Core Viewpoint - The distinction between liquid and illiquid assets is becoming less clear as private markets evolve, according to ARK Invest CEO and CIO Cathie Wood [1] Group 1: Market Dynamics - Private companies are currently cautious about being included in ETFs, but this may change due to evolving definitions of liquidity [1] - Improved secondary-market trading and deregulation are factors that could influence the inclusion of private companies in ETFs [1]