Meridian Hedged Equity Fund noted in its Q2 2026 investor letter that Intercontinental Exchange (ICE) faces multiple pressures, including investor concerns that regulatory approval of a competitor's "onshoring of perpetual futures" could lead to institutional capital outflow from traditional exchanges, a continuous decline in trading revenue, and underperformance compared to the same period last year, which saw increased activity during Liberation Day and the Iran War. As of September 3, ICE's stock price was $164.59, up 7.53% over the past month and down 7.26% over the past 52 weeks. The fund returned 4.50% in the second quarter, trailing the S&P 500's return of 15.20%.