Episode 17: Sal Gilbertie, CEO and Founder of Teucrium

• The origination of Teucrium
• A deep dive on the corn and wheat markets
• An inflationary environment review of the commodity investment markets

Listen here:

Transcript:

Douglas Yones:

Hello and welcome to ETF Central the podcast, where we bring the latest and greatest ETF industry perspectives directly to you through in-depth conversations with key thought leaders from across the ETF ecosystem. I'm your host, Douglas Yones, the Head of Exchange-Traded Products at the New York Stock Exchange, the Home of ETFs.

Now, today I'm joined by my friend Sal Gilbertie. He's Chief Executive Officer, President, and CIO, as well as the Founder of Teucrium. He brings deep expertise and experience in commodity markets, particularly in the areas of trading and liquidity. Sal has designed a variety of commodity-based, exchange-traded products with a particular focus on agriculture and energy; although, you'll see in our conversation today, it goes much more beyond that at this point. Now, you might see Sal in the news or at the various ETF conferences talking about some of his ETFs covering corn, wheat, soybeans, sugar cane, and much, much more, and we're going to get there. But first and foremost, Sal, thank you so much for being here.

Sal Gilbertie:

It's my pleasure, Doug. Always good to speak with you. Always good to spend any time with you. It's fun.

Douglas Yones:

Yeah. And we had the fortune of spending a little bit of time earlier this week together in person. The New York Stock Exchange, we held our annual ETF summit. I thought it was great. We hit on every sort of thing that's happening right now on the cutting edge of ETFs, except we missed one, and that's everything you're doing. We should have had you up on stage, because you continue to break new ground. We're going to get there. But first, for people who maybe don't know Teucrium... They should. They should be Googling it right now while they're listening. Tell us a little bit about the firm. How are you guys all spending your time? What is it you're doing each and every day at Teucrium?

Sal Gilbertie:

Sure. Well, we're bringing commodity products to the masses. That's what we do. And we can't stress enough how important we think using commodities in a portfolio to basically gain some portfolio resiliency is important, and that's what we do here at Teucrium. So, we've got a small family of ETFs that primarily focus on agriculture. We have expanded into base metals and a long/short fund, and we can get to that. But right now, we're a small firm that does everything. We don't sub anything out, as is common in the industry right now. We actually provide white label services to other people who want to start their own ETFs. We'll help them with that. So there's a lot going on.

We always joke that when you're an ETF company, you're actually a legal accounting and compliance company that happens to have some ETFs. So there's a lot of effort that goes into keeping the funds compliant, keeping the filings up. We have '33 Act funds, which require more filing than an ordinary '40 Act fund, and so we have a lot of regulatory and reporting and accounting things that, by virtue of being on the New York Stock Exchange, the safest market in the world, there's a reason for that; and that reason is all that we have to do to keep these funds going and working properly and the reporting so that everything is transparent. And so, we've got an accounting division, we've got a treasury division, because obviously we have a good deal of money under management, and we've got sales. We do a lot of trading. We do a lot of execution. We do all of our own execution. And then, all of that requires signatures and some oversight, and I'm part of that oversight.

Douglas Yones:

And by the way, you do all those things with a smile on your face. And it's not just you. It's like the company culture. Everyone you meet... I was chatting with Springer earlier in the week. You guys just live and breathe happiness. And by the way, as we prep for this sort of thing, I think I was going to bring this up: You're smiling at 59. And I only know you're 59 because you're the only person in the ETF industry that puts your age in your bio. But where's it all come from, right? I mean, how are you building... It's your firm. Obviously you have a smile on your face when you wake up in the morning. Is that coming from meditation? Are you just a happy guy? How do you spread happiness? How is it your whole team wakes up and you're the kind of people everyone wants to be around?

Sal Gilbertie:

I love it that you say that. It's confirmation of what we know to be true. And you're reading an old bio, because I'm 63.

Douglas Yones:

You need to update your website.

Sal Gilbertie:

You know what? I'm so happy when I wake up that I woke up, that everything else is just a detail really. I say that often. My team knows that. And we are like a family. Everyone in this firm... There are some people that have been here almost since Day 1, some since Day 1 I think, and that's 13 or 14 years now that we've been around. And we have a good work environment. People work hard. I always say that I could take this team and do anything. We don't have to be doing ETFs. I have a really, really good team, and they are happy. We are happy. And we could build yellow submarines and none of us knows anything about submarines, but I'm convinced we could do it if we set our minds to it. We have a wonderful team and a wonderful work environment. We really do.

Douglas Yones:

Yeah, well, keep building ETFs, because we need them here at the New York Stock Exchange. Sal, I think about your sort of progression through the commodity markets and the fact that you are such a happy and friendly guy. How did that work? Where in your early stage of your career did you say, "Hey, I wake up every day with a smile on my face. You know who I want to go work alongside and next to? Commodity traders. I mean, boy, are they happy people. Let me go join the crowd." I mean, what brought you into that field?

Sal Gilbertie:

I'll tell you what, that's kind of what happened. In university... I went to Fairfield University in Connecticut, and there was an ad on a board that said "commodities trader" for a company called Cargill. And I grew up on the East Coast. I didn't even know who Cargill was. I had to research it. And I love to trade. The day I turned 18, I opened a stock account. There weren't options then. There were warrants, and I traded warrants. And the worst thing that could possibly happen to anyone happened: I doubled my money in 11 days on my first trade. And that's the worst thing that could have happened. Because you get addicted. You think every trade's going to be like that, and they're not.

But I was smart enough and eager enough, I think, to follow my gut and follow that commodities trader instinct. And I went to the interview at college, and I wore a tie with pigs on it that my girlfriend, now my wife of 40 years, gave to me. And I told the guy I didn't know who Cargill was. "I did this research. Here's the questions I have about your company, and see these on this tie? These are pork bellies. I want to trade. I want to work for you." And he hired me. He hired me on the spot. And that's probably the best career move I ever made, because I was trained at Cargill, so I learned commodities as well as a person could learn commodities down there in the trenches. And that was good fun.

Douglas Yones:

Yeah. And by the way, if you're a young person and you're listening in, or you're further in your career, there's nothing better than somebody showing up at an interview that's excited, that's done research, that's leaning in, that has a list of questions. I think Sal and I probably sit... Luckily we sit on the other side of the table at this point in our careers, and that's a difference maker. You'd be surprised how few people do that. So, maybe you do or don't need a pig tie. I don't know if that's the right answer, but-

Sal Gilbertie:

 don't even wear ties anymore.

Douglas Yones:

Yeah. But all the other pieces are important. Okay, so you start out in your career in the commodities market. As many of our listeners know, our parent company, New York Stock Exchange's parent company Intercontinental Exchange, we've been a leader in revolutionizing and creating more efficient, transparent energy and commodity products for the past 20 years. You've sort of watched that all along the way. How have those changes taken place? Have they been good changes? Are they impacting investor access? Is that sort of how you ended up saying, "Hey, I can build investment vehicles that cover the actual commodity market themselves"?

Sal Gilbertie:

Absolutely. That's what happened. And yes, your markets are creating transparency and access that most people don't have. And still to this day, in commodities, most of the commodity knowledge out there is at the big commodity trading firms or inside of hedge funds. And so, it's very rare to find someone willing to share the knowledge who actually knows what they're talking about, and you can find that in ETF companies. Not just Teucrium, but in ETF companies. And we pride ourselves on the fact that if you want to learn about grains or energies or metals or other commodities, you could call us up and ask us. And if we don't know the answer, we'll direct you to where we think you could get it; but most of the time, we have the answer, especially about grains.

It's good fun, and it's important for normal people to have access to commodity exposure for their portfolios, and New York Stock Exchange, through the ETF structure, provides that. And how did I get into it? I was trading inside a division of SocGen, a variety of different commodities, and somebody came into my office explaining the ETF structure. I did not know what an ETF was. This was in the early 2000s. Had no idea. And when I heard it, I thought it was the smartest thing I'd ever heard in my life, because throughout my entire career, I couldn't trade commodities for my personal account.

It was a conflict of interest. I could trade stocks on the New York Stock Exchange, but if I thought oil was going up, I had to buy Exxon or Mobil. They were two different companies then. And so, when somebody came to me and said, "There's going to be oil inside of an ETF," I was blown away. I could trade oil on the New York Stock Exchange. Well, why can't we trade grains? And there were no way. That's literally how Teucrium was started. I came down to see you there at the New York Stock Exchange, and the ticker CORN was available, and I couldn't believe there wasn't a corn ETF because corn is such an important commodity, and that pretty much is how this whole thing started.

Douglas Yones:

Yeah. And corn, which I want to come back to, because your... I'll just call it your "corn story." I think about it every single time I go to the gas station and have to fill up some fuel into a vehicle, the corn story. And by the way, for those... You're listening in, but I'm visually... Sal and I, we're having a chat. I can see his office. In addition to the standard, he's got his beautiful Teucrium logo behind him. It's hanging on the wall. It looks amazing. Over his shoulder, you've got... Is that wheat I can see that's coming out of baskets? I've got a-

Sal Gilbertie:

There's wheat. There's some corn. Yeah.

Douglas Yones:

There's some corn coming out. A New York Stock Exchange mug possibly placed there just for me, with two American flags.

Sal Gilbertie:

It's always there. It's always there.

Douglas Yones:

Okay. You've got a soybean mug, a wheat mug, that are covering your tickers SOYB and WEAT, so very clever tickers. Tell us a little bit about corn though. Help everyone out there now have the same thing that I go through every time they go to the gas station. Or if they're listening in Europe. We do have some friends listening in. I know one faithful subscriber in Dublin. When he goes to get some petrol, what should be happening in their mind at the gas station?

Sal Gilbertie:

Well, corn is in everything. We always say that. I think that's a story [inaudible 00:11:32] you've heard us tell it enough over the years.

Douglas Yones:

Yes.

Sal Gilbertie:

And the bottom line is when you go to a petrol station to fill up, you are using corn, because in that gasoline is ethanol. Most gasoline has to have an additive to burn properly. Ethanol is the clean one. We used to use lead. It makes you stupid. We used to use MTBE, which gives you cancer. And ethanol is grain alcohol. You can drink it. So, that's the additive. It's the safe additive. You're not drinking gasoline, but it's the safe additive for the environment, as safe as an additive to gasoline can get. It comes from corn. That's corn's second-greatest use.

If you go in and buy one of those beef jerky sticks that the kids always want next to the cash register there, that's corn's number one use: feeding animals. If you buy something sweet out of the cooler to drink after that beef jerky stick, that's corn's number three use. Corn starch and corn syrup sweetens things, and so it goes into food products and additives and things like that. And corn is literally in everything. Supposedly, about a quarter of the items in a grocery store contain corn in one form or another. So it's literally impossible to do your day in a modern society and not be a consumer of corn. It's impossible. And so, people don't realize that.

Douglas Yones:

Yeah, it goes way beyond the corn on the cob that my daughter loves so much.

Sal Gilbertie:

Correct, correct, correct.

Douglas Yones:

So, every time I fuel up, Sal, I want you to know I think about you and your corn story, and now many other people will too. Welcome to the Sal wormhole in your mind. Okay, so you've had great success with Teucrium. The firm started 2014. You're already managing $400 million across your ETF, and maybe that's a stale number too, like your age and your bio. But tell us: Why found the firm? What is it that sort of brought you to be here?

Sal Gilbertie:

Again, I think commodities are so important. Everybody uses commodities. Commodities make the world go round. Without commodities, we don't have any material goods whatsoever; and people don't realize that. And they're, for me, easy to understand. I'm not intelligent enough to be a stock analyst. There are too many variables there. You've got economic strength and you've got management teams and you've got whatever the widget that you're selling, or the product, and the company management. I don't understand any of those things. I rely on other people to tell me about those things.

Commodities are pretty easy. There's either enough or there's not. And if there's enough, the price is going sideways or sometimes down; and if there's not enough, the price is going up. And that's a pretty simple rule. And so, if you can have access to commodities through the ETF structure on the New York Stock Exchange, I found that to be amazing. I started a whole company and we've been as high as $1,000,000,002. When the war came last year, people piled into our wheat fund, and it went up. And then, that story went away. It went down. But there's a baseline that continues growing of people who layer these grains into their portfolio to create portfolio resiliency, if you will. They provide some stability. And so, it's very important for us to give good, clean, simple access to people so that they can then work with their advisors and use them appropriately in their portfolio.

Douglas Yones:

Yeah, let's talk a little bit about that. And by the way, if you're listening in, you can go to the Teucrium.com website. It's T-E-U-C-R-I-U-M. They put out a lot of research that's fantastic. It really digs in deep. For those that are maybe driving while they're listening: Sal, take it to the investor level. How do you see advisors talking about these ETFs? How do they figure out an allocation? Is there an allocation model where you say, "Hey, agricultural products belong in a portfolio in these ways"?

Sal Gilbertie:

Well, I wish there were, and I don't think there is anywhere. I think that some advisors, kind of leading edge advisors, realize that... Those who are going outside the bounds of a 60/40 portfolio; and generally, the next step they take is a commodities allocation. And that's generally through, rightly so, a broad-based commodities index. And there are many of them available in ETF format on the New York Stock Exchange. And those are things that you make an allocation. As you see some of the institutions that are really smart and go public with their allocations, some of these people have a 10% to 25% alternative, and alternative, anything outside the 60/40 we'll define it as, allocation. And many of them have a 5% to 10% allocation to commodities.

And so, you'll start with broad-base, but those broad-base indexes generally are very heavy energy. They're extremely heavy energy, and they often are underweight agriculture. And the last thing people will do for themselves, their families, or their animals, is allow them to be cold or hungry. So, everybody understands energy. You're using it in your car, using it when you move your thermostat up and down winter and summer. But most people don't realize, well, without food, that's not going to work out too. And as we talked about the corn story that you think about all the time, look at corn and other adds are in everything. And so, if you don't have them in your portfolio, that's kind of a hole in your portfolio. So, what we have is people coming to us saying, "Look, we understand two things. One: agriculture's a little bit underrepresented in the broad-based commodity basket I'm holding," do they look at some of our funds, and we've got funds that hold more than one commodity. We've got single-commodity funds. It depends on what they're interested in. And often people call us and ask, and we'll walk you through what we know.

The other thing is they look at it opportunistically. So, many people understand that grains trade sideways on their natural state, because grains are subsidized by governments around the world. And you can hear my phone ringing back here. Sorry about that. But what we do know is that grains will trade sideways because of subsidies, because they'll just trade at breakeven and farmers can operate that way for long periods of time. But if it doesn't rain, you have a problem, because you start getting a supply problem. And here's an interesting fact. The combined use of corn, soybeans, and wheat globally, every year since 1960, and that's as far back as we've done the study, is either a record or it's the second-highest ever in history. Just the general trend is we use more grains. Why? Population is growing, economy's expanding, and grains are found in everything in the economy.

And so, you're always using more grains when supply is steady or higher. If you get a disruption in demand, there's an instant price response. So, a lot of advisors tell us, "I put 1% in my portfolio in your corn fund, and I had to wait three years," or four years or five years, "and, wow, the year it didn't rain, it really did well and my portfolio looked really good. It was resilient." And a lot of times, when stocks are down, commodities are kind of moving in a different direction. We always say, "No one cares what the latest iPhone is, who the president is, or what the economy's doing when they're eating their breakfast bagel. They still eat their breakfast bagel." And there's wheat in that bagel. There's no way around that. So that demand is steady. It doesn't go away, even when other asset classes, especially stocks and bonds, as Jake Hanley, our analyst here says: Commodities zig when stocks zag, and that's what you want to balance out a portfolio and cut your volatility.

Douglas Yones:

And I want to unpack a few things that you brought up in there. First and foremost, Sal mentioned a few times when advisors come to them, you can go right on the website and they have a spot there. You can schedule a consultation with the Teucrium team, so he really means it when he says advisors come and have a conversation. The second piece, Sal, talk to me... Because you started expanding the lineup. You mentioned in our conversation just now about multi-asset or combination of different grains into one vehicle. You've expanded a bit, because you've got a few new ETFs that cross various categories. Tell us a little bit about those products.

Sal Gilbertie:

Sure. We started obviously with... Corn was our first ETF, and we have the single-commodity ETFs in corn, soybeans, wheat, and sugar. And then, we combine them in one, because a lot of people came to us and said, "Well, I know I need agricultural exposure and I want it, but I don't know which one to pick, so can you package them up in one?" We have that in our TAGS fund and in our TILL fund. And one's a '33 Act, which has better tax treatment if you're in a higher tax bracket. And we're not tax advisors, but you can look into that. And the other is a '40 Act, which most people prefer just as a 1099, and they own soybeans, corn, wheat, and sugar. That's it.

But then, we realized that there's this golden grain cycle, if you will, where grains trade sideways for long periods of time and people layer them into their portfolio, and then they go higher because generally a supply disruption, 99% of the time because of weather, 1% of the time because of war, and we've all lived through all of that recently. And when those grains go up, well, then you want to either cut back the allocation or get out completely. In fact, we had one advisor call us and he said, "With your funds, I do weight, W-E-I-G-H-T, then I wait, W-A-I-T. Then when there's a drought, I get out. So it's weight, wait; drought, out." That was his formula. We thought that was pretty clever.

But when they get out, what do they do with that money? Well, you wait for grains to go back down to their cost of production and trade sideways. And you can just see it happening in the price. They just trade sideways and people start layering them into their portfolios again. We decided that: You know what? Grains... You can't just sit here and rely on a directional movement of grains. There are smart people out there who have long/short fronts, who are looking at the ag sector, and they're buying and selling every day, regardless of whether the market's going up, down, sideways, and they can provide some returns.

And what we did was: We were given an introduction by a very large grain company, as a matter of fact, to a... This was before the term was popular. To a firm using AI. Okay? And we all know that, come on, hedge funds and smart investors have been using AI for many, many years before it got into headlines. We found an index company in Singapore that has been around for seven years. They have indexes that are live and published with live track histories for six years, and one of them was an agriculture index that is pretty amazing. And so, what we did was we launched a passive, our first '40 Act fund. Actually our second. TILL was our first. So, it's a passive fund. All it does is follow that index. Given that the index has a proven six-year track history, why would we mess with that? So we just packaged it and put it into an ETF. The ticker is OAIA.

And then, we said, "You know what? Why are we limiting ourselves just to agriculture? Base metals are really important." Metals are important, as everyone is talking about. And they had a base metals index that also was really good. So it's kind of the start of a ticker series: OAIB. So, you have OAIA, which is the AiLA... That's the name of the index company. AiLA agriculture index. And then, OAIB, which is the fund following the AiLA base metals index. And interesting note: They have really good, six-year track histories, but past performance is not indicative of future results. And we looked at the OAIA. Did a year of due diligence on the firm. We did a year of due diligence on the strategy. We packaged it into an ETF and launched it.

And up to that point, there was a 72-month track history, there were never more than two consecutive losing months, and it had five consecutive losing months the moment we listed it. So, the first five months were down. But it's picked up about half of those losses, and it's very steady. The OAIB has been doing very well and is up. And we actually had an advisor call us and say, "I've got a couple of long/short commodity investments elsewhere, between mutual fund..." I think they were mutual funds. Not ETFs. But whatever they were, he was holding them. And he put an equal amount of money split into OAIA and OAIB from the day OAIB launched. And he sent us the track history, and it really was quite remarkable. He was most pleased with his investment in the Teucrium funds, which pleased us. That was good. We're here to help.

Douglas Yones:

Yeah. Again, Teucrium.com, you've got unbelievable amount of information. Both ETFs. You can learn a lot about them there. I was reading about them before this conversation. Sal, we're in an inflationary environment. We've been here now for a while. Lots of speculation about: "Do things settle out here? Do they start to reverse?" Does inflation matter? How does that impact the grains and metal space?

Sal Gilbertie:

Well, there's no question that inflation matters, and there's no question that inflation often comes from the commodity space in general. Generally, starting with energy, but that trickles throughout the economy. And in fact, the number one correlation to grain prices of inputs is fertilizer. And fertilizer, in essence, is energy, so your synthetic fertilizer comes from natural gas. And so, most people who are sensitive to inflation want to have a commodities allocation during times that they feel are inflationary. And right or wrong, there are a lot of statistics that people spout. In general, people want to own assets during inflation, right? And commodities are assets. Commodities are things. And so, we see greater elevated interest, let's put it that way, elevated levels of interest in our funds and money coming in when the threat of inflation exists; which makes sense.

Douglas Yones:

Yeah, it does. And, Sal, you've been working on more than just commodities, so I want to shift gears a little bit to... You can't have a conversation anywhere anymore without talking about digital assets and cryptocurrency and Bitcoin. You're in that space as well, right? You've got your ETF. It's DEFI: D-E-F-I. Could you tell us a little bit about the history in the making here and what this ETF is all about?

Sal Gilbertie:

Sure. That history is quite interesting actually. It's a heartbreak story inside of Teucrium, where we wanted to be in the digital asset space, and we're a futures-based company. We create futures-based ETFs by and large. And when Bitcoin futures [inaudible 00:26:27], we [inaudible 00:26:28] filed for a futures ETF, and the SEC said, "Not yet. Too early. We've still got to check this out, and futures don't have the liquidity that they do." And so, [inaudible 00:26:38] pulled their filings. And there was this trepidation in the industry for a while. I want to say two years. I don't recall exactly, but it was quite a long time, where no one wanted to file again. They were afraid. And we looked at the futures and we were watching them, and we basically said, "Hey, this is ready. If we file again, the SEC is going to approve this, because the futures are liquid and deep enough and we could do this." We filed under the '33 Act structure because that was the structure where you hold futures inside of it.

We didn't do a Cayman Island sub. We just did the '33 Act structure. That was our core business. And I want to say we did that in May of whatever year it was. And in August, Gary Gensler gave a speech. And so a '33 Act fund takes 270 days to launch, as you well know, through regulatory requirements and hurdles you have to meet. So, Gary Gensler gave a speech that basically insinuated [inaudible 00:27:39] going in a mutual fund type structure, meaning '40 Act, and that has a much shorter time period. I think I want to say it's 70 days. I could be wrong, but it just starts a clock and it automatically lists. So people who were prepared and better prepared than we were, let's say, at that time, the moment he issued that speech, people filed for '40 Act funds, who beat us. They beat us to market by virtue of the regulatory calendars. Which was heartbreaking, because we really, truly believed, and were on track for, to have the first futures-based Bitcoin ETF. We really were just. Regulatory nuances allowed that to not happen, let's just say.

So, I looked at that and said, "All right, we've got several funds ahead of us. We're going to stay in, we're going to get this thing approved on a '33 Act platform, because it's viable and it's actually a really good platform." And these are nuances that your listeners probably don't care about. It's inside the guts here in the industry. And when that thing was approved, that became the landmark approval that, as we all know, Grayscale, when they filed suit, built it around the approval of the Teucrium ETF: Bitcoin, futures-based ETF. And they prevailed. Grayscale prevailed. And so, we did break some legal ground. We broke some regulatory ground. We did that, but we were still fourth or fifth to market. That, for me, isn't where I wanted to be. And so, we decided to partner with Tidal and Hashdex. In essence, it's still Teucrium's fund. It's still on our trust platform, but Tidal and Hashdex, in essence, call the shots and run that fund; and it's a good partnership. It's a good partnership.

Douglas Yones:

Yeah, this is like-

Sal Gilbertie:

In fact, they changed the ticker. They changed the ticker.

Douglas Yones:

Yeah. It's like the behind-the-scenes history, the unknown history, of the ETF world. But these stories are fascinating, right? And so much can change in the blink of an eye with regulatory structures. What are you and the team working on now? What are you kind of waking up and are excited about?

Sal Gilbertie:

We haven't filed for anything, and we're looking at, no question, other opportunities that go more down the path of portfolio resiliency and portfolio stability. So more things like the long/shorts that we have out there: the OAIA and OAIB. There'll be some things that we've got on the drawing board. Again, there's nothing imminent. We pick and choose very carefully what we have. As you know, a while back, we filed for a water ETF, when water futures came out, but they never got the traction, and so we shelved that ETF for now.

Douglas Yones:

So, you guys are always on the forefront of what's next, and we appreciate that, Sal, and we appreciate your time. For those listening in, if they're an advisor out there, are there ways that you would encourage them to talk to you or the team? How do they reach everyone?

Sal Gilbertie:

Sure. Teucrium.com is first and foremost. We are publishing on X quite often. TeucriumETFs is the handle there. Sign up for our newsletter. I encourage people to do that. I think we only put it out twice a month. Sometimes maybe once. Sometimes three. You're not going to get an email from us every day. You're not going to get a call from a salesperson. If you sign up for our email, we literally just want you to learn about commodities and ags and ETFs. Poke around on our website: Teucrium.com. It's really, really packed with information, and we're always available. Hit "Info." Find one of our phone numbers. Call us directly. We're here to speak to investors. That's what we do. It's what we love to do. Happy to speak to anyone about commodities or ETFs anytime.

Douglas Yones:

Yep, and it is all about the education. And as a reminder, you can find this episode as well as many other episodes, and you can also spend time educating yourself, utilize that free ETF screener, on the website Etfcentral.com. Just go to Etfcentral.com. Go to that screener bar. You can type in anything you want to find an ETF for, including corn and wheat and soybeans and sugarcane, and some of the new intelligent ETFs that Sal talked about today. It's intuitive and it's free. You can also explore ETF University, the place for educated investors to increase their knowledge when it comes to investing in ETFs.

I want to thank you again, Sal, for being here to share your insights. Please stay tuned for upcoming episodes featuring thought leaders from across the ETF ecosystem. I'm your host, Douglas Yones, Head of Exchange-Traded Funds at the New York Stock Exchange, the Home of ETFs.