 Let's go over to our man, Mr. Dave Mazza. Dave, folks, is the managing director head of product development at Direction Shares. Of course, at Direction Shares, there's plenty of us that trade the doubles, the triples. They have a lot more than that over at Direction Shares, but right now we are gonna be talking a few of the leavened products. Dave, how you been? I've been well, happy to be back. How are you? It's great to have you back. You know what? I'd like to start off where we were ending and we were talking about the nugget and the dust. And what my question was, right? You know what's so cool about the nugget and the dust that the gold market is so small that it seems that we have a lot of clients or we have a lot of listeners, let's put it this way, that when they have a portfolio of gold, right, that they will go into that dust if they feel like, okay, we're gonna take a hit because the gold market's so volatile, right? And switch back and forth. So my question is this, how does the inflows and outflows of your products, how do you handle those? Cause I, you know, the gold market is so volatile. I mean, I love it. But I'm trying to figure out how do you handle that when I can tell how many calls we get here sometimes that, okay, man, everyone's on one side of the ship. You know what I mean? Yeah, no, it's a great point. For the majority of our products, especially with the gold miner side, we have both sides of the trade, if you will. So three X bull and three X bear. And really the way we manage these is quite simple. And that's why we can effectively deliver that daily total return. Yes. So we use total, an instrument called the total return swap. And all that really means it may sound complicated, but we just have counter parties which are major, major investment banks that guarantee us for collateral, what is that amplified exposure? So if the, an area goes up 1% and we have three times bull, you get the positive of that. And if it's bear, you get the negative of that. So the tools, that instrument is highly fungible. And what I mean by that is it gives us great flexibility but also allows investors and traders the certainty that if you're going to use it both on the long side or to your point with dust as a hedge, you're going to get that on a daily basis. Yeah, which is really cool, man. I mean, because it's so intriguing. And it seems that when I look at that segment in general, I can understand it more just because there's only so many equities. Do you know what I'm saying? Versus when we're talking about the S&P, it's like, you know, you got to be a lot more sophisticated in the business in general, but it's pretty cool how that works. Let me ask you, when you are looking at a new product, how do you figure out like, okay, we have a product that we think is going to come out in the future. I think we might want to do an ETF on it. And then how do you go from, here's a product and then how do we get this in the marketplace? Yeah, so that's a really good point. Traditional product development for, if we were managing a firm with primarily one X ETF, so it looked to capture big bucket items, maybe I want dividend equities for income or I want a basket, which is going to give me exposure to smart beta, low volatility, these new themes that are emerging. But what we're thinking about are leveraged and inverse ETFs. It's really about giving investors the tools that they need to make particular amplified views. So a great example is the products that we launched back in line with the Gix sector changes. And then those who weren't familiar, many companies that historically were just part of IT were pulled out of there, moved into communication services with the old telecoms and really changed that sector and made it a really interesting one. And a few names moved to consumer discretionary like your Amazon and Netflix. But either way, we never had a telecom sector bull and bear fund because frankly, it's an area that didn't have a lot of volatility. Most people own telecom names and on an individual basis for income. But once that change occurred, it became a really interesting sector. So we launched two ETFs, Talk and Mute, that give investors exposure to just that area and just those companies that are now part of communication services. And that's really how we think about it is what opportunities do we see traders potentially needing or wanting in the future, both in the bull and of course on the bear side, even though we've been in a continue to be in a long-term bull market? Yeah. And when we talk volatility now, this is gonna get interesting folks, okay? Because we have, okay, October 30th. October 30th, right? We have the Fed coming on again. I know we're at 1.75 in the 10 right now, but when you look at the Fed fund futures rate, it's saying, hey, listen, man, this looks like it's an 89% percentile that we're gonna go from 1.5 to 1.7. So of course you have the triples of either the 10 plus or the 20 plus note and bond. So I mean, I suspect we're gonna get some action as we come up to that meeting on the 30th. Yeah, we've actually seen really, really interesting moves from investor inflows and outflows into, especially on the 20 plus year side. So that's TMS and TMV. And actually this year, investors have moved into the bull side there, TMF and moved out of TMV. And I actually think that we're gonna see more volume and more interest in those products heading into the meeting for two reasons. One is to your point, we know we've begun to price in a rate cut. So that's not gonna be a surprise when we get to 25 basis points. But if we listen to what the chairman said, there's supposed to be another insurance cut. And guess what? Insurance cuts back in the 95 and 98 examples, you're done at three, right? Three, there's 75 basis points each time. Okay. Well, we're gonna come on and surprise us and do 50. Right. So you can be prepared for really, I think either a dovish or hawkish move and both these tools and the bull and the bear side, you're gonna wanna look for those heading into that event. So don't just focus on what's happening on the equity side of your point. Let's look at what's happening in the treasury markets. You know what's cool, Dave, don't you think that what I've found is that so many more of us now, not even in the business, let's say we weren't in the business, that talking with friends outside, so many more people are now cognizant of the bond market and what the rate is because of like the mortgage rates, right? Yeah, normally, you know, you own treasury, let's say if you're an investor or a trader, everyone's got some bonds, maybe the damper, their volatility, if you move into retirement phase, you need the income. But what's interesting is, I had my mother asking about the yield curve the other day. Yes, right. My mother ran a deli in Massachusetts for 25 years and now works at a retirement home, but she's never heard of the yield curve, honestly. And there's nothing wrong with that. She should have never thought about it, but because there's been so much interest in it, frankly, over the summer, with this will be the most predicted recession ever, if it does come into fruition, eventually it has to. But frankly, the bond market and the Fed is moving stocks, I think, even more than we appreciate. We know it's a trade war. We know it's the headlines related to that. But at the end of the day, it's really what the ECB and what the Fed is gonna do. And the ECB is coming up soon too. So that's another potential move that we may see as this 10-year move's been pretty rapid, going all the way from inverted now up to 175. No, and what Dave's talking about, folks, it went from like an inverted to like steep, like the last three weeks, like in an incredible way. There's no doubt about it. It's amazing to me that we, well, I'll have to pay attention to the bonds because that's what's running everything. There's no doubt about that, you know? Well, listen, it's always a pleasure getting a great education off you. You have a great one. We'll find out what happens with the Fed the 30th and look forward to having you two weeks from today. Thank you, talk soon. Thanks, Dave. Have a great one. Have a safe one.