Ladies and gentlemen, thank you for standing by, and welcome to the WisdomTree Q4 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Jessica Zaloom, WisdomTree's Head of Corporate Communications. Please go ahead, ma'am. Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation and in the Risk Factors section of WisdomTree's annual report on Form 10-K for the year ended December 31st, 2019, and quarterly reports on Form 10-Q for the quarters ended March 31st, 2020, and June 30th, 2020. WisdomTree assumes no duty and does not undertake to update any forward-looking statements. Now it is my pleasure to turn the call over to WisdomTree's CFO, Amit Muni. Thank you, Jess. Good morning, everyone. I'll quickly walk through the highlights for the fourth quarter and then turn the call over to our President, Jarrett Lilien, who will provide a recap of 2020 and strategic plans for 2021. I'll provide an update on expense guidance and then turn it to Jonathan for his closing thoughts before we open the lines for Q&A. Beginning on slide two, we ended the quarter with assets under management of $67.4 billion, up 11% from the third quarter from a combination of positive market movement and $900 million of net inflows. During the quarter, we experienced a continuing trend of strong flows of $1.4 billion into our ex-State-Owned strategies. We took in $900 million into our currency hedge gold and Swiss vaulted gold products. Also, continuing the trend all year were flows into our thematic funds. We generated $600 million across our cloud computing, battery technology, and artificial intelligence funds. Given its strong rally, we also took in $50 million into our Bitcoin fund, bringing its AUM now to $165 million. The strong momentum we are experiencing exiting 2020 is continuing. Flows continue to remain strong, taking in over $600 million and bringing our AUM to almost $70 billion. Turning to the financial results on slide three. Revenues were $67 million for the quarter, up 4% due to higher average AUM and a slight decrease in our fee capture due to mix change. On a GAAP basis, we had a net loss of $13.5 million. Excluding non-operating items, adjusted net income was $9.2 million or $0.06 a share. This quarter, we took a non-cash after-tax charge of $22 million for our future gold commitment payments, primarily due to a change in the discount rate we use to record this liability. Turning to margins on the next slide. Our operating margin was 19.2%, reflecting higher seasonal expenses. Gross margins were 75.6% in the quarter on the lower end of our guidance range as we incurred final costs related to passporting our funds into the EU due to Brexit and fund rebalancing fees in the U.S. On the next slide, you can see the change in our expenses. Our operating expenses were $54 million in the quarter. Compensation costs increased, bringing our full year compensation to $74.7 million, below the low end of the range we gave at the beginning of the year. We also incurred higher marketing and sales-related spending, which generally picks up as compared to the summer months in the third quarter. For the full year, our discretionary spending was $41 million, also well below the guidance we gave at the beginning of the year. I'd like to turn the call over to Jarrett Lilien. Thanks, Amit. I'm very excited about our business. We ended 2020 with strong growth and momentum, and that momentum is continuing in 2021, and we are well positioned and have a strong 2021 growth plan. In terms of growth and momentum, last March, we hit a pandemic low of $46 billion in global AUM. From those lows, global AUM rebounded 46% to end 2020 at a record $67 billion. What shined through during this period was the balance of our global AUM mix with U.S. equity at 27%, gold at 26%, international equity at 14%, emerging markets equity at 13%, commodities at 13%, and a growing 7% share for fixed income and alternatives. In 2020, this diversity dampened volatility. For 2021, it positions us for further growth. What also shined through last year was our underlying organic growth. Turning to slide seven, the U.S. ended the year with six consecutive months of organic growth and an annualized pace to add $3 billion in new net flows in the U.S. alone. We are now in our seventh consecutive month of organic growth, our best performance in over five years, and U.S. AUM is now back over $40 billion. Europe ended 2020 with its second consecutive year of record organic growth, and momentum continues. We have five product suites that are all growing. We have six funds, over a billion, and 240 overall funds that are volatility tested and represent the best structures in the market. In rounding out Europe, our UCITS suite is now over $2 billion, with thematics adding $400 million in January alone. To date, we have seen global organic growth of $630 million, assisted by more than $1 billion in market move, and now have global AUM at a new record, just shy of $70 billion. Turning to slide eight. For 2021, our products are extremely well-positioned, and we have a strong growth plan to keep the fire burning. Consensus points to a low interest rate environment, a shift of value, and strong prospects for inflation. There also continues to be strong interest in thematics in ESG. We could not be better positioned with our dividend strategies, our leadership position in gold and commodities, our best-in-market crypto ETP offering, our cloud AI battery, and recent global cybersecurity launch, as well as our leading ESG offering. This product diversity and positioning enhances both the quality of our flows as well as our prospects for continued growth. Turning to slide nine, drilling deeper on ESG, our plan is to be the leader in the space, we already rank third in the U.S. by ESG assets behind iShares and Invesco. Our multi-factor and ex-State-Owned suites, six funds, $5 billion in AUM in total, each represent differentiated, performance-oriented investment strategies. This month, we further enhanced our ex-State-Owned suite by adding additional environmental and social screens, ensuring they will show up in more third-party ESG classifications be more visible for ESG-oriented investors. In Europe, the same broad ESG screen has been applied to our core UCITS equity funds to meet increasing local market demand for such considerations in traditional exposures. Being a leader means more than just product. It's a holistic package of thought leadership, education, company-level initiatives, products and performance, we have been advancing all of these for years. Turning to slide 10. We are looking to accelerate our momentum through targeted investments both in today's growth and tomorrow's. In 2021, we are targeting 20 new global launches with a focus on core, tactical, thematic, and ESG exposures. We will also invest in marketing and sales to further drive client engagement. In 2020, we were able to drive record client engagement in a remote working environment. Quality client engagement, which includes providing the best products, advisor solutions, and client service. This is what drives flows. This is where we are focused. In addition, we continue to make progress with our model portfolio offering and expect a meaningful portion of our 2021 flows to come to us through models. As we've discussed before, model flows tend to be stickier and have a greater lifetime value to the firm. We see these flows adding to the overall diversity and quality of our asset mix. All the while, we're investing in efficiency. Remote working has worked for us. We've transformed our operating model. We are working as a global team better than ever before. With a fresh perspective, we have found new efficiencies, adding scalability to our model and giving us scope to make further investments in future growth. Our vision is to continue with a remote first approach post-pandemic, ensuring that these efficiencies are permanent and carried into future years. Looking further into the future, we are in the business of providing best-in-market exposures. We already have top ETP executions around the world. For the future, aside from the previously mentioned launches, we will maintain our leadership position in crypto ETPs while also establishing ourselves as a leader in digital assets. This last initiative holds the promise for WisdomTree to tap additional revenue streams, further accelerating organic growth in what we see as the next chapter in financial services. Let me now turn the call back to Amit to give color on how this all impacts our 2021 expense guidance. Turning to slide 11, with Jarrett's comments as background, I'd like to give you some guidance on how we're thinking about expenses in 2021. Compensation expense was $74.7 million for 2020, and we project it to be between $75 million and $85 million for 2021, depending upon our results. This range is consistent with our initial 2020 guidance. We anticipate gross margins to be between 77% and 78% on an annual basis, given our current AUM mix with some fluctuations intra-quarter. We anticipate third-party distribution fees to decline to $6 million as we look to consolidate the platforms we work with. We are leveraging efficiencies and savings we have learned during the pandemic and reinvesting it back into the business to support innovation and future growth. We expect discretionary spending to be approximately $49 million in 2021. As a reminder, our gold payment expense is based on us paying 9,500 ounces of gold on an annual basis. You can project this expense by monitoring the average price of gold during the year. Assuming gold prices remain flat at current levels, this expense would be approximately $17 million for the year. Based on our current AUM mix and current rates, we expect our effective tax rate to be between 19%- 20% for the year. As a reminder, we could save $3 million-$4 million annually once our New York City office space is subleased, but we don't anticipate those savings in our current guidance. As we think about uses of our capital, it remains to accumulate cash to pay down our debt, return capital to shareholders through dividends, and maintain adequate dry powder for strategic, organic, and inorganic opportunities. As always, we remain disciplined and focused on controlling expenses, balanced with investing into our business to help support and drive future growth. Thank you, let me now turn the call over to Jonathan. Thank you, Amit. Jarrett reviewed the solid progress in our European and U.S. platforms and the focused investments we are making in product and distribution to further accelerate our growth. Our business has more than navigated the global pandemic. We have emerged stronger. Not only have we adapted to the remote working environment without missing a beat, but we also gleaned new operating efficiencies and competitive strengths. We are, in fact, operating as a truly integrated global business. The benefits of our European acquisition of ETF Securities did not end by simply digesting a large diversifying asset base in 2018, as valuable as that is. We have developed real synergies by leveraging complementary IP, investment capabilities, and best practices in our product and distribution initiatives. However, I believe many of the existing and emerging strengths in our business are not fully appreciated, but they represent real value for WisdomTree shareholders today. Let me double-click on several of these strengths. We have a leading Bitcoin ETP approaching an inflection point. I often say the essence of the ETF structure is about simplifying and democratizing access to previously hard-to-reach exposures. Bitcoin is just the latest example. Our European-listed Bitcoin ETP has gathered almost $200 million in assets and remains, in our view, the most investor-friendly Bitcoin product in the world. This should be appreciated as a valuable achievement for WisdomTree shareholders. The product is now at a scale where it is becoming increasingly viable for institutional investors. This could not have come at a better time because the dramatic rise in the price of Bitcoin and bullish investor sentiment has driven a significant increase in engagement for our European sales team. Additionally, we believe we have an opportunity to leverage our European experience to offer a best-in-class exchange traded Bitcoin exposures beyond Europe. We have built a profitable and complementary UCITS platform that is poised for further growth. A major part of investing in our European infrastructure was to build out our then fledgling UCITS business so that WisdomTree could participate in the growth of the more globally recognized UCITS framework. Today, our UCITS ETF platform stands at $2 billion and growing. The success we are experiencing in UCITS is being driven by a suite of thematic funds like artificial intelligence and new Battery Solutions, meaning we are diversifying our equity business in new growth and technology exposures. We are not satisfied with regional strengths. Our breakout success in thematics was led by our cloud computing funds, which we launched in both markets with over $2 billion in AUM combined, $600 million of that in UCITS. This week, we launched a new cybersecurity strategy in both markets and have further plans to cross-pollinate when appropriate. WisdomTree has become a truly diversified asset manager. Of course, the benefit of a large gold, commodities, and tactical trading range of ETPs was part of our strategic rationale for Europe. We continue to see the benefits of asset diversification in dampening volatility in real time. Most recently, gold was once again a very constructive exposure amid the global sell-off in March and April. A quarter of WisdomTree's assets are now in gold, making us the third largest gold manager globally. We have the broadest and most diverse suite of gold products with the most assets in Europe. We recently launched a low-fee and sustainable gold ETP, WGLD, to help defend and grow our leadership position. We are not stopping there. We expect later this year to have a regulated gold token in the market. We are committed to competing for the future of gold, which we feel is digital and global. Our aim is to turn digital gold into currency. As an asset class, gold has unique attributes, making it more than just an investment exposure. Gold has become an important part of the discussion around fiat and emerging digital currencies and payments. Our digital assets initiatives reinforces and expands upon our core business strengths. From day one, we have endeavored to offer smarter products and asset class exposures with an emphasis on transparency, cost efficiency, liquidity, regulated investor protections, and other investor-friendly hallmarks of a better investment and financial experience. While these are still early days for digital assets, I am glad we made investments and kicked off our efforts in this space earlier than many. In addition to the launch of the previously mentioned Bitcoin ETP and our minority investment in Securrency, WisdomTree is aggressively pursuing and is well-positioned for success in this exciting new area. In 2020, we set our strategy for these initiatives, and we have been designing workflows and engaging productively with regulators. As I said, I expect 2021 will be the year WisdomTree brings regulated tokens to market. For regulatory and competitive reasons, I won't be disclosing more at this time, but in the coming months, I am hopeful we'll have additional filings and news to share, at which point we will comment further. As Jarrett indicated, we ended 2020 with momentum, which we are carrying into the new year. I expect our digital asset initiatives to only accelerate our organic growth and diversify our revenue streams, better positioning WisdomTree for the future. Now, I would like to open up the call for questions. Thank you. As a reminder, to ask a question, you will need to press star 1 on your telephone. To withdraw your question, press the pound key. Our first question comes from Craig Siegenthaler with Credit Suisse. You may proceed with your question. Thanks. Good morning, everyone. We had a follow-up on your digital asset initiatives. First, are your initiatives solely through your interest in Securrency, or are there other efforts that are coming from WisdomTree, excluding the crypto ETF in Europe? I also want to see if you could share a little more detail on what type of products you may launch this year and, in terms of, is it more sort of compliance and back office in terms of blockchain, or are these kind of asset management type products? Thank you, Craig. The breadth is we're fully committed to cryptocurrencies. We've spoken about the Bitcoin. We are on, through WisdomTree, launching our gold token, which we referenced in the first part of the conversation. Prior, we've disclosed that we are pursuing treasuries and the dollar. I think those will follow. That's the products that we'll be launching. In terms of blockchain, we participate through our investment in Securrency, where we currently hold a 20% stake. I think that answers your question, Craig. Did I miss anything else? Yeah. No, that's good. Okay, good. Yeah. I actually had one more follow-up. It's nice to see the early successes from your crypto ETP offering in Europe. Can you just remind us about the prospects and also the constraints for launching a U.S. ETF version? Sure. For the U.S., we obviously are in discussions with regulators to bring it here. Recently, you've seen the SEC open up that market a little bit. I think there's growing pressure on the SEC to allow investors to participate in really better investor-friendly structures. Right now, they're being forced into really substandard products. Because that's all that's available, that's where the money's flowing. There's no timeframe that I can give, but we certainly have constructive dialogues with regulators around the world, including the U.S. Thank you, Jonathan. Thanks, Craig. Thank you. Our next question comes from Dan Fannon with Jefferies. You may proceed with your question. Hey, good morning. This is actually James Steele filling in for Dan. Thanks for taking our question. Just firstly, and I'm looking at slide 10 here of the presentation, your comment on an expectation for model portfolios to provide meaningful flows in 2021. I'm just curious if you would characterize the contribution for model portfolios in 2020 as meaningful, and then if you could just kind of give some color as to why the setup's a lot better going into this year. Jarrett, would you mind answering that question? Yeah, sure. Good question. I'd say for 2021, we expect the contribution to be more meaningful. It was also meaningful in 2020. Really this is a bit of a journey. This is something we've been building and positioning for some time. Having a good model offering is many things. You've got to have the models, but you have to have some key partnerships too, like what we announced last quarter with our partnership with Narrow and being on their platform or with other providers as well as we also disclosed last quarter with 55ip, which makes it easier for advisors to transition in a tax-efficient way into models. You also need good proprietary research. It's great to have some high-visibility people working with you, like Professor Siegel. Then you've got to bring it all together as we've done on our website. Really it's a holistic approach. It takes a lot of work, a lot of building, and we've done that. At the same time, we've been building our pipeline, and our pipeline is strong, and that's why we expect model flows to be even a more meaningful driver of flows in 2021. Great. Thank you. Then maybe just one for Amit on the expense guidance, and I appreciate that it's obviously a moving target, but just any help, any color on the assumptions that you used to arrive at this guidance would help us just in terms of markets and a normalization of the. Sure. I would say, the investments that we're making, particularly around the discretionary spending, they're really to make investments to help support areas where we're seeing momentum and client demand. I'd say there's probably three main areas. First is around products, particularly around the ETFs and our digital asset initiatives. Second is around the client engagement part. I would say digital marketing, our digital sales-related efforts, things around our Advisor Solutions Program to help drive sales. The last I would say is around our platform relationships, where we can help drive, again, more momentum and more growth. Those are probably the main areas I would say that we're making that investment. Great. Thank you. Thank you. Our next question comes from Robert Lee with KBW. You may proceed with your question. Hi, good morning. This is Jeff Drezner on for Rob Lee. Thanks for taking my questions. I had a question regarding ESG. If you can just point us to some specific ESG products that you have. In the slides you mentioned that you're ranked number three after BlackRock and Invesco. I'm just curious which ranking that is by. Is that following a specific accountability board or something like that, or is it internal? Jeremy, do you mind taking that first question? Sure. We alluded to six funds that we consider ESG funds. We started in March last year. We have three, we'll call multi-factor ESG funds from U.S. International and Emerging. Even before we had launched those, we had been investing in a family called ex-State-Owned, starting over six years ago, we have three funds in that grouping as well, led by XSOE, which is our broad EM fund, CXSE, the China version, India, IXSE, another three funds. Six funds in total. That ex-State-Owned family started 2020 with about $900 million in assets. Today, it sits around $4.9 billion in assets, just under $5 billion, led by the broad EM, which is over $4 billion, China just under $900 million. We've seen a lot of flow interest. It's core EM with performance. The ex-State-Owned family was meant, and it's won awards for being the best-in-class ESG fund for focusing on performance, focusing on the governance that companies are run in the interest of shareholders, not just the government. It also had environmental tilts because many state-owned companies are in the energy and commodity sector. It also achieves very high ratings on traditional E metrics, environment metrics. We've enhanced, as Jarrett talked about, we've enhanced the ESG credentials with some further screens just to solidify and make sure all investors, ESG investors, are finding these funds appropriately. We do think that family at those three ex-State-Owned funds at $5 billion are the leaders in the market, and they've done it with performance. Can I add a couple of things on there, too? This is very much like models where there's a lot that goes into it, and there's many really years of planning. It's not just product. It starts with great product, and it starts with, importantly, great performance. There's also this holistic package where again, there has to be thought leadership, education. On top of that, you got to also walk the walk. There are also corporate initiatives that are part of it, and you have to be a good corporate citizen as we are. We became a UN PRI signatory in 2019. We've done a bunch of diversity, equity, and inclusion work inside the firm. Really it's a firm-wide commitment We've been advancing for many years, and it's culminating now in really a leading offering. I'd just say one more thing. What we planned also in our sort of investing growth strategy for 2021, as Amit said, part of that is product and in our product launch vision are additional ESG funds as well. Great. Thank you for taking my question. Thank you. Our next question comes from Brennan Hawken with UBS. You may proceed with your question. Good morning. Thank you for taking my questions. I had a few on the outlook for expenses in 2021 here. What is your embedded assumption for travel and entertainment normalization that's embedded within the discretionary expense outlook? Is there any kind of occupancy cost savings that's embedded in there by going fully remote, which even though you're seeing some expense growth clearly from investing, maybe the magnitude of that investment is even greater than it appears on the surface? Just wanted to try to get an understanding of some of that, some of those dynamics. Thank you. Sure, Brennan. For the last one on the occupancy, no, we have not assumed any sort of occupancy cost reductions. The big one is our space in New York City, which is up for sublease. We conservatively think maybe by the end of the year we'll be able to sublease that. None of those savings are embedded in the guidance yet. On your first part around sales T&E, I'd say that compared to 2019, 2021 is definitely a lot less. We expect right now this kind of current environment where there's very limited travel, various levels of lockdown. How we're reaching out to our clients is going to be as we're doing now, which is more virtual. Where we're really spending more of that is around the marketing side, around digital marketing, digital sales. Sort of taking those savings and reinvesting it back into those areas, where we see more efficiency and a greater reach to go out to clients. Great. Okay. Thanks for that clarity, Amit. The third party distribution expense ramping in 2021, do you guys expect that that's driven by adding some new platforms, or is there something else that's behind some of that growth expectation? It's a combo of two things. I'd say yes, it's definitely adding some more platforms. Offsetting some of that is some renegotiations that we've had with some fees as we've consolidated some of the platforms that we work with. Definitely, a component of it is new platforms that we're developing relationships, particularly around the European side of the business. Got it. Thank you. Thank you. Our next question comes from Michael Cyprys with Morgan Stanley. You may proceed with your question. Hey, good morning. Thanks for taking the question. Just wanted to circle back, Jonathan, to your comments on the gold token that you alluded to. Just hoping you could kind of explain to us what exactly that means, having a regulated gold token in the market, and how one might be able to access that as a customer. Maybe you could talk about what hurdles you face bringing something like that to market and how you're overcoming that. Well, thank you. As we said, later this year, in the second half of the year, we expect regulated gold token to be our first regulated token to come to market. It'll be accessed through the blockchain ecosystem that is developing. There are certain exchanges that exist currently for digital assets I think will be well received when we do launch. There's some regulatory hurdles that we have to pass through, but we're well along our way and see no stumbling blocks that we can't surmount. We're very excited about what will be coming out. I think the most exciting thing about what we're doing in the digital wrapper, which more broadly feels to me like it can be the wrapper of the future, is the enhanced functionality and user experience that we expect to come from this new technology. Great. Thanks for that, Jonathan. Maybe just as a follow-up on the double and triple levered ETF products that you have in Europe, I was just hoping you could talk a little bit about how you think about the growth of that category broadly, levered ETFs, that is. What sort of growth rate would you think it should grow at over the next three, five years as you kind of look forward? What, in your view, are the key drivers of the growth of that category? Jarrett, do you want to start on that? Sure. One of the things we're doing with this short and leverage suite is repositioning them a little bit. Internally, we're now referring to them as more as tactical funds, which is really what they are. What we've done is really through 2020, with all the volatility, those products were battle tested, and we now really feel we've got the strongest vol-proofed, best in market structures. We see the future as growth as more people use tactical funds as part of their strategies. Again, for us, it was really first about cleaning up, strengthening, and having the best in market volatility-proofed products. From here, we do think there is a growth opportunity as tactical funds get used more in 2021 and beyond. This is Jonathan. I'll add a little bit. We have a huge Delta One business around our commodities, and that's also in our tactical trading. We have a lot of interest. We've pulled it all together, and really a lot of this is through education so that people use these products well. It has been growing over the last few years by almost three, four, $500 million a year. It's hard to predict future growth. It is the kind of exposures that could catch lightning in a bottle as certain trends. You can get real returns on certain of these exposures if you get the trends right. Through education and better marketing, as Jarrett said, we really pulled it together. I think it'll be faster growth on a going forward basis. If I could sneak in just another one here just on this topic. Just curious what portion of client portfolios do you see these exposures representing, and what's the sort of appetite of bringing these products in Europe to the U.S. in terms of tactical trading strategies? What sort of hurdles would you face, and how would you sort of compare the opportunity set in the U.S. versus Europe? I'll take that. First, there's no opportunity at ETP to bring them into the U.S. The SEC hasn't allowed anyone else to do it, and I'm not expecting them to change their stance. Europe is a smaller market than the United States. We are one of the true leaders, second or third, and in some of the cases, depending on exposure by exposure, we're number one. I think that it's, overall, a small allocation for investors, though certain investors, tactical traders, it can be large. That is not the norm. For tactical, aggressive, active traders, they're very, very popular, and it can play a larger role in your portfolio. Again, education for us is the way we differentiate ourselves. We're really bullish on it, and sort of averaging 95 to 100 basis points on it's really attractive economics for the firm. Great. Thanks so much. Thank you. Our next question comes from Ryan Bailey with Goldman Sachs. You may proceed with your question. Good morning. I just wanted to come back to ESG for a second. It sounds like the vast majority of your AUM is sort of emerging markets focused within ESG. I was just wondering how you're thinking about developed market strategies and whether that will contribute a larger portion to ESG AUM for you over time. Jeremy, will you start? Yeah. I focused on the ex-State-Owned just to start, but that also is, in a way, not the full package. I mean, Jonathan and Jarrett referred to the European, how we added some of the screens that we recently added to the ex-State-Owned to the entire European product set. Those funds cover sort of global markets from U.S., European products, really sort of baseline all Europe products and the UCITS form, more or less, had that type of factor into it. It's really the whole family. We talked about some of the, what I call megatrend or thematic-type exposures. In Europe, we have a fund called Battery Solutions, that has been really one of our most successful launches, up to $400 million or so in sort of the less than one year it's been in the market, and sort of representing broader mega trend funds. That also is going after sort of the environment in sort of a unique way of being another ESG-oriented solution is something we could look at bringing to the U.S. at some point. Generally, we are working on that full initiative, and we do expect more than just emerging markets for sure. Thank you, Jeremy. Jarrett, is there anything you'd like to add, or are we good? The only thing I'd throw on top is one of the things in the U.S. This is a global concept. In terms of U.S. investors in it's really growing now fast. We're behind where Europe is. One of the tasks that we've undertaken as well in the U.S. is education. We did some extensive proprietary market research on really the gap between the end investor and the financial advisor. One of the things that is, I think, paying dividends for us is helping close that gap between advisors and their clients and helping really connect the dots. Again, this is part of a holistic package. It's a big movement, and we believe we're really well-positioned to be part of the growth here. Thanks, Jarrett. That's very helpful, caller. Thank you. Maybe if I can just follow on with one additional question. It seems like from the table that you put in of the ESG AUM exposure, Invesco and iShares, you guys are third, but there's still a pretty healthy gap. Is there a way you're thinking about trying to bridge that gap and catch up to them, putting more ESG into model portfolios, which I think generally clients would like, but any sort of strategic thoughts there? Thank you. Jeremy, you want to begin? For sure. You heard us talk a lot about model initiatives and model growth initiatives, and I think we are very actively working on ESG-oriented model solutions. As Jarrett said, we expect models to be a more meaningful contributor to flows, and we would expect the same with ESG models. I'd say another thing here. I think it might be a surprise to some to see how much we have in ESG assets today. We've been relatively quiet about it as, again, we've been pursuing and advancing this holistic approach. We now have it all together, and we're looking to sort of amplify the message. I think you'll be also hearing more about ESG from us, and I think that's going to help us close the gap a bit. Let me just say, in terms of models, the ex-State-Owned has tremendous momentum, accelerating momentum, and it's very appropriate for that to be included in third-party models. That might be a way for us to narrow the gap with Invesco and iShares. Thank you for your question. That's very helpful, Colin. Thank you. Thank you. Our next question comes from Keith Housum with Northcoast Research. You may proceed with your question. Good morning. Jonathan, maybe I heard this wrong, I think I heard you say that you guys are pursuing a low-cost ETF for gold. Maybe it was a gold token. I guess the question happens to be around, is there a risk of cannibalizing your existing gold ETF if you go out with a lower cost product? We have a very broad gold suite of funds, as we've said. We have the most assets. We really have two low-fee products in the market. We try to differentiate where we can. Our original low-fee fund, which is at 15 basis points, Swiss Vaulted Gold, is at 15 basis points. That's as low as anything in Europe. We most recently, this past quarter, listed London Vaulted low-fee gold at 15 basis points also, WGLD. I think both of those position us well to participate in future flows. We're very interested in also maintaining the balance with strong economics. It's really a balance for us. The cannibalization in beta takes place whether you, the sponsor, launches it or not. We might as well participate in the drive for lower-fee gold. It's not really a concern that we're going to cannibalize ourselves more. Low-fee gold already exists in the market. If I could add to that, just a short thing. Gold, when we look at 2020, gold and also other commodities, but it really dampened the volatility in our flows. In 2021, with inflation in the forecast, it's really got a different look to it. It positions us for growth as we expect growth in the asset class. Then, as Jonathan said, our gold offering is well-positioned. We have a suite of a lot of different products serving different clients at different price points. With 26% of our global assets in gold, what's good for gold is also good for us. We're excited about gold in 2021. As we said earlier, we're planning for the future of gold, which we think will be tokenized gold, where it can really be more than just an investment, but it could be used for payments, transactions, and other things. Great. Thanks. If I can just change gears onto your cost guidance there. Discretionary costs, be up roughly 20% in 2021 according to your guidance. I guess, as you kind of think about the payoff period, do you think you would get enough for that to be offset by increase in revenue this year, or is this really a multi-year investment you're looking at? Keith, I'd say it depends. Remember, we're making these investments where we're seeing momentum in client demand. What we're trying to do is accelerate that. We do expect some portion of immediate payoff on some of those investments as we hopefully see accelerated growth where we're seeing that momentum. Others are for the long term, as Jarrett mentioned, right? The investments we're making to provide a holistic approach around models, around ESG. We think these are long-term trends. It's really a combo of both. I'd say long term as well as a payoff on the short term. Got it. If I can squeeze one last one in on the comp and benefits, your guidance there, what are you assuming for inflows for your guidance there? We don't give guidance on flows. We publish our flows every week on our website, you can track it that way. I would just say, at a very high level, when you think about comp, the biggest drivers, flows, revenue, earnings. On a year like today, this year in 2020, where we had relatively flat net inflows for the year, you can see we came in on the lower end of the guidance range. That just kind of gives you some data points of how that could move. Got it. Thank you. Thank you. Our next question comes from Mike Carrier with Bank of America. You may proceed with your question. Hi, guys. This is Sean Callan on for Mike. Just one question on capital return priority. In the slide, it says your number one priority is the pay down of debt. Can you guys give us a timeline of the potential pay down? Then we didn't see any share repurchases in there, so does that mean they're off the table in 2021? Sure. When we think about our capital, as we've laid out, it's pay down our debt. Debt comes due in three years. We can't prepay it, so we have to wait for that. Our goal is to accumulate our cash to pay that down. We do have the return of capital through our dividends. Then we want to make sure we have dry powder so that we can make the right investments in the business to support the growth and other opportunities that may come around. We did do a large buyback earlier in 2020 when we did the convert. I don't want to say buybacks are ever off the table, but I would say given the capital priorities, I would think accumulating cash, paying dividends, and keeping some dry powder are the main priorities right now. Okay, thanks. Thank you. I'm not showing any further questions at this time. I would now like to turn the call back over to Jonathan Steinberg for any further remarks. We're very excited about 2021. We have tremendous momentum. January, almost $800 million of flows being led by ESG and thematics. We're really bullish on how market sentiment is aligning with our strengths. We hope 2021 will really be a breakout year for us, and we look forward to talking to you next quarter. Thank you for your interest. Have a great day. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.