Hugh Lam

So we see with Rocket Lab, that's another very popular sort of listed company within the space ecosystem.

They're growing revenues 40% year over year.

So there is a use case, but it comes back to economics.

And right now, we really need operating costs to fall, revenues to rise, margins to increase, and earnings to increase.

I think that's what it's all about.

Yeah, it's a really good question.

More broadly, within themes, even without themes, picking stocks is generally a fool's game.

It's very, very difficult to do.

And when you're thinking about an emerging, relatively nascent sector, the case for picking individual stocks becomes even worse because, again, you're not sure which company is going to shoot the lights out or crash.

It can be a highly volatile sector if you look at the returns of companies within the space, no pun intended.

ETFs providing you diversified exposure to a single thing, you don't have to rely on SpaceX doing well or not.

And if anything, a lot of the companies are related to each other throughout that value chain, as I mentioned.

And so having exposure to all of those companies, up to 30 in RCKT's perspective, can really allow investors to capture the broader sort of ecosystem as opposed to relying on a company just doing data services like Planet Labs or just doing launch services, etc.

You really, really want to be part of the whole theme as a whole.

And that's where ETS really thrived in that environment.

It's a similar story with the AI theme.

I think everyone is very familiar with the Mag7 companies driving the equity markets within that part of the ecosystem.

But if you look at the hardware names like TSMC and ASML, they've all done exceptionally well because

Again, they are the infrastructure providers to those hyperscalers effectively.

So if you just picked a single stock like Meta or Google or whatever, Google's been a great company.