ETFs' Untapped Potential: SpaceX Holdings and the Future of Private Company Exposure

SpaceX, Elon Musk's privately-held rocket company, is the second-largest holding in the Baron First Principles ETF, with a nearly 22% weighting. The ETF also holds Tesla and xAI, a Musk-owned AI company. The inclusion of private companies in ETFs is unusual, and concerns exist about the suitability of the wrapper for private shares. Janus Henderson Group Plc is acquiring Richard Bernstein Advisors, a move that adds $20 billion in client assets and positions Janus Henderson as a top model-portfolio provider.