Cadence Design Systems, Inc. provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification. The company also provides digital IC design and sign off products, including Genus synthesis and Joules RTL power solutions, as well as Modus DFT software solution to reduce systems-on-chip design-for-test time; physical implementation tools, such as place and route, optimization, and multiple patterning preparation; and Innovus implementation system, a physical implementation system. In addition, it offers custom IC design and simulation products to create schematic and physical representations of circuits down to the transistor level for analog, mixed-signal, custom digital, memory, and radio frequency designs; and system design and analysis products to develop printed circuit boards and IC packages, as well as to analyze electromagnetic, electro-thermal, and other multi-physics effects. Further, the company provides intellectual property (IP) products comprising pre-verified and customizable functional blocks to integrate into customer's ICs; and verification IP with memory models to emulate and model the expected behavior and interaction of standard industry system interface protocols. Additionally, it offers services related to methodology, education, and hosted design solutions, as well as technical support and maintenance services. The company serves consumer, hyperscale computing, 5G communications, mobile, automotive, aerospace and defense, industrial, and life science industries. Cadence Design Systems, Inc. was incorporated in 1987 and is headquartered in San Jose, California.

Cadence Design Systems, Inc.

Cadence Design Systems Inc. (CDNS) is well-positioned to gain from the rising demand for its solutions, especially the AI-driven portfolio, amid robust design activity and strong customer spending on AI initiatives.
It is witnessing strong cash flow momentum as the top line expands. In the third quarter, revenues of $1.339 billion increased 10.2% year over year. The operating cash flow and the free cash flow stood at $311 million and $277 million, respectively. As of Sept. 30, 2025, Cadence had cash and cash equivalents of $2.753 billion, while long-term debt was $2.479 billion.
Strong balance sheet and free cash flow generation have allowed the company to sustain both M&A and an active share repurchase program.
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Cadence has leaned into a disciplined inorganic growth strategy, targeting technologies that accelerate organic growth. The buyouts this year include the Design & Engineering (D&E) division of Hexagon AB, including its renowned MSC Software business, Artisan foundation IP business from Arm Holdings and Secure-IC, a premium provider of embedded security IP platforms. Buyouts aid in obtaining synergies, leading to cost reduction and enhanced operational efficiency through the integration of resources.
Buybacks add a second layer of value creation. Buybacks are valuable as they signal a company’s focus on maximizing the value of the stock for current and future investors. CDNS repurchased its shares worth $200 million in the third quarter and expects another $200 million worth of buybacks in the fourth quarter. CDNS does not yet pay any dividend.
Going ahead, CDNS’ top-line expansion is expected to gain from secular trends like 5G, increasing use of hyperscale computing and autonomous driving, which are influencing design activity across semiconductor and systems companies. These trends should sustain healthy top-line growth, ensuring sound cash conversion, thereby maintaining M&A and shareholder returns.
For 2025, revenues are estimated to be $5.262-$5.292 billion, while the operating cash flow is expected between $1.65 billion and $1.75 billion. It plans to utilize at least 50% of its free cash flow to repurchase shares in 2025.
Nonetheless, volatile global macroeconomic conditions and substantial exposure to the semiconductor vertical are concerning for CDNS, which carries a Zacks Rank #3 (Hold) at present.
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Higher operating costs and stiff competition in the EDA/AI space from the likes of CEVA Inc. (CEVA), Keysight Technologies (KEYS) and Synopsys (SNPS) are additional headwinds. The acquisition of ANSYS by Synopsys is likely to intensify competition in the EDA space for all players.
Quick Look at FCF for Peers
Synopsys recently reported fourth-quarter fiscal 2025 results, wherein revenues jumped 37.8% year over year to $2.25 billion, with $640 million in operating cash flow. Apart from Ansys, the company has made no other acquisition this year. It also did not repurchase shares as it was focusing on the Ansys buyout. It has shares worth $194 million under its buyback plan. SNPS also does not pay out a dividend.
Keysight Technologies is a provider of electronic design and test instrumentation systems. In the last reported quarter, net sales improved to $1.42 billion from the year-ago quarter’s $1.29 billion, exceeding the high end of the guidance. Cash from operating activities was $225 million and free cash flow was $188 million. On the lastearnings call management highlighted that it repurchased more than $1.5 billion in shares or nearly 45% of the free cash flow since 2023. It also announced a new $1.5-billion buyback program. KEYS also does not pay out a dividend.
In October 2025, KEYS acquired Spirent Communications plc for £1.16 billion ($1.46 billion) on a fully diluted basis. Spirent offers automated test and assurance solutions for networks and cybersecurity. The buyout of PowerArtist business from Ansys and Optical Solutions Group from Synopsys has expanded the company’s design engineering software portfolio.
CEVA has not acquired any companies this year and is focused on organic expansion. It continues to scale its AI business, including the AI NPU portfolio (NeuPro-Nano and NeuPro-M). In the last reported quarter, CEVA noted that Microchip adopted its full NeuPro NPU portfolio for future product roadmaps. CEVA repurchased about 40,000 shares for $1 million in the third quarter, while year to date, it has purchased 340,000 shares for $7.2 million.
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Cadence's Free Cash Flow Continues to Power M&A, Buybacks

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Fidelity Nasdaq Composite Index ETF (Symbol: ONEQ) where we have detected an approximate $203.9 million dollar outflow -- that's a 2.1% decrease week over week (from 104,000,000 to 101,800,000). Among the largest underlying components of ONEQ, in trading today MercadoLibre Inc (Symbol: MELI) is off about 0.1%, CME Group (Symbol: CME) is up about 0.4%, and Cadence Design Systems Inc (Symbol: CDNS) is lower by about 0.3%. For a complete list of holdings, visit the ONEQ Holdings page » The chart below shows the one year price performance of ONEQ, versus its 200 day moving average:
Looking at the chart above, ONEQ's low point in its 52 week range is $58.12 per share, with $94.49 as the 52 week high point — that compares with a last trade of $92.63. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
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Fidelity Nasdaq Composite Index ETF Experiences Big Outflow

In trading on Wednesday, shares of Cadence Design Systems Inc (Symbol: CDNS) crossed below their 200 day moving average of $314.00, changing hands as low as $310.94 per share. Cadence Design Systems Inc shares are currently trading down about 2% on the day. The chart below shows the one year performance of CDNS shares, versus its 200 day moving average:
Looking at the chart above, CDNS's low point in its 52 week range is $221.5601 per share, with $376.445 as the 52 week high point — that compares with a last trade of $313.02. The CDNS DMA information above was sourced from TechnicalAnalysisChannel.com
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Cadence Design Systems Breaks Below 200-Day Moving Average - Notable for CDNS

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Expanded Tech-Software Sector ETF (Symbol: IGV) where we have detected an approximate $344.6 million dollar outflow -- that's a 6.3% decrease week over week (from 15,050,000 to 14,100,000). Among the largest underlying components of IGV, in trading today Autodesk Inc (Symbol: ADSK) is off about 3.8%, Synopsys Inc (Symbol: SNPS) is off about 2.2%, and Palo Alto Networks, Inc (Symbol: PANW) is lower by about 5.3%. For a complete list of holdings, visit the IGV Holdings page » The chart below shows the one year price performance of IGV, versus its 200 day moving average:
Looking at the chart above, IGV's low point in its 52 week range is $323.155 per share, with $448.79 as the 52 week high point — that compares with a last trade of $352.70. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

iShares Expanded Tech-Software Sector ETF Experiences Big Outflow

How much a stock's price changes over time is important for most investors, since price performance can both impact your investment portfolio and help you compare investment results across sectors and industries.
FOMO, or the fear of missing out, also plays a role in investing, particularly with tech giants and popular consumer-facing stocks.
What if you'd invested in Cadence Design Systems (CDNS) ten years ago? It may not have been easy to hold on to CDNS for all that time, but if you did, how much would your investment be worth today?
Cadence Design Systems' Business In-Depth
With that in mind, let's take a look at Cadence Design Systems' main business drivers.
Based in San Jose, CA, Cadence Design Systems Inc is a leader in electronic system design space. The company’s Intelligent System Design strategy aids users to transform design concepts into reality by offering computational software, hardware and IP.
Cadence’s core electronic design automation (EDA) software and services enable engineers to develop different types of ICs. Its design IP’s are directly integrated into ICs.
Cadence reported revenues of $4.09 billion in 2023.
The major product lines are as follows:
Functional verification products (27% of total 2023 revenues) comprise four primary verification engines – JasperGold formal verification platform, Xcelium parallel simulation platform, Palladium Enterprise Emulation Platform and Protium FPGA-Based Prototyping Platform.
Digital IC Design and Signoff (27%) offerings include Genus Synthesis solution, Joules RTL power and Modus software solution. Innovus implementation system is the company’s physical implementation offering. The company’s signoff offerings include the Tempus Timing Signoff Solution, Voltus Power Integrity Solution, Quantus Extraction Solution and Pegasus Physical Verification System.
Custom IC Design and Simulation (22%) includes the Virtuoso custom design platform, Virtuoso Advanced Node and the Virtuoso RF Solution. The Spectre Simulation Platform offers large-scale verification simulation.
Systems Design & Analysis segment (12%) offers Allegro system interconnect design platform, Fidelity CFD Software and OrCAD solution. The Allegro System Design Platform aids users in carrying out PCB authoring and implementation, PCB library design management and collaboration, signal and power integrity analysis, IC package and system-in-package design.
Under the IP segment (12%), Cadence offers Tensilica digital signal processors (DSPs), vertically targeted subsystems for AI, audio/voice, baseband and vision/imaging applications, controllers and physical interfaces (PHYs) for standard protocols and analog IP.
In 2023, the company derived 41.4% of revenues from the United States, while the balance 58.6% came from its international operations.
Bottom Line
Anyone can invest, but building a successful investment portfolio requires research, patience, and a little bit of risk. So, if you had invested in Cadence Design Systems ten years ago, you're likely feeling pretty good about your investment today.
According to our calculations, a $1000 investment made in October 2014 would be worth $16,505.41, or a 1,550.54% gain, as of October 31, 2024. Investors should keep in mind that this return excludes dividends but includes price appreciation.
In comparison, the S&P 500 gained 191.46% and the price of gold went up 128.56% over the same time frame.
Looking ahead, analysts are expecting more upside for CDNS.
Cadence's Q3 performance gained from demand for its solutions particularly IP, SD&A and hardware and strong bookings. The new hardware systems continue to gain uptake, particularly by AI, hyperscale and automotive companies. Management noted that revenues from China have started to improve while recurring revenue growth came in the low teens range. Rapid design activity, owing to transformative generational trends (Gen AI, hyperscale computing, 5G and autonomous driving), is likely to propel the top line in the long run. Management tightened its outlook for 2024 with revenues now projected to be $4.61-$4.65 billion versus $4.6-$4.66 billion guided earlier while non-GAAP EPS is expected to be between $5.87 and $5.93 versus the previously expected range of $5.77- $5.97. Stiff competition and increasing operating expense are concerns.
The stock has jumped 8.61% over the past four weeks. Additionally, no earnings estimate has gone lower in the past two months, compared to 1 higher, for fiscal 2024; the consensus estimate has moved up as well.
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If You Invested $1000 in Cadence Design Systems a Decade Ago, This is How Much It'd Be Worth Now

Below is Validea's guru fundamental report for CADENCE DESIGN SYSTEMS INC (CDNS). Of the 22 guru strategies we follow, CDNS rates highest using our P/B Growth Investor model based on the published strategy of Partha Mohanram. This growth model looks for low book-to-market stocks that exhibit characteristics associated with sustained future growth.
CADENCE DESIGN SYSTEMS INC (CDNS) is a large-cap growth stock in the Software & Programming industry. The rating using this strategy is 77% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CADENCE DESIGN SYSTEMS INC
More Information on Partha Mohanram
About Partha Mohanram: Sometimes the best investing strategies don't come from the world of investing. Sometimes research that changes the investing world can come from the halls of academia. Partha Mohanram is a great example of this. While academic research has shown that value investing works over time, it has found the opposite for growth investing. Mohanram turned that research on its head by developing a growth model that produced significant market outperformance. His research paper "Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis" looked at the criteria that can be used to separate growth stocks that continue their upward trajectory from those that don't. Mohanram is currently the John H. Watson Chair in Value Investing at the University of Toronto and was previously an Associate Professor at the Columbia Business School.
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About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Guru Fundamental Report for CDNS

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Cadence (CDNS) Q3 2024 Earnings Call Transcript

It has been about a month since the last earnings report for Cadence Design Systems (CDNS). Shares have lost about 11% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Cadence due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Cadence Design Systems, Inc. before we dive into how investors and analysts have reacted as of late.
Cadence Q3 Earnings Top Estimates
Cadence reported third-quarter 2025 non-GAAP earnings per share (EPS) of $1.93, which beat the Zacks Consensus Estimate by 7.8%. The bottom line increased 17.7% year over year, exceeding management’s guided range of $1.75-$1.81.
Revenues of $1.339 billion beat the Zacks Consensus Estimate by 0.9% and increased 10.2% year over year. The figure also beat the management’s guided range of $1.305-$1.335 billion. The top line was driven by broad-based demand for its solutions, especially the AI-driven portfolio, amid robust design activity. Management added that its efforts to unify EDA, IP, 3D-IC, PCB and system analysis are aiding in capitalizing on the opportunity presented by the AI super cycle.
Backlog was $7 billion and current-remaining performance obligations were $3.5 billion at the end of the third quarter.
Driven by strong momentum, management upgraded its outlook for 2025. Revenues for 2025 are now estimated to be in the range of $5.262-$5.292 billion compared with $5.21-$5.27 billion guided earlier.
Non-GAAP EPS for 2025 is expected to be between $7.02 and $7.08 compared with $6.85-$6.95 guided earlier.
Segment Performance
Product & Maintenance revenues (90.2% of total revenues) of $1.208 billion rose 9.8% year over year. Services revenues (9.8%) of $131 million increased 13.9% year over year. Our estimate for revenues from Product & Maintenance and Service segments was $1.201 billion and $122 million, respectively. Geographically, the Americas, China, Other Asia, Europe, the Middle East and Africa, and Japan contributed 43%, 18%, 18%, 14% and 7%, respectively, to total revenues in the reported quarter.
Product-wise, Core EDA, Intellectual Property (“IP”) and Systems Design & Analysis accounted for 71%, 14% and 15% of total revenues, respectively.
The System Design & Analysis business benefited from higher demand for BETA CAE solutions, AI-powered Allegro X, Clarity and Sigrity solutions. In the third quarter, Cadence announced a major expansion of its Cadence Reality Digital Twin Platform with the addition of a digital twin of NVIDIA DGX SuperPOD with DGX GB200 systems.
The company also signed a definitive agreement to acquire the Design & Engineering division of Hexagon AB, including its renowned MSC Software business. The buyout will aid in accelerating footprint expansion in SDA and gain access to newer opportunities across automotive, aerospace, industrial and physical AI.
Core EDA business, which includes Custom IC, Digital IC and Functional Verification, experienced strong growth driven by AI-driven design and verification solutions like Cerebrus AI Studio, Virtuoso Studio, Spectre and Verisium SimAI. The demand for new hardware systems remained robust among AI and HPC clients. OpenAI also leveraged the Palladium emulation platform in the third quarter.
The IP business benefited owing to a broadening silicon solutions portfolio and increasing demand for solutions in AI, HPC, automotive, foundry and chiplet use cases. In the quarter under review, Cadence completed its acquisition of Arm’s Artisan foundation IP business — covering standard cell libraries, memory compilers and GPIOs optimized for advanced process nodes. The deal strengthens Cadence’s design IP portfolio, adding to its leadership in protocol, memory interface and SerDes IP at advanced nodes.
Margin Performance
Total non-GAAP costs and expenses increased 4.5% year over year to $701 million. Non-GAAP gross margin contracted 60 basis points (bps) to 88%. Non-GAAP operating margin expanded 280 bps on a year-over-year basis to 47.6%.
Balance Sheet & Cash Flow
As of Sept. 30, 2025, Cadence had cash and cash equivalents of $2.753 billion compared with $2.823 billion as of June 30.
Long-term debt was $2.479 billion as of Sept. 30, 2025, compared with $2.478 million as of June 30. Cadence issued $2.5 billion of senior notes at a weighted average interest rate of 4.44% in September 2024.
Cadence generated an operating cash flow of $311 million in the reported quarter compared with the prior quarter’s $378 million. Free cash flow was $277 million compared with $334 million in the previous quarter.
The company repurchased its shares worth $200 million in the third quarter and expects another $200 million worth of buybacks in the fourth quarter.
Non-GAAP operating margin for 2025 is forecasted to be in the range of 43.9% to 44.9% (previous view: 43.5% to 44.5%) compared with 42.5% reported in 2024. Also, operating cash flow is expected to be between $1.65 billion and $1.75 billion. It expects to utilize at least 50% of its free cash flow to repurchase shares in 2025.
For the fourth quarter of 2025, revenues are estimated to be in the $1.405-$1.435 billion band. The company reported sales of $1.356 billion in the year-ago quarter. Non-GAAP EPS is anticipated to be between $1.88 and $1.94. It reported an EPS of $1.88 in the year-ago quarter.
Non-GAAP operating margin is estimated to be between 44.5% and 45.5% in the fourth quarter.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in fresh estimates.
VGM Scores
At this time, Cadence has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, the stock has a score of F on the value side, putting it in the fifth quintile for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Cadence has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Cadence (CDNS) Down 11% Since Last Earnings Report: Can It Rebound?

Fintel reports that on November 24, 2025, Citigroup initiated coverage of Cadence Design Systems (NasdaqGS:CDNS) with a Buy recommendation.
Analyst Price Forecast Suggests 29.43% Upside
As of November 16, 2025, the average one-year price target for Cadence Design Systems is $389.05/share. The forecasts range from a low of $227.25 to a high of $438.90. The average price target represents an increase of 29.43% from its latest reported closing price of $300.58 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Cadence Design Systems is 4,505MM, a decrease of 13.58%. The projected annual non-GAAP EPS is 5.91.
What is the Fund Sentiment?
There are 2,454 funds or institutions reporting positions in Cadence Design Systems. This is an increase of 50 owner(s) or 2.08% in the last quarter. Average portfolio weight of all funds dedicated to CDNS is 0.42%, an increase of 2.67%. Total shares owned by institutions increased in the last three months by 0.09% to 277,383K shares. The put/call ratio of CDNS is 0.92, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,780K shares representing 3.23% ownership of the company. In its prior filing, the firm reported owning 8,655K shares , representing an increase of 1.42%. The firm increased its portfolio allocation in CDNS by 9.66% over the last quarter.
Jennison Associates holds 8,732K shares representing 3.21% ownership of the company. In its prior filing, the firm reported owning 9,338K shares , representing a decrease of 6.95%. The firm decreased its portfolio allocation in CDNS by 44.58% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 7,750K shares representing 2.85% ownership of the company. In its prior filing, the firm reported owning 7,621K shares , representing an increase of 1.67%. The firm increased its portfolio allocation in CDNS by 9.47% over the last quarter.
Geode Capital Management holds 7,535K shares representing 2.77% ownership of the company. In its prior filing, the firm reported owning 6,364K shares , representing an increase of 15.55%. The firm decreased its portfolio allocation in CDNS by 34.63% over the last quarter.
Invesco Qqq Trust, Series 1 holds 5,634K shares representing 2.07% ownership of the company. In its prior filing, the firm reported owning 5,645K shares , representing a decrease of 0.20%. The firm increased its portfolio allocation in CDNS by 1.90% over the last quarter.
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This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Citigroup Initiates Coverage of Cadence Design Systems (CDNS) with Buy Recommendation

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Expanded Tech Sector ETF (Symbol: IGM) where we have detected an approximate $629.9 million dollar outflow -- that's a 7.0% decrease week over week (from 73,550,000 to 68,400,000). Among the largest underlying components of IGM, in trading today Analog Devices Inc (Symbol: ADI) is up about 0.2%, Cadence Design Systems Inc (Symbol: CDNS) is off about 1%, and Roblox Corp (Symbol: RBLX) is lower by about 1.9%. For a complete list of holdings, visit the IGM Holdings page » The chart below shows the one year price performance of IGM, versus its 200 day moving average:
Looking at the chart above, IGM's low point in its 52 week range is $76.26 per share, with $135.81 as the 52 week high point — that compares with a last trade of $122.11. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
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