https://intropic.io/research-hub daily 0.75 2026-06-08 https://intropic.io/research-hub/spacex-ipo-game-of-flows-part-ii monthly 0.5 2026-06-08 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/64b2f394-8811-4235-83e9-a702af0cc8fb/Picture9.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/065f9d84-7f6d-4263-b8e6-9aecc3fbbc7a/pown.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. Note: passive ownership as a percentage of float. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/327df76a-3903-4911-983a-d9138d8cfa82/demand.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. Note: index related demand across the first 15 days. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/9b0a0d00-b159-46f7-b037-342ceefc338c/reflex.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic. Note: The feedback loop depends on market elasticity and retail participation; we take no view on fundamental value or active investor positioning. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/bfc68d35-ed58-41ac-b5ad-e826d48496b2/privatemkt.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Hiive, Intropic. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/3c2b2f4f-5607-433a-b571-70e7f566778a/float.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Bloomberg Note: Estimates based on measuring the portion of the shareholder base that is held by just US mutual funds and US ETFs, then splitting that subset into Active, Passive, and Unknown. This is a useful proxy of the traditional ownership structure of large US IPO’s. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/602c007e-a12a-42d8-9444-fc349d287ee2/Screenshot+2026-06-08+105725.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/367535b5-3fd8-44b5-aa9a-edec08c25465/vol.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Axioma, Intropic. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/63de92c6-6fb8-411d-a27e-bb6c7d3ff7cc/lock+up+schedule.png Research Hub - SpaceX IPO: Game of Flows (Part II) - Make it stand out Source: Intropic https://intropic.io/research-hub/the-worlds-biggest-ipo-beyond-the-headline monthly 0.5 2026-06-08 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/ef1e79f0-2ddb-433e-990c-3b5d1b4d12f1/Share+Class.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/f850239f-d2ac-44d7-b3d2-fecaf7102817/mkt_cap.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic. Data as of 16 April 2026. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/5c7a50db-e191-4e40-9251-c35db693ef17/Picture1.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic. Data as of 16 April 2026. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/1e112e06-a114-484e-b0ac-444c7fc5d7eb/spacex-scenarios.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/5284259e-6e67-42ba-8499-bace4a0baf1f/spacex-scenario-cumulative.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/0a8893b6-fbeb-4454-a7ff-425475dfc83e/spacex-float.png Research Hub - SpaceX IPO: Game of Flows (Part I)  - Make it stand out Source: Intropic https://intropic.io/research-hub/walmarts-nasdaq-play monthly 0.5 2026-04-28 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/c57cd22d-3050-4675-ad64-712fec8171cd/Picture13.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic N.B. Net Flows Data in $mn and includes ETF flows just for R1000 constituents https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/db689b73-ef89-485c-9c4f-78e3b31a32b5/Picture14.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic N.B. Data in $mn and includes ETF flows just for R1000 constituents https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/a3ee8a1a-44b8-41b8-8d2e-c2eda74bacd4/WMT+CASE.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/8f21e6c5-3326-4006-9083-bfbb4f5b1e12/wmt+case+3.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/496f5717-616d-4548-8f80-e9a198be9a26/short+interes.png Research Hub - Walmart’s Nasdaq Play - The most ROI generative “rebrand” in recent history - Make it stand out Source: Intropic https://intropic.io/research-hub/the-rise-of-passive monthly 0.5 2026-03-20 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/85948b50-1bfe-4fec-9d8b-0a242b15a8a4/passive+vs+active.png Research Hub - The Rise of Passive - Make it stand out Source: Intropic, Research Affiliates and Morningstar N.B. Data includes U.S. open-ended funds and ETFs (with obsolete funds included) https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/8c276ed2-be26-4954-b937-2ed5d941f0fc/us+equity+fund+flows.png Research Hub - The Rise of Passive - Make it stand out Source: Morningstar https://intropic.io/research-hub/the-narrowing-edge-why-active-managers-are-struggling monthly 0.5 2026-03-09 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/cc13aa1d-af3e-409b-a6fa-652a431088a8/OUTPERFORMED.png Research Hub - The Narrowing Edge: Why Active Managers Are Struggling - Make it stand out Chart 3: US Large-Cap Blend Equity’s active survived funds performance https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/e2d4857b-f70f-4763-b48f-ae15eed077f8/ownership.png Research Hub - The Narrowing Edge: Why Active Managers Are Struggling - Make it stand out Chart 4: Share of passive ownership across top 10 US stocks https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/daa411b0-4794-4222-a557-2b76e1150d96/sp500-outperformance.png Research Hub - The Narrowing Edge: Why Active Managers Are Struggling - Make it stand out Chart 5: Percentage of S&P 500 constituents beating the index performance https://intropic.io/research-hub/a-different-market-microstructure monthly 0.5 2026-03-09 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/e90bfd5c-4904-48be-962f-e50f94a0fb86/etf-flows.png Research Hub - A Different Market Microstructure - Make it stand out ETF Flows in newly added stocks to the S&P 500 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/3ae7d2c0-0350-48fb-b34e-0d0e9c1a48d5/factor+neutral+volatility.png Research Hub - A Different Market Microstructure - Make it stand out Factor-neutral volatility has grown over time https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/3ad13bcf-a25a-4d74-a8f5-fa9ac317586a/variance-deco.png Research Hub - A Different Market Microstructure - Make it stand out Variance decomposition of S&P 500 addition pre- and post-index inclusion https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/166b3a43-4468-4c09-bbad-12117c85e55f/wmt-case.png Research Hub - A Different Market Microstructure - Make it stand out Walmart’s volume and indexed price vs fundamentally-linked peers https://intropic.io/sign-up/log-in daily 0.75 2026-02-10 https://intropic.io/image-hosting daily 0.75 2026-03-30 https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/0d28232f-66ac-4c1f-a7dc-0efa073073fe/Intropic_Logo_WH.png Image hosting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/1bfe716e-8b12-437e-8b1f-6bb7cbec7a10/Screenshot+2026-03-30+at+15.32.16.png Image hosting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/9c98cc47-b47c-4b46-9d7e-d721fe3eb37e/Screenshot+2026-03-30+at+15.13.28.png Image hosting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6616df7d3fbebe335cf3264b/6d0687c1-67f7-47bf-9544-ca16fc68fc62/Cover.png Image hosting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://intropic.io/new-page-3 daily 0.75 2026-02-10 https://intropic.io/new-page-4 daily 0.75 2026-02-10 https://intropic.io/new-page-2 daily 0.75 2026-02-10 https://intropic.io/data-solutions daily 0.75 2026-02-10 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