The ETF landscape has essentially exploded over the last few years. It started really with the passage of the ETF rule 6c-11 back in 2019, which lowered barriers to entry to get ETFs launched and in market. And since then, it has just completely taken off. You've probably seen headlines about how there are more listed ETFs than stocks these days. We're seeing record inflows.

And at Thrivent Asset Management, we are taking a different approach than what you see in the headlines with all these complex products, derivatives base, leverage involved. We're really focusing more on the core of client portfolios. We're not traders. At Thrivent Asset Management, we're investors. And so, we're trying to take that long-term philosophy to market with our ETFs. We've done so, so far with five products. We've launched four here in 2025 to complement our flagship product. Thrivent Small Mid-Cap Equity ETF, ticker TSME, which just celebrated its three-year anniversary.

And all five of these ETFs across asset classes really try to keep that core foundation of long-term investment philosophy at the forefront.