Katie Griefeld

Let's talk more about this non-ETF with Kathy Wood.

She is CEO and CIO of ARK Invest.

Kathy, great to have you with us.

We'll get into the ETF conversation, but let's start with your holdings in your venture fund because I'm taking a look.

It looks like your second biggest holding is SpaceX, of course, as we know.

That is a private company, one of Elon Musk's companies.

Right now, in talks to potentially merge with XAI and in talks potentially to IPO later this year.

I mean, as you digest these news events, how are you feeling about your current slice in SpaceX, which I believe is about 7.5% of this fund?

Yeah, our understanding and Bloomberg Intelligence's understanding, Kathy, is that basically Barron classified their SpaceX holdings as less liquid rather than e-liquid.

As we were talking about, we're learning that that comes from the issuer rather than the SEC.

But you also make another interesting point when it comes to the private companies themselves maybe being a little bit reticent

to be in a vehicle such as an ETF.

Of course, we talk about it from the issuer perspective all the time.

So interesting to hear it from the perspective of the companies.

But you mentioned that, you know, when it comes to going ahead of that 15 percent cap in an ETF, that that's not something that you necessarily want to do.

But have you thought about adding perhaps less than that, you know, in the realm of five to 10 percent into an ETF?

Think of ARK.

Cathy Wood is ARK.

She's the face of that company.

What happens when Cathy says, you know what, I'm moving on or whatever it might be.