But yes, thank you for the question. We’re thinking about it, I think the same way you phrased your question.
Michael Cyprys: Thank you.
Operator: Thank you. Our final question comes from Patrick Moley from Piper Sandler. Patrick, please go ahead.
Patrick Moley: Good morning. I just had one last one on fixed income. I think last quarter, Lynn had mentioned that as issuance normalizes, you could see AUM reallocation, higher capture indices. I was just hoping to get an update on, from your perspective, what you’re seeing there and your expectations going forward? And then just to add on to that, I’m wondering how we should think about the yield profile differences between treasuries and munis and the impact that could have on the business more broadly? Thanks.
Lynn Martin: Yes. Lynn, thanks for the question. In terms of the allocation of AUM, we have definitely seen an improvement – variety of equity indices, for example, although they’re relatively small compared to our core fixed income indices where you’ve seen an uptick in the amount of AUM that had moved into them. Those being our biotech, semiconductor and some of our other more bespoke indices. In terms of the fixed income allocation, governments have continued to grow in terms of AUM, but you’ve also seen higher capture classes such as high-yield, which we’re really well known for, investment grade and our unique indices gain some share as well. So it’s a bit of everything growing in terms of AUM, but that has definitely slowed into some of our higher capture products, which has resulted in our index revenues growing nicely, particularly as compared with last year at this time.
In terms of the yield profile, it’s a really good question. You saw our core products such as munis have muted volatility during the summer months, not overly unexpected. You’ve seen volatility in those products start to spike up again as we enter the fall, and that’s really a trend that’s continued throughout October, in particular. Treasuries have also been a nice grower for us in terms of transactions. We’ve also seen growth though in things like CDs and our money market product CDs and then agencies as well. So as I mentioned earlier, we’ve really seen good growth across each of our different products. If you look at the amount of transactions on our platform in Q3 as compared with last year Q3, in fact, the amount of transactions are up 53%.
So I think that really positions us nicely because of all the hard work the team has done to penetrate the wealth side of the business. Obviously, retail has been a good grower for us traditionally and all the hard work that the team has done over the last few years to really build our institutional footprint, which we continue to see expanding both in terms of activity and a number of participants on our platform. So I think we’re really positioned nicely going into the more volatile time that we’re in right now.
Operator: Thank you. That is now the end of the Q&A session. So I’ll now hand back over to Jeff Sprecher for closing remarks.
Jeffrey Sprecher: Thank you, Lauren, for managing the call, and thank you all for joining us this morning. Let me again thank my colleagues for delivering a record third quarter and definitely want to thank our customers for their continued business and their trust. We’ll be updating you again soon as we continue to innovate around our all-weather business model and build solutions for our customers and generate growth on top of growth. So with that, I hope you all have a great day.
Operator: This concludes today’s call. Thank you for joining. You may now disconnect your lines.
