00:00Ismael, let me start with you about DRAM, because you look at DRAM and it's so interesting that this is
00:06a really simple concept, and yet it hadn't been created up until this point.
00:10I think it's a perfect storm of timing, investor interest, and oh my gosh, I can't think of a third
00:17one, but it is a perfect storm.
00:19I was trying to think of three metrics. It beat IBIT. Can you believe it? It hit 10 billion in
00:24some 27 days.
00:26It's up some 90% since its launch, and retail investors are really piling in.
00:30I went on Reddit to find one. It wasn't that hard because there was just so many conversations about it.
00:35Let's talk about this table that we came up with. It hit $9.98 billion. I'm going to call that
00:4210.
00:42It's 10.
00:43It hit $10 billion in 43 days. That's insane. IBIT, which we went wild talking about for like two years,
00:51hit it in 50 days.
00:52Then you get on the list, most other ETFs took 100 days, 1,000 days. This is really something. What
00:59happens from here?
01:00Obviously, this is a thematic ETF, and unlike IBIT, which had 11 years of demand building up because the SEC
01:06wouldn't approve it, this is sort of like a, what would you call that, like a flash in the pan
01:12kind of moment,
01:12although the memory business is obviously growing. Our analysts see it's going to grow, but at some point, it's got
01:20to come down.
01:21I mean, how far could this go?
01:24I think you were quoted in this story.
01:26You said that maybe it will eventually top off, but then AI isn't going away, and I think this is
01:31true.
01:31And for this ETF, it's really just a play on SK Hynix and Samsung Electronics. At least the person we
01:39interviewed, Ben Eames, said that that's why he wants it,
01:42because it's a contrastated bet, and these are Korean companies that you can't really access easily in the U.S.
01:47So that's what ETFs are for, right? They're an easy wrapper. You click on whatever brokerage you're on, and then
01:52you have it.
01:53Yeah, it's a brilliant idea, and the timing is impeccable. I think that's what it comes down to, right?
01:59I mean, now that it's there, everyone's like, oh, of course, it makes total sense, but the timing does it
02:03all.
02:03All right, I want to end things on J.P. Morgan Asset Management, which is planning to launch its second
02:08tokenized money market fund.
02:10The fund would issue digital tokens on the Ethereum blockchain representing shares in its underlying portfolio of treasuries and repo
02:16agreements.
02:17These tokens can be held in digital wallets or used as collateral in crypto markets.
02:22So let me ask you, Vildana, I mean, this is not necessarily in the ETF world, but this is something
02:28that a lot of people are starting to talk about.
02:30How much demand is there for something like this?
02:32Yeah, and we can say that tokenization is a little bit in the ETF world because we reported some months
02:37ago that even BlackRock was looking to tokenize some of their ETFs.
02:42I think we can think about it from an institutional perspective.
02:46So some of these companies are looking at tokenization as something, one of the next big things because it sort
02:53of helps.
02:54When you have the tokenized funds, it's a lot quicker than the traditional way in terms of settlement and transfer
03:00and things like that.
03:02And so a lot of the institutions really are looking at it.
03:05We know that some of the biggest names have been doing this.
03:08We know BlackRock has a really big tokenized fund.
03:11This is J.P. Morgan's second money market tokenized fund, and potentially maybe we can see some of these big
03:18banks coming out with other additional products.
03:22I think from the retail perspective, that is a little bit more debatable.
03:26I think the average person probably is like, tokenization what?
03:29Maybe Eric disagrees with me, but yeah, from the institutional perspective, it's just quicker, faster, and tokenization is a hot
03:36topic.
03:37Yeah, well, money market mutual funds took in like $700 billion last year.
03:40A lot of people like the stable NAV.
03:42You cannot have that in an ETF.
03:44This would have a stable NAV of a dollar.
03:46That's important, and it's only 16 basis points.
03:49So in a way, this particular token seems like ETF-ization, but I don't know if tokenization is really going
03:56to disrupt ETFs.
03:57But for places ETFs can't go, like stable NAVs, I can see this taking off.
04:01And the low fee, this is way lower than most other big money market mutual funds out there.
04:06So maybe some retail interest?
04:09Potentially.
04:10I think I'm thinking about what's happening in the crypto market in general right now.
04:15There seems to be a little bit less retail interest in certain crypto things and tokens and Bitcoin and buying
04:22Bitcoin outright.
04:24The flows that we're seeing into Bitcoin ETFs, for instance, there's some data to suggest that it is coming from
04:30institutions of late and that maybe retail has moved on to perpetual futures maybe or prediction markets, things like that.
04:39So I'm thinking about it from that perspective, but certainly maybe down the line.
04:45So I think that's what I'm thinking about it from beingarden until I think in biggest, where's that particular tokenization?
04:45So I mean, it's where I do all that, what can I do?
04:45I think I'm thinking about it from Sachs.
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