Why do Traders like Leveraged Single-Stock ETFs?

Why have traders and strategically oriented investors been gravitating toward leveraged and inverse single stock ETFs? Ron, it's a great question. You mentioned growth at the onset. It's growth upon growth in our industry as a whole of ETFs. If we look at where we compete across leverage and inverse, we're a clear leader.

What we've seen, particularly with our single stock franchise, is that it's about $10 billion in assets now. It's grown quite rapidly, and investors seem to be demanding and interested in precision, flexibility, and optionality. That's what these tools are built for, to deliver on those three points. They are tactical in nature and built for traders who are looking to express a view on the markets, whether it's something that's happening in earnings.

We're just wrapping up an earnings season that has clearly been very notable in terms of surprises on the upside and some misses on the downside. These tools are built to give those traders an opportunity to play either side. We'll talk to some specific names in a little while, but what we have tried to do is continue to evolve our lineup to support the modern retail trader. That is an evolving set of investors and traders, and those needs are changing at all points in time. We brought a lot of new product to market and continue to look at new single stock opportunities for companies that we see as emerging and that traders may find to be quite interesting, as well as things outside of that, which we can touch on a bit later.