Hi, I'm Tom Stout, the president and chief operating officer at Arc. I've been here over 12 years. I joined the firm just after its founding.I'm primarily responsible for the business operations of the firm on a day-to-day basis. And one of the most exciting parts about the job is that we've continuously pushed the envelope of innovation within the investment management industry. It's been thrilling to be a part of the active ETF revolution.Uh and the innovations haven't stopped. We're continuing to push th ...

Definition of Digital Asset Treasuries - Digital asset treasuries are public companies focused on accumulating Bitcoin, Ethereum, or other digital assets [1] - These companies arbitrage the price difference between their market cap and the value of their digital asset holdings [1][2] Funding Mechanisms - They raise capital through at-the-market offerings, debt issuance, or convertible bonds [1] - The raised capital is used to acquire more digital assets [1][2] Market Dynamics - These companies often trade at a net asset value (NAV) premium, meaning their market cap exceeds the value of their balance sheet [2] - They can issue more shares at a higher price due to the premium, further accumulating assets [2] Goal - The ultimate goal is to increase the amount of ETH or Bitcoin per share [2]

核心观点 - Robotaxis 可能占据特斯拉企业价值的 90% (ninety percent) 到 2029 年 [1] 研究方法 - 公司测试了一辆 Robotaxi 并讨论了其推理 [1]

Safety first. >> Say hi, Sam. Okay, so we're here in Austin.We're testing out the robo taxi. We've taken a few test rides, but now we have some actual meetings to get to. So, we're going to take it just like we're using Uber.Um, and share some of our reactions and talk about research. >> Time to call a robo taxi to Capital Factory. Looks like we're going to have a Model Y here in 12 minutes.>> Oh, is this the robo taxi. >> All right, so our robo taxi is here. >> Hey, how are you.>> Yeah, you got to fasten y ...

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Competitive Landscape - Autonomous technology maturation positions Tesla as a direct competitor to Uber in the robo-taxi market [1] - Tesla's vertically integrated manufacturing could enable lower cost per mile, potentially undercutting Uber's pricing [2] Market Opportunity - Robo-taxi represents a significantly larger opportunity than ride-hailing [2] - Ride-hailing currently accounts for only 3% of US vehicle miles traveled [2] - Robo-taxi market could reach a $10 trillion addressable opportunity at scale [2] Company Focus - The company is closely monitoring Tesla's robo-taxi rollout since June [3] - The company is tracking the scale of Tesla's robo-taxi rollout in the coming months [3]

AI Agent Transition & Productivity - The industry is transitioning from AI assistants to AI agents capable of performing longer-form tasks using multiple tools and personal/business context [1][2] - This transition is expected to drive significant productivity gains as AI agents handle more complex and valuable tasks [2] - Improvements in AI technology, cost declines, and product development are fueling the advancement of AI agents in both consumer and enterprise applications [3] Market Adoption & Consumer Trends - OpenAI launched an agent product integrated into ChatGPT, which has over 700 million weekly active users [4] - Meta reported that sales of Meta Ray-Ban glasses tripled year-over-year from the first half of 2024 to the first half of 2025, indicating growing consumer adoption [7] - Personal AI agents are expected to become the first point of contact for accessing products and services online, potentially disrupting traditional search and marketplaces [10] Enterprise Applications & Software Development - Customer service and software development are currently the highest-value use cases for AI in the enterprise [12] - AI-native development environments (IDEs) are experiencing rapid growth, with companies like Cursor and Replit seeing revenue increase by more than 10x from Q4 last year to halfway through 2025 [14] - Cursor's ARR grew from $50 million to over $500 million, with rumors suggesting it's approaching $1 billion [14] - Businesses are reallocating hiring plans towards revenue-driving roles, adjusting for the impact of AI on software development and customer support [13] Monetization & Investment - While net new ARR growth for public enterprise software companies has decelerated, AI companies in the private market are experiencing rapid growth [18] - There is a willingness to pay for high-priced monthly subscriptions (over $200) for access to advanced AI models like ChatGPT, Claude, and Grok [19] - Business spending on software is expected to accelerate throughout the decade, reaching investment levels not seen since the COVID-19 pandemic [17] Open Source Models & Geopolitical Competition - China has emerged as a leader in open-source AI models, surpassing US companies in model performance [20][21] - OpenAI released its first open-source model since GPT-2 in response to the growing competition from Chinese open-source models [22]

Hi, I am Kellen Carter. I am the chief compliance officer and corporate counsel here at Arc Invest. I started my career at the SEC during the time of the financial crisis in in 2010.So, it was an very exciting time. I was an examiner and an attorney and we largely looked at uh macro risk in the market and we examined investment companies and investment advisors uh similar to ARC. And because I was at the SEC, I was exposed to a very wide variety of advisors and ETFs.And I recognized that ARC was on to somet ...

Productivity Growth & Economic Outlook - Productivity surges tend to occur at the beginning of recoveries after recessions [2] - The fact that productivity has held up well during the rolling recession suggests a secular change in productivity growth [2] - The company anticipates productivity growth could reach 5% or more, sustained for a longer period [3] Technological Drivers - New technologies such as robotics, energy storage, AI, blockchain technology, and multiomic sequencing are expected to drive significant productivity gains [3] Correlation of Economic Indicators - GDP growth and productivity growth are typically highly correlated on a year-over-year basis [1]

Cryptocurrency Characteristics - Bitcoin has a capped supply of 21 million coins [1] - Bitcoin utilizes a proof-of-work consensus algorithm to secure the network [1] - Bitcoin's supply schedule is predictable and known in advance [1] - Ethereum employs a proof-of-stake consensus algorithm, requiring users to lock up Ethereum tokens [2] - Ethereum has an elastic supply, which can be inflationary or deflationary based on the amount of Ethereum staked and network fees [2] Use Cases - Bitcoin is primarily considered a store of value, often referred to as digital gold [2] - Ethereum is a developer platform that is Turing complete, enabling programming on top of it [3] - Ethereum is suitable for building applications and financial primitives [3]