 iPhone number is 877-927-6648, give us a call folks, one note's going on in your world, the world of the TfNN, let's get over to our man, Mr. Dave Mazza. Dave is the head of product and managing director at Direction.com. As your overall website folks, just hit that direction banner, bring it right over to their website. We're talking daily leveraged and inverse ETF structures and a whole bunch more over that site. Dave Mazza, happy new year. Hey, happy new year, glad to be back. That's great to have you back. And I'm like, you know, let me ask you something Dave, right? This is on something different, but I know you know what these rules are. We're getting a lot of calls, right? And the aspect of, you know, now this isn't in your company, but you know the GBTC, okay? So people are reading that they're trying to change the GBTC and I know you've explained a couple rules to us before, but can you just explain to us like why they can't change that versus the ETFs that you guys have? Yeah, so let's take a big step back here. It's reasonable that folks are asking questions about this because it's been the news as an ETF geek, I'm following it along with all my friends. So let's pay attention to it. And GBTC is a security, right? You can buy it and sell it on exchange, but it's structured as a trust. Okay. That trades on exchange. Now there's some arcane rules behind it, but all you need to know is effectively, it functions as a closed-end fund, which is one of the reasons why you have these big premium and discounts that happen. Because there's only a limited number of shares that are issued in the primary market, and then of course the trades in the secondary market on the exchange. In ETF structure is exchange-traded fund, right? But let's spell it out for a minute. That exchange-traded component is really important because what that does is that it has what's called kind of a continuous IPO on any given day, direction and any other ETF issuers are creating either new shares if there's inflows in the fund or destroying those shares, removing those shares from the market if there's redemptions. And that's one of the reasons why generally ETFs don't trade with big premium and discounts. Even 16-come ETFs, gold ETFs, leverage and inverse ETFs, what have you, because there's an active market of traders like you and me out there and basically an active market of institutions who are working actually with the ETF to make that happen. And lastly, GBTC is asking to try to convert into that ETF structure because there's a lot of benefits to that primarily then let's set aside what's inside of it of course, as we know Bitcoin. But outside of that, the ETF structure has, which is why even in a really horrible market for equities, 16-come and nearly everything in between, ETFs had their second best year of inflows last year as a whole. Yeah, that makes sense. And so a trust, that's why we see the, lately that what we're talking about folks is that the negative premium. So it's like, if you were gonna buy Bitcoin, like why not buy this? But I wouldn't buy it because I'm so scared, like how do you trade it a negative 40% premium? That's the thing that is like really hard to get your head comprehended around. But I understand what you're saying, because it's a trust and there's only so many shares. So what happens is that if people just sell too many or buy too many, right? That's the fluctuation in the price and that's the lying value maybe. So there is an argument to be made and we're hearing some stories about this that if a large enough group of investors or traders got together, you could buy the shares in the market and you know they're worth more, right? Because they're trading at a 40% discount. But the mechanism to close that discount doesn't really exist, right? So I wouldn't be seeing this and saying free money at all. No, for sure. In fact, I'd be saying the opposite, which is sort of I think what you're alluding to. Exactly, and you know when it's happened and listen, we really appreciate the explanation. I know this is not your company that got to promote direction, but that's not it. We really appreciate the education because this one here has been a mind-scratcher, man. I mean, and we'll see where it ends up, but I don't think it's gonna end up too good myself because it's like I've been doing this long enough. If something is minus 40% or 35%, well, there's a reason behind it, you know what I mean? So, because why wouldn't someone come in and just buy it all, right? And then try to close it out, but. Exactly, exactly. And so let's, I think this is also important to note when, and Leverage and Inverse ETFs as you know direction specialist, they have, in our portfolios as I've explained before, we have individual securities, we could own the underlying ETFs and then we have swaps and other instruments to help amplify their exposure. And even, and that may sound complicated to folks, but even within that, the majority of them trade extremely well, massive volume on exchange because the ETF structure, right? That's the powerful benefit. Whether we're talking again about a fund like GLD, which owns individual gold bars would have you, Soxel, which offers amplified exposure to semiconductor or even our new single stock ETFs. That, and that's also why we're seeing mutual funds convert to ETFs because people want to benefit the flexibility of having to be able to trade on exchange with the transparency that you can have regardless of what's inside of it. Yeah, you have a much better product. I'm pulling, I just pulled up Nugget, right? So if you're looking at my screen folks, okay? Nugget is trading at 40.95. It was just 41.02 and that's the exact net asset value. This net asset will trade again. But yeah, you stay within pennies of a highly volatile market, which is so cool, right? Amazing. Well, listen, man, I really appreciate the education, Dave. You have a great one, safe one. We look forward to speaking to two weeks from today. We really appreciate you, you know, really getting that under control for us, man. Happy to do so, happy new year. Thank you, happy new year, man. Commentaries, come on, it goes in my back. One more.