Latest / Trillions / The Best ETF Launch of 2025

Transcript

The Best ETF Launch of 2025 · Trillions

• 0:02
  Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
• 0:14
  Speaker 2: Welcome to Trillions.
• 0:14
  Speaker 3: I'm Joel Webber and I'm Eric Belchunis Eric.
• 0:17
  Speaker 4: We have not had a big group episode of Trillions
• 0:21
  Speaker 4: for a long time, but we're going to do it today.
• 0:23
  Speaker 3: We are, Yeah, we were due.
• 0:25
  Speaker 2: We're going to.
• 0:25
  Speaker 4: Talk about the best new launch ETF launch of twenty
• 0:29
  Speaker 4: twenty five. And we brought a ton of colleagues from
• 0:32
  Speaker 4: within Bloomberg News and Bloomberg Intelligence, each of whom are
• 0:36
  Speaker 4: going to pick their candidate and then in a battle royale,
• 0:40
  Speaker 4: we're going to decide which one is the best pitch.
• 0:43
  Speaker 3: Yeah.
• 0:44
  Speaker 5: This was something that Exchange Slash inside ETFs used to
• 0:47
  Speaker 5: do back in the day, and I participated in many times. Member,
• 0:50
  Speaker 5: I'm still salty over not winning for the Urini ETF
• 0:53
  Speaker 5: about four years ago.
• 0:54
  Speaker 2: Still carrying that grudge.
• 0:55
  Speaker 5: Yeah, but they stopped doing it, so I feel like
• 0:57
  Speaker 5: it's a we're gonna get time and let me throw
• 1:00
  Speaker 5: that up for years, gol. There's nine hundred and twenty
• 1:02
  Speaker 5: launches this year in the US alone so far. So far,
• 1:05
  Speaker 5: they'll get a little bit to daylight and two hundred
• 1:07
  Speaker 5: or two thy four hundred worldwide. That's ten ETFs. Every day,
• 1:11
  Speaker 5: Every forty five minutes, a new ETF is born.
• 1:14
  Speaker 3: Somewhere in the world easily.
• 1:16
  Speaker 2: Yeah.
• 1:16
  Speaker 5: Yeah, it may almost double the old record. That's how
• 1:20
  Speaker 5: many ETFs are hitting the market.
• 1:22
  Speaker 4: Okay, we have, like I said, a large group of
• 1:25
  Speaker 4: people here. We've got Phil, Donna Hirich, Dniza Sikova, andre
• 1:30
  Speaker 4: yap Isabelle Lee, maybe me, Athanasio, Sarah Vegas, maybe you,
• 1:37
  Speaker 4: and judging it all David Papadopolos, an executive editor with
• 1:41
  Speaker 4: Bloomberg News, this time on Trillions, the Best ETF Launch
• 1:46
  Speaker 4: twenty twenty five. Okay, so first of all, we have
• 1:52
  Speaker 4: to bring David Papadopolos back in.
• 1:55
  Speaker 2: David, welcome back to Trillions. Thanks Joel.
• 1:57
  Speaker 4: It's been a while, it's been it's been a second,
• 1:59
  Speaker 4: but we're really excited to have you back. This is
• 2:00
  Speaker 4: also that awkward moment where we kind of give you
• 2:03
  Speaker 4: the mic and yeah, like we're a sidekicks my show
• 2:07
  Speaker 4: now to your show. Now, So how are you going
• 2:08
  Speaker 4: to be judging the pitches?
• 2:12
  Speaker 2: So I think a few criteria.
• 2:14
  Speaker 6: I mean, obviously it feels like it should be an ETF.
• 2:18
  Speaker 6: That's like of this moment, right, like of the current
• 2:20
  Speaker 6: trend sort of thematic that way, hopefully an ETF that's
• 2:24
  Speaker 6: got some stake, by the way, for those you know,
• 2:27
  Speaker 6: for the members that there, you guys, don't don't go
• 2:29
  Speaker 6: tweaking your changing your pitches as you as you hear this, uh,
• 2:33
  Speaker 6: something with a little bit of staying power. And obviously
• 2:37
  Speaker 6: marketability is super important. I guess, like listen, maybe performance
• 2:41
  Speaker 6: so far, but it's presumably it's a it's a fairly
• 2:44
  Speaker 6: short period of time to be judging that way.
• 2:47
  Speaker 2: So you're the market, You're the market.
• 2:49
  Speaker 6: I am the market.
• 2:50
  Speaker 4: Okay, so it would appear all right, let's let's uh,
• 2:52
  Speaker 4: let's get down to it.
• 2:53
  Speaker 2: Who's gonna go first?
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  Speaker 6: First up, we have isabel Lee Cross, asset reporter here
• 2:59
  Speaker 6: with Bloomberg. Isabelle, you have one minute, and then I
• 3:03
  Speaker 6: will ask perhaps a follow up.
• 3:05
  Speaker 2: Question, and Eric and I might have some commentary, might have.
• 3:10
  Speaker 6: A snide co two which is by the way, which
• 3:13
  Speaker 6: is a little sketch because they're also going to be
• 3:16
  Speaker 6: pitching themselves. Don't let them get in your head.
• 3:18
  Speaker 7: The snyder the better.
• 3:20
  Speaker 6: Here we are, okay, okay, you are on the clock.
• 3:25
  Speaker 7: So do you guys believe that everyone deserves a second chance,
• 3:28
  Speaker 7: from your ex, from your enemies, from your boss. So
• 3:32
  Speaker 7: this ETF gets point.
• 3:33
  Speaker 8: One for that.
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  Speaker 7: I'm talking about the round hell Meme ETF tick Meme
• 3:38
  Speaker 7: stock ETF ticker is meme emmy round two for that.
• 3:42
  Speaker 7: So they're making a comeback. They closed in twenty twenty
• 3:45
  Speaker 7: three because they didn't get enough assets and they weren't
• 3:48
  Speaker 7: performing well basically, and then this year they relaunch and
• 3:52
  Speaker 7: now that they're in the market. The difference is last year,
• 3:55
  Speaker 7: last seconds, it was passive. Now it's active plus one point.
• 4:00
  Speaker 7: Now I'm totally three. It's it's active now and they're
• 4:03
  Speaker 7: going to use a series of quantitative and proprietary data.
• 4:07
  Speaker 7: But basically it talked about meme and we know that
• 4:10
  Speaker 7: meme socks entered the lexicon during the pandemic. It died
• 4:13
  Speaker 7: on a little, but now it's back. Think open Door,
• 4:16
  Speaker 7: krispy Kreme, think all of the recent figures that are
• 4:20
  Speaker 7: meme ified today. So I really think that this and
• 4:23
  Speaker 7: the basis points is sixty nine, which is not inexpensive
• 4:25
  Speaker 7: four points for me.
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  Speaker 6: Yeah, all right, Meme interesting, certainly certainly topical meme stocks
• 4:37
  Speaker 6: are indeed back open Door, krispy Kreme and a company
• 4:41
  Speaker 6: founded by an old college buddy of mine by the
• 4:43
  Speaker 6: name of Beyond Me. Wow. Yeah, true story over both
• 4:49
  Speaker 6: bad basketball players on a bad college team. It's true.
• 4:53
  Speaker 3: So lots of impact there, Yes, I know.
• 4:58
  Speaker 2: Yourself.
• 5:00
  Speaker 4: It's interesting about that. There's little like asterisks there that
• 5:02
  Speaker 4: I like that you called that like it is a
• 5:04
  Speaker 4: new launch this year, but it has been here before.
• 5:07
  Speaker 2: Yeah.
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  Speaker 5: By the way, meme has a great I almost think
• 5:10
  Speaker 5: it's an inverse indicator because it closed at the actual bottom,
• 5:14
  Speaker 5: and then since it's launched, the market's gone down, like
• 5:17
  Speaker 5: it might be like kind of kramer esque in its
• 5:20
  Speaker 5: ability picked. Yeah, and bottom ticked. When it first closed,
• 5:24
  Speaker 5: it bottom ticked, And it's interesting.
• 5:26
  Speaker 7: That they reserved the ticker almost like they knew it
• 5:28
  Speaker 7: was gonna make a comeback, all right.
• 5:31
  Speaker 2: Yeah.
• 5:32
  Speaker 3: Also, this is one of the only self lazaruses.
• 5:35
  Speaker 7: Yeah.
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  Speaker 5: What I mean by that is a lot of times
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  Speaker 5: the ETF dies and another issue goes, ooh, let's let
• 5:39
  Speaker 5: me try that. This is the first time where the
• 5:41
  Speaker 5: same issuer killed the ETF and said, let's resurrect our
• 5:45
  Speaker 5: own ETF.
• 5:45
  Speaker 3: I've never seen that, So let's.
• 5:47
  Speaker 7: End this podcast because I clearly went.
• 5:49
  Speaker 6: Thank you, thank you, so I guess questions from me
• 5:54
  Speaker 6: is uh aum so far? And I guess is about
• 5:59
  Speaker 6: so like, just tell me your vision for this thing,
• 6:02
  Speaker 6: giving its rocky past. Is this like a a one
• 6:09
  Speaker 6: year ETF play, a five year ETF play, a tenure?
• 6:12
  Speaker 2: Like?
• 6:12
  Speaker 6: What what's what's your time horizon for this thing? What
• 6:15
  Speaker 6: does success look like for this ETF?
• 6:17
  Speaker 7: I feel like assets is always a success. But the
• 6:20
  Speaker 7: past one it was just a passive ETF. It just
• 6:22
  Speaker 7: trapped an index. Now it's active and they will rebalance
• 6:25
  Speaker 7: every two weeks, as opposed to in the past where
• 6:27
  Speaker 7: they rebalance every month. Because, as we know, meme sentiments
• 6:30
  Speaker 7: change within a day or something. If you just find
• 6:33
  Speaker 7: yourself in Reddit, which I've been using a lot more.
• 6:35
  Speaker 7: By the way, I best hair straightener, I read it,
• 6:38
  Speaker 7: best restaurant reddit.
• 6:42
  Speaker 9: It.
• 6:43
  Speaker 8: No, I don't do that.
• 6:46
  Speaker 2: She's like playing into the meme vibes.
• 6:48
  Speaker 6: Yes, all right, uh Eric Joel, any final comments?
• 6:53
  Speaker 2: Let's keep it moving? Who's next?
• 6:55
  Speaker 6: Thank you? Will next stop? Another cross said superstar for
• 7:01
  Speaker 6: us here it's you are on the clock.
• 7:05
  Speaker 10: Just to say, not that I'm competitive, but Isabelle's ETF
• 7:08
  Speaker 10: was down ten percent last week. My ETF everyone cares
• 7:12
  Speaker 10: about dividends. Everyone is asking about dividends. But there are
• 7:15
  Speaker 10: two big problems about dividends. That they underperformed the index, uh,
• 7:19
  Speaker 10: and that they have a tax track. And I have
• 7:21
  Speaker 10: a proposal to fix that. Allto cobbets in ETFs, it's
• 7:26
  Speaker 10: all the buzz.
• 7:27
  Speaker 7: Uh.
• 7:28
  Speaker 8: When it comes to banks, everyone has been doing it
• 7:30
  Speaker 8: for a.
• 7:30
  Speaker 10: Very long time, but now you can see it in
• 7:33
  Speaker 10: an ETF is based off commos. It's seventy four basis point,
• 7:37
  Speaker 10: which for kind of a sophisticated trait, I would say
• 7:40
  Speaker 10: it's relatively cheap. Of course, it's index base, which is important.
• 7:44
  Speaker 10: There are a lot of single stock ones that are
• 7:46
  Speaker 10: very voatile, come with a lot of issues, but index
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  Speaker 10: base obviously is much more balanced, less likely to get
• 7:54
  Speaker 10: big losses.
• 7:56
  Speaker 11: Uh.
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  Speaker 8: Then we have yields all.
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  Speaker 10: For fourteen percent and coupon which is one of the
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  Speaker 10: highest in that divident category. And at the same time
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  Speaker 10: we're talking about performance, there is.
• 8:09
  Speaker 2: A time is up. Yeah, okay, well there, yeah, I
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  Speaker 2: think we.
• 8:13
  Speaker 8: C a I E okay, and I'm sure we have
• 8:16
  Speaker 8: more questions.
• 8:17
  Speaker 6: It's a I E that doesn't exactly like like it
• 8:22
  Speaker 6: almost it almost it almost looks like.
• 8:24
  Speaker 5: I think they call it kaya ya. That's you'd have
• 8:28
  Speaker 5: to be the parent of. We had the guy on
• 8:30
  Speaker 5: last week, actually did we had the issue we're on?
• 8:32
  Speaker 8: Well what was his this?
• 8:35
  Speaker 3: But we had thirty he had forty five minutes.
• 8:37
  Speaker 5: She tried to squeeze what might be, in my opinion,
• 8:41
  Speaker 5: the most complicated ETF I've ever seen in my life
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  Speaker 5: up in a minute.
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  Speaker 3: I know it was worth it.
• 8:48
  Speaker 4: Clock management did get you a point of super ambitious, so.
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  Speaker 6: You weren't even focused so much on winning yourself as
• 8:58
  Speaker 6: you were taking down.
• 8:59
  Speaker 8: That's why strategy. That's strategy, all right.
• 9:03
  Speaker 4: I think we could probably help her pitch out a
• 9:05
  Speaker 4: little bit which was divd in. ETFs were a hot
• 9:08
  Speaker 4: topic this year. This one distinguishes itself in that space.
• 9:12
  Speaker 4: That would have been my the TLDR.
• 9:14
  Speaker 10: I didn't even mention tax efficiency.
• 9:17
  Speaker 5: I would have gone, will going do you like fourteen
• 9:19
  Speaker 5: percent yield?
• 9:20
  Speaker 2: There you go?
• 9:21
  Speaker 6: I mean, that's is it like anytime I hear fourteen
• 9:24
  Speaker 6: percent yield, immediately go to bullsh But is it like,
• 9:28
  Speaker 6: is it a real fourteen percent?
• 9:30
  Speaker 8: Well it's not my ATF, that's all they say.
• 9:32
  Speaker 3: It's fourteen but you're selling it for the purpose.
• 9:36
  Speaker 8: Of selling it. Yes, it's real.
• 9:39
  Speaker 6: All right, then it seems like a good deal, right,
• 9:42
  Speaker 6: I mean yeah, but I also got I got some
• 9:45
  Speaker 6: land to sell you in buld area.
• 9:48
  Speaker 8: That has a high yield.
• 9:51
  Speaker 6: All right, thank you, dinny.
• 9:53
  Speaker 8: Thank you.
• 9:54
  Speaker 5: This ETF, by the way, I got to say, has
• 9:55
  Speaker 5: had inflows every week since it's launched, since June.
• 9:59
  Speaker 3: That's really really rare.
• 10:02
  Speaker 6: What is uh? What's to tell you?
• 10:03
  Speaker 5: I'm up to about half a billion, okay in six months?
• 10:07
  Speaker 3: Yeah, so it is? Is it a bit of a juggernaut?
• 10:13
  Speaker 6: I bet you what is me? I bet your mime
• 10:14
  Speaker 6: has like nineteen million dollars.
• 10:16
  Speaker 3: It doesn't have a lot.
• 10:17
  Speaker 2: Yeah, all right.
• 10:21
  Speaker 6: Next up on the mic, one of our crack ETF
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  Speaker 6: research associates, Andre, Yeah, Andre, welcome, you are on the clock, sir.
• 10:30
  Speaker 2: Okay.
• 10:31
  Speaker 12: My pitch is a round hill Humanoid Robotics ETF. Human
• 10:35
  Speaker 12: I picked this ETF because basically, I'm just a disillusioned
• 10:38
  Speaker 12: millennial and this one just fits with my theme perfectly.
• 10:41
  Speaker 2: Well.
• 10:42
  Speaker 12: So we have the AI bubble and everybody has an
• 10:44
  Speaker 12: AI e TF. This one right here is going to
• 10:47
  Speaker 12: give us robots. It's gonna arm sky nets with the terminators,
• 10:50
  Speaker 12: it's going to bring to an end. And that's why
• 10:53
  Speaker 12: I like this ETF. So it has companies like Tesla,
• 10:56
  Speaker 12: Ubi Robotics and Video, has eight sorry about thirty million
• 11:00
  Speaker 12: in assets with an expense ratio of zero point seventy
• 11:02
  Speaker 12: five percent. I like it just because it's something different.
• 11:06
  Speaker 12: It's a new twist on the AI bubble. So that's
• 11:10
  Speaker 12: basically it for me. That's my pitch.
• 11:12
  Speaker 4: Wow fast, Yeah that was that was fast, by the way,
• 11:17
  Speaker 4: walking to trillions first time on.
• 11:20
  Speaker 6: But but there's a little bit of it might be
• 11:23
  Speaker 6: a little bit of a tell Andre when you say
• 11:25
  Speaker 6: at the end it's a new twist on a on
• 11:28
  Speaker 6: an E t F bubble.
• 11:30
  Speaker 3: So I think he said ay AI.
• 11:33
  Speaker 6: Bubble, I misad that's what I actually meant. I remember
• 11:35
  Speaker 6: I'm jet lag.
• 11:36
  Speaker 4: I have a question, which is why this one and
• 11:38
  Speaker 4: not cooid, which is the other human.
• 11:42
  Speaker 12: Ticker counts for a lot. If the ticker doesn't make
• 11:44
  Speaker 12: it pop, you're not gonna remember it. And this one
• 11:46
  Speaker 12: just said I.
• 11:47
  Speaker 3: Think you just stole Joel's I talked about it and.
• 11:54
  Speaker 6: Human human is good.
• 11:55
  Speaker 2: That is a good ticker. What's the exact.
• 12:01
  Speaker 6: But why is it human? Why isn't it robot.
• 12:03
  Speaker 12: I don't understand, because it's going to replace humans essentially, humanoids,
• 12:10
  Speaker 12: not ex so they're building humanoid robots essentially to take
• 12:15
  Speaker 12: the place in the labor.
• 12:16
  Speaker 6: But is this just because this is like their helpers,
• 12:18
  Speaker 6: their helpers childhood, like galactic fantasy of yours or you
• 12:22
  Speaker 6: really believe in the atf oh.
• 12:24
  Speaker 12: I wasn't joking when I said I'm a disillusioned millennial.
• 12:26
  Speaker 12: Let's just give the terminators their time to shine.
• 12:29
  Speaker 6: Okay, all right?
• 12:30
  Speaker 5: I mean to be fair, you've ever seen that Boston
• 12:32
  Speaker 5: Dynamics video once every six months with a robot like
• 12:35
  Speaker 5: does a somersault grabs a gun and start shooting? And
• 12:37
  Speaker 5: you're like, holy, I think those are the videos that
• 12:40
  Speaker 5: if you extrapolate that ten twenty years is where I
• 12:43
  Speaker 5: think this videos Like they're doing new stuff now, That's
• 12:47
  Speaker 5: what I'm saying, and they now they sometimes the robot
• 12:49
  Speaker 5: can fall over, get back up and like break dance.
• 12:53
  Speaker 6: It's just an interesting moment to pitch us. You know,
• 12:56
  Speaker 6: you know the AI, you know the whole way.
• 12:59
  Speaker 2: This is like the thing after the AI thing.
• 13:02
  Speaker 6: Though, this is like it's gonna it's gonna survive that
• 13:04
  Speaker 6: I mean they're.
• 13:05
  Speaker 4: Like cockroaches, these robots, like I mean, they just need
• 13:08
  Speaker 4: a charge.
• 13:09
  Speaker 12: If we think about it, like terminator AI sky in it,
• 13:12
  Speaker 12: we need the actual terminators to actually complete the circles.
• 13:16
  Speaker 12: So we have That's where I'm going with it. We
• 13:18
  Speaker 12: got this go to the natural conclusion.
• 13:22
  Speaker 5: This is as far as I've seen anybody take a theme.
• 13:24
  Speaker 5: Yeah that's pretty I mean, but it's all dust. Yeah,
• 13:28
  Speaker 5: and all the money being thrown at AI.
• 13:30
  Speaker 3: I mean, something's gonna happen.
• 13:32
  Speaker 6: Well, they're gonn to be thrown AI, including thirty million,
• 13:38
  Speaker 6: just got started to six months than you, sir. Okay,
• 13:46
  Speaker 6: So next up a man who needs no introduction, just the.
• 13:49
  Speaker 2: Co host of the podcast, Joel Weber.
• 13:51
  Speaker 4: Okay, So maybe you've heard of K pop Demon Hunters
• 13:55
  Speaker 4: and the song Takedown. My role is to provide an
• 14:03
  Speaker 4: ETF that I feel like is going to be taken
• 14:05
  Speaker 4: down by the competition here. But I've picked the ticker
• 14:09
  Speaker 4: texan te x in, which is an I shares ETF
• 14:14
  Speaker 4: that launched over the summer. It does not have a
• 14:17
  Speaker 4: whole lot of assets, but if you know anything about Texas,
• 14:20
  Speaker 4: it's larger than life.
• 14:22
  Speaker 2: And this is a bet on Texas.
• 14:25
  Speaker 4: So biggest holding is Tesla, followed by Exxon Mobile. It's
• 14:30
  Speaker 4: kind of a great one, like get oracle As number
• 14:32
  Speaker 4: three so really Chevron number four, Caterpillar number five, all
• 14:37
  Speaker 4: of these companies have huge presences in Texas. We know
• 14:42
  Speaker 4: that Texas is the future of business, and you're like Texas,
• 14:45
  Speaker 4: you're either with us or against us.
• 14:50
  Speaker 6: I gotta say, I'm surprised. That was kind of cool.
• 14:54
  Speaker 6: I mean, you don't read into that. I mean, I
• 14:57
  Speaker 6: don't know when he first came with Texan, I was
• 15:00
  Speaker 6: and I was I was looking. Uh, I was thinking
• 15:03
  Speaker 6: I was going to be disappointed, but that was kind
• 15:04
  Speaker 6: of fun. I mean I could. Uh. I don't know
• 15:07
  Speaker 6: it goes anywhere.
• 15:09
  Speaker 2: You know.
• 15:09
  Speaker 4: I gotta tell you. Bloomberg News has not written about
• 15:11
  Speaker 4: it once. I don't think the I has written about
• 15:13
  Speaker 4: it at all.
• 15:13
  Speaker 2: It's kind of a little sleeper.
• 15:15
  Speaker 3: I think it might have made Katie's newsletter.
• 15:18
  Speaker 2: Yeah, right it Okay.
• 15:20
  Speaker 3: The other thing is you get that okay minus one
• 15:24
  Speaker 3: a little bit of a.
• 15:24
  Speaker 5: Tax tailwind, right, because when you move there, you pay
• 15:28
  Speaker 5: less taxes.
• 15:28
  Speaker 2: Right. This is a play for the future.
• 15:30
  Speaker 5: Yeah, there was a Nashville ETF that had the same pitch,
• 15:33
  Speaker 5: but it closed.
• 15:35
  Speaker 2: Phil Phil Donna has a criticue But but you can.
• 15:39
  Speaker 6: It doesn't matter.
• 15:40
  Speaker 3: It's a political play totally for the moment.
• 15:43
  Speaker 6: That's the story of the But see, I could see
• 15:46
  Speaker 6: Texan working out in Nashville.
• 15:49
  Speaker 2: That's not Texas. That's not Texas, that's Tennessee.
• 15:52
  Speaker 3: You know what, you know what the Nashville ETF.
• 15:55
  Speaker 5: All the hospitals are there, So it ended up being
• 15:57
  Speaker 5: like this ipso facto hospital ETF. But it is too specific.
• 16:01
  Speaker 5: But they also had an Oklahoma ETF back in the day.
• 16:03
  Speaker 5: And this is the second attempt to Texas. So they've
• 16:05
  Speaker 5: tried these, so that this one by I Shares is
• 16:08
  Speaker 5: I think probably the biggest reason it might succeed.
• 16:10
  Speaker 6: But when you said at some point here I believe
• 16:13
  Speaker 6: you said, it doesn't have a whole lot of money
• 16:15
  Speaker 6: under management.
• 16:16
  Speaker 2: It does not.
• 16:20
  Speaker 4: Million you know, like we have not we have not
• 16:22
  Speaker 4: seen a lot of investors pile into this.
• 16:25
  Speaker 2: But you know, keep in mind it's a big state.
• 16:28
  Speaker 2: I think Texans will invest in Texas. All right, It
• 16:30
  Speaker 2: all come around, all.
• 16:31
  Speaker 6: Right, that's cool.
• 16:33
  Speaker 2: I like it.
• 16:33
  Speaker 6: Joel, Thank you sir.
• 16:34
  Speaker 2: You're welcome.
• 16:39
  Speaker 6: Next up is our cross asset team leader here at
• 16:45
  Speaker 6: Bloomberg Mail Donna Hirich.
• 16:48
  Speaker 2: Wow, we're just.
• 16:52
  Speaker 3: Uh on the clock.
• 16:54
  Speaker 13: First of all, everything is bigger in Texas except for
• 16:57
  Speaker 13: Joel's ETF. Second of all, Andre chose human even though
• 17:02
  Speaker 13: there was an ETF that launched before it based on
• 17:05
  Speaker 13: humanoid robotics, and he didn't even know that humanoids are
• 17:08
  Speaker 13: already in existence. What's your I'm just poking holes in
• 17:12
  Speaker 13: everybody else's argument. The best and most innovative ETF of
• 17:16
  Speaker 13: the year goes to xdiv XTIV. It's another round hill
• 17:22
  Speaker 13: ETF and this one will invest in other s and
• 17:26
  Speaker 13: p five hundred ETFs for you. So it's going to
• 17:30
  Speaker 13: be tracking the market, except it jumps out of those
• 17:34
  Speaker 13: ETFs before the ex dividend date, and that way you
• 17:38
  Speaker 13: can avoid a big tax hit.
• 17:41
  Speaker 2: I see, that's it.
• 17:43
  Speaker 13: It's so simple, it's genius, it's innovative. Nothing like this existed.
• 17:48
  Speaker 13: Tax avoidant tax awareness has been a huge theme in
• 17:52
  Speaker 13: ETFs since the birth of ETFs.
• 17:54
  Speaker 6: You're in a time pal.
• 17:55
  Speaker 8: This brings it to a whole new level.
• 17:57
  Speaker 6: Okay, so my question for you is it's a whole
• 18:01
  Speaker 6: new strategy.
• 18:01
  Speaker 4: First of all, you just dig, you know, drag everyone
• 18:04
  Speaker 4: else and then like exactly by the.
• 18:06
  Speaker 6: Way at the end my pitches, I can't remember everybody
• 18:10
  Speaker 6: else sucks. I could have kept going about how everyone
• 18:13
  Speaker 6: else sucks. Yeah, So again, the name x div's a
• 18:18
  Speaker 6: little bit like hi, whatever the other one was. It's
• 18:21
  Speaker 6: not like, doesn't exactly like roll off the tongue. But
• 18:24
  Speaker 6: what does history tell us about how avoiding taxation? And
• 18:30
  Speaker 6: this little tax avoiding scheme? How much does it juice returns?
• 18:33
  Speaker 6: What is the data tell us?
• 18:34
  Speaker 13: Pal juice returns the data.
• 18:42
  Speaker 5: You want returns of this versus what.
• 18:52
  Speaker 6: I think Winkler used to call this show up and
• 18:54
  Speaker 6: throw up.
• 18:56
  Speaker 3: You're allowed one terminal lifeline?
• 18:58
  Speaker 2: Okay?
• 18:58
  Speaker 8: Can I call it?
• 18:59
  Speaker 3: Friend? Is this also a roundhill? Yes, it's a third
• 19:02
  Speaker 3: round hill? My god? Are they paying us? Okay?
• 19:06
  Speaker 5: This year XTIV is beating VU by thirty four basis
• 19:10
  Speaker 5: points and it's only been a couple months, so annualized,
• 19:13
  Speaker 5: that would be an extra forty basis No, annualize, that's
• 19:17
  Speaker 5: an extra two percent a year.
• 19:20
  Speaker 6: Eric might win for this.
• 19:22
  Speaker 5: I wish I was lying because I am also in
• 19:24
  Speaker 5: this competition. But again, I'm just looking at a small window.
• 19:28
  Speaker 3: But so far, something's working.
• 19:31
  Speaker 6: And history though will tell us that in general, this
• 19:34
  Speaker 6: kind of this kind of scheme works, is that.
• 19:37
  Speaker 5: Right, generally speaking, I also think advisors are real concerned
• 19:42
  Speaker 5: with after tax returns. I mean, in the end, your
• 19:44
  Speaker 5: returns are after inflation, after tax, that's like your real return.
• 19:48
  Speaker 5: And so this is why it's important. But it's tough
• 19:52
  Speaker 5: to get people off.
• 19:53
  Speaker 3: Of VU and S and P.
• 19:54
  Speaker 4: Just to be clear here, the strategy was flamethrower, and
• 20:00
  Speaker 4: it works.
• 20:01
  Speaker 3: I know. I happen to be in the end zone
• 20:03
  Speaker 3: just standing there.
• 20:04
  Speaker 8: You're wide open.
• 20:05
  Speaker 13: This is for retail investors, this is for institutions, this
• 20:09
  Speaker 13: is for international institutions, this is for everybody.
• 20:13
  Speaker 6: Okay, excellent, wil Donna, thanks for playing.
• 20:19
  Speaker 2: All right, Well, we just had an addition.
• 20:22
  Speaker 4: James Safert, who's a senior research ETF analyst at Bloombergan Intelligence,
• 20:27
  Speaker 4: was caught on some terrible public transit woes and then
• 20:31
  Speaker 4: amazingly just charged through security literally walked in and we're
• 20:35
  Speaker 4: just going to make him do his pitch. He's not
• 20:37
  Speaker 4: hurt any of the other pitches. If you don't win,
• 20:41
  Speaker 4: no you no, it's bad. It's yeah, I think you're
• 20:43
  Speaker 4: gonna win. So whatever you're going to pitch.
• 20:45
  Speaker 5: It may help him because you won't spend thirty seconds
• 20:48
  Speaker 5: trashing everything.
• 20:48
  Speaker 6: You have one minute to pitch, James. You are on
• 20:52
  Speaker 6: the clock now.
• 20:54
  Speaker 9: Okay, So anyone who knows me is not going to
• 20:56
  Speaker 9: be surprised that I'm going to pitch a crypto ETF.
• 20:59
  Speaker 3: So the one I'm gonna go with.
• 21:00
  Speaker 9: There's a few that you go with, but I'm gonna
• 21:02
  Speaker 9: go with the bitwise b Soul or Bitcoin bit Wise.
• 21:05
  Speaker 9: Solana ETF first full spot crypto staking ETF.
• 21:10
  Speaker 3: Uh.
• 21:10
  Speaker 9: It launched into when people were kind of I mean,
• 21:13
  Speaker 9: right now, it's not a great time to be in crypto.
• 21:14
  Speaker 9: It's down pretty bad. Uh, and it's still one of
• 21:17
  Speaker 9: the best launches of the year. If you look at
• 21:19
  Speaker 9: volumes the easiest way to see how good of a
• 21:21
  Speaker 9: launch and ETF has had. It's second only to another
• 21:24
  Speaker 9: crypto ETF. But Solana itself is a much smaller market
• 21:29
  Speaker 9: cap than the one that I'm I just referenced. So
• 21:31
  Speaker 9: XRP is a is a bigger product in the crypto world.
• 21:34
  Speaker 9: But uh, Solana is a little more interesting to me
• 21:38
  Speaker 9: just because of the staking aspect. It's something that is
• 21:40
  Speaker 9: brand new. It's taken in. It took in over two hundred.
• 21:43
  Speaker 6: Million dollars in day one ten seconds.
• 21:46
  Speaker 3: And it's just it just proves that.
• 21:48
  Speaker 9: Despite even when the market is going bad and against you,
• 21:50
  Speaker 9: in the crypto world, these ETFs the top two are
• 21:53
  Speaker 9: crypto assets.
• 21:54
  Speaker 6: Okay, you're out a time.
• 21:56
  Speaker 2: That was good.
• 21:57
  Speaker 6: Interesting, Well, of course somebody, somebody, Joel had to pitch we.
• 22:02
  Speaker 2: Needed crypto to be on the list, and James delivered.
• 22:05
  Speaker 6: At the risk of you saying this is Papa Opples
• 22:08
  Speaker 6: making it about Papa Apples again, I will just say,
• 22:09
  Speaker 6: my brother, and this helps your pitch is obsessed with Solona.
• 22:13
  Speaker 6: There you go, which makes me extremely dubious. Uh ten
• 22:22
  Speaker 6: million on day one you said it taking no so.
• 22:25
  Speaker 9: Day one trading was fifty seven million at its launch
• 22:29
  Speaker 9: last month it was the largest.
• 22:30
  Speaker 2: We just had an extra PETF to pass it.
• 22:32
  Speaker 9: So now it's the second largest launch as far as
• 22:35
  Speaker 9: volume goes.
• 22:35
  Speaker 2: And it took an over two hundred million dollars in
• 22:37
  Speaker 2: day one.
• 22:38
  Speaker 6: So what's the what's the fee you have?
• 22:46
  Speaker 5: I think it's point two, but I actually I'll tell you,
• 22:49
  Speaker 5: hold on, I'm the life doctor, bel this is going
• 22:52
  Speaker 5: to be I think it's point two two.
• 22:54
  Speaker 6: All right, Trenz. Anything for I.
• 22:59
  Speaker 4: Think is to just you know, walk out of here
• 23:02
  Speaker 4: on the high like, go get some ice water.
• 23:06
  Speaker 3: Well I have a question for him.
• 23:10
  Speaker 2: Well you know that, and it's still to be clear,
• 23:14
  Speaker 2: you know.
• 23:15
  Speaker 6: Yeah, Well, crypto it's a tricky.
• 23:17
  Speaker 4: Moment pitching anything crypto current going down.
• 23:23
  Speaker 5: I think that's why I would say I think you
• 23:26
  Speaker 5: have to sell everybody in twenty seconds on why salon
• 23:29
  Speaker 5: a long term.
• 23:30
  Speaker 9: Yeah, I mean it's it's if you look at crypto, right,
• 23:33
  Speaker 9: if you're looking at blockchain technology, these crypto technologies you
• 23:36
  Speaker 9: have on one end of the spectrum Bitcoin super decentralized,
• 23:40
  Speaker 9: super secure, it's a little slow, it does a few
• 23:42
  Speaker 9: things extremely well, and then there's this whole other spectrum
• 23:45
  Speaker 9: of like less decentralization, maybe a little bit less secure,
• 23:48
  Speaker 9: more open, can do a lot more things than just
• 23:50
  Speaker 9: transfer money. Solana is competing on that other end of
• 23:53
  Speaker 9: the spectrum without being a completely centralized entity. So it's
• 23:56
  Speaker 9: competing with ethereum. It's a little more centralized in ethereum.
• 24:00
  Speaker 9: Some people listening to this will jump out of their
• 24:02
  Speaker 9: screens at me saying that, but it basically is trying
• 24:04
  Speaker 9: to compete with things in the traditional financial world, traditional
• 24:07
  Speaker 9: technology world, while also taking aspects that made bitcoin as
• 24:11
  Speaker 9: successful as it was.
• 24:14
  Speaker 6: Good stuff, James, thank you. Next up, we have a
• 24:21
  Speaker 6: fellow Greek eighth and Sarah Vegas, research associate here at
• 24:26
  Speaker 6: Bloomberg eighth. Then hit us.
• 24:28
  Speaker 11: Yeah, I don't even need a minute because this is
• 24:30
  Speaker 11: so easy. But just based on the picks, we have
• 24:32
  Speaker 11: Crypto that's down thirty percent, the most complicated etf ever
• 24:36
  Speaker 11: and a bunch of other ETFs have like no assets. Right,
• 24:39
  Speaker 11: did I get it right? Just what's so easy? It's
• 24:43
  Speaker 11: v bill, which is the Vanguard zero to three year
• 24:46
  Speaker 11: Treasury etf It's got four billion dollars. What is so
• 24:49
  Speaker 11: great about this is Vanguard never launches ETFs. It's like
• 24:52
  Speaker 11: an oxy moron to have new launches and have Vanguard
• 24:54
  Speaker 11: in there. So it's their first launch in about eight years.
• 24:58
  Speaker 11: It's bonds. They never competed in this space. It's got
• 25:00
  Speaker 11: four billion in assets, it's only seven basis points. It's
• 25:04
  Speaker 11: up three percent this year. Uh, it's they're competing with
• 25:07
  Speaker 11: you know, the likes of some other cash like ETFs.
• 25:10
  Speaker 11: But I think they don't launch products lightly, and when
• 25:13
  Speaker 11: they do, they make a really big slash in it.
• 25:16
  Speaker 11: So yeah, I think simplicity wins in this year of
• 25:19
  Speaker 11: like crazy launches. I'm gonna go the complete other way
• 25:21
  Speaker 11: and just go with like bonds, which I think is
• 25:24
  Speaker 11: just like bill bill Yeah, so just like short term treasuries.
• 25:28
  Speaker 2: Got it?
• 25:30
  Speaker 3: Wow?
• 25:31
  Speaker 6: Okay, I mean hard to argue some of that. I mean,
• 25:35
  Speaker 6: as do you like shiny objects or or super.
• 25:41
  Speaker 2: Super basic foundation.
• 25:47
  Speaker 6: The crypto guy like as but al right, not right enough?
• 25:55
  Speaker 6: So as not only the Greek connection, but also as
• 25:59
  Speaker 6: someone who's been a little comfortable in cash for a while,
• 26:02
  Speaker 6: in Vanguard cash for all. I mean, I don't know,
• 26:03
  Speaker 6: it's kind of I kind of speaking to me seven
• 26:06
  Speaker 6: BIPs now, right. The thing is, what these guys are
• 26:11
  Speaker 6: going to say is sure, pal three percent so far,
• 26:14
  Speaker 6: four percent at the end of the year. But how
• 26:17
  Speaker 6: how how do you like that when I'm when I
• 26:19
  Speaker 6: make up two thousand percent score in a couple of years.
• 26:22
  Speaker 6: What's your response to that?
• 26:23
  Speaker 11: Yeah, I mean, you're not going to be one hundred
• 26:25
  Speaker 11: percent in it, right, So I feel like these are
• 26:27
  Speaker 11: the this is going to be the position.
• 26:29
  Speaker 3: That bails you out of like the big draw downs
• 26:31
  Speaker 3: that we have.
• 26:32
  Speaker 11: Like, yeah, obviously cash is never going to be as
• 26:33
  Speaker 11: good as three X and video or two X and video.
• 26:36
  Speaker 11: But I think it's a nice ballast compared to other bonds, right,
• 26:40
  Speaker 11: like the AG and things like that. I think that
• 26:42
  Speaker 11: that stuff has let you down. Cash has actually been
• 26:44
  Speaker 11: pretty reliable as like a hedge recently.
• 26:48
  Speaker 6: What are the chattering class?
• 26:49
  Speaker 4: I just think everybody else is you know, pitching, uh,
• 26:54
  Speaker 4: you know, new fangled objects and you know the voice
• 26:57
  Speaker 4: of sanity is entered the room.
• 26:58
  Speaker 5: Yeah, I mean four cent yield in basically no risk
• 27:02
  Speaker 5: is pretty attractive, especially with market really high and people nervous.
• 27:06
  Speaker 5: And I agree, I would almost rather own this than
• 27:08
  Speaker 5: the agriabond index because this won't go down like the
• 27:12
  Speaker 5: AG goes down a lot with stocks. The only thing
• 27:15
  Speaker 5: here is if the Fed starts cutting, this will be
• 27:17
  Speaker 5: less attractive obviously.
• 27:19
  Speaker 6: Yeah, I mean, I just think in general, I mean
• 27:20
  Speaker 6: my two cents is what was it was to sell
• 27:23
  Speaker 6: off in the bomb market in late twenty twenty two, where.
• 27:27
  Speaker 3: The AG went down thirteen percent? Cash did nothing, So
• 27:29
  Speaker 3: you did better in cash.
• 27:30
  Speaker 6: Like it sort of blew up the whole bond proposition
• 27:33
  Speaker 6: at that moment, and as I saw it, and so yeah,
• 27:38
  Speaker 6: bills are bills? Are bills? Is it really the first
• 27:41
  Speaker 6: and eight years from Vanguard?
• 27:43
  Speaker 4: Yeah?
• 27:44
  Speaker 5: No, no, well they've done active though, maybe the first passive.
• 27:47
  Speaker 11: Yes that I should say you only had per minute that.
• 27:52
  Speaker 2: Actually that's like a.
• 27:54
  Speaker 5: Great they've actually looked like wait, actually launched Wait a second, no, no, no, no.
• 27:59
  Speaker 6: No, no, bactual mistakes. He's got to come up total.
• 28:02
  Speaker 3: This year he've launched this year of ETFs this year?
• 28:06
  Speaker 11: Yep, this was v buil was their first launch this year?
• 28:08
  Speaker 6: It's any of this stuff their first this year?
• 28:10
  Speaker 11: No, within the last like what was their last launch
• 28:13
  Speaker 11: was like twenty fourteen.
• 28:15
  Speaker 2: When they lost last year?
• 28:16
  Speaker 6: Bust his chops?
• 28:17
  Speaker 11: Are you what active did they they launched? That was
• 28:20
  Speaker 11: this year or last year? I think they're all this
• 28:22
  Speaker 11: year launches.
• 28:23
  Speaker 6: Yeah, so it is a slight Actually.
• 28:26
  Speaker 3: You're saying this was the first of many launches they launched.
• 28:29
  Speaker 3: Show me what they launched last year? Okay, give me,
• 28:33
  Speaker 3: it's gonna take a second. I want my life all right,
• 28:36
  Speaker 3: here we go.
• 28:36
  Speaker 6: Okay, here's that actually should have been established? You get
• 28:40
  Speaker 6: one terminal.
• 28:42
  Speaker 5: We got a lot of nerds in here. How many
• 28:43
  Speaker 5: ETFs you think van cards launched this year? Let's get
• 28:46
  Speaker 5: some guesses here.
• 28:47
  Speaker 2: James was close.
• 28:47
  Speaker 11: It's like ten or eleven.
• 28:50
  Speaker 6: Seven or ten? Not I go eight then seven to.
• 28:54
  Speaker 5: One, two, three, four, five, six, seven, eight nine ten eleven.
• 28:59
  Speaker 6: Wow, So what are you talking about that?
• 29:01
  Speaker 2: Because they haven't?
• 29:02
  Speaker 5: Bill, wasn't their first one launch this year? We'll launched
• 29:04
  Speaker 5: the same day as Vegas. Okay, so these two but by.
• 29:08
  Speaker 6: The way, twenty four.
• 29:10
  Speaker 3: Here's the other problem.
• 29:11
  Speaker 5: They launched one in November of twenty twenty four and
• 29:14
  Speaker 5: another one in January of twenty twenty four.
• 29:16
  Speaker 3: Two of them. What wasn't they've launched multiple et like,
• 29:19
  Speaker 3: like I should have said, all right, you had.
• 29:23
  Speaker 2: You were you were?
• 29:24
  Speaker 6: I was going so well, I should have for the
• 29:26
  Speaker 6: kids listening at like.
• 29:28
  Speaker 5: The bond Lance Armstrong doping, it's like it's all ruined.
• 29:33
  Speaker 2: It was their first bond, first bond launch.
• 29:36
  Speaker 3: Don't worry, I got your back with mine.
• 29:38
  Speaker 6: Do you want to you want to try that again?
• 29:40
  Speaker 2: No?
• 29:40
  Speaker 3: I want to stay with the doping allegations. Okay, So
• 29:45
  Speaker 3: if I win, is this going to come back?
• 29:47
  Speaker 2: Probably?
• 29:48
  Speaker 6: Bro? He did?
• 29:51
  Speaker 3: I love that. He took the whole like moral high horse.
• 29:54
  Speaker 5: He's like they never launched any ETF and so for
• 29:57
  Speaker 5: them to launch. It came down from the heavens and
• 29:59
  Speaker 5: they said there shall be an ETF today, And it's like, oh,
• 30:04
  Speaker 5: actually there's been twenty in like two years.
• 30:07
  Speaker 2: I think before that they didn't have a launch for
• 30:10
  Speaker 2: like seven.
• 30:10
  Speaker 3: At some point there was a year or two at
• 30:12
  Speaker 3: some point here.
• 30:14
  Speaker 6: The more yeah, he won't give it up. Yeah yeah,
• 30:17
  Speaker 6: the more you talk together.
• 30:19
  Speaker 4: All right, I got one final pitch. Eric, You've got
• 30:24
  Speaker 4: a mess on your hands.
• 30:26
  Speaker 2: Intelligence. You're gonna mop that up.
• 30:28
  Speaker 6: Your guys are uh yeah, the least by the way, Eric,
• 30:31
  Speaker 6: I'll say you so far. I feel like the least
• 30:32
  Speaker 6: factual pitch is so far I've come from your crew.
• 30:35
  Speaker 2: Okay, Leric, you got a pitch I do?
• 30:39
  Speaker 6: All right, Eric, you are on the clock, sir.
• 30:42
  Speaker 5: All right, this one is just as boring as Athanasio says.
• 30:45
  Speaker 5: I know you thought I was gonna pick like a
• 30:46
  Speaker 5: two x quantum ETF, but this really stuck out to
• 30:49
  Speaker 5: me this year global x.
• 30:51
  Speaker 3: Us five hundred ETF. Okay, well, who cares?
• 30:53
  Speaker 5: Right, Here's why this is interesting. First of all, it's
• 30:56
  Speaker 5: only two basis porta picker g x LC two basis points. Really,
• 31:02
  Speaker 5: the ticker on an s and P five hundred should
• 31:04
  Speaker 5: mean nothing.
• 31:04
  Speaker 3: Okay, anyway, the reason this is.
• 31:07
  Speaker 6: Interesting, respond to the crowd, Yeah.
• 31:10
  Speaker 5: This tracks the five hundred biggest thoughts in America. You
• 31:12
  Speaker 5: may be like, well, so does the SMP.
• 31:14
  Speaker 3: No, it doesn't.
• 31:15
  Speaker 5: The S and P is an active fund. That index
• 31:18
  Speaker 5: you need to have four quarters of positive earnings. Then
• 31:22
  Speaker 5: there's this secret committee that meets in a smoky room
• 31:25
  Speaker 5: somewhere and decides what can go in route. Remember when
• 31:27
  Speaker 5: they wouldn't let Tesla in. Well, over the last ten years,
• 31:30
  Speaker 5: the index this GXLC tracks is beating the S and
• 31:33
  Speaker 5: P by seven percentage points. Why mostly because they didn't
• 31:37
  Speaker 5: let Tesla in. This one did same with Strategy, and
• 31:39
  Speaker 5: there's been many others where this will have all the
• 31:42
  Speaker 5: stocks when they're big enough and you're not relying on
• 31:44
  Speaker 5: a secret committee of who knows who?
• 31:46
  Speaker 2: Okay, how do.
• 31:48
  Speaker 6: You respond to here?
• 31:52
  Speaker 2: What are the assets there? Let's just hear Eric admit it.
• 31:57
  Speaker 6: I gotta get then abound a battery.
• 32:01
  Speaker 3: Yes, there's only four million now.
• 32:02
  Speaker 5: Because global x is not known for beta, it'd be
• 32:05
  Speaker 5: like Vanguard launching like a humanoid ETF. It probably would
• 32:08
  Speaker 5: take a minute, but still, I'm just going on the
• 32:11
  Speaker 5: idea and the launch and the novelty.
• 32:13
  Speaker 3: And it's a fact.
• 32:14
  Speaker 2: It is.
• 32:15
  Speaker 5: And also this is truly passive. If you're in the
• 32:18
  Speaker 5: S and PIF hundred, you're not really passive. You are again,
• 32:21
  Speaker 5: you're giving that you're close to passive.
• 32:24
  Speaker 6: So you're saying that essentially all of us out there,
• 32:27
  Speaker 6: all of us who think we're passive investors, were actually
• 32:30
  Speaker 6: investing in active fund.
• 32:31
  Speaker 5: Yeah, there's a committee of like nine people who you
• 32:34
  Speaker 5: don't know, nobody knows. It's like remember see the Mob documentaries,
• 32:37
  Speaker 5: where like the committee meets and like decides like who's
• 32:39
  Speaker 5: gonna die that year.
• 32:40
  Speaker 6: It's a sectually who's going to vote on this?
• 32:41
  Speaker 8: Uh?
• 32:42
  Speaker 2: Yes, pitch if actually does.
• 32:43
  Speaker 3: That's what this does.
• 32:44
  Speaker 5: That's why like Strategy did again they caught they checked
• 32:46
  Speaker 5: every box. Tesla checked every box. Microsoft was famously not
• 32:50
  Speaker 5: let in when they checked every box.
• 32:51
  Speaker 6: So it's interesting, But is there is there a company
• 32:55
  Speaker 6: or two or five right now that you could think
• 32:56
  Speaker 6: of it that is unfairly being left out as a result.
• 32:59
  Speaker 6: Wait a minute, the crowd has a thought.
• 33:01
  Speaker 9: Erics twenty stocks that are that are eligible but not
• 33:04
  Speaker 9: in there, and there's over sixty stocks in the index
• 33:06
  Speaker 9: that are technically wouldn't be eligible today.
• 33:08
  Speaker 6: At that So this is interesting.
• 33:09
  Speaker 11: This is a backdoor crypto pitch for her strategy, that's what,
• 33:13
  Speaker 11: because he wants strategy to be in the index.
• 33:16
  Speaker 2: So what's the methodology here?
• 33:18
  Speaker 3: The five hundred biggest stocks in five hundred biggest done?
• 33:22
  Speaker 5: Okay, ask someone to ask somebody on the street to
• 33:25
  Speaker 5: describe the S and P five hundred.
• 33:27
  Speaker 3: They can.
• 33:27
  Speaker 5: Now I'm going to say, as an investor who does
• 33:29
  Speaker 5: own the S and P five hundred in my four
• 33:31
  Speaker 5: one K, I'm fine owning it. I'm just saying this
• 33:33
  Speaker 5: is a little potentially tighter and more passive, and it's
• 33:37
  Speaker 5: even cheap than two BIPs.
• 33:38
  Speaker 6: Do you own this one? No? It just came that
• 33:40
  Speaker 6: four million dollars your.
• 33:45
  Speaker 3: I'm not allowed to give investment.
• 33:46
  Speaker 4: Okay, speaking of mysterious processes, and uh, you know, smoke
• 33:51
  Speaker 4: filled the rooms with heavy curtains, h David Pappadopolis.
• 33:56
  Speaker 6: Uh you then, can I have a minute.
• 33:59
  Speaker 4: Looking gars and considering your options you take, We're going
• 34:04
  Speaker 4: to give you one minute with your thoughts.
• 34:07
  Speaker 2: Yeah, so we'll be back in a minute. Welcome back, David.
• 34:15
  Speaker 6: Thanks?
• 34:16
  Speaker 2: How is that smoke filled room two?
• 34:18
  Speaker 6: Cigars later, Yeah, some more stting, right, yeah, I uh
• 34:24
  Speaker 6: I no, no, there's no horse, no no no. And
• 34:26
  Speaker 6: after after great thought, I have I have a verdict.
• 34:31
  Speaker 2: Do you want to start with that or do you
• 34:33
  Speaker 2: want to? I want to.
• 34:35
  Speaker 6: I've graded everyone and we'll go from worst or last
• 34:39
  Speaker 6: to best least best, right, and.
• 34:45
  Speaker 5: There is I do feel like there's some millennials in
• 34:47
  Speaker 5: the room. Okay, I know you guys can't handle just
• 34:49
  Speaker 5: pure worst. Okay, so least best to best best.
• 34:53
  Speaker 6: Least best a k biggest flop our pal bill Donna, damn,
• 35:01
  Speaker 6: it was the shade. It was just basically it was
• 35:03
  Speaker 6: just just too angry. Your pitch was just too angry.
• 35:06
  Speaker 6: I couldn't It was just too angry, too angry, all right,
• 35:10
  Speaker 6: you know you're trying to sell me on something. You
• 35:13
  Speaker 6: can't be that angry.
• 35:14
  Speaker 2: But you're in good.
• 35:14
  Speaker 6: Company because your pal and it's just too just too
• 35:19
  Speaker 6: much of.
• 35:19
  Speaker 2: A mouthful, the whole cop kind of like a.
• 35:25
  Speaker 6: Fish, a fish called Wanda, Like I just couldn't get
• 35:29
  Speaker 6: it out. And it's the dividend, the whole dividen fourteen percent.
• 35:34
  Speaker 2: Obviously, right, what you beat your pals? Uh? Next?
• 35:43
  Speaker 6: Uh uh, mister bell cheernis what four million dollars?
• 35:48
  Speaker 3: I crushed it like I legit, objectively crushed it. Okay, okay,
• 35:53
  Speaker 3: well listen listen here.
• 35:56
  Speaker 6: You can't you can't beat all the one last time.
• 35:59
  Speaker 3: Don't know.
• 36:00
  Speaker 5: All I want is I want to see a copy
• 36:01
  Speaker 5: of his trading report in the next year. He's gonna
• 36:05
  Speaker 5: legit buy the ticker I went over.
• 36:06
  Speaker 6: I'm just saying, all right, now, we're starting to get
• 36:08
  Speaker 6: up towards the top. I got James next, right off
• 36:11
  Speaker 6: the right, off the bus or the subway, right in
• 36:15
  Speaker 6: solid pitch Crypto though, as the crowd, you know, as
• 36:18
  Speaker 6: the crowd was pointing out, though it was simultaneously greatly
• 36:22
  Speaker 6: courageous and a little kind of reckless to pitch Crypto
• 36:25
  Speaker 6: at a moment like this when it's puke and its
• 36:27
  Speaker 6: guts out. But that was all right, mister humanoid himself.
• 36:35
  Speaker 6: Andre's up next. Kind of fun sal But you know,
• 36:41
  Speaker 6: I'm still maybe just me being stupid. I just don't
• 36:44
  Speaker 6: know about the human ticker for a robot.
• 36:46
  Speaker 12: Have you seen the terminator?
• 36:49
  Speaker 6: I don't know, have youator.
• 36:52
  Speaker 3: Even like the ones?
• 36:54
  Speaker 6: But you see what I'm saying. She remains She remains salty.
• 36:58
  Speaker 6: And angry.
• 36:58
  Speaker 2: This is what you know.
• 36:59
  Speaker 5: You just have to I gotta say, though, the idea
• 37:03
  Speaker 5: of disqualifying him because human is a bad ticker.
• 37:07
  Speaker 6: It is.
• 37:07
  Speaker 3: They are called humanoids. I'm still name the industry gave them.
• 37:10
  Speaker 2: I'm aware of the he's not.
• 37:11
  Speaker 6: I'm just not feeling. I mean, there's a lot of
• 37:14
  Speaker 6: stuff that the industry pitches. Private credit will also tell
• 37:16
  Speaker 6: you a lot of things about private credit.
• 37:18
  Speaker 2: But I noticed Prove did not have a have a cameo.
• 37:24
  Speaker 6: Joel comes in third. I think the bronze just because
• 37:29
  Speaker 6: Textan Now Textan is kind of I feel like that
• 37:32
  Speaker 6: was fun, unlike human. I just thought Textan was good.
• 37:35
  Speaker 6: It's gonna go nowhere. To be clear, thea's got no chance,
• 37:40
  Speaker 6: but it's fine.
• 37:41
  Speaker 2: Black Rock says otherwise.
• 37:42
  Speaker 6: But okay, Isabelle Lee runner up?
• 37:46
  Speaker 9: No?
• 37:49
  Speaker 2: You would?
• 37:50
  Speaker 6: You know, we're only down to two people, so you propose.
• 37:52
  Speaker 3: You you give it to Lance Armstrong.
• 37:55
  Speaker 2: The cast their negative don't.
• 38:00
  Speaker 6: Well, here's another final thing.
• 38:03
  Speaker 2: You know.
• 38:03
  Speaker 6: That was what put it over the top of the
• 38:04
  Speaker 6: lancing because Lance and I actually share the exact same
• 38:07
  Speaker 6: birthday month. No v Bill, I mean, come on, what's wet? Yeah,
• 38:17
  Speaker 6: it's what wait a minute, it's one of many factors.
• 38:21
  Speaker 5: Right listen, I bet you their favorite actor is John Stamos.
• 38:25
  Speaker 5: That's how messed up they both are.
• 38:28
  Speaker 6: But we will we will be getting lunch together at
• 38:31
  Speaker 6: at uh. Yes, clearly, well, I like, I mean at
• 38:37
  Speaker 6: a time all the I mean you no, basically, among
• 38:39
  Speaker 6: other things, you could take the au m of all
• 38:40
  Speaker 6: these other a TF combined and it would not even order.
• 38:45
  Speaker 3: Oh okay, so it was an a competition.
• 38:48
  Speaker 2: Okay, all right, Ethan, Uh, do you have anything else
• 38:51
  Speaker 2: you'd like to say? Any final word?
• 38:52
  Speaker 11: I'm clear of the doping allegations.
• 38:54
  Speaker 6: And let me ask, let me ask the trillion's host,
• 38:59
  Speaker 6: who would you not choosing your own, who would you
• 39:02
  Speaker 6: have chosen for this one?
• 39:06
  Speaker 5: Me?
• 39:07
  Speaker 3: I probably would have chosen Andres because because I think
• 39:16
  Speaker 3: this is a thematic etf. When I'm out in my
• 39:20
  Speaker 3: regular life, a lot of people are like, what's a
• 39:22
  Speaker 3: good stock pick?
• 39:23
  Speaker 5: And I'm like, I don't cover stocks. But when I
• 39:25
  Speaker 5: eventually say I cover the markets or whatever, They're.
• 39:27
  Speaker 3: Like, I want AI exposure. That's what everybody says.
• 39:30
  Speaker 5: That's the thing this I like because it's going, it
• 39:34
  Speaker 5: is even going further, and there's so much money being
• 39:36
  Speaker 5: poured into it, and it doesn't have a lot of overlap.
• 39:39
  Speaker 5: You add like one percent of a humanoid ETF to
• 39:41
  Speaker 5: your otherwise boring vanilla, it's a nice little spice. So
• 39:44
  Speaker 5: I just I just think that's a and human is
• 39:47
  Speaker 5: a good ticker. That's why I would have given it
• 39:49
  Speaker 5: to him. And the whole Terminator thing. I think about
• 39:52
  Speaker 5: that constantly when I see these videos. I think about Terminator,
• 39:55
  Speaker 5: and I think about Minority Report. Remember when they sent
• 39:57
  Speaker 5: the spider robots and to get the guy. I'm like,
• 39:59
  Speaker 5: the futures gonna be a combination of Minority Report in idiocracy.
• 40:02
  Speaker 3: That's my theory. I know it's a weird mashup, but.
• 40:05
  Speaker 6: So for posterity. If Paulus was the judge, Yeah, Winter Joel.
• 40:11
  Speaker 2: You know, I kind of liked Meme.
• 40:13
  Speaker 4: I thought that was you know, of all the things
• 40:15
  Speaker 4: that you could have thought would have happened this year,
• 40:18
  Speaker 4: like the resurrection of a meme stock ETF, Like that's
• 40:21
  Speaker 4: just kind of you know, bonkers.
• 40:24
  Speaker 6: But I mean, like Texan, it's also gonna puke it
• 40:26
  Speaker 6: scots out.
• 40:27
  Speaker 2: But that's the point.
• 40:28
  Speaker 4: It's like, you know, there's there's a there's an indicator there.
• 40:30
  Speaker 5: The other thing for meme is uh, if you again,
• 40:32
  Speaker 5: if you're a boring investor, you add a little meme.
• 40:34
  Speaker 5: You have to worry about what these whack job traders
• 40:36
  Speaker 5: are doing. It just covers the stocks they're into and
• 40:38
  Speaker 5: you get a little taste of it. Which of these
• 40:41
  Speaker 5: ets are you most likely to invest in?
• 40:44
  Speaker 6: Oh?
• 40:44
  Speaker 2: He knew, he gave it to it already.
• 40:45
  Speaker 3: Besides, besides g x LC do.
• 40:48
  Speaker 6: You like g XLC? All right, so the dividends will no?
• 40:53
  Speaker 3: Man, basically just say so we can all leave, maybe
• 41:01
  Speaker 3: maybe yours.
• 41:02
  Speaker 6: Eric, meme, not a chance in hell. The bell I
• 41:06
  Speaker 6: already got plenty of best new lunch text texting is fun,
• 41:10
  Speaker 6: but no, like I mean, actually no, this I should ask.
• 41:14
  Speaker 6: Eric's gonna be like, I really want And that's.
• 41:16
  Speaker 2: Why he's like, I really want that.
• 41:20
  Speaker 6: What about some of the venezuela and bolvars are hand
• 41:23
  Speaker 6: I hand you just cut edit.
• 41:24
  Speaker 2: We're just gonna turn the volume down.
• 41:26
  Speaker 3: Hold on one other question.
• 41:28
  Speaker 5: Yeah, Let's say I know you're a horse track guy
• 41:30
  Speaker 5: and you like gambling. Let's say you had a ten
• 41:33
  Speaker 5: thousand dollars of your money right and you had to
• 41:35
  Speaker 5: place it right now, even money on all these Which
• 41:38
  Speaker 5: of these were the best performance?
• 41:39
  Speaker 6: Twelve months from now, twelve months from now, just twelve.
• 41:43
  Speaker 3: Yeah, this is an investment advice.
• 41:45
  Speaker 6: Yo.
• 41:46
  Speaker 3: Oh you think cash is gonna win over the next Wow?
• 41:50
  Speaker 3: He No, you could be right. That's that's just a
• 41:52
  Speaker 3: barish call basics.
• 41:53
  Speaker 6: So that's why it's taking months. If you alread to
• 41:54
  Speaker 6: give me a longer period, I wouldn't go be your bill.
• 41:57
  Speaker 3: But yeah, twelve months, Okay, you might be right.
• 42:00
  Speaker 2: Maybe we'll come back in twelve months. Clock starts now. David,
• 42:05
  Speaker 2: thank you very much for joining us. Everybody else thank
• 42:07
  Speaker 2: you as well.
• 42:08
  Speaker 4: Thanks for listening to Trillions until next time. You can
• 42:11
  Speaker 4: find us on the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify,
• 42:16
  Speaker 4: or wherever else you'd like to listen. We'd love to
• 42:18
  Speaker 4: hear from you. Hit us up on social I'm at
• 42:20
  Speaker 4: Joe Weber Show, He's at Eric Balcina's. Trillions is produced
• 42:24
  Speaker 4: by Magnus Hendrickson. Brendan Newman is our executive producer. Sage
• 42:28
  Speaker 4: Bauman is the head of Bloomberg Podcasts.