So, when we discuss fund launches, we are always trying to do something that’s first-to-market or something innovative, a differentiated approach that we are adding choice to the market. We have never launched a ‘me too’ proxy. We will continue to do that. The guidance that we have given is three to five new funds a year. For the last two years, we were on the low end of that. This year, you should expect to be at the high end of that range. So, five or six funds would be not to be surprising.

For the coming year, we intend to invest $5 million to $8 million on strategic initiatives to continue to support and accelerate our growth. These growth initiatives include expanding our marketing efforts to further support our existing and new products and enhancing the WisdomTree brand. Second, it includes continuous product development initiatives and new ETF launches to further our diversification efforts. Third, it includes adding to our staffing levels, particularly in sales and other function that support our sales efforts to continue to grow our top line revenues.

Yesterday, we launched our second active bond fund with Western as sub-advisor, global corporate bonds or GLCB. WisdomTree is currently the second largest player in active bonds, behind PIMCO and I expect that over the next few years this will be an area of continued activity for our firm.

So, Global Corporate Bonds is it’s a really new asset class, but it’s the first actively managed execution. So, that happens to be a deep market. What I would just say is new funds are positive. Obviously, you try to be an active gatherer in the year that you launch them, but it’s really more than just a year that you will launch them. So, last year, we launched emerging market corporate bonds, and it took maybe 105 million in the first year. But it’s not about the first year. What is it going to do in the second, third or fourth and fifth years? We really don’t launch anything that we don’t think has the ability to be a $1 billion fund.

We have a few alternatives, it’s an area that because of all of the regulatory-exempted release that we have, it’s something that we are focused on. We want to grow the existing funds, and you will see some selective launches in that space overtime, but we are bullish on alternatives in the ETF format.