“Energy”, “power” & “infrastructure” converging 9/23/26

0:00BETF Edge Podcast is sponsored by InvescoQQQ. Let's rethink possibility. Invesco Distributors Inc. Welcome to ETF Edge, the podcast. If you're looking to learn the latest insights on all things Exchange Traded Funds, you're in the right place. Every week we're bringing you compelling interviews, thoughtful market analysis, and breaking down what it all means for investors. I'm your host, Dominic Chu. Forget just oil volatility. There's a bigger up people at play as energy and power and infrastructure rapidly converge. Here's my conversation with Tyler Rosenlick, Cohen and Sears, head of natural resource equities, along with Adam Paddy, the CEO of Vista Shares. Vista Shares. This gentleman, thank you very much for being here right now. I laid it out as an oil and gas trade, only because oil and gas is garnering all the headlines these days. And it's mostly around what's happening with the Iran War.

1:00But maybe I'll go to you, Tyler, for this one first. When it comes to natural resource investing, when it comes to the stuff that we dig out of the ground, is oil and gas, Vista V Iran, the main driver behind some of the interest these days, and if so, can it last? You know, it's a great question. And the reality for us is it's way bigger picture than that. Obviously, what's going on in the Middle East today is really driving supply demand and balances for oil specifically and rising oil prices. But you have to look at the bigger picture cycle. For us, we think we're in a new inflation regime. Inflation's gonna be a lot higher on average and a lot less predictable going forward. Your traditional 60, 40 stock bond portfolio from the last 20 years is no longer gonna give you the same level of diversification and portfolio benefits. So for us, it's really about real assets broadly. It's about this idea that you need to have inflation sensitive in the portfolio. That's because supply of goods and supply of natural resources is constrained

2:02as the demand is accelerating. So we think oil is obviously sort of like very important, but it's not the only thing. It's part of like a much bigger, broader regime change that's underway. Adam, does that kind of maybe reconcile with what you're seeing from a thematic standpoint? Your firm, Vista Shares, does a lot of thematic investing. We roll out a lot of thematic type ETFs on the actively managed side of things. How much do investors still have to pay attention to oil and gas, natural resources in general? How much of that is going to be more of a longer term inflation hedge story, not necessarily because you believe in oil and gas per se, but just because those types of products tend to be good hedges against an inflationary environment in the future. Well, I agree with our group Tyler. I mean, bonds just aren't the hedge that used to be, right? I mean, in an inflationary environment, the yields are going up. So the problem with oil and gas, it's really about the volatility,

3:03not about the direction, right? It's so headline driven right now. I mean, if there's a piece deal where it's going to go down 10 bucks a barrel, if there's escalation, it's going to go back up $10 a barrel. I think the bigger story in kind of the broad oil and gas sector is really diesel, and that's being driven what's going on in Ukraine and Russia, because diesel is what really drives industry, and is really the inflationary, provides the inflationary pressure on all goods and services, because all of our trucking and so forth uses diesel. And that's where we're seeing the prices really sustain much higher levels. And while they are volatile, not quite as volatile as the oil and gas, which is more consumer driven, and diesel just keeps going up, right? It's not seen, those spikes down, it just keeps going up. In terms of overall natural resources, yeah, I mean, look, again, going back to Ukraine, look what's happened with there, they used to be the bread basket of Europe, and now they can't get grain produced and sold. So food is a big issue, water is a big issue.

4:06I think we have issues across all the natural resources, particularly in times of war, where it's harder to produce and ship than in days past. Tyler, how much do you then focus a little bit more away from the traditional kind of oil and gas plays on price using those as a hedge? I mean, some people actually use exchange traded products tied to things like the energy sector as a way to even hedge themselves at the pump, right? Because these oil and gas companies tend to go higher in price, as we see gasoline prices and oil prices go up as well. When you focus on those types of products and those types of, I guess, investing strategies, how much are investors turning a little bit more towards some of these exchange traded products like ETFs around natural resources and energy as a way to actually take that kind of a view, to hedge out inflationary risks? Yeah, I think it's really starting to pick up, like it feels very early stage in terms of the recognition of where we are in the cycle and the need

5:06to have some of these things in your portfolio. But as people think about natural resource equities, which obviously the companies that facilitate the extraction, the processing and the transportation of the resource economy versus commodity futures, for instance, we actually think natural resource equities are a really good way to get the portfolio benefits that you just talked about. You can get a dividend, you're investing in professional management teams that are helping you make the buy sell commodity decision itself. You can compound the equity value and the commodity cycle a lot better. Via we think the equities then commodity futures. Commodity futures are expensive to maintain. You're very much as dependent on what's happening in the front month, not necessarily in the longer term. So I'd say investors are starting to wake up to it. We think resource equities are really good way to get real return hedging and very good inflation beta without some of the friction that you get with commodity futures products as an example. Now, if you use those, if I could follow up their Tyler, if you can use those equities because they have more leverage over the commodity prices, they tend to kind of move to a greater degree than some of the underlying actual

6:08commodities that they're involved with. For that reason, I wonder if you can take us through the reasons why we are seeing more of a focus on some of the other parts of the natural resource spectrum of products and commodities out there versus straight oil and gas. And a lot of that is because there is this whole narrative in the marketplace about trying to power the future, not the least of which is being AI driven. Yeah, don't get me wrong. We really like traditional energy. We like oil and gas. I mean, I'd be happy to make the case for why we think multiples for traditional oil and gas companies like the oil sands need to go up a lot. But the reality is, you could have an environment where inflation is picking up quite a lot, but maybe oil prices come down. And so your goal is to get inflation sensitivity and protection and good returns from your natural resources. But if all you're doing is investing in oil companies, you might sort of miss the bigger picture. And so for us, we think investors are looking more broadly. They're saying this is a big regime change. I don't necessarily want to be wrong

7:09and have oil prices go from 185 and have my oil stocks go down in the short term. I want to make sure that I'm capturing the ag economy. I'm capturing the resource economy, metals and mining, gold prices, oil, natural gas, uranium, all the other parts of the sort of resource businesses that we look at. And so for us, it's kind of like, if you very small picture are excited about oil prices and oil, oil ETFs are going to be great. But if it's, hey, I see this bigger thing happening and I want to make sure that the portfolio is well positioned for it, that's why the lens is getting brought in and why these broader, more diversified natural resources strategies are really starting to get a lot of investor attention. Adam, how much more are traders and investors in this kind of a market using ETFs and exchange traded products that are tied to these types of themes? How much more are they using them? And are they using them strategically to take maybe medium or longer term views on a certain type of cycle or theme playing out?

8:09And how much of it is become more tactically oriented? Those who've shorter firm hold these things because of these more tactical moves in commodities or the underlying equities tied to them. We talked a little bit about just how much the equities kind of different terms of performance against the underlying commodities. So are we seeing a little bit more investor in trader interest on the tactical use of some of these exchange traded funds or taking longer term secular views on them? Well, I think it depends on the resource that we're talking about. And I mean, my favorite resource to be invested in for the long term is electricity. A low electricity, we have an ETF POW that covers it. It's one of our most popular ETFs, particularly of late. You talk about inflation, right? At the biggest bottleneck, you mentioned AI, is electricity. And it's going to take trillions of dollars deployed to just upgrade our grid, putting inside data centers just for consumer use and electric cars and heat pumps and things like that.

9:11So electricity prices are continually rising, demand is continually rising, and it's outpacing supply. And there's tremendous bottlenecks on the equipment required to improve the grid with transformers and distribution, transmission really being a problem right there. So I would view those as more long term strategic allocation as you're portfolio and that's how our investors are using POW. And then of course, as Tyler mentioned, I agree. I think the equities are a better place for most investors. Most investors don't understand, contango and backwardation and all the issues related to a futures based product. So if you look at the kind of oil futures ETFs, they are better for short term use and you'll see more trading activity there. And that's a better use to them because they won't necessarily track the spot price of oil as you may expect in different regimes based on that contango and backwardation and how the futures role works. Tyler, it wasn't maybe that long ago. When we used to talk about stories around some of these types

10:11of products and use energy referring specifically more to the kind of oil and gas side of things and then power more towards the kind of power generation electrification infrastructure side of things. These days, it really feels as though the energy and the power trade have now converged because specifically around the stories around AI. Is that how you see things playing out as well right now that energy and power are becoming closer and closer to synonymous? Given what's happening with AI? I think they are and I think it's because it's not just because of AI, it's because of reindustrialization, it's because of the digitalization of the global economy, it's because of electricity demand, power demand, data centers, clearly all of the above. I think what the market is waking up to, and we talked about this five years ago when we launched one of our strategies, which is the co-insteads future of energy strategy, which is it's an energy addition world, not an energy transition. Yes, alternatives are going to gain market share, but we really need more of everything.

11:13We think oil demand is going to rise for a while and then plateau, natural gas demand is going to rise for a really long time, alternative energy is going to accelerate even faster given everything that we're seeing. And really it is about creating sort of the electrons, the electricity, the power needed for the global economy to run, be it sort of moving data, powering homes or moving sort of airplanes across the world. And so for us, I think the world is waking up to the fact that energy is going to be very different five years from now than it was five years ago. Like five years ago, when you heard energy, you just thought, exon, oil and gas, traditional resources. Now when you hear energy, hopefully you think, still exon, but also natural gas pipeline companies, natural gas producers, uranium companies, nuclear generation, all the power stack utilities, it's this much broader world and it's a very sensible convergence in our view. Okay, let's follow up on that. So I'm going to stick with you Tyler on this. Because you basically have a role that centers around the equity side of the natural resource trade.

12:14Can you take us through, you mentioned a number of different kind of themes or sectors or industries that are in focus for you? What types of companies are coming through as being at the forefront of some of those more kind of sub industry themes that go into this power generation AI infrastructure kind of trade, I guess, in the coming years? Yeah, so we have a couple of different sort of portfolios and strategies. We have an infrastructure ETF, which is CSIO. We have a natural resources one, CSNR, and then a future of energy strategy. And for us, it's all about finding the bottlenecks and investing where we think the bottlenecks are going to have duration. You know, when I think about the AI, the power trade, what we're sort of talking about here, if some of the biggest bottlenecks are natural gas, right? It's really hard to build natural gas pipelines here in North America. If you have incumbent natural gas pipelines in the ground, those are suddenly going to be more valuable. You know, we think that those businesses are moving further downstream. They're not just about moving natural gas molecules from supply-basins to demand-basins, but it's actually about getting power behind the meter

13:15at data centers. So that's a theme that we really like. You know, we really like the engineering and construction businesses that are building all the utility infrastructure. One of the tricky things with utilities right now is there's almost too much opportunity. And all that opportunity in CAPEX is inflationary to the customers. And they're going to see some challenge returns, potentially, in a midterm election year. Actually, the companies that build the infrastructure for them, we think are going to see great opportunities because, hey, their demand is rising. Their supply constraint in terms of skilled labor is getting harder and harder. So that's another one we like. Like I said, uranium, nuclear generation, it's clean, it's predictable, it's high capacity factors, low variability, it's the kind of energy the world wants. And so again, at the core, find the bottlenecks. Where is the bottleneck underappreciated and longer lasting? And we think there's great opportunities across infrastructure, natural resources, and energy when you look with that kind of lens. Adam, how do you actually construct an underlying index or portfolio

14:18to track some of these, kind of, I guess, more prevalent themes that are developing here? In other words, as you put a fund together, what exactly then goes into the fund? How exactly do you decide what goes into a fund? And how exactly do you figure out what goes in and out? How do you rebalance? How do you tactically allocate? How exactly does a firm like Vista Shares take some of these bigger constructs and ideas around themes and turn them into an actual product that people use on an exchange-stated fund basis? We have a very novel approach. We actually develop what we call the Bill and Materials approach, and we file the patent on this. And what it is is very simple. We follow the cat-backs. So what we'll do is, whether it's AI infrastructure, electrification, we have AIS or that, we have POW, we've robotics and other funds, we will first analyze the supply chain, to identify all the different segments of the supply chain. And we overlay the Bill and Materials. And what the Bill and Materials really does

15:19is really just identify the economic value of each level of the supply chain. So just taking AIS, for instance, our AI infrastructure ETF, many people don't know that cooling systems are around 25% of overall cat-back spend building a data center. So very important. So once we overlay the Bill and Materials, then we'll analyze the actual companies to see how much of their business is actually coming from electrification or AI infrastructure or robotics infrastructure business. Because taking cooling, for instance, we don't care about cooling companies, we don't even care about cooling companies that are building data centers. We only care about cooling companies that are supplying their year for AI data centers. So we really get a tease out those financials to understand what their pipelines look like. And that builds the core of our portfolio. So we're getting a full representation of what it actually takes to build these systems. So we like to say when somebody builds an AI data center, the cash register rings across AIS's entire portfolio. And that is consistent across how or to galaxy

16:21all of our products. But the secret sauce is really identifying people to sit on the investment committee that are operators. So we're not doing just analysis. We actually pull people onto our investment committees that are experts in the space. So if you look at who we have, these are people who are building the companies, who are building the data centers, who are thought leaders in energy technology, who actually understand the pipelines, understand the technologies, and understand the changes before the bottlenecks occur. And that's really our secret sauce. It's really tapping into that expertise of the operators to choose companies or at least identify opportunities where we can find the companies to fulfill the new opportunities that they raise. Tyler, let's talk about whatever secret sauce you guys have. What exactly is passing your screening process right now from your portfolio managers through your investment executives and your teams and analysts about the kinds of companies that will fill the portfolio around next-gen power

17:23and infrastructure? Are there specific names that are coming to the forefront? Which ones have kind of really passed your screens that are going to stick around? And which kinds of companies perhaps are the ones that you're maybe looking for to take a bigger role in your portfolios and the coming quarters in years? Yeah, absolutely. So I mean, Conan and Steers, we only do a few things, but we try to do those things really well. We are listed real assets, which is REITS. Natural Resource Equity's infrastructure energy, and then we have some alternative income as well. We invested those sectors because we think that there is the ability for active managers to add alpha. There's inefficiencies. So take infrastructure as an example. The biggest challenge right now with infrastructure investment is regulatory risk. And the rules getting changed. You think about investing in utilities. Utilities can see their returns benefit or hindered based on the decision of a few utility commissioners sitting in a room somewhere, sort of deciding what they want to do for the local customers and ratepayers. So for us, it's about alpha for active management. And that can come from, hey, where do we find the best themes?

18:25We want to make sure that we're investing, obviously, where the excitement is, where the growth is, and where the better opportunities are, and then identify the best relative value. So hey, within data centers today, or sorry, within infrastructure today, we think some regions are inviting data center growth. Some are going to constrain it. In June, there were 92 local moratorium on data center development. Today, there's 520. So we want to find the places that are not putting up the moratorium that are actually inviting data centers into their service territory. And then we're trying to find the best relative value opportunity. So hey, where is the growth underappreciated? Where is the management team's ability to execute the best? It's utilities like Black Hills and Energy. It's natural gas pipeline companies like Williams. So again, it's those theme identification with then fundamental bottom up work to find out, where's the market, mispricing the opportunity set, and where can we generate alpha by positioning accordingly? All right, so there's a handful of those names that we just went through here. Adam, for you, what types of names are coming through individually speaking? Or there are certain types of companies or stocks

19:25that are featuring more prominently in some of the screening processes that you're doing. So if you look at electrification, for instance, and analyze where the CAPEX is being deployed, there's a lot of noise around the generation area, but it's only around 15% of total CAPEX. So where the CAPEX is actually being deployed is in distribution and transmission. So it's the boring, it's the switching equipment, it's the cabling. Believe it or not, it's a Transformers. When you go outside and you look up on those big poles, those are Transformers at the top. You can't get Transformers. So it's the companies like Prismian. It's the companies like Eaton, Powell Industries, Delta Electronics that are providing kind of those nuts and bolts. And the backlogs they have, if you're getting their equipment are sometimes a year or two long at this point, they can't produce enough. And that's what we're focused most of our allocations on these days. All right, so the energy trade, kind of morphing into the power trade, morphing into the infrastructure and electrification trade, all of these themes

20:27playing out at once here. Now it's time to round out the conversation with some thoughtful analysis and perspective to help you better understand ETFs with our Markets 102 portion of the podcast. Adam Paddy, this to share CEO, continues with us now. Adam, we talked a lot about the natural resource theme that's been playing out and how there's a convergence of blurring of the lines between the traditional energy trade, the traditional power trade, the electrification trade and everything else coming together. That's indicative of many parts of the market that are seeing some transitions happening right now because of things like AI as a massive theme. I wonder as the CEO of an ETF provider, an issuer, how exactly do you come up with the themes you think will resonate the most with investors because those that resonate tend to garner more assets leading to a better profitability picture for you

21:28as an ETF issuer. So how do you strategically come up with the products you think will resonate the most with investors? Well, we're a little old-fashioned. We talk to investors. We go out and we talk to investors all day long. We try to understand the pain points, what's missing in their portfolios, what they have and can be improved, given new market environments. So on the thematic side, what we do is we tend to focus on what we view as super cycles. So these super cycles are technology driven trends that are decades in the making and decades long. So AI is certainly one of them. Industrial revolution was a super cycle. The internet was a super cycle. So these are massive trends that develop that really change the way people live, work and change economies completely. So AI, robotics, space, defense even at this point, right? The way military technology is been changing

22:30and electrification. So we want to create foundational technology exposures that are meaningful for investors to the next decade or two. Similarly, look, we've been in a lot of volatility lately and investors are fearful and they're looking for novel ways to get downside protection but still retain some upside potential. So the buffer space has really been important for investors for that purpose. The problem with many buffers is that they're year long or they're quarterly resets or you have to buy multiple products or a ladder product to get monthly exposure. So what we did is we launched yesterday two brand new products, ticker VU-B, D-O-O-B, which covers the S&P 500 and QQQB, which is the NASDAQ 100. And we set out to solve all the issues with buffers that investors have been complaining about, the serialization, the cliff risk on the downside of the buffer, the lack of upside.

23:30So what these are, very simple. They are monthly rebounds products. They are designed to give you 8% hard buffer assistance to protect against the first 8%. And then below the 8%, we'll absorb 50% of any downside as tail risk. And every single month you get that same protection. And why that's important is it goes back to your first point is that things are so volatile right now. There's so much headline risk. The market can go up and down 5%, 3% a day, just based on a tweet. And you need to have monthly protection to it to deal with that. So it's a whole different environment which requires different solutions. That old school style of talking to investors to get an idea of what they're looking for, when you talked and spoke with investors about kind of the buffer space, because let's be honest, a lot of folks are out there putting buffer products out there to find outcome type products out there. It is one of the fastest growing parts

24:31of the actively managed ETF ecosystem right now. When you spoke to those investors, investment advisors, retail traders, and everybody else you spoke to to how to get an idea of how you wanted to roll product out, what exactly was the feedback there? Was it that overwhelming where you felt as though they wanted that kind of defined outcome protection? And if so, why is it that everybody's flooding into this space? And how exactly do you stand out with your products given what you've got going on? I know that yours is different because you have a monthly kind of buffer reset. But these are all types of conversations that lead to a different types of products coming out. How exactly did those conversations go for you to lead you to VOB and QQQB? So we can't be everything to everybody. We're a small company. We're around 2.5 billion in assets. So growing fast, that's after 18 months, so I'm proud of that. But we were trying to develop products that are evergreen.

25:35So the problem with current buffers is that advisors need to ladder them. They need to roll in and out of different monthly series every month. And that's a lot of work for them. So the other providers have come up with laddered versions and things like that. Often their times are ETF of ETS or their little clunky. So what we really just try to do is say, OK, if you can design something for downside protection, what would it be? It would be an evergreen product. They buy once, you set it and forget it. And then having 20% hard buffer is nice. But how often does the market actually go down 20%? Not often. Typically, the market grinds down over a series of months. So you need to have that protection reset every month. The market might go down five and up six and then down three and down five. So you need to have that protection every single month. And what we found in our analysis is that 8% was the optimal range. The markets rarely go down below 8% even in really distressful times. But to protect, you still want to have that tail

26:37risk insurance. So we're not going to give you 100% under the 8%, but we'll give you 50%. So if the market goes down 20, we protect against the 8. And then we split the 12. So we're down six. The market's down 20. But then the next month, you get the full protection back. So it's just a very different structure. The other part of it is that most of the buffers out there, just by the way, they do their option strategies. They're capping the upside. So they're good on the downside, they add on the upside. We did it without a cap. So you're still going to get only partial exposure to the upside just because that's nature of the product is. But it should give you a little more upside potential than the traditional buffers, which we think is important. So it's good for investors that are looking for a hedge on their equity exposure. And frankly, it's really good for bond investors. You haven't gotten anything out of bonds in years. These are 2% to 4% volatility. You get more protection on the downside than with bonds. And you still get that bond or bond

27:38plus exposure for the upside. All right, so you have basically index products that have derivative type strategies built around them to kind of give you some of these more desire or defined outcomes. Can we also then talk about some of the other products that you have that are not necessarily broad index based, but still have to be constructed with portfolios of securities to then track a certain type of theme or industry group or some trend. You have a number of those products out as well. How exactly do you actively manage? How do you construct the underlying portfolios? And then how do you actively manage them so that they are giving investors kind of the best exposure that you can for the types of themes that they want to build into their own portfolios? Great question. And I've been in the ETF business since 2002, so I'm an old timer. But the ETF industry is notorious for creating portfolios

28:42and naming them something. And they're being a major mismatch. Calling something AI fund and you look under the hood and you're like, what am I buying? It's just the nature of the business. It is what it is. But and I wish I could take credit for this. But my partner, this gentleman named John McNeill, he was the president of Tesla. He's a brilliant businessman, brilliant technologist. And he was looking for exposure in the AI space, looked under the hood of a couple of the products, realized, wait a minute, these are not AI exposures. This is not AI companies. And so he said there's got to be a better way. And he actually developed this bill of materials process where we analyze the supply chain. So taking AI infrastructure for an instance, we have AIS, which is one of our leading products there, will analyze the supply chain. So every single component that goes into a data center or a semiconductor is analyzed and laid out onto a supply chain map. Then what we do is we overlay the bill of materials.

29:44So we'll say, OK, cooling is worth every dollar that goes into a data center. Cooling is a dollar. Racking is $0.15. And we'll just go down the list to see how important economically every level of the supply chain is. Once we understand that, then we'll start mapping companies to each level of the supply chain. And we'll start digging into their financials to understand, OK, this company is in cooling, but is it in AI data center cooling? Because that's what we want. We don't care about cooling companies. We want companies that are actually filling their own business pipeline with AI deals. So we'll do that analysis. And then we'll wait all those companies based on their contribution to their individual supply chain segments. And we'll roll that into a core portfolio. And that's why the portfolio is all about identifying where the cap X is being deployed, and who is making the money from that cap X. But then the secret sauce is really in the expertise on the investment committee. So our core portfolio looks very different than anyone else's

30:45core portfolio in the space, whether it's our R2, our robotics, or GALX, our space, or AMO, or events product. They all look very different. But the secret sauce is the people who are overseeing the portfolio. Because what we've tried to do is bring on a combination of operators and portfolio construction people. So the operators are the ones that are doing it every day. They're building data centers. They are out there creating new energy technologies. They are building spacecraft. Our space ETF, GALX, we have this gentleman named Ian Cinnamon, who's a CEO of APEX Space. He's a leading provider of satellite buses. I mean, it's a wild industry. But those are the people that guide where the bottlenecks are. Because they see the bottlenecks before anyone else does, because they're the ones who are building the products. So once they identify risks and opportunities in the portfolio, then it goes over to the portfolio construction people, which is more my side.

31:46And where we're analyzed, the companies will put it on a watch list and kind of see how it all plays out and then express the views of the operators into the portfolio. So there's a different approach to portfolio construction. And it's worked out quite well. AIS has been the top performing AI ETF in the world. Power, I think, is the top performing electrification ETF in the world right now. So performance comes and goes. There's no guarantees. But the supply chain, CAPEX, profit pool, perspective seems to be paying off. All right, Adam, one last question before we let you go here. What's next on your radar? What's blipping, but kind of far out on the screen? Oh, there's a look. AI is driving a lot of changes in a lot of different industries. I don't want to give any of my competitors any ideas. But there are quite a few industries where our bill of materials process really can work very well. So we've got them scoped out.

32:47We'll be dropping registration statements for them. Fairly soon. So that's the space will be active in. All right, nice little tease there from Adam Patty. Adam, thank you very much for joining us here. We appreciate it. Come back and update us with those new ideas soon, all right? I will. Thank you, sir. All right, that's Adam Patty, the CEO of Vista Shares. Thanks for listening. Join us again next week or head over to etfedge.cmbc.com. Over the last few decades, technology has transformed our world in amazing ways. Through it all, Invesco QQQ ETF has connected investors to the forefront of innovation. Access the future today with Invesco QQQ. Let's rethink possibility. There are risks when investing in ETFs, including possible loss of money. ETF risks are similar to those of stocks. Investments in the tech sector are subject to greater risk and more volatility than more diversified investments.

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