The fund describes Nasdaq as a global technology, data, and analytics company rather than a traditional exchange, emphasizing its strategic shift since 2017 towards high-growth, high-margin software and analytics businesses. Nasdaq's business diversification includes fintech, capital access platforms, and exchange operations as an enabler for other businesses, with 60% recurring revenue providing protection against economic downturns. Nasdaq's stock closed at $98.22 on August 21.