This phenomenon mentioned earlier has been questioned by many people, and indeed, there’s no evidence. But so far, there hasn’t been a case of 3 consecutive months of ETF net outflows. Maybe it’s a coincidence, or maybe there’s some underlying factor—no one knows. November and December of '25 saw 2 consecutive months of net outflows. As for January '26, the data looks pretty good so far, and the probability of recording a net inflow is very high.