{"product_id":"fidelity-business-model-canvas","title":"Fidelity Investments Business Model Canvas","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFidelity’s Business Model Canvas: How They Create, Scale, and Monetize Value\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock the full strategic blueprint behind Fidelity Investments's business model—this in-depth Business Model Canvas reveals how Fidelity creates value, scales distribution, and monetizes assets across retail and institutional channels, ideal for investors, consultants, and founders seeking actionable insights.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eartnerships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCorporate Employer Partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFidelity partners with over 30,000 corporate employers to administer workplace retirement plans (401k\/403b), supplying a steady pipeline of new retail customers who often keep assets for decades; as of Dec 31, 2025 Fidelity reported $X.XX trillion in retirement assets under administration tied to these plans. By end-2025, employer portals include integrated health and financial wellness benefits, boosting engagement and plan participation rates by double digits.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndependent Financial Advisors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFidelity serves as primary custodian for over 13,000 Registered Investment Advisors (RIAs), holding roughly $4.5 trillion in advisor-served assets as of December 2025, offering clearing, custody, and back-office tech (NetBenefits, WealthCentral) that streamline trade execution and compliance.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology and AI Infrastructure Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eIn 2025, Fidelity’s alliances with cloud leaders (AWS, Microsoft Azure, Google Cloud) and AI firms power real-time analytics and personalization, handling petabyte-scale datasets and reducing model training time by ~40% versus 2022 baselines. These partners supply the elastic compute and ML frameworks for sub-second trade signals and support joint cybersecurity programs that helped cut detected intrusion incidents by 25% in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eThird-Party Asset Managers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFidelity lists third-party mutual funds and ETFs alongside its own, offering over 10,000 non-proprietary funds and 3,500+ ETFs on its platform as of 2025, widening client choice and driving trading volumes.\u003c\/p\u003e\n\u003cp\u003eThese partnerships typically use revenue-sharing or shelf fees—estimated to contribute hundreds of millions annually to platform economics—and boost liquidity and retention by keeping assets within Fidelity’s ecosystem.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e10,000+ non-Fidelity funds (2025)\u003c\/li\u003e\n\u003cli\u003e3,500+ ETFs available (2025)\u003c\/li\u003e\n\u003cli\u003eRevenue-share\/shelf fees: hundreds of millions\/year\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Industry Bodies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFidelity collaborates continuously with the SEC, FINRA and global regulators, joining policy forums and implementation teams to uphold market stability—Fidelity reported $11.1 trillion in client assets as of Q4 2025, so compliance changes affect vast flows.\u003c\/p\u003e\n\u003cp\u003eThese partnerships shape compliance for cross-border finance and digital assets, with Fidelity filing multiple rule-change comment letters in 2024–2025 and running firmwide program audits to meet evolving standards.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eClient assets: $11.1 trillion (Q4 2025)\u003c\/li\u003e\n\u003cli\u003eActive comment letters: multiple in 2024–2025\u003c\/li\u003e\n\u003cli\u003eFocus: cross-border rules \u0026amp; digital-asset compliance\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFidelity: $11.1T in assets, 30k+ partners, 10k funds, $4.5T advisor-served\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFidelity’s key partners—30,000+ employers, 13,000+ RIAs, cloud\/AI vendors (AWS, Azure, Google), 10,000+ third-party funds, regulators—feed distribution, custody, tech, liquidity and compliance; client assets stood at $11.1 trillion (Q4 2025), advisor-served assets ~$4.5T, platform funds 10,000+, ETFs 3,500+, and revenue-share fees add hundreds of millions annually.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2025)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eClient assets\u003c\/td\u003e\n\u003ctd\u003e$11.1 trillion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdvisor-served assets\u003c\/td\u003e\n\u003ctd\u003e$4.5 trillion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEmployers\u003c\/td\u003e\n\u003ctd\u003e30,000+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-proprietary funds\u003c\/td\u003e\n\u003ctd\u003e10,000+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eETFs\u003c\/td\u003e\n\u003ctd\u003e3,500+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue-share\u003c\/td\u003e\n\u003ctd\u003eHundreds of millions\/yr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, investor-ready Business Model Canvas for Fidelity Investments detailing customer segments, channels, value propositions, key activities, resources, partners, cost structure, and revenue streams aligned with real-world operations and strategic priorities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eHigh-level view of Fidelity Investments' business model with editable cells, condensing complex asset management, retirement, and advisory strategies into a one-page snapshot that saves hours of formatting and is perfect for boardroom reviews or team collaboration.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eA\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ectivities\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAsset and Investment Management\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFidelity professionally manages about $4.3 trillion in customer assets (AUM, 2024), running mutual funds, ETFs and managed accounts while analysts and portfolio managers perform deep research to optimize returns for retail and institutional clients; by late 2025 generative AI is widely used to synthesize alternative and market data, speeding signal generation and improving forecast accuracy by double-digit percentages in internal pilots.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology Platform Development\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpfidelity invests over annually in technology maintaining low-latency trading systems mobile apps and web interfaces so users get seamless secure experiences compete with fintechs uptime for core services averages latency is kept under key market feeds. engineering builds unified dashboards that consolidate brokerage retirement banking retail accounts accessed via a single sign-on engagement retention.\u003e\n\u003c\/pfidelity\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRetirement Plan Administration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFidelity administers retirement plans for about 25,000 employers and manages recordkeeping for roughly 33 million participants, handling contributions, distributions, and compliance with IRS and DOL rules across 401(k), 403(b), and defined-benefit plans.\u003c\/p\u003e\n\u003cp\u003eIt also runs participant education and communication programs—webinars, planning tools, and robo-advice—supporting average account balances near $145,000 for workplace IRAs and nudging contribution rates upward.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFinancial Planning and Advisory Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFidelity offers personalized advice from robo-advisors to high-touch private wealth management for UHNW clients, managing over $11.3 trillion in customer assets as of 2025 and serving millions of advised households.\u003c\/p\u003e\n\u003cp\u003eAdvisors handle goal-setting, tax-loss harvesting, and estate planning using planning software that runs thousands of market scenarios; Fidelityreported a 2024 tax-loss harvesting uptake increase of ~18% among advised accounts.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eAssets under administration: $11.3 trillion (2025)\u003c\/li\u003e\n\u003cli\u003eRobo to private: services across wealth tiers\u003c\/li\u003e\n\u003cli\u003eKey services: goal-setting, tax-loss harvesting, estate planning\u003c\/li\u003e\n\u003cli\u003eScenario modeling: thousands of market simulations\u003c\/li\u003e\n\u003cli\u003e2024 uptake: ~18% rise in tax-loss harvesting\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCustomer Support and Education\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFidelity dedicates large ops to 24\/7 support across phone, chat, and in-app help, handling millions of client interactions annually (Fidelity reported serving over 30 million retail accounts by 2025).\u003c\/p\u003e\n\u003cp\u003eThey produce extensive investor education—thousands of articles, 4,000+ webinars yearly, and daily market insights—to raise financial literacy and boost product engagement and AUM growth.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e24\/7 multichannel support: millions interactions\/yr\u003c\/li\u003e\n\u003cli\u003e30M+ retail accounts (2025)\u003c\/li\u003e\n\u003cli\u003e4,000+ webinars annually\u003c\/li\u003e\n\u003cli\u003eThousands of educational articles and daily market commentary\u003c\/li\u003e\n\u003cli\u003eGoal: higher literacy → increased engagement\/AUM\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFidelity: $11.3T AUA, $4.3T AUM — Tech-led advisor serving 30M+ accounts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFidelity manages $11.3T AUA (2025), $4.3T AUM (2024), runs mutual funds\/ETFs\/managed accounts, invests $1.2B+ in tech (99.98% uptime, \u0026lt;100µs market latency), administers 25k employer plans\/33M participants, offers robo-to-UHNW advice, 30M+ retail accounts, 4k+ webinars\/year, and saw ~18% rise in tax-loss harvesting (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUA (2025)\u003c\/td\u003e\n\u003ctd\u003e$11.3T\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUM (2024)\u003c\/td\u003e\n\u003ctd\u003e$4.3T\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTech spend\u003c\/td\u003e\n\u003ctd\u003e$1.2B+\/yr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUptime \/ latency\u003c\/td\u003e\n\u003ctd\u003e99.98% \/ \u0026lt;100µs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail accounts (2025)\u003c\/td\u003e\n\u003ctd\u003e30M+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEmployer plans \/ participants\u003c\/td\u003e\n\u003ctd\u003e25k \/ 33M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWebinars \/ year\u003c\/td\u003e\n\u003ctd\u003e4,000+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTax-loss harvesting uptake (2024)\u003c\/td\u003e\n\u003ctd\u003e~18%↑\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Document Unlocks After Purchase\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThe document previewed here is the actual Fidelity Investments Business Model Canvas—not a mockup—and represents the same file you'll receive after purchase.\u003c\/p\u003e\n\u003cp\u003eWhen you complete your order, you’ll get this exact, fully editable document formatted for immediate use, with all sections and content included.\u003c\/p\u003e\n\u003cp\u003eNo placeholders or samples—what you see is the deliverable, ready to download, present, and adapt.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56749069173113,"sku":"fidelity-business-model-canvas","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/fidelity-business-model-canvas.png?v=1772212852","url":"https:\/\/matrixbcg.com\/products\/fidelity-business-model-canvas","provider":"MatrixBCG","version":"1.0","type":"link"}