00:00Even behind an index there are humans and it's certainly a nice reminder. But this dovetails nicely into some news
00:06from this morning coming from
00:08Nasdaq that they're going to put in place a rule change that is designed to slash the time it takes
00:12for new IPOs to enter the Nasdaq 100 index.
00:17So you think about SpaceX reportedly going public in June. Now basically it'll take just 15 days for an IPO
00:25to make its way into the Nasdaq 100 if its market cap
00:27falls within that of the current constituents. Obviously this will have read through into index land. And I wonder you
00:35know what you think
00:36that might be for the Q's for example. So I think the Q's and other more market cap weighted like
00:43products Q's is a little bit of a nuance because it
00:45doesn't have financial companies. We'll move that to the side for the moment. It wants to be representative of the
00:51marketplace and have the
00:52largest companies that are listed on the Nasdaq in the case of the Q's. So it makes sense that they
00:57want to be
00:58representative. SpaceX is likely to be one of those 100 largest companies overall. But that's also going to have an
01:04impact when
01:05SpaceX becomes public. There's a couple of space ETFs that exist today. The Procure space ETF UFO is an example
01:13of one of those that I
01:15would think is likely to add SpaceX over time. So I think we're going to see a renewed interest in
01:21thematic ETFs the way that
01:22we're talking about tied to space when SpaceX comes around. I'm curious why this didn't happen earlier. What what you
01:29know why do this now. I
01:30know we have a big year with IPOs of SpaceX and Dropix some other names that are coming to market
01:34pretty soon. But was it a wise idea to
01:37wait until now. Well I think there's examples in the past where there are companies that came public that took
01:42a while before it got added in. I think
01:45the index providers want to be responsive to the marketplace. I'm sure that people raised thoughts and shared
01:52thoughts about why something might be in and could move faster. And I think that's a good thing that the
01:58index community is
02:00responsive to the investor community.
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