1:19:36 NatNat @Natnatx007: have it. Yeah. So if it's a spot ETF 100% legally, they have to.

1:19:42 Ryan @Rlad1776: Yeah. And and so the other thing I'll tell you, J Pill, is when you think about ETFs, the the... One of the upsides that they provide is when you think about sovereigns or, you think about pensions, they may have corporate governance that does not allow them to buy the actual asset, but they may want some exposure. Right? And and that's just a a governance issue. Right? Because most of the sovereigns and most of…

1:21:25 NatNat @Natnatx007: Right. So anything that futures related, so, like, BITO, for example, anything futures related, legally, they're not required to be backed one by... One to one because they're futures derivatives. So, Jepala, you do have a point there. Not all of them are back to back spot. Legally, they do have to have it back to back... Backed one by one, one to one. But the futures, no.