Cathie Wood

Now, it may be that the definition of illiquid is changing.

I know we actually have gone to some of our private companies, the ones in the interval fund, saying, hey, we'd love to add you here.

into our ETFs because we think this is such an important story.

All we do is focus on disruptive innovation.

You are one of the biggest disruptors, let's just say SpaceX.

And what we found over time is that they have been reticent

So, something is changing here, Eric, and it would be very interesting to get to the bottom of it.

The SEC, of course, is deregulating, so that could be part of it.

Secondary markets are beginning to grow, meaning private shares on secondary markets, so there's access there.

So, maybe this definition of illiquid or less liquid

is changing here.

Yes, we certainly have thought about it, so much so that we've gone to the companies.

And as I said, at least when we went to these companies, there was some reticence because in the worst case, let's just say,

Black Swan, the public markets go down dramatically.

These private positions are not marked to market every day.

They could end up easily well above 15%.

And then what would a fund be faced doing?

trying to find a secondary market.

Now, maybe the secondary markets are becoming more liquid themselves.

They're much more liquid today than they were when they first started maybe five, six, seven years ago.