00:00Roxana, great to have you with us. And we were just having this conversation with Todd Sohn.
00:04I mean, you think about the arrival of SpaceX, not just to the equity market, but in pretty
00:09short order to all of these different indexes that we have ETFs tracking. I would love to hear
00:15your expectations as we get closer to that date. Yeah, well, first of all, great to be here, Katie.
00:21This is a really interesting stock launch. I don't think I've ever seen a case where a stock hasn't
00:27even been public yet, but it's had such a huge impact on the ETF space. So I have been following
00:33the space industry for a while, and it's been pretty small in the past. Originally, there was
00:39one pure play space ETF, the procure space ETF, ticker UFO, and that launched back in 2019. So
00:46it's been around for a while. There were some other more broad ETFs out there, like the active ARKX,
00:52and then State Street had ROKT out there. But really, it was such a small niche industry.
00:58And what it was, it was sort of a play on defense. It sort of had some of the same
01:02ties, like
01:02satellites, communication, but it didn't really have the big anchor stock like NVIDIA is for
01:09semiconductors, for example. But SpaceX has come in and it's changed that, and it's made it more of a
01:14mainstream growth story. You know, it's still a defense story, granted, but it's a little bit more
01:19of an AI growth story, space, data center story now, which investors really resonate with. So
01:24we've just seen this category explode. And like you said, every time I check that assets number,
01:29it's just getting higher and higher each time. There's been at least seven new launches in the
01:34space that I've followed this year. And I think there's a few more filings in the works there as
01:38well. And it's just sort of amazing to see that only one of these ETFs, Temes, NASA, actually has,
01:45you know, a holding to SpaceX. But, you know, the whole industry is sort of benefiting from the
01:50tailwinds of the SpaceX story. And I think this could continue once SpaceX actually goes public and
01:56these ETFs start adding positions to it. Yeah, Roxanne, I want to go into NASA. This is something
02:02I don't think I've ever seen this. This ETF comes out two months ago. Now, there were space ETFs on
02:08the
02:08market. You can see from the chart there. It comes out and it just rockets, pun intended, up to the
02:14top of
02:14the category in two months. Normally, it takes a couple of years to bust out the leaders who have
02:19been there for a couple of years. And obviously, SpaceX is a big reason. It's the only ETF that
02:24holds it. However, given that the ETF hasn't marked up the value yet, do you think this could just be
02:31hot money like hedge fund investors coming in, waiting for the actual nav to reflect the SpaceX sale
02:37after the IPO, and then that money could come right back out? Yeah, Eric, I think that could be the
02:43case. And I know you talked about a little bit in the beginning already, but it's not just space ETFs.
02:47It's any ETF that really has that SpaceX allocation. The baron ETF, Ron B., has seen, I think, about
02:55$900 million in inflows over the past month. And I think that's largely attributed to it having that
03:00SpaceX exposure. Yeah, absolutely. Ron B., now looking at assets, total assets, about $1.5 billion.
03:07This is an ETF that launched at the end of last year. Roxanne, I also want to talk a little
03:12bit
03:12about crypto, because it's been an interesting ride when you think about Bitcoin. You take a look
03:18at iBed. It's seen some pretty chunky outflows in May. But then you think about some recent launches
03:23that we've gotten from Morgan Stanley, for example, certainly seeing some interest there. And I wonder
03:28what you make of the different flows, which it seems like there's a little bit of dispersion
03:33emerging in that space overall. Yeah, it's a tough world for crypto, let alone crypto ETFs.
03:41What happened in the past couple of years when Spot Bitcoin ETFs launched was that it brought
03:47a lot of investors into the Bitcoin world. But at the same time, a lot of those may have
03:52been fair-weather Bitcoin fans. They may not be able to withstand some of these drawdowns
03:58that are more common in Bitcoin land. And it's interesting, because now you've seen prices
04:03sort of stagnate in that $70,000 to $80,000 range. They're really not doing anything exciting.
04:08So even giants like iBed have started to see a little bit of outflows there. But you're
04:13right. Morgan Stanley just released their first Bitcoin ETF last month, less than two months
04:20ago. And that's actually seen some positive inflows, which makes sense. It just came out.
04:25You're probably not going to see a lot of outflows on a brand new ETF. But to me, that shows
04:30that
04:30institutions are still very interested in Bitcoin as a core holding, even though now is a very
04:36tough time for crypto in general. So let's talk about one crypto ETF that came out, the
04:41hyperliquid ETFs. These are 21Shares and Bitwise both have products. The 21Shares product, in the
04:48first two weeks, it went up 50%. And it was a reminder that sometimes these cryptos can go
04:52wild to the upside. What is that? Why is the hyperliquid crypto doing so well when some of
04:58the other ones are struggling? Yes, I'm glad you asked, Eric, because hyperliquid is a very
05:03interesting piece of the crypto world. So if you've touched a crypto world in the past year or so,
05:08you've probably heard about hyperliquid. But for some retail investors and advisors, I think they're
05:13just hearing about it for the first time right now. So at a high level, what it is, is it's
05:18a
05:18decentralized trading platform. You can trade crypto derivatives on it. The main thing is
05:24perpetual futures, which is basically futures without an expiration date. And it's actually
05:29become one of the most important on-chain trading venues. So if you want to put that in perspective,
05:34last year in 2025, they had about $2.9 trillion in trading volume, 60% of global on-chain derivatives
05:42open interest.
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