Houston, we have another mega-cap.

SpaceX going public on the Nasdaq was a momentous occasion as it became the largest offering in history, raising roughly $75 billion in its first day. And starting today, the Elon Musk-led rocket and artificial intelligence business will be added to the Nasdaq-100, meaning every client who holds funds tied to the index now has exposure to one of the biggest companies riding the one of the biggest hype trains ever. However, despite being one of the largest companies by market cap, SpaceX won’t be among the heaviest-weighted names in the index, The Wall Street Journal reported: Only 5% of its shares were sold during the IPO. The company is expected to have an index weight of less than 1%, based on Nasdaq-100’s float-adjusted methodology.

While the SpaceX weighting is small, for now, it’s something for advisors to monitor as clients continue asking questions about getting exposure to a company that landed the largest initial public offering in history.

Ground Control to Major Tom

There are plenty of ways to give clients exposure to the Nasdaq and ultimately SpaceX, with the Invesco QQQ Trust (QQQ) and the Invesco NASDAQ 100 ETF (QQQM) being the most popular choices. The two funds manage roughly $600 billion in assets combined. However, other issuers are looking to undercut Invesco and provide stiff competition:

• The two Invesco ETFs have fees of 18 and 15 basis points, respectively.
• State Street’s new SPDR Portfolio Nasdaq100 fund (QNDX) is charging just 10 bps.
• Meanwhile, BlackRock’s upcoming iShares Nasdaq 100 ETF (IQQ) is expected to target a management fee of around 12 basis points.

Other funds with exposure to the Nasdaq include the Fidelity Nasdaq Composite ETF (ONEQ), the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and the First Trust Nasdaq-100 Select Equal Weight ETF (QQEW).

Sitting in a Tin Can. While all of this is exciting news for SpaceX and asset managers, it may not have the biggest impact inside client portfolios. “SpaceX joining the Nasdaq-100 certainly raises questions among clients,” said Nathan Mueller, founder of BlackBird Finance. “However, it isn’t something that will warrant changes to the portfolio,” he said, adding that a long-term investment plan has to consider bonds, alternatives, international securities and plenty of US equities, most of which are found outside of the Nasdaq. “[The index] starts to feel like a smaller, less significant piece of their overall portfolio.”

Get a load of Richie Rich.

Personal wealth grew nearly 11% globally last year, more than double the rate at which it grew the prior two years, according to the latest UBS Global Wealth Report. But while average wealth grew, median wealth actually declined in most countries examined in the report, as the gains tended to be concentrated among the upper crust. The US has the largest slice of the pie, accounting for more than a third of the world’s personal wealth. It’s welcome news for wealth managers: You won’t have to go too far to find your next client.

“It is the biggest economy, it’s the frontier country in terms of innovation, and these are the engines of wealth creation,” said James Mazeau, an economist at UBS.

Living La Vida Regular

While global wealth is growing, being a millionaire sure ain’t what it used to be. “We talk a lot about millionaires, but nowadays, what does it really mean?” Mazeau said. “Imagine owning a flat, maybe you’ve inherited it, and you don’t have a very large income, and maybe you have a pension pot, you might already be a millionaire, and yet you’re not living la vida loca.” In fact, $5 million might be a better starting point. UBS breaks that world into three tiers: $5 million to $10 million, $10 million to $50 million, and $50 million to $100 million. There are roughly 7 million adults across the three categories, with more than 4 million in the US. Over the past five years, the number of people in the US with $5 million to $100 million grew at a rate of about 7%, with their collective wealth growing at a rate of around 8%.

The report also showed:

• The US accounts for nearly half of the world’s new millionaires, minting them at an average rate of 1,200 a day.
• The global billionaire population now stands at roughly 3,300, up about 13% between April 2025 and April 2026, while their combined wealth rose about 25%.

Empire State of Mind. The global wealth pyramid is looking more and more like the Empire State Building than a pyramid these days: The two lowest wealth brackets are nearly equal, as those with assets under $10,000 make up 42% of the world and people with assets between $10,000 and $100,000 make up 41% of the world. UBS predicted that if present trends continue, these two brackets will soon trade spots as people move up the wealth ladder.

Gift tax returns? We don’t need no stinkin’ gift tax returns.

The IRS released new guidance last week that largely (but not entirely) resolves concerns about Trump account contributions inadvertently triggering burdensome gift tax reporting requirements for families and individuals. Revenue Procedure 2026-25 provides what is essentially a transfer tax waiver that treats Trump account contributions as completed “current interest” gifts rather than “future interest” gifts when those contributions meet certain requirements, preventing the need to pay and report gift taxes. That may sound like a technical nuance, according to Kevin Matz, partner at ArentFox Schiff, but the practical implications are significant for taxpayers and the IRS.

“The IRS received about 300,000 Form 709 gift tax returns in fiscal 2025,” Matz told Advisor Upside. “In contrast, because nearly 6 million elections to open Trump accounts have already been received, the number of gift tax returns filed annually could have exploded to several million.” That’s off the table now, Matz said, but the IRS guidance is not a blanket policy for all Trump account contributions, so advisors and their clients need to study up on the rules to ensure compliance.

Not Any Old Gift

Trump account contributions are technically structured as taxable gifts. Put simply, that’s because the funds are inaccessible to the child until age 18. That technically makes the contributions “future interest” gifts under the tax code, which normally triggers taxation and must be reported on a Form 709 gift tax return. Statutory language notwithstanding, Matz said, it was not Congress’ intent to make Trump account contributions taxable future interest gifts that can’t be counted as part of a taxpayer’s annual gift tax exclusion, set at $19,000 per recipient in 2026. Hence Revenue Procedure 2026-25 and its gift tax waiver or “safe harbor.”

“It’s undeniably helpful for taxpayers who fit within the scope of the revenue procedure, because it is complex and expensive to prepare Form 709,” Matz said. “However, the policy unfortunately creates two different treatments of Trump account contributions, depending on what situation the taxpayer is in.”

The safe harbor requirements (simplified) are as follows:

• The taxpayer is an individual whose only would-be taxable gifts during the year are cash contributions to one or more Trump accounts that do not exceed the annual exclusion amount.
• Their contributions to Trump accounts don’t generate either a gift or generation-skipping transfer tax liability, after application of the taxpayer’s remaining applicable credit amount against the gift tax or remaining GST tax exemption.
• Disregarding the Trump account contributions described above, no gift tax return is otherwise required to be filed for other purposes.

A Permanent Fix? Presumably, the Treasury and the IRS didn’t believe that they possessed the authority to grant broader, across-the-board relief based on the statutory language Congress adopted, Matz said. He believes Congress should therefore consider a technical correction to the statute to eliminate the disparate treatment of Trump account contributions.