but what happened what mike novogratz just said? that the seal's been broken, what might people expect for the timing of a spot ether etf? >> liz, it's great to be with you, and i can't speak to any if particular application but i can say that the reason aring that we used in the order approving the bitcoin exchange-traded products presumably e will carry over to other kinds of products considered against their facts and circumstances. liz: okay. so if you're looking at exactly what it would be, etherium is a blockchain. eitherrer is the token. and if -- eitherrer is the token. -- eitherrer -- either. ether. what's the value of having that option of an etf, in your opinion? >> i think having access to different kinds of assets through our regulated securities markets in a way that you can hold them in your securities portfolio alongside other, other securities that you hold and enabling you to hold them in a tax-advantage ised way, i mean, there are a lot of -- and then getting the financial advice that might go along with this kind

joining us, ceo mike novogratz.have an etf like you and talking about the different fee structures, everything else, but has will ultimately make your fund distinct from cathie wood, distrink from blackrock, fidelity, grayscale? say to themselves, make i want to buy one actually decide? >> long run two or three that actually win. i don't think just one winner. a couple winners. we have an etf in canada with ci group. we started in second. in second place, and now largest etf. i looked last year, tracking year. as an investors does it attract bitcoin? less than 1% tracking error. largest competitor 11%. all are not created d equity. the hidden fees. done it before. in germany, canada, brazil. we know how to run a cash etf. >> when people say something could go wrong, that's what you're talking about? >> tracking error. today is going to be chaos. right? you got 13 sales forces trying to pull in money. you've got grayscale, a giant that lots of people will redeem from. and so end of the day at 2:30,ut in redemptions a