Market Trends & Industry Dynamics - CXMT is recognized as the second largest IPO in China's history and functions as the chip monopoly in China, holding a dominant position in DRAM and a growing business in HBM [1] - Driven by computing demands such as the release of the Kimmy K3 model, memory demands in China are accelerating rapidly [3] - CXMT ranks globally as the fourth or fifth largest player in the memory space [3][4] - The space economy is viewed as being in an early stage that will take time for companies to mature and prove their innovations [8] Investment Opportunities & Product Strategy - The DISC ETF provides exclusive global ETF access to CXMT shares, representing approximately 10.5% of the fund's weighting [2][4] - Exposure to CXMT is currently achieved through a swap provided by Morgan Stanley, which will be converted to outright equity once the stock is added to the Hong Kong Stock Connect [5][6] - The NASA space exploration ETF previously offered early exposure to SpaceX shares through a special purpose vehicle [7] - The photonics ETF offers early exposure to Anthropic to support influential technology companies [9]