- Accessories
- Accommodation
- Accounting
- Airline
- Analytics
- Auction site
- Bank
- Beauty
- Bike Rental
- Biotechnology
- Books
- CRM
- Call center software
- Cameras
- Car company
- Cards
- Chrome plugin
- Clothing
- Coffee
- Collaboration
- Community
- Contact lenses
- Crowd funding
- Cryptocurrency
- Customer support
- Dating
- Department store
- Design tools
- Developer tools
- Digital printing
- Direct to consumer
- Domain names
- E-commerce
- E-commerce store builder
- Education
- Electronic signatures
- Electronics
- Email Service Provider
- Email marketing
- Entertainment
- Event management
- Fashion
- Finance
- Fitness
- Flight comparisons
- Food
- Food delivery
- Form builder
- Freelancer tools
- Furniture
- Game
- Gaming
- Gifts
- Glasses
- Greetings cards
- Groceries
- Hair
- Health
- Hiring
- Hotel comparison
- Hotels
- Insurance
- Investing
- Jewelry
- Landing page builder
- Language learning
- Lingerie
- Live chat
- Makeup
- Marijuana delivery
- Marketing
- Marketplace
- Mattress company
- Meal delivery kits
- Media
- Messaging
- Music
- NFT
- News
- No-code
- Nonprofit
- Nutrition
- Online courses
- Online-course-platform
- Outdoor store
- Password manager
- Payments
- Personal Finance
- Pharmacy
- Photography
- Podcast Hosting
- Podcasts
- Productivity
- Project management
- Property
- Proposal software
- Real estate
- Ride sharing
- Running
- SEO
- SaaS
- Sales tools
- Scooters
- Shoes
- Skincare
- Social network
- Software
- Sportsware
- Subscription boxes
- Swimwear
- T-shirt Printing
- Talent
- Telco
- Trains
- Transport
- Travel
- Underwear
- VPN
- Video hosting
- Video streaming
- Voucher/Coupon Sites
- Watches
- Web hosting
- Website builder
- Workforce management
- Writing
- & Other Stories
- &Open
- 1&1
- 1Password
- 3dcart
- 6pm
- A.C. Moore
- ANNA by RadLabs
- ASOS
- AT&T
- AVI-8
- AYR
- Abercrombie
- Accessorize
- Ace Hardware
- ActiveCampaign
- Acura
- Acuvue
- Adapt
- Adidas
- Airbnb
- Aircall
- Airtable
- Alaska Air
- All Saints
- Allbirds
- Along
- Amazon
- Ambronite
- American Airlines
- American Apparel
- American Red Cross
- Anchor
- Ann Taylor
- Anthropologie
- Antidote Street
- Apple
- Aritzia
- Armani Exchange
- Armogan
- Asana
- Asphalt Green
- Astley Clarke
- Audemars Piguet
- Auverture
- BBC iPlayer
- BECCA Cosmetics
- Baremetrics
- Barnes and Noble
- Basecamp
- Bath & Body Works
- Beans
- Bearbottom Clothing
- Beaver Brooks
- Ben Sherman
- Bend
- Bespoke Post
- Best Buy
- Big Brothers Big Sisters of America
- Big Cartel
- BigCommerce
- Binance
- Birchbox
- BitClout
- Bite
- Black Opal Beauty
- Blinkist
- Blue Apron
- Bluehost
- Bobbi Brown
- Bonlook
- Bonobos
- Boohoo
- Booking.com
- Boots
- Box
- Bravissimo
- Breaker
- Breitling
- Brightedge
- British Airways
- BrowserStack
- Bubble
- Buffer
- Busuu
- Bynder
- CVS
- Cadillac
- CafePress
- Calendly
- Calm
- Candy Club
- Canny
- Canon
- Canva
- Carbonmade
- Care
- Careem
- Carrd
- Cars.com
- Cartier
- Cash App
- Casper
- Caviar
- Charity Water
- ChartMogul
- Chevrolet
- Chilewich
- Chococurb
- Chubbies
- Circle
- Claire's
- Clarks
- ClassPass
- ClickFunnels
- ClickUp
- Clinique
- Cloudflare
- Clubhouse
- Clue
- Coach
- Coastal
- Coda
- Coinbase
- Common Sense
- Conductor
- ConvertKit
- CopyAI
- Costco
- Coursera
- Cover FX
- Craft
- Craigslist
- Crypto.com
- Cult Furniture
- Customer.io
- DFS
- Daisy Jewellery
- Daniel Wellington
- Debenhams
- Deliveroo
- Delivery.com
- Delivra - The Inbox
- Delta
- Depop
- Deputy
- Descript
- DesignByHümans
- Designer Shoe Warehouse
- Discord
- Disney+
- Djusie
- DocuSign
- Dollar Shave Club
- Domino's
- DonorsChoose
- DoorDash
- Dorelan
- Dorothy Perkins
- Drip
- Dropbox
- Dropbox Paper
- Drops
- Duda
- Duolingo
- Dwell
- EasyJet
- Eaze
- Elevate
- Environmental Defense Fund
- Etsy
- Eurostar
- Eventbrite
- Everlane
- Evernote
- Expensify
- Express
- Express Glasses
- Eye Buy Direct
- FabFitFun
- Fabletics
- Facet
- Fancy
- Farm Rio
- Fashion Fair
- Fashion Nova
- Feedly
- Feelunique
- Fenwick
- Figma
- Finimize
- Firebox
- Fitbit
- Fiverr
- Fleur & Bee
- Flipd
- Flodesk
- Fluent
- Flybe
- Foodvisor
- Ford
- Forest
- Forest Nation
- Forever 21
- Fort Myers
- Fortnum & Mason
- Fossil
- Framebridge
- Framer
- FreeCodeCamp
- Freedom Japanese Market
- Freetrade
- Front
- Ftsny
- Fullstory
- Furniture Village
- Fyrn
- GMC
- GameStop
- Gap
- GatherContent
- Ghost
- Ghost Bed
- GitHub
- Glasses USA
- Glo
- Glossybox
- Go-Jek
- GoDaddy
- Goat
- Gobble
- Goggles4u
- Goldsmiths
- Gorillas
- Gousto
- Grab
- Graham and Green
- Grammarly
- Graze
- Greats
- Green Chef
- GreenRush
- Groupon
- Grubhub
- Guess
- Gumroad
- Gymshark
- Gyroscope
- H&M
- H.Samuel
- HVMN
- Habitat
- Harrods
- Harry's
- Harvey Nichols
- Hastens
- HauteLook
- Headspace
- Height
- Helix
- HelloFresh
- Help Scout
- Help for Heroes
- Hey
- Hipmunk
- Hobby Lobby
- Home Depot
- HomeGoods
- Honda
- Honest
- Honey
- HostGator
- HotelTonight
- Hotjar
- House Curious
- House of Fraser
- Houzz
- HubSpot
- HubSpot CRM
- Huel
- Hulu
- Hungry House
- Hutch
- InMotion Hosting
- InVision
- Infoempleo
- Infojobs
- Instacart
- Interact
- Intercom
- Ipsy
- J.Crew
- JCPenney
- Jaguar
- Jessops
- Jet2
- JetBlue
- Jira
- Job Today
- Jump Bikes
- Just Eat
- Kay
- Khan Academy
- Klarna
- LTHR Supply
- Lancôme
- Landbot
- Lane Bryant
- Launchaco
- Leadpages
- Leesa
- Lemonade
- Lexus
- Liberty London
- Lifesum
- Lime
- Linear
- Linjer
- Linktree
- Litmus
- Loaf
- London Virgin Hair
- Lookfantastic
- Loom
- Loot Crate
- Lowes
- Lululemon
- Luma
- Lyft
- MAC Cosmetics
- MDMflow
- MVMT
- Mack Weldon
- Macy's
- Made
- Magento
- Mailchimp
- Mango
- MapMyGut
- Marley Spoon
- MasterClass
- Mayvenn
- MeUndies
- Meadow
- Medium
- Memrise
- Menards
- Mercari
- Mercedes-Benz
- MetaMask
- Michaels
- Microsoft Teams
- Mini
- Miro
- Miss Selfridge
- Missguided
- Misto Box
- Mitsubishi cars
- Mixpanel
- Monday
- Moneybox
- Mont Blanc
- Monzo
- Moo
- Moonpig
- Morning Brew
- Morning Recovery
- Muttonhead
- My First Wig
- MyFitnessPal
- N26
- Nars Cosmetics
- NerdWallet
- Nest Furniture
- Netflix
- New Look
- Newegg
- Nicely Noted
- Nike
- No Mercy / No Malice
- Nomatic
- Noom
- Nordstrom
- Nordstrom Rack
- Notion
- Notonthehighstreet
- Now TV
- Nugg
- Ocado
- OfferUp
- Officevibe
- Old Navy
- Omega
- OpenSea
- OpenTable
- Otiumberg
- Outdoor Voices
- Overstock
- Ozone Socks
- PandaDoc
- Pandora
- Patreon
- Paula's Choice Skincare
- PayPal
- Peloton
- Picniic
- Pier 1
- Pipedrive
- Pitch
- Pizza Express
- Plated
- Plum
- Pluralsight
- Podia
- Poshmark
- Postmates
- Pottery Barn
- PrettyLittleThing
- Primark
- Process Street
- Puma
- Purple
- QVC
- Quibi
- QuickBooks
- Quill
- Quizlet
- Quora
- REI
- Racket
- RallyUp
- Raymond Weil
- Redbubble
- Reflectly
- Replit
- Retool
- Revolut
- Revolve
- Rezi
- Ripcurl
- Road Scholar
- Robinhood
- Runkeeper
- SNKRS by Nike
- Sally Beauty
- SavvyCal
- Scentbird
- Scribd
- Seamless
- Search Metrics
- Selfridges
- Sephora
- ServiceNow
- Shein
- Shop.com
- Shopify
- Shpock
- Shudder
- Shwood and Stanley
- Simba
- Skillshare
- Skims
- Skyscanner
- Slack
- Slite
- Smiley Movement
- Snapchat
- Society6
- Sock Fancy
- SoloLearn
- SoundCloud
- Southwest
- Soylent
- SpeedWeed
- Spotify
- Spreadshirt
- Square
- Squarespace
- Squarespace Scheduling
- Staples
- Starbucks
- Steam
- Stitch Fix
- Stone Forest
- Strava
- Strikingly
- Stripe
- Substack
- SumUp
- Sun Basket
- Sunsama
- Superdrug
- SurveyMonkey
- Swarovski
- Sweatcoin
- Swoon
- TRNK
- Tag Heuer
- Tally
- Target
- Taste Trunk
- Teachable
- Teachlr
- Techcrunch
- Ted Baker
- TeePublic
- Tempur
- Tempur-Pedic
- Tesla
- The Hustle
- The Jewel Hut
- The New York Times
- The Ordinary
- The White Company
- Thinx
- Threadless
- Thryve
- Tidal
- Tide.fm
- Tiffany & Co
- TikTok
- Tinder
- Todoist
- Tommy John
- Topshop
- TouchNote
- Trainline
- TransferWise
- Trello
- Triibe
- TripAdvisor
- Trivago
- Trustpilot
- Tuft & Needle
- Tunnel to Towers
- TunnelBear
- Twitch
- Typeform
- UNIQLO
- Uber
- Uber Eats
- Udacity
- Udemy
- Ulta
- Unbounce
- UncommonGoods
- United
- Universe
- Upwork
- Urban Outfitters
- VSCO
- Vessi
- Victoria's Secret
- Vimeo
- Vinted
- Viome
- Virgin Atlantic
- Vistaprint
- Voog
- Vueling
- WE
- WW (Weight Watchers)
- WalMart
- Walgreens
- Wallapop
- Wallshoppe
- Warby Parker
- Watch Shop
- Watch Station
- Watches.com
- Wattpad
- Wayfair
- Waze
- Wealthsimple
- Webflow
- Weebly
- West Elm
- Whimsical
- Williams Sonoma
- Winc
- Wise
- Wistia
- Wix
- WooCommerce
- WordPress
- World Market
- Wowcher
- YNAB
- YouTube
- YouTube Music
- Zales
- Zapier
- Zara
- Zazzle
- Zendesk
- Zero
- Zoe & Morgan
- Zoopla
- Zulily
- eBay
- eToro
- uBiome
The New York Times Customer
Subscribed 4 years, 1 month ago
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
<head>
<title>
DealBook: ETFs gone wild
</title>
<!--[if !mso]><!-- -->
<meta content="IE=edge" http-equiv="X-UA-Compatible"/>
<!--<![endif]-->
<meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
<meta content="width=device-width,initial-scale=1" name="viewport"/>
<style type="text/css">
#outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
</style>
<!--[if mso]>
<xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
</xml>
<![endif]-->
<style type="text/css">
.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-1n5iqtj:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-1n5iqtj{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-wf08f0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-wf08f0{display:inline-block!important}}@media (max-width:480px){.css-37loo4{padding:20px 0 0!important}}@media (max-width:480px){.css-r2ey6x{width:100%!important}}@media (max-width:480px){.css-3vswge{padding-bottom:6px!important}}@media (max-width:480px){.css-1b9cqt1{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-63f6sn{display:none!important}}@media (max-width:480px){.css-1npprw9{display:table-row!important}}@media (max-width:480px){.css-36ugzx{padding-bottom:0!important}}@media (max-width:600px){.css-xsf469{width:100%!important;height:auto!important}}@media (max-width:600px){.css-1wuwhda{width:100%!important;padding:0!important}}@media (max-width:480px){.css-1hnedf7{font-size:13px!important}}@media (max-width:480px){.css-10nzuqq{font-size:25px!important;line-height:30px!important}}.css-12jlfj0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-12jlfj0:hover{border-bottom:none!important}
</style>
</head>
<body>
<div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252F05l2ouk4nBsyj5VqB2Q0KA~~%252FAAAAARA~%252FczXqjwIv_TFgRYjqvKWJIChu5ADuRd_ADeHrs-AqJxbN4kDvtpLnLR-EnWFHGFLNupM0mnWQDYc_kr9stNVATw~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NTExMTIwNzUuMDYzMTM5NH0:1uVUF9:V2l4A6ZXTDp-e3J34grg-dmUALEpCJpqCG8kpT5bk-g" width="1"/>
</div>
<div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
Plus, Hyrox’s C.E.O. on building a fitness craze into a sport.
</div>
<div>
<!--[if mso | IE]><table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center"><tr><td><![endif]-->
<table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
<tbody>
<tr>
<td align="left" id="EMAIL_CONTAINER" width="100%">
<div style="margin:0 auto;max-width:600px;width:100%">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="padding:15px 0 5px;text-align:center;width:100%">
<div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
View in browser
</a>
<span style="color:#dcdcdc;margin:0 10px">
|
</span>
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
nytimes.com
</a>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr aria-hidden="true">
<td>
<span style="text-align:center;line-height:0;font-size:0">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td>
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDYzOH0:1uVUF9:CQfnzQ0UJaDjYmvbr8dyQkE-6LQOXVJwkHrbBHXv3UI" style="width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td height="10">
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="border-top:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td class="css-37loo4" style="padding:19px 0 0;width:100%;text-align:center">
<div style="margin-bottom:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
<img alt="DealBook" class="css-r2ey6x" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NTExMTIwNzUuMDY0MjQ2NH0:1uVUF9:PNNvho_QkH6fCYmu-U0JHeeuvy7T6XTysVWyN72yNRI" style="width:300px" width="300"/>
</a>
</div>
<div style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
June 28, 2025
</div>
<p aria-hidden="true" style="font-size:0;line-height:0;margin:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1080714%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY0NDI0NX0:1uVUF9:qSVmXUFyPHaunLgxxfzagiJ59j_bL6FM3AmEdLmBpm8" style="max-width:600px;width:100%" width="600"/>
</a>
</p>
</td>
</tr>
<tr>
<td style="border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Good morning. Andrew here. This Saturday, we take a deep dive into a potentially major shift in the investing world. Ian Frisch, who has been writing about surprising trends in business for a decade, takes us into the $30 trillion question of whether mutual funds can also market themselves as E.T.F.s. Plus, Calum Marsh, a DealBook contributor who has reported extensively on fitness trends and wrote an upcoming book about the history of CrossFit, speaks with the C.E.O. of Hyrox, a global fitness craze that wants to become an established sport. (Was this newsletter forwarded to you?
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Sign up here.
</a>
<span style="font-style:italic">
)
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td>
<img alt="" class="css-3vswge" height="416" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252F27DB-ETFS%252F27DB-ETFS-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTExMTIwNzUuMDY0NTQ0NH0:1uVUF9:H4TDeEmmtiDwTXMZO0EuK-KwSli4v034aGaDmF3RQko" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
</td>
</tr>
<tr>
<td class="css-1b9cqt1" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px">
<span style="color:#666;font:normal 14px georgia,serif">
Cathie Wood, the founder and C.E.O. of Ark Invest, is one of the many analysts who has packaged investment strategies as E.T.F.s.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Joe Raedle/Getty Images
</span>
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A $30 trillion wrapper
</span>
</h2>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" style="width:100%">
<tbody>
<tr>
<td style="padding:0;vertical-align:middle" valign="middle">
<p style="font:13px/18px arial,sans-serif;letter-spacing:.2px;color:#000;font:600 13px/18px arial,sans-serif;margin-bottom:0">
By Ian Frisch
</p>
</td>
</tr>
<tr>
<td height="15">
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The modern market for exchange-traded funds has enabled retail investors to easily put money into basically anything.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That includes various cryptocurrencies ($IBIT and $ETH), the investment strategies of Congressional Democrats ($NANC), pet-care brands ($PAWZ), and private equity funds with exposure to Elon Musk’ s SpaceX ($XOVR) and OpenAI ($ARKVX).
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Mutual funds wish they could say the same. But the Securities and Exchange Commission long ago built a firewall between those funds, which are typically accessible through private investment companies, and E.T.F.s, which trade on public exchanges like single stocks.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="" class="css-xsf469" height="447" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252F27DB-Chart%252F27DB-Chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTExMTIwNzUuMDY0NjU1M30:1uVUF9:RUVTFObiiQ1IhE2dCnH6F34GOEmwtKf_lZJ3V2Q6Dpg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
The New York Times
</span>
</span>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
As E.T.F.s have taken off — growing to encompass over $10 trillion in the U.S. — firms that manage mutual funds have become increasingly unhappy about the forced divide. Without it, they could essentially “rewrap” the basket of assets in a mutual fund as an E.T.F. with greater flexibility and lower taxes.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY0NzY3OH0:1uVUF9:eKrhqf0RagiBMobiHeMEjGW6Wyx4P-WfzbyDqcc0eUQ" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY0ODh9:1uVUF9:9VIKgPaAU58rQhOdvK332uKhlnJ1Ys-huIj8xqdiep4" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY0OTk0M30:1uVUF9:jxady8zTIhxYm31gnevHtUVNNoIgQmPFTPoprTHQHTM" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Asset managers including Fidelity, Morgan Stanley, BlackRock, and Charles Schwab have spent years trying to subvert the firewall. And now they’re close to pulling it off — potentially changing how trillions of dollars are invested.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Institutional and retail traders flock to E.T.F.s for a handful of reasons:
</span>
<span>
accessibility (anyone with a brokerage account can buy the ticker), favorable tax structures (in-kind redemptions and lower capital-gains distributions), intraday trading (mutual funds trade only at the end of the day) and generally lower fees.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Mutual funds may sometimes still be a better choice — for, say, 401(k) contributions, because an investor can buy fractional shares.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But if asset managers were able to offer the same group of managed assets in both structures, investors could choose which best fit their circumstances. It would be like having a reversible T-shirt: yellow on one side and red on the other. It’s still the same shirt; you’re just choosing the way you want to wear it.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY1MTAzfQ:1uVUF9:F0huTFo9kAXeMvgvdn_rvaPUrProx4UhH7HAA5adNGU" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY1MjIwNH0:1uVUF9:9sjUW-NP--p5C3YcruKGC_u8U1XZWbeFUGKLpM5DuEM" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY1MzM2fQ:1uVUF9:pe_DqwwHob36DaYbJiQwjYQT9wGTS-1XFAy-dQe6mEk" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Dimensional Fund Advisors has led the charge.
</span>
<span>
When Gerard O’Reilly became its co-C.E.O. and co-C.I.O. in 2017, he made finding a way around the firewall between E.T.F.s and mutual funds a priority.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The difficulty: Only one firm had been given an exception to the S.E.C.’s rule — Vanguard, in 2000 — and it had patented the entire structure it used, effectively shutting out competitors from using the same strategy. O’Reilly didn’t think Dimensional could petition the S.E.C. to rewrite the law, but he did think it might have a shot petitioning for
</span>
<span style="font-style:italic">
relief
</span>
<span>
from the rules.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
After some back-and-forth with the S.E.C., Dimensional officially applied for exemptive relief in July 2023. (It helped, too, that Vanguard’s patent had expired by then.) Dozens of other heavy-hitting investment funds followed suit.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Two years later, Dimensional’s application is on the cusp of approval.
</span>
<span>
“I have directed the commission staff to prioritize their careful review of the many applications filed for this relief, and I look forward to considering their recommendations,” Mark Uyeda said in March, when he was the acting chairman of the S.E.C.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY1NDQ5N30:1uVUF9:pNSCg2FN7bNWazxAwL1I-HuQ_imy1VbY8nUIhkDHUQ4" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY1NTY3N30:1uVUF9:p7GE5ItqSNBSkrbU7B5V5I-LUtrgfqPk_bA9qin4rcg" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY1Njg4fQ:1uVUF9:CeLs8lu5twgOxgHqmKHcig3sP-ccDULjWolIa7C5xeY" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A shift in regulation couldn’t come at a better time for mutual funds: According to Morningstar, 2024 was the third consecutive year of mutual fund outflows, whereas E.T.F.s experienced record inflows; E.T.F. market share, relative to mutual fund assets, has risen from 14 percent to 32 percent.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
If the Securities and Exchange Commission grants relief, actively managed mutual funds could maintain their investment strategies while gaining the structural benefits of E.T.F.s. (Dimensional began its stand-alone exchange-traded funds in 2020 after seeing mutual fund outflows; they now oversee roughly $200 billion in E.T.F. assets and have $786 billion under management, according to the firm.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
An increasing number of E.T.F.s are actively managed.
</span>
<span>
While many exchange-traded funds, such as $SPY, passively track an index, actively-managed funds, where the basket of stocks tracked by an E.T.F. changes according to an investment strategy, have gained in popularity.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Assets in active E.T.F. products have risen from $171 billion in 2020 to $866 billion in 2024, according to the asset and wealth management research firm Cerulli Associates.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
As of June 2025, active E.T.F.s now account for
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
more than half
</a>
<span>
of all exchange-traded funds.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The frenzy for, and public awareness of, E.T.F.s has prompted some well-known analysts, like Cathie Wood and Dan Ives, to lend their name to a thematic bundle of stocks. Ives recently introduced his namesake AI Revolution ETF, which trades under the ticker — you guessed it —$IVES; it amassed $270 million assets under management in its first 16 days of trading.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The analyst-as-a-brand trend has boomed, so much so that President Trump’s media company, Trump Media & Technology Group Corp., has announced plans to launch a series of E.T.F.s.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
If all goes to plan with the S.E.C., the market will see many, many more.
</span>
<span>
Relief applicants and industry insiders hope to receive an answer soon. “I have a high level of optimism that before the end of the year, we’ll have the exemptive relief,” Dimensional’s O’Reilly said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
More than 60 asset managers have petitioned for exemptive relief and, based on the S.E.C.’s recommendation, many of them have amended their applications to mimic Dimensional’s. Once relief is granted, however, it could take months for new offerings to be available to investors.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, O’Reilly sees the S.E.C.’s willingness to provide relief under the current rules as a watershed moment in asset management and investing writ large.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
”There’s about $10 trillion in assets in E.T.F.s in the U.S. and there’s over $20 trillion in assets in mutual funds in the U.S.,” said O’Reilly. “What this rule means is that those two pots of assets don’t have to play apart anymore. They can play it together.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
IN CASE YOU MISSED IT
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Business leaders scramble to stop Zohran Mamdani.
</span>
<span>
The likely winner of New York’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Democratic primary for mayor
</a>
<span>
campaigned on raising the corporate tax rate and income taxes for millionaires. Executives who backed his main opponent, Andrew Cuomo, have been weighing whether to throw support behind the incumbent mayor, Eric Adams, or another independent candidate.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Trump said the U.S. is ending trade talks with Canada.
</span>
<span>
The president said the U.S. would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
increase tariffs
</a>
<span>
on its North American neighbor because of its 3 percent digital service tax.
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
On Thursday, the Trump administration told Republicans to drop a proposed “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
revenge tax
</a>
<span>
” that would punish companies based in countries that try to collect new taxes from American firms.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
OpenAI has ambitions for self-driving cars.
</span>
<span>
Sam Altman, the start-up’s C.E.O., said on a podcast last week that OpenAI has technology that could “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
do self-driving for standard cars
</a>
<span>
.” Also in autonomous cars this week: Uber may
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
help finance
</a>
<span>
its founder Travis Kalanick’s bid to buy the U.S. operations of Pony.ai, a Chinese autonomous vehicle company.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Saks faces a debt deadline.
</span>
<span>
A $120 million interest payment tied to financing for its $2.7 billion deal to buy Neiman Marcus is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
due on Monday
</a>
<span>
. Amid headwinds for retailers and concerns about Saks’s liquidity, some investors have expressed doubts that Saks would make the payment, but a person close to the company told DealBook that the company would meet the Monday deadline.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The C.E.O. building a fitness craze into a sport
</span>
</h2>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="" class="css-xsf469" height="644" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252F27DB-HYROX%252F27DB-HYROX-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTExMTIwNzUuMDY1Nzk5NX0:1uVUF9:TzvYdwulpo2sherOUBIM9PJ0486g3ZTYj600bszEmhw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Christian Toetzke is a co-founder and the chief executive of Hyrox.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Hyrox
</span>
</span>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Combine the workouts of CrossFit — think lunges, rowing, burpees — with the event format of a Spartan Race or Tough Mudder, and you’ll get something like Hyrox, a fitness race with a quickly growing and rabid fan base.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The competition, which was founded in Germany in 2017, hosts events that span the globe and expects to see 1.5 million participants this year.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Now its founders, Moritz Fürste and Christian Toetzke, are working to turn the enthusiasm for their grueling race (tickets to compete were going for an average of $185 in New York this summer) into a broader business, and — they hope — an established sport, complete with year-round training and pro leagues.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Ahead of Hyrox’s 8th season, which starts July 1, Calum Marsh, a DealBook contributor who regularly covers the fitness space, talked with Toetzke about how it’s approaching the challenge.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
You’ve been making competitions longer to accommodate more participants. In Paris, the event was five days long this year. Is your growth limited by the logistics?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We were always worried about if we had too many days, and then we realized: people actually love to race no matter how long. There will be events next season that will be nine days long. So they become more like a festival.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="" class="css-xsf469" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252F27DB-hyrox3%252F27DB-hyrox3-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTExMTIwNzUuMDY1OTA5fQ:1uVUF9:ES2plLxMWZZpV83DSUhkelO4HCwuKWK1C-qAwcpZlcM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
Maria Sturm for The New York Times
</span>
</span>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Last time we spoke, in 2024, there were, I think, 2,500 affiliate gyms. How many are there now?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
I think we’re at 8,500.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Are affiliate fees as much of a revenue stream for you as the events, or is it kind of ancillary to the event promotion?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s not comparable to the event business right now, but we think it will be very important. We believe that Hyrox training makes sense for everyone — even for people who are not signing up for the events.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
I get a lot of emails advertising, you know, the official whatever: the official fish oil of Hyrox or the official toothpaste of Hyrox. Is having a robust brand partnership ecosystem a big part of the business?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Yes, we have very strong partnerships. Like, Puma, for instance, which is the biggest part of our branded product line. I have to say, though, that a lot of unauthorized brands are going out and putting out stuff. We have to send a lot of cease-and-desist letters.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
You recently announced
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
a partnership
</a>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
to launch an e-commerce store. Is that partly a way of transitioning people out if they, say, get sick of running a race once or twice a year — a way to keep them in the ecosystem?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We want it to be more than just a competition — we want to be a sport, and maybe even more than just a sport. Actually, a lifestyle.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
I don’t think people really get bored of the events, either.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="" class="css-xsf469" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F27%252Fbusiness%252F27DB-HYROX2%252F27DB-HYROX2-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTExMTIwNzUuMDY2MDE4fQ:1uVUF9:k2lE2tvsgW-CCbyu2szUgkK96fj1Vz0yGukeykKHkXc" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
Maria Sturm for The New York Times
</span>
</span>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Do you foresee this becoming a proper spectator sport?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
There’s a big goal for us to make this a spectator sport that also works for television. People like to do their own races, but they also like to watch the best human beings doing the same stuff.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s very much in the beginning stages, but it’s growing very fast — in interest, recognition, and awareness. And now we have athletes like Hunter McIntyre becoming the new stars of the sport.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Have you made any inroads with television?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
At the moment, we want to keep it free and stream it to reach the most eyeballs. We think we need probably one more year. Television itself is changing very quickly, moving from linear television to streaming. It’s not like it was 10 years ago.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
So there are many new opportunities to bring your product in front of viewers. You know, everyone talks about “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Drive to Survive
</a>
<span>
.”
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Quiz: The heat is on
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
This week’s crushing heat dome was the latest reminder that the world is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
falling behind
</a>
<span>
its goals to mitigate climate change. A
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
U.N. report last year
</a>
<span>
estimated that without drastic intervention global average temperatures will increase between 2.6 and 3.1 degrees Celsius by the end of this century. That would far exceed goals set out by
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the Paris Agreement
</a>
<span>
and could threaten coastal cities like Rio de Janeiro, Shanghai and Miami. It would also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
upend the economy
</a>
<span>
— by one estimate costing
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
more than $38 trillion annually
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Banks have started to bake this forecast, once thought extreme, into their research. A recent report from Morgan Stanley on the air-conditioning market, which is expected to benefit from increases in urbanization as well as the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
frequency and intensity of heat waves
</a>
<span>
, said its “base case” was a 3 percent rise in average global temperatures. In that scenario, how much did analysts expect the cooling market to grow by 2030?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A. 16 percent, to $272 billion
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
B. 41 percent, to $331 billion
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
C. 104 percent, to $479.4 billion
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Subscribe to The New York Times
</a>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
.
</a>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you Monday.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We’d like your feedback. Please email thoughts and suggestions to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dealbook@nytimes.com
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Quiz answer: B.
</span>
</p>
<div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
<table border="0" cellpadding="0" cellspacing="0" width="40">
<tbody>
<tr>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY2MTM0N30:1uVUF9:txRFGrffB5XkLlx6vrlAP8rECWGHgIrlMxcGSmLW4kw" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY2MjQ0OH0:1uVUF9:fxzWs-9jt3igjhPe5w-Kcm7laboIwTLyIuv8a8Nu72A" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY2MzUwN30:1uVUF9:9O3jBJSAr74WOIYqIP2p2pHJuHbJJpxpUSNy11maGlY" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY2NDU4N30:1uVUF9:WGAGaNBHSmZLmlB3AWZkQdEvaD0ooJQ3ZLXf8M9Iqcs" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250628%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTExMTIwNzUuMDY2NTY3N30:1uVUF9:omlyCvv8UuDX45595w-RzT0KpYWNz_T_voiIj8srVwk" width="2"/>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="15">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:22px">
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@sarahfkessler
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Michael J. de la Merced
</a>
<span>
, Reporter, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@m_delamerced
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Lauren Hirsch
</a>
<span>
, Reporter, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@LaurenSHirsch
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Danielle Kaye
</a>
<span>
, Reporter, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@danielledkaye
</a>
</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td style="height:15px">
</td>
</tr>
<tr>
<td style="padding:12px 0;border-top:1px solid #000">
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
If you received this newsletter from someone else,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
subscribe here
</a>
.
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
Need help? Review our
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
newsletter help page
</a>
or
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
contact us
</a>
for assistance.
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
<span>
You received this email because you signed up for DealBook from The New York Times.
</span>
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
To stop receiving DealBook,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
unsubscribe
</a>
. To opt out of other promotional emails from The Times, including those regarding The Athletic,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
manage your email settings
</a>
.
</p>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
<a class="css-1n5iqtj" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
Subscribe to The Times
</a>
<a class="css-wf08f0" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:none">
Get The New York Times app
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
<table>
<tbody>
<tr>
<td style="padding-right:15px">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
Connect with us on:
</p>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="x" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fx.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NTExMTIwNzUuMDY2NjcwN30:1uVUF9:ZIBRXqh7FfW1qZijQLPqqJI7G4hEOJWFql2pyOxOT_0" style="vertical-align:middle" width="25"/>
</a>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="whatsapp" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fwhatsapp.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NTExMTIwNzUuMDY2Nzc1Nn0:1uVUF9:qWIvJIttIPGSCfyYX4qs4wdInkv3onctyJeAn67RiSM" style="vertical-align:middle" width="25"/>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0;line-height:20px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Change Your Email
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Privacy Policy
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Contact Us
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
California Notices
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
<img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NTExMTIwNzUuMDY2ODgxMn0:1uVUF9:HEnPgTqZPLkWQqyAzDWrlrhufx3uIfIZvynm6gnQht8" style="vertical-align:middle" width="150"/>
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
<img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NTExMTIwNzUuMDY2OTg0NH0:1uVUF9:-gMwa3SShEW1UOzgb4-cXXmvasbBsNiVTYuAzmgf-OU" style="vertical-align:middle" width="70"/>
</a>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
<p style="color:#999;font:12px/15px arial,sans-serif;margin:0">
The New York Times Company. 620 Eighth Avenue New York, NY 10018
</p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
<!--[if mso | IE]></td></tr></table><![endif]-->
</div>
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252F14aql8lDOrs6K0IO7LOSbQ~~%252FAAAAARA~%252FqYMHQ4AmnuxnfIvf8W5LS6fG4TeRnzSgtgAOb5WDbDMn97ZTWdwmHNbukQI0ZUVi5GGB_gzcfLayLgTWO0Xffw~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NTExMTIwNzUuMDY3MTY1NH0:1uVUF9:IY_vCOzbBFcf48z-kFxQpPlhhNkariDX3gFWauHrvkw" width="1"/>
</body>
</html>
5 days, 15 hours ago - nytdirect@nytimes.com
Plus, Hyrox’s C.E.O. on building a fitness craze into a sport.View in browser|nytimes.comJune 28,...