November 25, 2025 • 37 mins
In this episode of Lead-Lag Live, Michael Gayed sits down with Cole Wenner from KraneShares to break down the rise of humanoid robots and why the theme is moving from cool demos to real-world deployment. Cole explains embodied intelligence, the labor and aging-population pressures driving demand, and where humanoids are likely to show up first — warehouses, factories, hospitals, and eventually the home.
They walk through the three parts of the KOID approach: the “brain” (AI and semiconductors), the “body” (motors, sensors, actuators, materials), and the integrators building full robots. Cole also highlights why many of the most investable opportunities sit inside the global components supply chain, where costs are falling fast across LiDAR, motors, and compute.
The conversation also covers timelines, pilot programs, cost bottlenecks, and how US strength in AI and China’s manufacturing advantage could speed adoption.
In this episode:
• Why humanoids are becoming practical now
• First real-world use cases
• The KOID framework: brain, body, integrators
• Component companies driving early value
• What needs to improve for mass adoption
Lead-Lag Live brings you conversations with the people shaping global markets. Follow the show and comment with the first task you’d want a humanoid to handle.
#KOID #Robotics #HumanoidRobots #AI #Automation #KraneShares #Investing #TechTrends
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Transcript
Episode Transcript
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SPEAKER_00 (01:22):
If you are an advisor, by the way, and you're
in a physical office, please dome a favor and tell other
advisors about this webinar.
Uh, they gotta sign up or justwatch over your shoulder.
I think you'll find thisconversation, this uh webinar
interesting on a part of themarketplace, which unequivocally
is going to be as hot as AI hasa buzz term uh when it comes to
uh big investment themes goingforward.
Uh so for those that are herefor the C credits, I will email
(01:42):
you afterwards.
I'll get your information,submitted to CFP board.
I'm almost fully caught up onall the prior webinars, so I'll
get that out ASAP.
Uh and with all that said, myname is Michael Gaia.
This webinar is sponsored byCrane Shares.
We're gonna be talking about uhhumanoids and robots and all the
things which when we were kidswe used to read about that's now
coming to life.
So I'll be in the backgroundintroducing Mr.
(02:03):
Cole winner to get into thediscussion.
Thanks, Cole.
Thank you for having me.
SPEAKER_01 (02:07):
And uh yeah, exciting webinar we have today.
I will share my screen.
All right, let's get started.
So, today's webinar, we will bediscussing humanoid robotics and
embodied intelligence, access tothe next global megatrend
through COID, our humanoidrobotics ETF.
So, for those of you notfamiliar with Crane Shares, we
were founded in 2013 by JonathanCrane.
(02:28):
Uh John Crane lived in China inthe early 2000s, um, and he saw
the growth that was taking placein China um in new sectors.
And he believed that the rest ofthe world should be able to
access that growth.
So we launched Crane Shares in2013.
Um, we now have our flagshipfund K Web, which is a China
(02:48):
internet ETF.
Um, and that's really access tothe AI opportunity in China.
Uh since then, though, we'vebranched out into a lot of other
areas, including emergingtechnologies, climate, et
cetera.
So here we have Crane Sharesfull product suite list uh
listed in the US.
Like we discussed, K Web,Internet, and e-commerce,
(03:10):
China's AI opportunity.
Uh, we also have multiple fundscovering the carbon market,
global and specific uh markets.
Uh one of my favorites too isAGIX in the global equity
category.
Uh AGIX is our AI and technologyfunds, um, full exposure to the
AI value chain, including publicand private.
(03:33):
AGIX actually holds uh directexposure to anthropic and XAI.
But today we will be discussingCOID, our humanoid robotics ETF.
COID offers global exposure tothe humanoid robotics
opportunity, uh, includingcompanies based in the United
(03:54):
States, China, Japan, Germany,South Korea, and a few others as
well.
Uh we've decided to make COIDequal weight.
Um, we'll discuss why later.
Um, and we bucket the companiesin KOID into three main
categories.
That is the brain, which aresemiconductor and technology
(04:14):
companies, the body, whichincludes actuation systems,
mechanical systems, sensing,perception, uh, and critical
materials.
And last but not least,integrators.
These are the companies that areactually manufacturing
humanoids, building them,selling them.
So we launched COID back in Juneof this year, uh, and we
(04:36):
celebrated it being the firstETF to focus completely on the
humanoid robotics and embodiedintelligence opportunity.
Uh, we celebrated the US listingby having an opening bell, bell
ringing at the NASDAQ.
Uh, we actually partnered with acompany called Robostore, who is
(04:58):
also based in the US, and theyare the official partner of
Unitree uh in North America.
Unitree is one of the leadingrobotics companies today.
Um, and we were able to bringtheir Unitry G1 Ultimate robot
to the bell ringing at theNASDAQ.
Uh more recently, we've launchedKOID for UCITS investors in
(05:21):
London.
Um, we also had an opening bellceremony at the London Stock
Exchange.
Again, we brought the Unitry G1Ultimate Robot to this event.
It was awesome to see.
Um, it's really cool interactingwith the humanoid if you um
haven't before.
So here we have some of thelatest models uh coming out
(05:43):
today.
Like we discussed, the United G1Ultimate.
Um, I will say their top model,which is the one we had at our
NASDAQ and London stock exchangeevents, uh, goes for around
$60,000.
And you can put custom hands onit, um, you can program it to do
all these different types ofactions.
Um, it can speak.
(06:05):
Uh this is really a blank slaterobot.
Um, and it's really uh usedtoday for educational purposes.
Uh Robostore said that most oftheir clients um are in the
educational space universities.
Um they are getting interestfrom you know other sectors as
well.
But a lot of uh universities arebuying up these robots to test,
(06:29):
program, and see thecapabilities for themselves.
Um we also have a few otherlatest models listed here.
Uh OneX's Neo has been in thenews a lot lately.
Um, they just released about a10-minute video of their uh
humanoid robot performing tasksin a home, doing everything from
(06:51):
the dishes to making your bed touh doing your laundry, uh,
taking out the trash, whateverit is, answering the door.
Um, very impressive stuff.
They actually started pre-ordersfor their humanoid and plan to
start shipping about Q2 2026.
So it's coming up fast.
Um we also on here is Figure AI.
(07:14):
They are a private company.
You might have seen them in thenews recently for raising uh a
new fundraising round at 39billion valuation.
Um but the real goal for all ofthese companies is to produce a
general purpose robot ratherthan a specific task robot.
(07:34):
They want to produce a robotthat can handle multiple unique
tasks, um, whether it's in yourhome, a factory, warehouse, uh,
or hospital.
So why now?
Um, we've seen companies likeBoston Dynamics uh 20 years ago
coming out with robot models,right?
And a lot of the problems thatBoston Dynamics encountered were
(07:58):
more engineering related.
Uh, making sure the movementsystem for the robot was as
human-like as possible.
You know, getting the elbowfine-tuned, whatever it was, you
know, it was really engineering,uh, it was really an engineering
bottleneck.
But today, um, in recent years,we've seen a surge in uh
(08:20):
advancements in AI.
And that has allowed humanoidrobots to also take a leap.
It's the logical next step.
Um and today we're going to befocusing on embodied
intelligence, which is AIsystems that are integrated into
physical machines like humanoidrobots.
Uh why do we need humanoidrobots?
(08:41):
Uh, there's a couple majorglobal issues that we're facing
today that we believe humanoidrobots can help with.
Uh one big one is agingpopulation metrics.
And a great example of this isin Japan.
Um, Japan has already reachedthis critical threshold where
(09:02):
28% of its population is abovethe age of 65.
So very quickly, theirpopulation is aging.
Uh on a global scale, we'reseeing about 13.5% of the global
population at least 60 years oldas of 2020, so five years ago.
And that's projected to continueto increase, right?
(09:25):
So that will shrink theworkforce.
That leads into labor shortages.
Uh so again, Japan, but uh we'reseeing this all over.
Uh there's a global shortage inuh labor shortage, and
especially in manufacturing umand a couple other areas.
(09:47):
And this is this is a problemthat we're going to have to
face.
Where the global economy isgrowing at a very fast pace.
And once you achieve a certainlevel of growth, you expect that
moving forward, right?
So how do we keep that going?
Humanoid robots.
Uh Morgan Stanley just came outwith a great report recently,
um, where you can see on theright chart here, they're
(10:09):
projecting 5 trillion in annualrevenue by 2050 for the global
humanoid robotics market.
They are also projecting thatthere will be at least 1 billion
humanoid robots integrated intothe global economy.
That's 1 billion humanoid robotsactively working side by side
with humans in a lot ofdifferent sectors, areas.
(10:34):
So, like we discussed before,where will we see these robots
uh pop up?
One of the main use cases willbe factories and warehouses.
Um, in factories, we're we'reseeing robotic arms already pop
up in uh factory lines.
Um, they're starting tointegrate uh humanoid pilots for
other tasks.
Uh, we're seeing Amazon andtheir warehouses uh start the
(10:57):
pilot humanoids for, you know,whether it's moving heavy
inventory or sorting inventory.
Um they're starting to test outhumanoids there.
So they're gearing up for thehumanoid push that is going to
start as early as next year.
Uh hospitals and homes uh forhospitals.
This is really going to befocused on elder care, I
(11:20):
believe.
Um, I think medical servicerobots, the market's projected
to grow by 21 billion by 2028.
So that really speaks to thegrowth that we can see in the uh
healthcare sector.
Um there they can assist withpatient care, physical therapy,
um, monitoring and improvingaccessibility for people with
(11:42):
disabilities, and finally,homes, which is probably what
most people are excited for.
Um, all the chores that youdon't want to do, like we said
before, cleaning laundry,washing the dishes, making your
bed, taking out the trash.
This is probably the mostexciting use case for most
(12:03):
people.
Um, like I was saying before,the 1X uh was showing their Neo
robot completing all these tasksand they started pre-orders.
I'm personally most excited forthis.
I would love to have a humanoidin my home to perform these
tasks and you know, save timefor myself and allow me to focus
on other things.
(12:23):
So, where's the bottleneck?
Um I'd like to say any companycan produce a functioning
humanoid robot today uh at a$1million price point, right?
They they can produce it, theycan make it, it's possible.
Uh, but no one's going to pay amillion dollars per humanoid.
(12:46):
It's just not it's just not thereality of it.
Um, so the bottleneck, thebarrier to getting to that mass
production, that mass adoptionpoint, uh, we at Crane Shares
believe is within the componentcompanies, the supply chain uh
leading into the final humanoidproduct.
You can see on the on thegraphic here on the slide, um,
(13:07):
there's a lot of different partsthat go into the building of a
humanoid.
Everything from actuators tosensors to motors, um,
semiconductors, you know, theouter shell.
Um there's a lot of high costshere.
And it's preventing the industryfrom at this moment developing
(13:29):
an affordable uh humanoid model.
However, we are making stridestowards that point of
affordability.
Uh just a couple weeks ago, wespoke to the director of
robotics at RoboSense, who isactually um a holding company in
COID.
They focus on LIDAR systems forthe humanoid.
(13:52):
So their technology allows thehumanoid to basically see, uh,
digest its environment, evaluateits environment, interact uh
like a human would in itsenvironment.
And LIDAR systems are essentialto allowing a humanoid to
perform the tasks that we talkedabout in factories, warehouses,
(14:13):
hospitals, and homes.
Uh just a few years ago, theirlight lidar technology costs
tens of thousands of dollars.
Um today, you know, their basicmodels cost a few hundred
dollars.
So we'll need this to happen topto bottom in the whole supply
(14:34):
chain of humanoids uh to reachthat that breaking point, that
turning point for massproduction and mass adoption.
So the full spectrum of thehumanoid value chain, we've
bucketed the humanoidopportunity into three main
sections.
Uh integrators, which we talkedabout were the actual companies
(14:57):
who were who are manufacturingthe robots, um, including
companies like Tesla, XPeng,Ubitech, uh, the Brain, which
are semiconductors andtechnology companies.
I like to think of them as theintelligence of the humanoid.
Um, it also accounts for about23% of the total cost of the
(15:17):
humanoid.
Um, but this is what allows thehumanoid system, the physical
system, to become intelligent,to be considered embodied
intelligence.
And finally, the body, which isthe largest portion of the
humanoid value chain today,right now.
Uh, this is made up of actuationactuation systems, which can be
(15:40):
thought of as the muscles of therobot, uh, mechanical components
that form the structuralfoundation of the robot, sensing
and perception, which are theLIDAR systems we are talking
about.
They also account for about 15%of the total cost.
And finally, the criticalmaterials for the robot, the
actual metals that are goinginto building the parts, the
(16:02):
outer shell of the robot, um,allowing it to, you know, move
like a human.
So, where's the investmentopportunity?
So, in the top portion here, youcan see a couple big names that
you may be familiar with (16:14):
Figure AI, um Tesla's Optimus Unitry,
which we discussed today.
Um, you know, separate fromTesla and maybe a couple others,
most of these companies areprivate.
So most of the public, mostinvestors are shut off from this
growth um directly because theyare private.
(16:36):
However, we believe a lot ofthis value, most of the value
can be captured in the componentcompanies, which are listed
below.
Verizon Robotics, um, andevents, Jabil, uh, a couple
others.
The component companies areessential to the building of the
(16:57):
robot.
And we see a lot of value inthese companies, and a lot of
them are publicly traded, and alot of them make up a large
portion of the COID portfolio.
So let's jump into COID itself,the methodology.
So we start with a universe ofover 3,000 companies, um, which
are selected based on a marketcap and value traded metric.
(17:22):
Um, we then filter it down toabout 1,800 or 800 companies,
which we filter by industry.
So any companies that arerelated to the humanoid
robotics, embodiedintelligence-related industries,
it could be componentscompanies, semiconductor
companies, um, integrators likeTesla.
(17:43):
Um, we then look at, we thencreate an evaluation score.
Um, we we use information fromcorporate filings, uh, media
coverage, public data regardingtheir direct participation in
the humanoid and embodiedintelligence technologies, or
even as strategic supply chainpartnerships with established
(18:05):
humanoid robotics firms.
After applying this exposurescore, we evaluate the 800
companies and select the top 50ranking companies.
Uh we then have COID, the COIDETF, which is the first, again,
the first uh humanoid androbotics uh and embodied
(18:25):
intelligence focused ETF everlisted in the US, as well as the
use its market.
We have an equal-weightedportfolio that is rebounds
quarterly.
We have 50 names in theportfolio, um, and which we
believe is a good exposure, abroad exposure to the humanoid
robotics opportunity.
Uh, so here you can see ourthree buckets integrators,
(18:50):
brain, body, um, with all theholding companies in Koid.
Uh there may be some familiarnames here, uh, like you can see
(19:35):
in the integrators, Tesla,XPang, Ubitech, Rainbow
Robotics, um, some others in thebrain portion, Texas
Instruments, Nvidia is a bigone.
Um, you know, uh VerizonRobotics.
But what we really focus ontoday is the body.
(19:57):
Actuation and mechanical systemsaccount for 55% of the total
cost of a humanoid.
Sensing and perception accountfor 15% of the total cost.
So in the mechanical systems, wehave companies like THK, um
aptive, TE connectivity, um, RBCbearings.
(20:18):
You're getting verydifferentiated exposure that you
may not have in your current outtech allocation.
Um actuation systems, uh S Tune,Lead Shine, NIDEC, sensing and
perception, uh, Robosense, likewe talked about earlier, the
LIDAR company, um, who we spoketo, um, Teledyne, Sensata.
(20:42):
And finally, Critical Materials,which has been in the news a lot
lately.
Um, you've probably seenheadlines about MP Materials,
um, who's had deals done withthe government, also some other
major tech players in the U.S.
They're really the U.S.'s top uhrare earths company.
(21:03):
A representative from MPMaterials actually uh came out
with this interesting stat, butthey believe that a humanoid
robot requires three times theamount of critical materials,
rare earths, compared to anelectric vehicle.
And that's just insane if youreally think about it.
(21:24):
Electric vehicles are probablythe most critical material
intensive sector globally rightnow.
Um, they require a large sum ofrare earths.
NP Materials is projecting thathumanoid robots will need 3x the
volume of critical materialscompared to electric vehicles.
(21:48):
Um also in the criticalmaterials uh allocation, we have
Linus Rare Earths, which is inAustralia, and then also
Northern Rare Earths.
So, what do some of thesecompanies do?
So in actuation systems, we haveSan Juan.
Uh San Wah specializes in bionicrobot uh electromechanical
(22:11):
actuators.
Uh sounds like a mouthful, butyou know, these this is an
important component company umthat supplies parts to companies
like Tesla to build theiroptimus Optimus.
Um we have companies likeNovanta also in the actuation
systems, who supplies opticalmagnetic encoders.
(22:32):
Uh, this allows for real-timeposition feedback in humanoid
joints, um, allowing the robotto move in a human-like manner.
Uh, and that is extremelyimportant in a world built for
humans.
You know, this is also brings meback to the point of why
humanoids make sense.
It's not by mistake that robotsare taking the shape as of
(22:57):
humanoids.
It's easier to build somethingthat can plug into our global
economy today rather thanchanging the infrastructure of
everything to fit um a new formof humanoid robot or a new form
of robotics.
So that's why humanoids justmake sense, right?
They can move like humans,operate like humans, um,
(23:21):
eventually perceive and thinkclose to humans.
Um we also have mechanicalsystems, companies like
LeaderDrive, who's a major uhglobal manufacturer of humanoid
robot precision reducers, umsensing and perception, like we
(23:41):
discussed earlier, Robosense,but also sensada.
Uh they're producing tactilesensors for the fingertips of
humanoid robots.
Um my coworkers, a couple of mycoworkers, uh Derek Young, who's
a senior investment strategistat Crane Shares, he recently
(24:01):
went on a factory tour in China.
Um he visited three privatehumanoid robotics companies.
Uh, one company was completelyfocused on the hands of a robot.
You'd be surprised how much uhtechnology and research and
development goes into justsomething as simple as the hand,
(24:23):
something you'd think is simple,like the hand.
Um so we have companies focusedon even the fingertips in in the
humanoid robot.
Uh Teledyne, which suppliesthermal imaging cameras, um,
another central component of thehumanoid, uh, critical
materials.
Um, like we talked about MPmaterials.
(24:46):
Uh they supply the actual uhcritical materials that can
produce high-performance motors,the actual shell of the
humanoid, um, Linus Rare Earths,the Australian Rare Earths
Company.
Um, they focus more on magnetmaterials, uh, semiconductors,
and technology.
Everyone's familiar with NVIDIAat this point.
(25:08):
Um, you know, they're reallyproviding the intelligence for
the humanoid robot through theirsemiconductors.
Umbotics, maybe a little lesserknown.
Uh, they design energy efficientAI chips, uh edge computing,
targeting consumer-facingrobots, probably the robots that
will be in your home.
(25:28):
And then the integrators,finally.
Tesla, um, who's producing theirOptimus, currently their Gen 3.
Recently, they had ademonstration of their humanoid,
uh, their Optimus servingcoffees at a Tesla diner.
We're seeing a lot more of thesedemos pop up, um, companies
(25:48):
showing off and trying to grabthe attention of consumers um
for their latest humanoidmodels.
Uh finally, XPang with theiriron humanoid robot, 60 joints,
200 degrees of freedom, uh,3,000 tops processing power.
Um, it's a very impressivemodel.
(26:11):
I've also seen a demonstrationfloating around recently.
Um, their humanoid looks veryhuman-like.
Um excited to see where they gowith that one.
Um, we're definitely going tosee more of these demos pop up.
Uh, you know, a lot of majorfirms are projecting humanoids
will start being integrated, gofrom demos to real-world
(26:33):
integration as early as nextyear.
So, where are the companiesbased and what sectors are they
in?
So, the COID portfolio right nowis in large part focused in
China and the United States, thetwo largest global economies in
the world.
Um, they are currently theleaders um in the space, which
(26:54):
is reflected in the COIDbreakdown, the COID country
allocation.
Um we really see uh the UShaving um an advantage in the AI
space, um, semiconductors,technology, um, computing power.
Uh the US is really leading inthis area.
(27:16):
China, however, uh they've beena long-term expert in
manufacturing.
Their advanced manufacturinggives them a distinct advantage
in that area.
Um, producing humanoids is acomplex, complex task, and China
has excelled in it.
Um, so here in the portfolio, wereally see the convergence of uh
(27:39):
AI and advanced AI from the USand advanced manufacturing from
China.
We also have exposure to Japan,Germany, and about 20% of the
portfolio is also allocated to afew other companies, South
Korea, uh Netherlands, etc.
So, like we were talking aboutbefore, um, the sector
(28:00):
breakdown.
A lot of the value today is inthe industrials, which is
reflected in the portfolio.
39% of the portfolio iscomponent companies, industrial
companies.
Um next up, the next highest isthe information technology
companies.
That's the intelligencecompanies, the you know, uh
(28:20):
Nvidia's of the portfolio.
Um, also a healthy allocation toconsumer discretionary and
materials.
Um, materials have been, youknow, doing very well
performance-wise this year.
I think it may have to do withyou know trade negotiations
between the US and China, butalso just rising demand for uh
(28:42):
next generation industries likehumanoid robots, AI, um,
electric vehicles.
I really like to think aboutthis opportunity um in the same
way that we think about the AIopportunity.
For our AGIX funds, we alsobucket the opportunity into
three categories (29:00):
um, hardware, which are the semiconductor
companies, infrastructure, uh,you know, cloud computing uh
infrastructure companies andapplications.
You know, for that, for AI, ourthesis is that the value chain
will migrate across hardware tothen in infrastructure, and
(29:22):
finally applications will startto pop up, you know, in niche
applications and a wide range ofsectors.
Like that value chain migration,we believe we'll have something
similar in the humanoid roboticspace.
Um, very early, like we aretoday, we'll see a lot of the
(29:43):
growth in the industrials, thecomponent companies.
Eventually it will shift to morefocus on the uh brain, the
intelligence of the humanoidrobot.
And finally, we'll see themanufacturers, uh, the
integrators, the actualcompanies building and selling
(30:04):
these robots um really capturethe end value down the line.
Um and that is assuming that youknow they are able to build a
functional humanoid robot thatum can fit in specific or
general purpose environments,um, and at if at an affordable
(30:25):
cost that companies, um,enterprises can can buy in
large, large quantities, as wellas consumers, uh models that
consumers can afford to buy fortheir homes.
Um a lot of these price points,you know, are targeted around
the cost of a car, uh, a cheapercar.
Uh a lot of these companiesreally want to get their
(30:46):
humanoids under the$30,000 pricepoint.
Um, a couple a couple companiesare already very close.
Um, so I'm excited to see theprogress we make there as the
supply chain uh bottleneck getssolved.
And a lot of these companies areable to lower their costs and
build a and an affordable uhhumanoid robot.
(31:07):
So finally, um we'll wrap uphere and get to the QA.
If you have any questions,please, please put them in the
QA button at the bottom of yourscreen.
So we have COID, our craneshares Global Humanoid and
Bodied Intelligence Index ETF,the first ever ETF uh focused
completely on the humanoidrobotics opportunity.
(31:27):
It was listed in June on theNasdaq Exchange.
Um, also listed a little bitmore recently for use its
investors.
Um, it trades on the Nasdaq.
We charge um 69 basis points uhfor access to this opportunity.
Uh we have about 50 holdings.
Equal weighted.
This was as of September, so alittle outdated, but it says 75
(31:50):
million, about 75 million in netassets.
We're actually getting closer toabout 90 million.
Um, on the right-hand side here,you can see the top 10 holdings,
which you know is really not asimportant in an equal weight
portfolio, but um between uhrebalances on a quarterly basis,
you'll see some companiesmigrate to the top of the
portfolio uh due tooutperformance.
(32:13):
And the same thing uh on the upthe other way around.
Um I mean, this product has onlybe been launched for a few
months now, and it's exhibitedvery impressive in performance
from the beginning of Junethrough the uh end of September.
It returned about 28% sinceinception.
(32:33):
You know, that number has comedown slightly.
Um, you know, we've been seeingmarkets kind of uh pull back a
little bit.
Um they were going up very fast.
Um a lot of a lot of it on theback of our AI technology
companies.
Um were coming into earningsseason, uh, maybe a little bit
of regulatory uncertainty withthe Fed.
(32:56):
Um, but overall, I think a lotof investors understand that the
humanoid robotics opportunity,the AI opportunity with our AGIX
fund, which gives you public andprivate exposure to the AI
opportunity, um, these are verylong-term trends, mega trends.
Uh, we don't believe it's goinganywhere.
(33:16):
Um, and it's going to besomething that's that could be
dominating, you know, the globaleconomy for decades to come.
So with that, um we can jumpinto the QA, Michael.
SPEAKER_00 (33:29):
Good.
A couple of questions here.
Are you planning on investing inany private similar to AGIX?
SPEAKER_01 (33:34):
So the methodology um is does allow for it.
Um we're always exploring newopportunities to be able to get
um, you know, get investors trueexposure to the full
opportunity.
Um, so it's something that wemay be exploring, but right now
the the portfolio is reallyreflected to where the value is
now for the humanoid roboticspace very early on.
(33:58):
Um, we see a lot of this valuein the component companies, a
lot of publicly tradedcompanies.
SPEAKER_00 (34:02):
And uh why an equal weight index?
You know, why why choose that asa methodology?
SPEAKER_01 (34:08):
Yeah, so you know, we've seen some other strategies
pop up that, you know, don'tequal weight their portfolio.
And you end up with a portfoliothat, you know, is heavily
leaning towards companies likeTesla and NVIDIA, uh, if it's
based on market cap.
Um, we don't think having, youknow, 20% of the portfolio in
(34:30):
those two companies is a truereflection of the humanoid
robotics ecosystem at themoment.
Um plus uh that's exposure thatyou probably have elsewhere.
I think most investors probablyhave, you know, a good
allocation to NVIDIA and Tesla.
We really wanted to bringinvestors differentiated
(34:51):
exposure to the global humanoidrobotics opportunity.
Um a lot of names included inthe COID portfolio you may not
own elsewhere, um, elsewhere inyour portfolio, or you may have
trouble accessing them as youknow they're listed on global
exchanges.
SPEAKER_00 (35:08):
It's a good place to wrap up this webinar.
Um, is there any way for peopleto have the PDF copy?
This is gonna be uh edited as apodcast and available on the
YouTube channel.
But anyway, for those that wantPDF copy of the presentation,
yeah.
SPEAKER_01 (35:19):
If if anyone's interested in learning more
about KOI, you can visit craneshares.com slash K-O-I D.
Um that will bring you to thefund product page.
On there, we have a presentationuh available, the one you saw
today, as well as um fact sheet.
We have articles and researchreports published on the
humanoid robotics ecosystem andwhy we believe KOI is a good
(35:42):
vehicle to capture thatopportunity.
Um, also listed on the fundproduct page for updated, um,
up-to-date numbers on top 50holdings, performance metrics,
etc.
So, yeah, please visitcraneshares.com slash K O I D
for more information on KOID andany of the other funds mentioned
today, like our AGIX funds.
(36:04):
Um, but thank you for everyonefor joining.
I really appreciate it.
Thank you, everybody.
Cheers.
Thanks, Mike.
If you are an advisor, by the way, and you're
in a physical office, please dome a favor and tell other
advisors about this webinar.
Uh, they gotta sign up or justwatch over your shoulder.
I think you'll find thisconversation, this uh webinar
interesting on a part of themarketplace, which unequivocally
is going to be as hot as AI hasa buzz term uh when it comes to
uh big investment themes goingforward.
Uh so for those that are herefor the C credits, I will email
(01:42):
you afterwards.
I'll get your information,submitted to CFP board.
I'm almost fully caught up onall the prior webinars, so I'll
get that out ASAP.
Uh and with all that said, myname is Michael Gaia.
This webinar is sponsored byCrane Shares.
We're gonna be talking about uhhumanoids and robots and all the
things which when we were kidswe used to read about that's now
coming to life.
So I'll be in the backgroundintroducing Mr.
(02:03):
Cole winner to get into thediscussion.
Thanks, Cole.
Thank you for having me.
SPEAKER_01 (02:07):
And uh yeah, exciting webinar we have today.
I will share my screen.
All right, let's get started.
So, today's webinar, we will bediscussing humanoid robotics and
embodied intelligence, access tothe next global megatrend
through COID, our humanoidrobotics ETF.
So, for those of you notfamiliar with Crane Shares, we
were founded in 2013 by JonathanCrane.
(02:28):
Uh John Crane lived in China inthe early 2000s, um, and he saw
the growth that was taking placein China um in new sectors.
And he believed that the rest ofthe world should be able to
access that growth.
So we launched Crane Shares in2013.
Um, we now have our flagshipfund K Web, which is a China
(02:48):
internet ETF.
Um, and that's really access tothe AI opportunity in China.
Uh since then, though, we'vebranched out into a lot of other
areas, including emergingtechnologies, climate, et
cetera.
So here we have Crane Sharesfull product suite list uh
listed in the US.
Like we discussed, K Web,Internet, and e-commerce,
(03:10):
China's AI opportunity.
Uh, we also have multiple fundscovering the carbon market,
global and specific uh markets.
Uh one of my favorites too isAGIX in the global equity
category.
Uh AGIX is our AI and technologyfunds, um, full exposure to the
AI value chain, including publicand private.
(03:33):
AGIX actually holds uh directexposure to anthropic and XAI.
But today we will be discussingCOID, our humanoid robotics ETF.
COID offers global exposure tothe humanoid robotics
opportunity, uh, includingcompanies based in the United
(03:54):
States, China, Japan, Germany,South Korea, and a few others as
well.
Uh we've decided to make COIDequal weight.
Um, we'll discuss why later.
Um, and we bucket the companiesin KOID into three main
categories.
That is the brain, which aresemiconductor and technology
(04:14):
companies, the body, whichincludes actuation systems,
mechanical systems, sensing,perception, uh, and critical
materials.
And last but not least,integrators.
These are the companies that areactually manufacturing
humanoids, building them,selling them.
So we launched COID back in Juneof this year, uh, and we
(04:36):
celebrated it being the firstETF to focus completely on the
humanoid robotics and embodiedintelligence opportunity.
Uh, we celebrated the US listingby having an opening bell, bell
ringing at the NASDAQ.
Uh, we actually partnered with acompany called Robostore, who is
(04:58):
also based in the US, and theyare the official partner of
Unitree uh in North America.
Unitree is one of the leadingrobotics companies today.
Um, and we were able to bringtheir Unitry G1 Ultimate robot
to the bell ringing at theNASDAQ.
Uh more recently, we've launchedKOID for UCITS investors in
(05:21):
London.
Um, we also had an opening bellceremony at the London Stock
Exchange.
Again, we brought the Unitry G1Ultimate Robot to this event.
It was awesome to see.
Um, it's really cool interactingwith the humanoid if you um
haven't before.
So here we have some of thelatest models uh coming out
(05:43):
today.
Like we discussed, the United G1Ultimate.
Um, I will say their top model,which is the one we had at our
NASDAQ and London stock exchangeevents, uh, goes for around
$60,000.
And you can put custom hands onit, um, you can program it to do
all these different types ofactions.
Um, it can speak.
(06:05):
Uh this is really a blank slaterobot.
Um, and it's really uh usedtoday for educational purposes.
Uh Robostore said that most oftheir clients um are in the
educational space universities.
Um they are getting interestfrom you know other sectors as
well.
But a lot of uh universities arebuying up these robots to test,
(06:29):
program, and see thecapabilities for themselves.
Um we also have a few otherlatest models listed here.
Uh OneX's Neo has been in thenews a lot lately.
Um, they just released about a10-minute video of their uh
humanoid robot performing tasksin a home, doing everything from
(06:51):
the dishes to making your bed touh doing your laundry, uh,
taking out the trash, whateverit is, answering the door.
Um, very impressive stuff.
They actually started pre-ordersfor their humanoid and plan to
start shipping about Q2 2026.
So it's coming up fast.
Um we also on here is Figure AI.
(07:14):
They are a private company.
You might have seen them in thenews recently for raising uh a
new fundraising round at 39billion valuation.
Um but the real goal for all ofthese companies is to produce a
general purpose robot ratherthan a specific task robot.
(07:34):
They want to produce a robotthat can handle multiple unique
tasks, um, whether it's in yourhome, a factory, warehouse, uh,
or hospital.
So why now?
Um, we've seen companies likeBoston Dynamics uh 20 years ago
coming out with robot models,right?
And a lot of the problems thatBoston Dynamics encountered were
(07:58):
more engineering related.
Uh, making sure the movementsystem for the robot was as
human-like as possible.
You know, getting the elbowfine-tuned, whatever it was, you
know, it was really engineering,uh, it was really an engineering
bottleneck.
But today, um, in recent years,we've seen a surge in uh
(08:20):
advancements in AI.
And that has allowed humanoidrobots to also take a leap.
It's the logical next step.
Um and today we're going to befocusing on embodied
intelligence, which is AIsystems that are integrated into
physical machines like humanoidrobots.
Uh why do we need humanoidrobots?
(08:41):
Uh, there's a couple majorglobal issues that we're facing
today that we believe humanoidrobots can help with.
Uh one big one is agingpopulation metrics.
And a great example of this isin Japan.
Um, Japan has already reachedthis critical threshold where
(09:02):
28% of its population is abovethe age of 65.
So very quickly, theirpopulation is aging.
Uh on a global scale, we'reseeing about 13.5% of the global
population at least 60 years oldas of 2020, so five years ago.
And that's projected to continueto increase, right?
(09:25):
So that will shrink theworkforce.
That leads into labor shortages.
Uh so again, Japan, but uh we'reseeing this all over.
Uh there's a global shortage inuh labor shortage, and
especially in manufacturing umand a couple other areas.
(09:47):
And this is this is a problemthat we're going to have to
face.
Where the global economy isgrowing at a very fast pace.
And once you achieve a certainlevel of growth, you expect that
moving forward, right?
So how do we keep that going?
Humanoid robots.
Uh Morgan Stanley just came outwith a great report recently,
um, where you can see on theright chart here, they're
(10:09):
projecting 5 trillion in annualrevenue by 2050 for the global
humanoid robotics market.
They are also projecting thatthere will be at least 1 billion
humanoid robots integrated intothe global economy.
That's 1 billion humanoid robotsactively working side by side
with humans in a lot ofdifferent sectors, areas.
(10:34):
So, like we discussed before,where will we see these robots
uh pop up?
One of the main use cases willbe factories and warehouses.
Um, in factories, we're we'reseeing robotic arms already pop
up in uh factory lines.
Um, they're starting tointegrate uh humanoid pilots for
other tasks.
Uh, we're seeing Amazon andtheir warehouses uh start the
(10:57):
pilot humanoids for, you know,whether it's moving heavy
inventory or sorting inventory.
Um they're starting to test outhumanoids there.
So they're gearing up for thehumanoid push that is going to
start as early as next year.
Uh hospitals and homes uh forhospitals.
This is really going to befocused on elder care, I
(11:20):
believe.
Um, I think medical servicerobots, the market's projected
to grow by 21 billion by 2028.
So that really speaks to thegrowth that we can see in the uh
healthcare sector.
Um there they can assist withpatient care, physical therapy,
um, monitoring and improvingaccessibility for people with
(11:42):
disabilities, and finally,homes, which is probably what
most people are excited for.
Um, all the chores that youdon't want to do, like we said
before, cleaning laundry,washing the dishes, making your
bed, taking out the trash.
This is probably the mostexciting use case for most
(12:03):
people.
Um, like I was saying before,the 1X uh was showing their Neo
robot completing all these tasksand they started pre-orders.
I'm personally most excited forthis.
I would love to have a humanoidin my home to perform these
tasks and you know, save timefor myself and allow me to focus
on other things.
(12:23):
So, where's the bottleneck?
Um I'd like to say any companycan produce a functioning
humanoid robot today uh at a$1million price point, right?
They they can produce it, theycan make it, it's possible.
Uh, but no one's going to pay amillion dollars per humanoid.
(12:46):
It's just not it's just not thereality of it.
Um, so the bottleneck, thebarrier to getting to that mass
production, that mass adoptionpoint, uh, we at Crane Shares
believe is within the componentcompanies, the supply chain uh
leading into the final humanoidproduct.
You can see on the on thegraphic here on the slide, um,
(13:07):
there's a lot of different partsthat go into the building of a
humanoid.
Everything from actuators tosensors to motors, um,
semiconductors, you know, theouter shell.
Um there's a lot of high costshere.
And it's preventing the industryfrom at this moment developing
(13:29):
an affordable uh humanoid model.
However, we are making stridestowards that point of
affordability.
Uh just a couple weeks ago, wespoke to the director of
robotics at RoboSense, who isactually um a holding company in
COID.
They focus on LIDAR systems forthe humanoid.
(13:52):
So their technology allows thehumanoid to basically see, uh,
digest its environment, evaluateits environment, interact uh
like a human would in itsenvironment.
And LIDAR systems are essentialto allowing a humanoid to
perform the tasks that we talkedabout in factories, warehouses,
(14:13):
hospitals, and homes.
Uh just a few years ago, theirlight lidar technology costs
tens of thousands of dollars.
Um today, you know, their basicmodels cost a few hundred
dollars.
So we'll need this to happen topto bottom in the whole supply
(14:34):
chain of humanoids uh to reachthat that breaking point, that
turning point for massproduction and mass adoption.
So the full spectrum of thehumanoid value chain, we've
bucketed the humanoidopportunity into three main
sections.
Uh integrators, which we talkedabout were the actual companies
(14:57):
who were who are manufacturingthe robots, um, including
companies like Tesla, XPeng,Ubitech, uh, the Brain, which
are semiconductors andtechnology companies.
I like to think of them as theintelligence of the humanoid.
Um, it also accounts for about23% of the total cost of the
(15:17):
humanoid.
Um, but this is what allows thehumanoid system, the physical
system, to become intelligent,to be considered embodied
intelligence.
And finally, the body, which isthe largest portion of the
humanoid value chain today,right now.
Uh, this is made up of actuationactuation systems, which can be
(15:40):
thought of as the muscles of therobot, uh, mechanical components
that form the structuralfoundation of the robot, sensing
and perception, which are theLIDAR systems we are talking
about.
They also account for about 15%of the total cost.
And finally, the criticalmaterials for the robot, the
actual metals that are goinginto building the parts, the
(16:02):
outer shell of the robot, um,allowing it to, you know, move
like a human.
So, where's the investmentopportunity?
So, in the top portion here, youcan see a couple big names that
you may be familiar with (16:14):
Figure AI, um Tesla's Optimus Unitry,
which we discussed today.
Um, you know, separate fromTesla and maybe a couple others,
most of these companies areprivate.
So most of the public, mostinvestors are shut off from this
growth um directly because theyare private.
(16:36):
However, we believe a lot ofthis value, most of the value
can be captured in the componentcompanies, which are listed
below.
Verizon Robotics, um, andevents, Jabil, uh, a couple
others.
The component companies areessential to the building of the
(16:57):
robot.
And we see a lot of value inthese companies, and a lot of
them are publicly traded, and alot of them make up a large
portion of the COID portfolio.
So let's jump into COID itself,the methodology.
So we start with a universe ofover 3,000 companies, um, which
are selected based on a marketcap and value traded metric.
(17:22):
Um, we then filter it down toabout 1,800 or 800 companies,
which we filter by industry.
So any companies that arerelated to the humanoid
robotics, embodiedintelligence-related industries,
it could be componentscompanies, semiconductor
companies, um, integrators likeTesla.
(17:43):
Um, we then look at, we thencreate an evaluation score.
Um, we we use information fromcorporate filings, uh, media
coverage, public data regardingtheir direct participation in
the humanoid and embodiedintelligence technologies, or
even as strategic supply chainpartnerships with established
(18:05):
humanoid robotics firms.
After applying this exposurescore, we evaluate the 800
companies and select the top 50ranking companies.
Uh we then have COID, the COIDETF, which is the first, again,
the first uh humanoid androbotics uh and embodied
(18:25):
intelligence focused ETF everlisted in the US, as well as the
use its market.
We have an equal-weightedportfolio that is rebounds
quarterly.
We have 50 names in theportfolio, um, and which we
believe is a good exposure, abroad exposure to the humanoid
robotics opportunity.
Uh, so here you can see ourthree buckets integrators,
(18:50):
brain, body, um, with all theholding companies in Koid.
Uh there may be some familiarnames here, uh, like you can see
(19:35):
in the integrators, Tesla,XPang, Ubitech, Rainbow
Robotics, um, some others in thebrain portion, Texas
Instruments, Nvidia is a bigone.
Um, you know, uh VerizonRobotics.
But what we really focus ontoday is the body.
(19:57):
Actuation and mechanical systemsaccount for 55% of the total
cost of a humanoid.
Sensing and perception accountfor 15% of the total cost.
So in the mechanical systems, wehave companies like THK, um
aptive, TE connectivity, um, RBCbearings.
(20:18):
You're getting verydifferentiated exposure that you
may not have in your current outtech allocation.
Um actuation systems, uh S Tune,Lead Shine, NIDEC, sensing and
perception, uh, Robosense, likewe talked about earlier, the
LIDAR company, um, who we spoketo, um, Teledyne, Sensata.
(20:42):
And finally, Critical Materials,which has been in the news a lot
lately.
Um, you've probably seenheadlines about MP Materials,
um, who's had deals done withthe government, also some other
major tech players in the U.S.
They're really the U.S.'s top uhrare earths company.
(21:03):
A representative from MPMaterials actually uh came out
with this interesting stat, butthey believe that a humanoid
robot requires three times theamount of critical materials,
rare earths, compared to anelectric vehicle.
And that's just insane if youreally think about it.
(21:24):
Electric vehicles are probablythe most critical material
intensive sector globally rightnow.
Um, they require a large sum ofrare earths.
NP Materials is projecting thathumanoid robots will need 3x the
volume of critical materialscompared to electric vehicles.
(21:48):
Um also in the criticalmaterials uh allocation, we have
Linus Rare Earths, which is inAustralia, and then also
Northern Rare Earths.
So, what do some of thesecompanies do?
So in actuation systems, we haveSan Juan.
Uh San Wah specializes in bionicrobot uh electromechanical
(22:11):
actuators.
Uh sounds like a mouthful, butyou know, these this is an
important component company umthat supplies parts to companies
like Tesla to build theiroptimus Optimus.
Um we have companies likeNovanta also in the actuation
systems, who supplies opticalmagnetic encoders.
(22:32):
Uh, this allows for real-timeposition feedback in humanoid
joints, um, allowing the robotto move in a human-like manner.
Uh, and that is extremelyimportant in a world built for
humans.
You know, this is also brings meback to the point of why
humanoids make sense.
It's not by mistake that robotsare taking the shape as of
(22:57):
humanoids.
It's easier to build somethingthat can plug into our global
economy today rather thanchanging the infrastructure of
everything to fit um a new formof humanoid robot or a new form
of robotics.
So that's why humanoids justmake sense, right?
They can move like humans,operate like humans, um,
(23:21):
eventually perceive and thinkclose to humans.
Um we also have mechanicalsystems, companies like
LeaderDrive, who's a major uhglobal manufacturer of humanoid
robot precision reducers, umsensing and perception, like we
(23:41):
discussed earlier, Robosense,but also sensada.
Uh they're producing tactilesensors for the fingertips of
humanoid robots.
Um my coworkers, a couple of mycoworkers, uh Derek Young, who's
a senior investment strategistat Crane Shares, he recently
(24:01):
went on a factory tour in China.
Um he visited three privatehumanoid robotics companies.
Uh, one company was completelyfocused on the hands of a robot.
You'd be surprised how much uhtechnology and research and
development goes into justsomething as simple as the hand,
(24:23):
something you'd think is simple,like the hand.
Um so we have companies focusedon even the fingertips in in the
humanoid robot.
Uh Teledyne, which suppliesthermal imaging cameras, um,
another central component of thehumanoid, uh, critical
materials.
Um, like we talked about MPmaterials.
(24:46):
Uh they supply the actual uhcritical materials that can
produce high-performance motors,the actual shell of the
humanoid, um, Linus Rare Earths,the Australian Rare Earths
Company.
Um, they focus more on magnetmaterials, uh, semiconductors,
and technology.
Everyone's familiar with NVIDIAat this point.
(25:08):
Um, you know, they're reallyproviding the intelligence for
the humanoid robot through theirsemiconductors.
Umbotics, maybe a little lesserknown.
Uh, they design energy efficientAI chips, uh edge computing,
targeting consumer-facingrobots, probably the robots that
will be in your home.
(25:28):
And then the integrators,finally.
Tesla, um, who's producing theirOptimus, currently their Gen 3.
Recently, they had ademonstration of their humanoid,
uh, their Optimus servingcoffees at a Tesla diner.
We're seeing a lot more of thesedemos pop up, um, companies
(25:48):
showing off and trying to grabthe attention of consumers um
for their latest humanoidmodels.
Uh finally, XPang with theiriron humanoid robot, 60 joints,
200 degrees of freedom, uh,3,000 tops processing power.
Um, it's a very impressivemodel.
(26:11):
I've also seen a demonstrationfloating around recently.
Um, their humanoid looks veryhuman-like.
Um excited to see where they gowith that one.
Um, we're definitely going tosee more of these demos pop up.
Uh, you know, a lot of majorfirms are projecting humanoids
will start being integrated, gofrom demos to real-world
(26:33):
integration as early as nextyear.
So, where are the companiesbased and what sectors are they
in?
So, the COID portfolio right nowis in large part focused in
China and the United States, thetwo largest global economies in
the world.
Um, they are currently theleaders um in the space, which
(26:54):
is reflected in the COIDbreakdown, the COID country
allocation.
Um we really see uh the UShaving um an advantage in the AI
space, um, semiconductors,technology, um, computing power.
Uh the US is really leading inthis area.
(27:16):
China, however, uh they've beena long-term expert in
manufacturing.
Their advanced manufacturinggives them a distinct advantage
in that area.
Um, producing humanoids is acomplex, complex task, and China
has excelled in it.
Um, so here in the portfolio, wereally see the convergence of uh
(27:39):
AI and advanced AI from the USand advanced manufacturing from
China.
We also have exposure to Japan,Germany, and about 20% of the
portfolio is also allocated to afew other companies, South
Korea, uh Netherlands, etc.
So, like we were talking aboutbefore, um, the sector
(28:00):
breakdown.
A lot of the value today is inthe industrials, which is
reflected in the portfolio.
39% of the portfolio iscomponent companies, industrial
companies.
Um next up, the next highest isthe information technology
companies.
That's the intelligencecompanies, the you know, uh
(28:20):
Nvidia's of the portfolio.
Um, also a healthy allocation toconsumer discretionary and
materials.
Um, materials have been, youknow, doing very well
performance-wise this year.
I think it may have to do withyou know trade negotiations
between the US and China, butalso just rising demand for uh
(28:42):
next generation industries likehumanoid robots, AI, um,
electric vehicles.
I really like to think aboutthis opportunity um in the same
way that we think about the AIopportunity.
For our AGIX funds, we alsobucket the opportunity into
three categories (29:00):
um, hardware, which are the semiconductor
companies, infrastructure, uh,you know, cloud computing uh
infrastructure companies andapplications.
You know, for that, for AI, ourthesis is that the value chain
will migrate across hardware tothen in infrastructure, and
(29:22):
finally applications will startto pop up, you know, in niche
applications and a wide range ofsectors.
Like that value chain migration,we believe we'll have something
similar in the humanoid roboticspace.
Um, very early, like we aretoday, we'll see a lot of the
(29:43):
growth in the industrials, thecomponent companies.
Eventually it will shift to morefocus on the uh brain, the
intelligence of the humanoidrobot.
And finally, we'll see themanufacturers, uh, the
integrators, the actualcompanies building and selling
(30:04):
these robots um really capturethe end value down the line.
Um and that is assuming that youknow they are able to build a
functional humanoid robot thatum can fit in specific or
general purpose environments,um, and at if at an affordable
(30:25):
cost that companies, um,enterprises can can buy in
large, large quantities, as wellas consumers, uh models that
consumers can afford to buy fortheir homes.
Um a lot of these price points,you know, are targeted around
the cost of a car, uh, a cheapercar.
Uh a lot of these companiesreally want to get their
(30:46):
humanoids under the$30,000 pricepoint.
Um, a couple a couple companiesare already very close.
Um, so I'm excited to see theprogress we make there as the
supply chain uh bottleneck getssolved.
And a lot of these companies areable to lower their costs and
build a and an affordable uhhumanoid robot.
(31:07):
So finally, um we'll wrap uphere and get to the QA.
If you have any questions,please, please put them in the
QA button at the bottom of yourscreen.
So we have COID, our craneshares Global Humanoid and
Bodied Intelligence Index ETF,the first ever ETF uh focused
completely on the humanoidrobotics opportunity.
(31:27):
It was listed in June on theNasdaq Exchange.
Um, also listed a little bitmore recently for use its
investors.
Um, it trades on the Nasdaq.
We charge um 69 basis points uhfor access to this opportunity.
Uh we have about 50 holdings.
Equal weighted.
This was as of September, so alittle outdated, but it says 75
(31:50):
million, about 75 million in netassets.
We're actually getting closer toabout 90 million.
Um, on the right-hand side here,you can see the top 10 holdings,
which you know is really not asimportant in an equal weight
portfolio, but um between uhrebalances on a quarterly basis,
you'll see some companiesmigrate to the top of the
portfolio uh due tooutperformance.
(32:13):
And the same thing uh on the upthe other way around.
Um I mean, this product has onlybe been launched for a few
months now, and it's exhibitedvery impressive in performance
from the beginning of Junethrough the uh end of September.
It returned about 28% sinceinception.
(32:33):
You know, that number has comedown slightly.
Um, you know, we've been seeingmarkets kind of uh pull back a
little bit.
Um they were going up very fast.
Um a lot of a lot of it on theback of our AI technology
companies.
Um were coming into earningsseason, uh, maybe a little bit
of regulatory uncertainty withthe Fed.
(32:56):
Um, but overall, I think a lotof investors understand that the
humanoid robotics opportunity,the AI opportunity with our AGIX
fund, which gives you public andprivate exposure to the AI
opportunity, um, these are verylong-term trends, mega trends.
Uh, we don't believe it's goinganywhere.
(33:16):
Um, and it's going to besomething that's that could be
dominating, you know, the globaleconomy for decades to come.
So with that, um we can jumpinto the QA, Michael.
SPEAKER_00 (33:29):
Good.
A couple of questions here.
Are you planning on investing inany private similar to AGIX?
SPEAKER_01 (33:34):
So the methodology um is does allow for it.
Um we're always exploring newopportunities to be able to get
um, you know, get investors trueexposure to the full
opportunity.
Um, so it's something that wemay be exploring, but right now
the the portfolio is reallyreflected to where the value is
now for the humanoid roboticspace very early on.
(33:58):
Um, we see a lot of this valuein the component companies, a
lot of publicly tradedcompanies.
SPEAKER_00 (34:02):
And uh why an equal weight index?
You know, why why choose that asa methodology?
SPEAKER_01 (34:08):
Yeah, so you know, we've seen some other strategies
pop up that, you know, don'tequal weight their portfolio.
And you end up with a portfoliothat, you know, is heavily
leaning towards companies likeTesla and NVIDIA, uh, if it's
based on market cap.
Um, we don't think having, youknow, 20% of the portfolio in
(34:30):
those two companies is a truereflection of the humanoid
robotics ecosystem at themoment.
Um plus uh that's exposure thatyou probably have elsewhere.
I think most investors probablyhave, you know, a good
allocation to NVIDIA and Tesla.
We really wanted to bringinvestors differentiated
(34:51):
exposure to the global humanoidrobotics opportunity.
Um a lot of names included inthe COID portfolio you may not
own elsewhere, um, elsewhere inyour portfolio, or you may have
trouble accessing them as youknow they're listed on global
exchanges.
SPEAKER_00 (35:08):
It's a good place to wrap up this webinar.
Um, is there any way for peopleto have the PDF copy?
This is gonna be uh edited as apodcast and available on the
YouTube channel.
But anyway, for those that wantPDF copy of the presentation,
yeah.
SPEAKER_01 (35:19):
If if anyone's interested in learning more
about KOI, you can visit craneshares.com slash K-O-I D.
Um that will bring you to thefund product page.
On there, we have a presentationuh available, the one you saw
today, as well as um fact sheet.
We have articles and researchreports published on the
humanoid robotics ecosystem andwhy we believe KOI is a good
(35:42):
vehicle to capture thatopportunity.
Um, also listed on the fundproduct page for updated, um,
up-to-date numbers on top 50holdings, performance metrics,
etc.
So, yeah, please visitcraneshares.com slash K O I D
for more information on KOID andany of the other funds mentioned
today, like our AGIX funds.
(36:04):
Um, but thank you for everyonefor joining.
I really appreciate it.
Thank you, everybody.
Cheers.
Thanks, Mike.
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