 You know, when we're talking about ETFs, we have just the person. We have our man, Mr. Dave Mazza, the head managing director and head of products at Direction Shares. Dave Mazza, how you doing, man? I'm doing well, how are you? Good, man, so good to have you come on. You know. Yeah, thanks for having me. Good Thanksgiving. It was really good. Yeah, nice to be back with my family at Shepard, Massachusetts, where I grew up. I love it. And now you're back in New York now, right? Yeah, that's right. Okay, so, hey, I want to switch gears on you just for a second, right? You know, because I get a lot of calls in here sometimes about ETFs all the time, sometimes ETNs, okay? And what I'd like to know, right? Like, if you can give the folks an education about when you're making ETF, right? Like, what regulation are you under and how does that work? And how does that differentiate between a note? Yeah, no, in many ways they can look and feel exactly the same, an ETF versus an ETN, but as you know, and as many of your listeners know that they can be very different. Exchange-traded fund, most of them exist under what's known as the 1940 Act, which is the same SEC Act that mutual funds exist under. Now, until recently, ETFs were sort of a side pocket of the industry, but the SEC has recently passed something called the ETF rule, which modernizes the rules around ETFs, which is great for the industry, because it's proof that ETFs are now an important part of the financial ecosystem. But notes are different. Again, they might look and feel the same, they might give you access to different areas of market, but really they're an obligation of the issuing bank. So while they may be marketed like a financial product and that's what they are, you do have the credit risk associated with the issuing bank, should that bank run into trouble or fail in some way or shape or form. So while they're guaranteeing you effectively the same thing on a daily basis, notes can be quite different and they exist under different rules. Yeah. Does somebody bear in mind? No, it is. You know why? Because now this hasn't like about three years ago, Dave, right? We would get a lot of calls because what had happened is that the notes, now do all notes have an end date too? Cause that's what was going on. Like there were end dates and people were in the notes and that like that was the end date. That was going to be over that day and that's it. Yeah, that's right. So they're really, they're unsecured debt of the issuing bank and they do have time periods associated with them. So what often happens is the bank will issue a new ETN that's effectively the same exact exposure, but in some cases they don't. So if investors are trading ETNs, if you do own them for a longer time periods, you're not just trading them on an intraday or daily basis, you got to understand who's issuing bank, what its terms, what its structure is and some of the bells and whistles behind it. So you don't potentially run into any trouble like we saw a few years ago. Yeah. Cause that oil one, that's influence. This is really important to understand versus the ETF versus the ETN, okay? Because there's plenty of choices these days. It's not like they can't find an ETF, right? Yeah, exactly. Yeah, there's plenty of choices. Now, hey, we're in December again. I don't know if you saw it or not, but the only day we close when the market's open is Friday, so everyone can have off. So they can have a long weekend. But on Wednesday, Dave, right? Oh, here, can you stay right for the break? Is that cool? Yeah, we'll stay with you. Okay, awesome. Stay right there folks. Dave and I are coming right back. We have the Dow Industrial's down 237, Nasdaq's off 93, S&P's off 27. We're gonna be talking gold folks. I wanna know, you know, a trader did $1.75 million bet that gold's gonna be $4,000 in 18 months. Now, I think he's dreaming, but we wanna ask Dave about it. Welcome back folks, Dow. Dow is down 238, Nasdaq's off 94, S&P's off 27. I guess this is Dave Mazza. Dave folks is the managing director and head of product at Direction Shares. I couldn't let him go because he's been on so many trading desks. I had to ask you this question, man. I mean, to me, listen, you know, you get an option trade 18 months out. Yeah. They put $1.75 million down for a $4,000 strike price. What happens, like, and I'm just curious, you know, personally, at trading desks, like I mean, you're the head of product. You've been a lot of different desks like that. What happens when you see something come across like that, Dave? Well, certainly, it's gonna get everyone's attention, but if you see actually someone put the trade up, you know, you're wondering first, is it a fat finger? But it doesn't appear to be the case. You know, gold's been in this interesting range and it's kind of a bit of a rock in a hard place where on one hand, you know, there's concerns about potentially hyperinflation because the deficit, global debt just continues to increase in the US and of course, around the globe. But on the other hand, we have all these deflationary pressures. Yes. But one of those is ultimately gonna win out. And so when you see a big trade like that, especially not in the next month, but 18 months out, it tells you that there's actually some momentum around the potential for some fear to come back into the marketplace. You know, this year has been amazing. I think though, you know, the equity markets, other than energy, it's been a hard to find a place where it's been difficult to have excellent total returns in double digits. Yes. But peel back the money on the economic data, look at manufacturing today, look at some other things. It's not a great picture out there. So seeing these, seeing gold potentially have the potential to rally, at least what the options move is saying, I think there's something to it. Yeah, no, listen, I saw that come across I'm saying myself, you know, that's a beautiful thing. Well, sometimes what happens, folks, is that you could say, I don't know if that's a beautiful thing because if it happens too quick, you're like, what's gonna happen to the rest of the economy, right? It's like, but there's no doubt every time that you think inflation's coming in, you know, you see these interest rates in Europe, stay low. I mean, the bond market today shook it off again. It's pretty amazing. Yeah. Well, listen. Exactly, interesting thing about today, the bond market shook it off even though equities are taking it on the trend. Yes, no doubt. Well, listen, we always love the education, Dave, really appreciate it. Now look forward to having two weeks from today, okay? Down's good, look forward to being back. Stay warm. I will. Okay, man. That's our man, Mr. Dave Mazza. Dave, folks, is the director, managing director at Direction Shares. He's the head of product. So bottom line, you see all these great products coming out. This is someone that has to put them together, number one, figure out what we want, number two, and then basically, you know, keep them together, which they do a great job at.