Cathie Wood on Elon's Plan to Combine SpaceX & XAI | ETF IQ 2/2/2026

Watch on YouTube ↗  |  February 02, 2026 at 20:07  |  44:42  |  Bloomberg Markets
Speakers
Salim Ramji — CEO, Vanguard
Bryon Lake — Chief Transformation Officer & Co-Head of Third Party Wealth, Goldman Sachs Asset Management
Cathie Wood — Founder/CEO/CIO, ARK Invest
James Seyffart — ETF Analyst, Bloomberg Intelligence
Eric Balchunas — Senior ETF Analyst, Bloomberg Intelligence
Norah Mulinda — Market Reporter, Bloomberg
Scarlet Fu — Anchor, Bloomberg Television

Summary

Bloomberg ETF IQ's first full-hour edition covered Vanguard's latest fee cuts and its case for low-cost active fixed income, Goldman Sachs Asset Management's ETF expansion into buffer, premium-income and alternatives products, and Cathie Wood's views on private-market access via ARK Venture Fund and the debasement trade. The program also discussed the launch of Bitwise's BPRO debasement ETF, ETF flow trends, and a warning on SLV's NAV and tax mechanics.

  • Vanguard cut fees again, reducing average fees to six basis points.
  • Salim Ramji argued costs matter in active fixed income, citing 88% peer outperformance over 10 years.
  • Bryon Lake highlighted buffer ETFs, GPIC and GPIX premium-income yields, and GTPE private-equity-like exposure.
  • Cathie Wood is positive on ARK Venture Fund's SpaceX and xAI exposure and says the debasement trade is misplaced given expected dollar support.
  • James Seyffart discussed BPRO as a combined gold, bitcoin and miners debasement play.
  • Eric Balchunas flagged SLV's premium-discount and collectibles-tax quirks.
  • The show also covered strong January ETF flows, jobs-report delays, and other market headlines.
Ideas
Salim Ramji CEO, Vanguard 5:28
Low-fee active fixed income outperforms peers.
Vanguard's active fixed income funds are attractive because Vanguard charges only 11 basis points and 88% of its active fixed income strategies have outperformed peers over 10-year periods; the low fee hurdle lets managers be more disciplined about credit and rate risks.
Vanguard active fixed income MED
Bryon Lake Chief Transformation Officer & Co-Head of Third Party Wealth, Goldman Sachs Asset Management 13:26
Buffer ETFs meet retiree outcome demand.
Buffer ETFs meet investor demand for defined outcomes, especially with markets at all-time highs; Innovator pioneered the category in 2018 with 9% and 30% buffer strategies and managed solution and dual-directional products, and demand remains strong.
BUFF MED
Bryon Lake Chief Transformation Officer & Co-Head of Third Party Wealth, Goldman Sachs Asset Management 16:04
High-yielding Goldman premium-income ETFs attractive.
Goldman's premium-income ETFs offer high current yields for investors seeking income; GPIC is based on the Nasdaq-100 and yields 9%, while GPIX yields 8%, and not all ETFs in the category are created equally.
GPIQ GPIX HIGH
Bryon Lake Chief Transformation Officer & Co-Head of Third Party Wealth, Goldman Sachs Asset Management 18:15
GTPE offers private-equity-like ETF exposure.
Alternatives are the next frontier for ETFs; GTPE is a private equity-like return tracker built with MSCI data on 90,000 private companies and Goldman investment professionals to deliver private equity-like returns and diversification.
GTPE MED
Eric Balchunas Senior ETF Analyst, Bloomberg Intelligence 21:32
SLV has NAV and tax quirks.
SLV screens as yellow-light risk rather than outright bad; its premium and discount can widen and detach from NAV because silver strikes at noon, and it is taxed as a collectible at 28% instead of like an equity. Investors should be aware of those mechanics.
SLV MED
Cathie Wood Founder/CEO/CIO, ARK Invest 25:22
ARKVX offers private-company unicorn exposure.
ARK Venture Fund owns high-growth private companies such as SpaceX, OpenAI, Anthropic, xAI, Figure AI and Neuralink; SpaceX is about 7.5% of the fund and the interval-fund structure can hold more than 15% in illiquid assets. A potential SpaceX-xAI combination and SpaceX IPO would add value, and ARK can bump up public positions without having to sell.
ARKVX HIGH
Cathie Wood Founder/CEO/CIO, ARK Invest 32:36
Dollar strength beats debasement trade.
The debasement trade is misplaced, especially regarding the dollar. The dollar is near the high end of its range versus other currencies, and US deregulation, corporate tax changes and business and capital-friendly policies should lift US return on invested capital relative to the rest of the world; she compares Trump-anomics to Reaganomics on steroids, when the dollar nearly doubled.
UUP MED
James Seyffart ETF Analyst, Bloomberg Intelligence 38:30
BPRO captures complementary debasement assets.
The Bitwise Currency Debasement ETF (BPRO) is an actively managed ETF targeting assets that should benefit from declining purchasing power of major currencies, including precious metals, bitcoin and miners. Gold and bitcoin are complementary portfolio assets, and miners can exploit cyclicality to outperform; flows have been strong even as underlying assets recently sold off.
BPRO MED
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This Bloomberg Markets video, published February 02, 2026, features Salim Ramji, Bryon Lake, Eric Balchunas, Cathie Wood, James Seyffart discussing Vanguard active fixed income, BUFF, GPIQ, GPIX, GTPE, SLV, ARKVX, UUP, BPRO. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Salim Ramji, Bryon Lake, Eric Balchunas, Cathie Wood, James Seyffart  · Tickers: Vanguard active fixed income, BUFF, GPIQ, GPIX, GTPE, SLV, ARKVX, UUP, BPRO