FidelityConnects: U.S. fintech evolution: From digital assets to AI

[00:03:47] Pamela Ritchie: Hello, and welcome to Fidelity Connects. I'm Pamela Ritchie. 2025 has truly been a transformational year. From trade to geopolitics and to monetary policy, seismic shifts are occurring underneath investors at a pretty breakneck speed. One of these shifts is around crypto with Washington legitimizing this asset class and the technology that surrounds it. So how friendly is this new policy for the crypto space? How is it practically going to impact the future of investing? To tackle this pretty big question, the tokenization of money and what short, medium and long term impacts investors might expect, we're happy to be joined by equity research analyst, Nick Everett. Nick is at the forefront of financial innovation covering the U.S. fintech and financial services sectors. A warm welcome to you, Nick. Great to see you.

[00:04:37] Nick Everett: Thank you for having me.

[00:04:38] Pamela Ritchie: Happy Friday. Let's dig right in with asking you about some of this seismic shift and how the policy changes in the United States over the course of the summer, actually, have brought things to bear in a new way and why this is sort of a new regime.

[00:04:56] Nick Everett: If we think back to the Biden administration in the United States it was a bit of a repressive force on innovation within the United States. If you think about crypto as kind of the focal point for this, the SEC going after and suing a number of different companies that were involved here, almost witch hunt-like, not a lot of regulatory framework being built, almost trying to destroy a lot this modern, more blockchain native technology as well as generally sort of limiting the extent to which broader financial innovation can progress beyond crypto in the United States. The Trump administration, elected with help from newly formed very large crypto lobbying entities but, in general, the Trump administration has moved towards kind of the opposite end of the spectrum.

[00:05:46] Pamela Ritchie: Upending that.

[00:05:46] Nick Everett: Yeah, so it's gone from very little innovation to almost breakneck speed. We've seen the SEC dump a lot of these legal cases. We've seen now crypto regulation starting to pass. We have the Genius Act passed in the United States which legalizes the stablecoin infrastructure and sort of sets out the guidelines for how that all will work within the novel financial ecosystem but how it also will interact within traditional financial participants. Now this is expanding probably to crypto market structure regulation in the United States. It's also starting to hear the SEC okaying, and the CFTC, a number of these regulatory entities okaying topics like event-driven contracts and trading those within the United States.

[00:06:35] Pamela Ritchie: Which is kind of online betting for everything to the royal family and what they're going to do to where oil is going to go to. It's fun, actually, it's a fun thing.

[00:06:43] Nick Everett: Or who the first member of the Trump administration team is going to lose their job.

[00:06:51] Pamela Ritchie: It's all kinds of events.

[00:06:52] Nick Everett: Yes, all kinds of events and some of which are very traditional like sports gambling but yes, that's right, and it's likely to extend further. Some of the other things we're hearing about are areas like social tools within your e-brokerage and the ability to copy other participants or equity tokenization. These are some of the things that are starting to bubble up to the surface in conversation.

[00:07:19] Pamela Ritchie: The structures, as you say, some of the initial structure has been laid down, sort of rails if you want to call them, new things to be built on top. Let's just go to something specific which is an equity that everyone joining you here owns a bunch of them, how will that be tokenized? How will that change any investor's life to have equities tokenized?

[00:07:41] Nick Everett: Stepping back a little bit, this is all very nascent.

[00:07:44] Pamela Ritchie: It's not happening tomorrow.

[00:07:45] Nick Everett: No.

[00:07:46] Pamela Ritchie: But when it happens how will it make anyone's life different?

[00:07:49] Nick Everett: Some of it is, honestly, remarkably fast and jarring. The big event that's happened on this is Vlad Tenev, who's the CEO of Robinhood, went out in France over the summer and had a big presentation where he was like, by the way, we're launching in a bunch of different countries in Europe and all of the equities that trade on this platform are going to be tokens. Not only that but...

[00:08:11] Pamela Ritchie: What was the reaction? There was a lot of dropped jaws.

[00:08:17] Nick Everett: It was kind of like, whoa, first off it's like how does this work, this is crazy. The other thing he said is by the way, we're also going to tokenize shares of OpenAI and SpaceX before they're even public companies and we're going to give some of them away to our investors. It was like this big spectacle.

[00:08:27] Pamela Ritchie: It's a real tote bag.

[00:08:28] Nick Everett: Yeah, he was out on stage in this crazy white suit and it was the whole thing. I think when you're talking to these companies under the surface the right message is it's very early but the promises of tokenized equities are kind of interesting.

[00:09:00] Pamela Ritchie: Is that good or bad? We're not sure.

[00:09:01] Nick Everett: Not sure, yeah. The reality is that if you think about the internet being something that never shuts off, or the world of technology being something that never shuts off, the markets are moving in that direction. There are a lot of benefits to the blockchain that can be poured over to equities, the pace with which we get there, TBD, how all of this will work. There are a lot of weird questions that are left unanswered like if you're a tokenized shareholder do you get the same rights to vote that a normal common shareholder would have? These are crazy questions that are still left unanswered but it's cool to see that the technology is going there and we're starting to see it show up in various pockets.

[00:09:39] Pamela Ritchie: It's so interesting. These are some of the big trends, and there are more that we'll discuss. Tell us a little bit about your coverage area. You look at fintech. A lot of people will think of it as payments, which we use every day, what else? Tell us about your coverage area.

[00:09:54] Nick Everett: It's a large non-bank financials list. The totality of it is a big mix but the headline names would be companies like Visa and MasterCard on the payments network side. You have some of these other legacy and modern adjacent companies in payments, so think PayPal or Block, some of these modern companies, Toast, buy now, pay later lending companies, Affirm, Klarna, and then it extends broadly to other non-bank financials, so exchanges like CME, Intercontinental Exchanges, fixed income electronification companies, and the rating agencies, so Moody's, S&P.

[00:10:36] Pamela Ritchie: Why them? Why the ratings agencies? How does that fit into the overall...

[00:10:42] Nick Everett: I think that within the way that the U.S. markets are structured it's really not a massive component of the S&P 500. It's not like, hey, I'm only the banks person because banks are this requisite size. When you get to non-bank financials it is largely a catch-all of a number of these different things. Some of them have adjacencies like if you're rating fixed income and then there's another company that electronifies fixed income, some of the trends align and so we get some interesting cross-reads across them. I think I would describe it in simple terms, I have one side of my coverage that's more oriented around markets and another side of my coverage that's more oriented around payments and transactions.

[00:11:19] Pamela Ritchie: That's fascinating. The disruption levels that we see are kind of everywhere and I'm curious to ask you about this buy now, pay later. It's been around for a while, we're sort of three or four years into this. There are old fashioned versions of this that have a similar sort of reason but why is it so popular right now? What is it that grabs people?

[00:11:42] Nick Everett: I think if you're looking at credit broadly in the United States, the credit card as an experience is not everyone's favourite thing. If you are a bank and you're giving someone a card you might be pushing for a good customer to revolve and pay very high interest rates. You have capitalization of interest, highly damaging late fees or other fees that are embroiled in the process. It's very expensive for the end consumer, the experience isn't very good. The one thing these buy now, pay later companies have done is they've said, hey, well here are constructs that are friendlier to the average person. You're only getting as much credit as you spend. All of the credit is underwritten on a transaction by transaction basis. Let's say I bought my Peloton bike this month and I couldn't pay off all of the debt associated with my BNPL transaction for--

[00:12:37] Pamela Ritchie: Buy now, pay later.

[00:12:38] Nick Everett: --yeah, buy now, pay later, sorry, for the bike. Well, I'm not going to get approved for the next transaction until I've gone back and paid off the first one. So you don't end up getting into these traps where my balance is ballooning out and I'm losing control. It's a friendlier construct. Some of these are very interesting tools. It's laid out in front of you, it's very transparent about what you're getting. I'm doing a Klarna transaction, it's this payment for this dollar value, it's put into four transactions, I pay one-quarter up front, and then every other quarter every two weeks afterwards. There are no questions about what you're doing exactly. I think that younger consumers really like these products and they're getting distribution because the merchants online that are pushing BNPL transactions, which is where they typically live and are native, are seeing incrementality when customers are coming and using Klarna or utilizing Affirm or utilizing Afterpay. It's a benefit to the distributors and it's a benefit to the consumer.

[00:13:34] Pamela Ritchie: There's an appetite for some of these companies to becoming public, they've been around for a while, the concepts have been around for a while. We've seen a lot of IPOs just recently, particularly in this area. I'm sure you're following all of these. Tell us about sort of what you're seeing in the success rate, the uptick, sustainability of the share prices.

[00:13:54] Nick Everett: I can't speak to forecasted share prices but what we've seen so far is Klarna went public this week and share price has been hovering around the IPO price. I would argue with an IPO construct it's a bit more of a lukewarm reaction. These are complicated companies, right? I think for...

[00:14:15] Pamela Ritchie: Yeah, do people understand them?

[00:14:16] Nick Everett: Yeah, it's hard. Beneath the surface it is not just, hey, this is a company that splits transactions. These are also companies that are underwriting credit that we haven't seen before. Do you really trust them to do all of these things? It's very competitive. It's not as if Klarna is sitting in isolation in the United States. They have a number of other companies that they're bidding against and it's a bit of a dogfight out there. These are companies that, while very, very innovative there is a very high execution burden. We're here talking to these companies. We met with a number of the executives that are around buy now, pay later even last week so we're doing the work under the surface to figure out who is the best at underwriting, who is the best at winning the merchant, who has the best constructs for the consumer here. We're trying to find the most innovative and the best executing players within the space.

[00:15:05] Pamela Ritchie: It's an area that hasn't really matured yet, an area that has matured and we saw just before the pandemic and then really kind of exploded was the various different payments areas. Tell us a little bit about how that sort of rise and fall there a little and you're left with the winners.

[00:15:22] Nick Everett: I'll go back very far in time but only for a brief moment. In the 1970s the original fintech innovation was the credit card. It was originally the BankAmericard that was basically sent out in the mail to people in the '70s and you just got a credit card and that was it, and you had access to credit. A number of banks almost blew up on this and that's kind of how the Visa network came to be. It was a consortium around all of these different card programs that came together to say, hey, how can we do this in a responsible way? Over, call it, through until about 2010 most of the innovation was in and around these cards. It was how to make these cards better and more functional and how to get acceptance for these cards at every merchant so that I know that if I show up at Starbucks or at my local craft store that they're going to take my card every time.

[00:16:17] In 2010 venture funding for fintech was still rather small. It was a few billion dollars a year, maybe around 4% of total global VC funding. Over the 2010s this ballooned out to massive years in 2020 to 2022 where VC funding for fintech was around 250 billion in total over the three years and peaked ... it was around 20% of total global VC funding so a very, very big chunk of global innovation was focused on fintech. Broadly, it was moving around to pockets of the payments ecosystem that were not more Visa, Mastercard friendly, things like buy now, pay later lending or mobile native e-brokerage or...

[00:17:02] Pamela Ritchie: Kind of Square or that kind of stuff.

[00:17:04] Nick Everett: Yeah, Square or Cash App and some of these neobanks that were just all cross-border payments. There's all of these different use cases that were coming to be. What happened was interest rates ticked up in 2022 and funding dried up and these businesses never, in many cases, met the expectations that were set for them. Since then we've seen a lot of the lustre come off of many of these businesses. There's been some cream that's risen to the top, for sure. If you look at the public markets, or even in the private markets, you've got companies like Coinbase, Robinhood, Adyen, Stripe, these are very, very big and successful businesses but there is a trail of bodies beneath them. Since that period of time it's created this interesting environment where in payments we have these legacy companies, these modern companies and everything in between, you could grow either organically or inorganically with large customers, small customers, all of these different verticals that you can play in. It's created this amazing stock picking environment where you have huge discrepancies to play around with and companies that have many different ways to execute. For me, I love it because I'm just sitting here in a field of wonderful stocks to play around in.

[00:18:09] Pamela Ritchie: When you take that and then layer on the new regulation for cryptocurrencies, something else that can be traded, it can be used as payment, different ways being layered on on how that will work, whether it's through tokenization or other ways, does that just layer on top quite nicely some of the survivors of what you just described or we have yet new ecosystems?

[00:18:34] Nick Everett: It's interesting, it goes both ways. You could have a company that's very modern and blockchain native that is going out and disrupting some of these companies that five years ago we might have thought were innovative. In other instances, some of those modern companies five years ago were going to distribute or buy some of these products or build some of them themselves. What matters is that this deregulatory push is making it a lot easier to innovate and push new products and new products that are interesting and new use cases mean more growth. More growth is generally better for these companies. There's just a bigger pie and a bigger pie is generally good for businesses that are trying to grow.

[00:19:10] Pamela Ritchie: Within the stablecoin area, this was also covered by various policy announcements through the summer as well, it looks like stablecoins will have a new and stable place, I guess, within what we are using as things to transact. Is this going to be largely in the U.S.? Will Canada have one? Will all countries have one? Is it useful for, I mean, I guess it's how widespread will this take over sort of currencies or augment currencies.

[00:19:42] Nick Everett: It's been aptly named a stablecoin summer. We've seen, yes, the Genius Act has legalized the frameworks for stablecoins in the United States. Previously, we had the MECA framework in Europe which has legalized that on their side of the pond. We're moving in the direction of enabling this infrastructure. The bigger question is what will it become and who will the winners be? Even within the U.S. it's fascinating. You've got two major players in tokenized U.S. dollar, you've got Circle which is the USDC stablecoin, and you've got Tether which is the USDT stablecoin. Tether, historically, has been the bigger of the two companies but the challenge that they're running into is that they haven't taken a very regulatory first framework. The Genius Act says, hey, this needs to be a one-to-one audited dollar-for-dollar backed token, we need to have your reserves audited every day, U. S, dollar local business. Tether is like an El Salvadoran based business that has different audits that are maybe not up to regulatory standards. It'll be very interesting to see if they can catch up.

[00:20:47] Pamela Ritchie: They have to go back and tinker with it in order to make it...

[00:20:49] Nick Everett: I mean, I don't know how big the lift is but it seems like it would be pretty chunky to comply with the existing regulation that's in place. Circle, which has been the smaller of the two, has been very pro-regulatory first so it'll be interesting to see how the balance dynamics work between the two of them. It would be very competitive where the larger player you would think would be in the clear lead but will be interesting to see how the regulation shapes up. Now, the question about adoption is a different question. Today we have some current use cases that are largely compelling for stablecoins, one of which is sort of being the infrastructure layer around trading in crypto and other tokens, other use cases.

[00:21:29] Pamela Ritchie: It's the backing.

[00:21:30] Nick Everett: It's the settlement currency of choice for Coinbase, for example, who's a large USDC participant and has some ownership history. Other use cases would be, let's say I live in Argentina and it's hard for me to get access to U.S. dollars but it's a highly inflationary currency. Well, I can hold USDC instead and I get the hedge on that and I'm happy with that settlement. If I can get the on and off ramps to the Argentine peso when I need it it's a better use case than holding a currency that deflates.

[00:21:59] Pamela Ritchie: Is it also literally safer to have that rather than, I mean, Argentina might be fine but there are countries around the world where you actually ... they get into difficult situations and there are bank runs so whatever your American dollar account would be would be safer to have it as a digital form.

[00:22:16] Nick Everett: In theory, yes, the challenge with this and execution is that you still need to off-ramp that U.S. dollar into new things. There are still regulators and banks that need to be involved in that process so you have to be careful that you don't get caught in something where it's money that you own but you can't use.

[00:22:31] Pamela Ritchie: Can't access, okay.

[00:22:32] Nick Everett: That's the inherent challenge sometimes with some of these things, the actual execution can be a little bit more difficult. I think there's a promise for stablecoin that cross-border payments are very expensive but I think the reality is it's expensive above and beyond G20 currencies, which is really a small sub-set of a lot of these transactions. It will be very interesting to see how well stablecoins do within the pocket that they're probably best positioned to penetrate which would be in more complex transactions. I want to send money from Canada to Malawi, let's say, where it's very hard to go through five or six different banks to get my money there, it's slow and clunky and expensive. Whether that expands to Canada to British pound transactions in the future, we'll see.

[00:23:34] Pamela Ritchie: It may not be needed at this stage.

[00:23:35] Nick Everett: It may not be needed, may just be more expensive so there's prohibition to that. We'll see.

[00:23:40] Pamela Ritchie: Okay, so so-called developed countries may not be as quick on this just because their currency is more stable.

[00:23:47] Nick Everett: Yeah, and the transaction cost is lower so the need is less prevalent.

[00:23:50] Pamela Ritchie: Take us to the fixed income markets a little bit, where this might work. We certainly see the growth of private credit players, market makers all over the place and they're using this quite a lot, or at least making announcements around how they're going to be dipping into this area.

[00:24:10] Nick Everett: I think to the extent that credit can utilize this you will likely see some of it. Whether that works more for existing infrastructure versus smaller pockets, we'll see. There's a company that went public this week called Figure that deals with tokenized revolving home loans in the U.S. and that's largely getting sold to private equity. There are some real world use cases that are cropping up, whether it'll extend to broader fixed income is a different question. There is a lot of change happening in fixed income electronification today that is arguably less blockchain-heavy but more electronifying an asset class that has largely been dealt with over the phone in the past 20 years.

[00:24:54] Pamela Ritchie: Very different way of trading.

[00:24:55] Nick Everett: Yeah, very different way trading. I think there are more steps to go through before we would see something that's more blockchain native show up there in the broader markets.

[00:25:04] Pamela Ritchie: Do you think that in terms of, again, what advisors need to know when they're speaking to their clients and what investors broadly need to know? I mean, you're on it, you are watching this, the winners and losers will sort of bubble to the top and you'll keep an eye on this so that everyone else doesn't have to. Just coming back to sort of the day-to-day what we need to know for how the world may transact a few years out from now, can you give us some broad strokes of how that may be different? Or maybe the same, I don't know.

[00:25:36] Nick Everett: Things are changing faster likely in the next few years than we've seen in the past few years. The U.S. regulatory environment is supportive of this. From our perspective the message is we're just talking to the right people and turning over the right rocks. I wouldn't describe myself as a crazy crypto bull. We're natural skeptics here and trying to make sure that what we invest in is invested responsibly on behalf of our clients.

[00:25:58] Pamela Ritchie: They're not all going to work.

[00:25:59] Nick Everett: Yeah, they're not all going to work but we are going down the right rabbit holes. We're making sure that we're talking to policy experts, management teams, subject matter experts. We are in the weeds about how all of this works and we're doing our best to pick winners and losers and make sure that we're putting the right capital to work.

[00:26:21] Pamela Ritchie: Fantastic. Some of the older players you mentioned, Visa and Mastercard, it is sort of interesting how for years when there have been disruptions within the financial market they still kind of power through like these silent ships where everything kind of ties back to them. You open an account somewhere and they're like, yes, can we have your Visa card? Why is that? What's, I guess, their future? They're legacy companies but they're very much involved in today's economy.

[00:26:46] Nick Everett: Yeah, I think it's a cost of success, right? If you look at Visa and Mastercard, these are some of the most profitable businesses on planet Earth and they are built from semi-legacy technology. If you go back, we're going back to the 1970s to when these cards were built so I think the question is, hey, if I were building this today would I have built it like Visa and Mastercard were built? The answer is probably not entirely. Interestingly, if I had a nickel for the number of headlines that I've seen about Visa and Mastercard being disintermediated over the years, it's a lot of nickels.

[00:27:19] Pamela Ritchie: They're somehow still here.

[00:27:20] Nick Everett: You can go back in time, even PayPal was a concern or Pay-By-Bank and Plaid and a number of these other different use cases that have come about over the years yet these businesses have often managed to look very strong through all of these periods. In many cases they're building some of these disruptive use cases faster and better than their competition is. It's been really fascinating to watch the number of headlines that they manage to power through. Even if we're going towards the future you could say, hey, well, all of these AI agents are going to be consolidating online checkout and are we going to see another thing that says, well, what if we do without the networks and go straight to the bank? I think it's going to be challenging to do. Visa and Mastercard are the winners in tokenized credentials in the United States. You need a tokenized credential in order to have an e-commerce transaction work within an AI agent for Perplexiti to buy something for you.

[00:28:17] Pamela Ritchie: So even if they organize the whole trip for you at the end of the day they need a credit card to pay for it.

[00:28:21] Nick Everett: Yeah, they need a credit card and it needs to be embedded with your customer profile and done safely, securely with trust. There needs to be rules about how these transactions work. Who's liable? Is it the merchant? Is it Chat GPT? Is it you? Is it your bank? How are all of those rules set up? There needs to be a trust layer and they've been very, very good at providing that trust layer over however many years.

[00:28:42] Pamela Ritchie: You mentioned, you know, if it was built today would it be built differently.  Some of the e-brokerages are being built today for digital native populations and that's who they're catering to. How different are they, I guess, and who is using them? Are big companies using them, is it more of a retail phenomena?

[00:29:00] Nick Everett: The market leader within sort of new e-brokerages, Robinhood, and that is a business that very much has been mobile first. Really, if you think about people who are trading in their day-to-day lives it very much feels like it's a desktop phenomenon.

[00:29:14] Pamela Ritchie: At home during COVID, right? I mean, that's what it was, that was a classic mobile, you're at home and...

[00:29:19] Nick Everett: Yeah, you think about the person in COVID that bought 10 screens and took this up as a hobby. Inherently, it's moving more towards mobile, and mobile is the platform of choice for the younger individual. Inherently, there's this struggle where a lot of these legacy e-brokers, whether it's Charles Schwab or Interactive Brokers even is a company that's been viewed as being relatively modern and customer first, they are going to have to struggle with the fact that customers are inherently moving progressively towards mobile. Retail investors, even though you might say, hey, these seem like crazy, speculative investors they're getting better at what they're doing. They're becoming a more important part of the markets. In many instances they're giving access to the full toolkit of products that we would have had before, whether it's futures or commodity trading or index options. They are getting it just like we would. If you're thinking about where wealth is going over time, as populations start to be whittled down and demographics like the baby boomers, that wealth is going to start getting passed down to these customers and those [crosstalk]...

[00:30:29] Pamela Ritchie: Those are the platforms that we'll go to.

[00:30:31] Nick Everett: Yeah, and the average Robinhood account balance is very small today but maybe could be much larger in time. This is a very interesting disruptive force to see whether some of these legacy players will be able to catch up.

[00:30:44] Pamela Ritchie: You mentioned something just when we were off air that it has sort of morphed a social media/trading experience, which I'm sure all of them have the ability to chat within, but this is a bit different. This is sort of trading and monetizing that. Tell us about that system, anyway.

[00:31:03] Nick Everett: It's very fascinating. In one of the recent IPOs, eToro, that's gone public, has a product in Europe in a more European-based business called COPYtrader where if you're the biggest trader on that platform you could basically allow other traders within eToro, could be a small dollar retail investor, to follow your exact portfolio trades one-to-ne. And eToro is going out there and saying we will pay the best of those profile providers money to allow access to their information so that others can copy them.

[00:31:34] Pamela Ritchie: Because all those others were going to charge them a trade.

[00:31:37] Nick Everett: Yeah, I mean, they're going to monetize the trade, ultimately, so more volume is better for them. But, eventually, over time, it sounds like this technology could move into the U.S. There are some regulatory hurdles to move over but inherently these constructs are getting more social. Maybe it's last week, or this week, Robinhood announced that you could do, like, could be insider trading. If you're a company that's an executive, if you're an executive company you're buying and selling your stock, well, you might know what that trade is that's happening and then be able to copy that trade based on some social tools. Well, it's not insider trading, it's reported insider trading, just to be clear, so it's legally possible. We're going in the direction of my friend bought this and they posted it to their X account and I'm going to click a button and then copy it to my account. It's very fascinating how the tools are evolving.

[00:32:27] Pamela Ritchie: And sort of that dovetail, as you say. Nick Everett, thank you very much for taking us there because those are fascinating parts of the development of the fintech area right now. We appreciate your time.

[00:32:37] Nick Everett: Thank you so much for having me. It's a pleasure.

[00:32:38] Pamela Ritchie: Pleasure to have you here. Have a good weekend. Nick Everett joining us here in studio. On Monday portfolio manager, David Wolf, he'll be sharing how the Global Asset Allocation team is positioned ahead of Central Bank week next week. That is what we will be focusing on. He will be expanding on what the rate announcements, ultimately, could mean for markets and also, of course, for investors.

[00:32:57] On Tuesday, a special episode with Peter Drake, former Vice President of Tax and Research at Fidelity Canada. Peter actually comes back to share personal reflections and professional perspectives on life after retirement. He'll also share how advisors might better support clients through this evolving retirement journey. On Monday and Tuesday both those webcasts will be presented in English but have live French audio interpretation so join us in either official language.

[00:33:24] On Wednesday Étienne Joncas-Bouchard, he's Director of ETFs and Alternative Strategy, he will present a French webcast at 10:30 a.m., this is Wednesday, followed by Fidelity Connects at the regular 11:00 Eastern time. Étienne's going to be reflecting on Canada's ETF banner year and how the current ETF landscape is evolving including an update, of course, on Fidelity's All-in-One ETFs. We'll look forward to that all next week. Have a great weekend. We'll see you soon. I'm Pamela Ritchie.