Отчётный звонок Franklin Resources, Inc.

Yeah, and actually I just looked it up on Perplexis, and I have a better understanding of what you're saying. So there are people, there are some strategies for hard net worth where people will contribute in exchanges, and we have not really participated in that. That is one. that you could and it could impact ETF share classes as part of a mutual fund. We'll see how that evolves.

Yeah, so I will add two aspects to the success we're having actually on the tax alpha and tax optimization space. which is one space that's really growing very, very fast for the industry. And we're absolutely capitalizing on that. I'll say number one, clearly our retail SMA presence being so big at close to $170 billion makes us very uniquely positioned, including, of course, the legacy business that we have on the SMA side. And on the Canvas side, there's two elements to highlight. One, is the tax optimization that we do is quite unique and differentiated because we do receive in-kind positions from clients. We do that, and we're very flexible in how we do the optimization, and clients are absolutely looking at that. And the other part is we add a lot of simplicity, and we're very innovating. Canvas includes, as Jenny mentioned, not only direct indexing, but we also have risk factor overlays. We have options for income within the same platform. And we have added now fundamental third-party manager tax optimization, including for our different fundamental managers. We're adding that. On top of that, we're adding long-short. So long-short has already been built into that. We have 130-30, 140-40, all in the same platform. And finally, we also are adding, and we actually added already, municipal bond ladders in the same platform. So the simplicity is giving us substantial momentum to the degree that it's actually grown at 72% CAGR, and it's grown actually 10 times since acquisition at $23 billion. So I think the momentum will continue. The AUM doubled over the past 12 months, and we expect that to continue, given how differentiated the platform is.

… us to exceed our 25 to 30 billion annual fundraising target which was already adjusted upward at the start of our fiscal year within alternatives private credit continues to be an area of focus while market attention is increased the opportunity remains highly differentiated across strategies and risk profiles Our alternative credit capabilities in the US and Europe are focused on the middle market with a disciplined approach to underwriting and credit selection and include diversified portfolios that have less than 10% exposure to software. Alternative credit represents 96 billion in AUM and was a significant contributor to fundraising this quarter. Looking across our broader alternatives platform, we continue to see strong momentum in secondary private equity, where investors are increasingly focused on liquidity solutions, portfolio rebalancing, and access to high quality assets at more attractive entry points. We are also seeing a pickup in demand for private real estate, including in the wealth channel as investors position for opportunities emerging from the current market environment. Franklin Templeton's private markets, eight billion core evergreen products spanning secondary private equity, real estate equity and debt and private credit continue to gain traction. These products had positive net flows contributing approximately $1 billion to fundraising in aggregate in each of the last two quarters. Across the platform, clients are increasingly engaging with us for broad and differentiated investment vehicles, and we're seeing that demand translate into sustained diversified growth. ETF AUM reached a new high of 61.6 billion, a 67% increase from last year, with 4.5 billion of net inflows, our 18th consecutive quarter of positive flows. Active ETFs now represent 45% of ETF AUM, further extending our active management strategies into new vehicles. This is evident in areas such as the conversion of 10 of our muni funds into ETFs in Q1, which generated over $600 million in positive net flows this quarter, or the success of our Putnam-focused large-cap value ETF, which is close to $10 billion in AUM. Delivering personalization at scale continues to represent a compelling long-term opportunity. Advancements in technology are enabling us to extend capabilities traditionally associated with separately managed accounts more efficiently and consistently …