked up and I'm like, they have $32 billion. This is really amazing because you came
00:10in with these option overlay ETFs. So you weren't first. So you were like, you know, kind of me too
00:15ish. The market was already there. You charged a little more, but you were able to just get
00:22assets as an indie. That is very difficult. I'm assuming that's the sort of go-getter
00:28attitude and hustle you saw in them, not just, oh, they have a couple of products,
00:32but the fact that they could pull that off. As a veteran in the ETF industry, you probably know
00:36how hard that is. Was that one of the things that you were after is the talent and hustle they
00:40had?
00:40Yeah, absolutely. Like I said, the culture, Troy's leadership, his co-founder Garrett,
00:46as well as the rest of the team there, which by the way, we'll be joining Goldman Sachs. We're
00:50thrilled to have that talent coming on board. They're incredible. And to your point, Eric,
00:54they've built a really phenomenal business. For me, it goes back to when you think about what
00:59investors are trying to do, they're looking for a job to be done. The job might be, I need income.
01:05The job might be, I need downside protection. The job might be markets are creeping up towards
01:10all-time highs. And so how do I start to put money to work while also have some assurances to
01:15maybe get some protection of the downside? Those are the areas where I think true innovation is
01:19happening within the ETF space. And obviously, Nios has been pioneers in that space. And to your point,
01:24investors have trusted them and their capabilities. And that's why they've grown the way that they've
01:28grown. Well, Troy, let's bring you into this conversation because your platform packages
01:32and makes available these complex institutional-level strategies for a broader, a wider audience. And
01:38you've amassed $32 billion in AUM. What can you tell us about who uses the products right now? Can
01:43you give us a breakdown of institutional versus retail investors? Sure. So what we see is usually around
01:4920% of our shareholders are in there, are more institutional advisor-based, but we have a huge
01:54base of direct buyers. That could be individuals buying from their individual accounts. That could
02:00be family offices. But we have this huge base of people coming directly to us and buying the products,
02:06whether they're finding us online, watching a webinar, or seeing different shows that we're on
02:12and stuff like that.
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