 iPhone number is 877-927-6648. Give us a call, folks. One note's going on in your world. Let's go over to the world of direction in our man, Mr. Dave Mazza. Dave is the head of product and a managing director at Direction Shares. Dave Mazza, welcome back to TFNN. Hey, happy to be back. Listen, we gotta talk about the bond market and folks inside the bond market. So as you come over to our website at TFNN, you can hit that direction banner, you're gonna bring it up and we're gonna talk about the TMF and the TMV, depending whether you're bullish or bearish. You know, it's pretty amazing, Dave. I mean, this is, you know, we hear everyone talking about that rates are going up and there's no doubt the Fed fund rate has been going up, but the 10-year note has been going down. I mean, we peaked out a 3.4 and we're 2.6 right now. Pretty wild then. So let's talk a little bit about, if you can explain both of these and I've traded both of these. These are great trading vehicles, folks. This is the Direction 20-year plus bear or bull fund. The bear fund is the TMF, the bull fund is TMF, that's what I like now. The bear fund is TMV. So pretty wild, it's pretty diabolical, isn't it, that the Fed's going up and the market's sending the rates down. Yeah, I think what we're seeing from a macro point of view is a pretty difficult environment for rates. That's an insight that is not insightful, but I'm being facetious here because we were in expectation, again, before we had concerns about economic growth, that we were gonna see the Federal Reserve embark on a path of rising interest rates because inflation was higher. Yes. And what that could have done, especially because even if we have the White House set aside politics trying to redefine what recession is, we know we have pretty strong job growth. And of course that could change, but for the time being, we actually could have environment where rates were rising for a good reason. We were out of COVID, there was not fears of the economy being shut down again. But now what we're seeing is rates rising at the same time inflation remains high and economic growth, particularly heading into the back after the year is questionable. And this has hurt banks. A lot of people again came into the year thinking financials were gonna do well. As this yield curve is flattened though, it's created this really interesting trading environment. So as noted, TMF and TMV provide exposure to 20 plus year treasuries in an amplified way. So these are tools for tactical trading. What I find fascinating, but it makes sense, performance-wise, this is one of the only areas where the bear fund, so in this case, TMV, has greater assets than the bull fund, TMF, because they came exactly, they came into the year being relatively similar, but that's changed. So people are really positioned on that bear side. And look, it's been, if we look at the environment, it's an interesting one because you would say, hey, that trade hasn't worked for the most part, but especially late, but starting the year it did. So I think both of the tools are there depending upon what your thoughts are on the long bond here. A great explanation, man. I mean, I think this is the first time, I'm trying to think back that I've ever seen the Fed fund rate going up and the industry is going down. And what I mean specifically, folks, you gotta remember something, the Fed fund rate is bank-to-bank rate and they have raised it and they're gonna raise it more. And what has happened in the marketplace, however, though, is that the marketplace is buying these tens, I mean, these 20s, hand over fist, driving the price down. So it's a couple good trading vehicles there in a huge way. You know, when we look at the broad market, I thought it's so intriguing, Dave, that you were talking about the aspect that the bear fund actually has more than the bull fund because that, folks, is very unusual because the bottom line is that not everyone, I'm just saying in general, if we took a big picture, the bull funds are where it's at because on a long-term basis, gotta remember something, numbers are gonna be higher. I mean, that's what it comes down to. So when we're taking a look at the structures in general, I mean, we have the S&Ps, people can protect themselves with. As you just brought up the FAZ and the FAS when they're looking at the banking structure, that banking structure is gonna get interesting, Dave, right? Because the reality is that these banks still are not paying us any interest, but yet their structure because of the, basically the Fed fund rate, it is, their spread should come up somewhat. Yeah, so you're absolutely right. So I think we haven't seen an environment where the Fed is materially raising rates and the bond market is, at least those trading the long run are saying, nah, we don't believe it. We're already getting, Powell came out a little bit more dovish last week, but we're already getting other governors and folks saying, well, yeah, we're gonna keep raising, but don't worry about 2023. So that has put pressure on the macro side. And yeah, people aren't seeing it in their checking accounts, right? Or saying it in their savings accounts meeting, because much of that is depending upon what the short-term rates are doing. And those are going up, but not enough to offset what's happening on the inflationary side. So I think the TMF and TMB, if those aren't on traders' radars, they really should be because you're amplifying exposure really to what already has long duration. And they're great vehicles, man. Well, listen, we appreciate the update, appreciate the education. You have a great one, safe one. We look forward to speaking to you two weeks from today, Dave. Sounds good, we'll talk soon. Thank you.