Latest / Trillions / New ETFs to Watch: A Nasdaq 100 Challenger, the SK Hynix Smackdown and…a Multi-Token Wildcard?

Transcript

New ETFs to Watch: A Nasdaq 100 Challenger, the SK Hynix Smackdown and…a Multi-Token Wildcard? · Trillions

• 0:02
  Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
• 0:08
  Speaker 2: Look, this is a fascinating situation. They come along and
• 0:12
  Speaker 2: they're like, we're gonna do active crypto before anybody. This
• 0:14
  Speaker 2: is the first active spot crypto ETF. The best metaphor
• 0:18
  Speaker 2: I can come up with is this is like John
• 0:20
  Speaker 2: McEnroe playing pickleball.
• 0:22
  Speaker 3: You know this is a I don't follow.
• 0:24
  Speaker 4: Okay, can you meet gen Z?
• 0:29
  Speaker 1: Welcome our trillion's.
• 0:29
  Speaker 3: I'm Joel Webbert and I'm Eric Alchunis Eric.
• 0:31
  Speaker 5: There are so many new ETFs always. This year may
• 0:35
  Speaker 5: set a record when we're recording in July. Already there's
• 0:38
  Speaker 5: been one hundred and thirty nine launches this month alone.
• 0:41
  Speaker 5: How does anybody supposed to keep track?
• 0:43
  Speaker 1: And that's what we're here for.
• 0:44
  Speaker 5: This episode is one of our regular franchises and it's
• 0:46
  Speaker 5: already a fan favorite New ETFs to watch. Joining us
• 0:50
  Speaker 5: as Isabelle Lee, processor reporter with Bloomberg News.
• 0:52
  Speaker 1: We have three.
• 0:53
  Speaker 5: Categories to discuss today, big new launches, wild cards and
• 0:58
  Speaker 5: good luck with that. Along the way, we'll discuss roller coasters,
• 1:01
  Speaker 5: yucking someone's young American soil, and we'll have a few
• 1:05
  Speaker 5: detours as we attempt to educate Isabelle about music and tennis. Eric,
• 1:12
  Speaker 5: what's the big launch to watch?
• 1:14
  Speaker 1: All right?
• 1:14
  Speaker 2: Well, kind of have two parts to this answer. The
• 1:17
  Speaker 2: first one is the competition for the Nasdaq one hundred. Basically,
• 1:22
  Speaker 2: there's two new in Nasdaq one hundred ets, one from
• 1:25
  Speaker 2: I Shares and one from State Street. One of them
• 1:28
  Speaker 2: is twelve and the other one is ten. Based on
• 1:30
  Speaker 2: those ones, yeah, although the I Shares is going to
• 1:32
  Speaker 2: lower to ten, that's important because they're both cheaper than
• 1:35
  Speaker 2: the current one, which is the Cues and QQQM, which
• 1:39
  Speaker 2: is fifteen and eighteen respectively.
• 1:41
  Speaker 3: So here's the deal.
• 1:43
  Speaker 2: Ninvesco has had somewhat of a monopoly on this index.
• 1:45
  Speaker 2: That's the Cues, the Cues and QQQM same thing. These
• 1:50
  Speaker 2: two come along and these are big hitters. This is
• 1:53
  Speaker 2: like shares in State Street old school tarodome SmackDown about
• 1:58
  Speaker 2: to happen, And so this is going to be interesting
• 2:00
  Speaker 2: to watch. Will I Shares and State Street be able
• 2:03
  Speaker 2: to come along and being a little cheaper, will they
• 2:05
  Speaker 2: pull assets and volume away from ques?
• 2:07
  Speaker 3: How will investgo respond?
• 2:09
  Speaker 2: I think at the end of the day, if this
• 2:11
  Speaker 2: were a small issuer like I don't know, no name,
• 2:15
  Speaker 2: not to pick on Korgi. If Korgi came out with
• 2:17
  Speaker 2: the Nazaq one hundred that was like ten basis points,
• 2:20
  Speaker 2: I just don't think it would move the needle, at
• 2:22
  Speaker 2: least not for a long time. The black Rock and
• 2:24
  Speaker 2: Stag Street are no joke.
• 2:26
  Speaker 6: This is like huge presence, right, yes, because if they
• 2:29
  Speaker 6: leverage your distribution machine, they could generate or gather billions
• 2:32
  Speaker 6: and billions. But let me pull an Eric here. It's
• 2:35
  Speaker 6: like coke versus PEPSI like, do we really need another
• 2:40
  Speaker 6: Nazak one hundred ticker. I mean, there's again QQQ, there's QQQM,
• 2:43
  Speaker 6: there's QNDX, that's state streets. I mean, it will practically
• 2:48
  Speaker 6: be identical. It's just really a fee game at this point.
• 2:52
  Speaker 2: I think part of it is if if you think
• 2:53
  Speaker 2: from the issuer's point of view, they have these wholesalers,
• 2:56
  Speaker 2: they go out and they hearing from their clients like, hey,
• 2:58
  Speaker 2: I wish you guys had something.
• 3:00
  Speaker 3: Like this that was a little cheaper.
• 3:03
  Speaker 4: Yeah.
• 3:03
  Speaker 2: And I think also the cues is going to take
• 3:05
  Speaker 2: in SpaceX quickly, and apparently what I heard was this
• 3:08
  Speaker 2: was supposed to be some kind of a solution, So
• 3:11
  Speaker 2: the wholesalers at black Rock in Stage Street could be like, yeah,
• 3:13
  Speaker 2: we have SpaceX.
• 3:14
  Speaker 1: Because otherwise you don't really have exposure to.
• 3:17
  Speaker 2: Yeah, generally speaking, the average person out there like space
• 3:21
  Speaker 2: I think want SpaceX, So this is a way to
• 3:23
  Speaker 2: solve that maybe, But I'm with you, like, but then
• 3:27
  Speaker 2: then again, do we need three s and P five
• 3:28
  Speaker 2: hundred ETFs for four get his competition?
• 3:31
  Speaker 3: It's like normal stuff.
• 3:32
  Speaker 4: I'm playing Devil's Advocate. I get it, because why would
• 3:34
  Speaker 4: you ptog.
• 3:36
  Speaker 6: That also came from you the other guy, when you
• 3:39
  Speaker 6: can just make yourself I mean, I get it. I
• 3:41
  Speaker 6: get both sides.
• 3:42
  Speaker 2: So believe what you're saying is black Rock's own model
• 3:44
  Speaker 2: if they wanted to rotate, and yeah, they could just
• 3:46
  Speaker 2: buy their own fund now instead of using investments.
• 3:49
  Speaker 1: What took so long?
• 3:51
  Speaker 3: This is there's we don't know.
• 3:52
  Speaker 2: There are some rumors that there was some kind of
• 3:54
  Speaker 2: a deal then when Investo changed the cues and had
• 4:00
  Speaker 2: that vote to make it an open end from a
• 4:02
  Speaker 2: unit trust, that might have opened up the avenues. From
• 4:07
  Speaker 2: Nasdak's point of view, we just don't know. But it's
• 4:11
  Speaker 2: kind of a mystery. But either way, Nasdak apparently is
• 4:13
  Speaker 2: okay now with this index being used by the people,
• 4:16
  Speaker 2: and that is I think a.
• 4:17
  Speaker 3: Big time launch. This is about as big as it gets.
• 4:19
  Speaker 5: Honestly, how long is it going to take for either
• 4:22
  Speaker 5: of these to actually be nipping out a heel of
• 4:26
  Speaker 5: the cues?
• 4:27
  Speaker 2: I think one of them is already over one hundred million.
• 4:29
  Speaker 2: I think probably a year before they get over to like.
• 4:33
  Speaker 3: A billion or two.
• 4:34
  Speaker 2: But then it comes a little easier, so I think,
• 4:38
  Speaker 2: I don't know, give it a couple of years.
• 4:40
  Speaker 3: I just don't know.
• 4:40
  Speaker 1: If anything, You're going to say, like a decade.
• 4:43
  Speaker 2: Well, they won't be bigger than the cues, but they'll
• 4:46
  Speaker 2: be big and competitive in a couple of years. I
• 4:50
  Speaker 2: don't know if they'll ever pass the cues, I mean
• 4:52
  Speaker 2: the cues. If you take QQQ plus QQQM.
• 4:55
  Speaker 3: You get to a gigantic number.
• 4:57
  Speaker 2: And the other thing is I wonder if Invesco is
• 5:00
  Speaker 2: just going to fold those together, because it's a little confusing.
• 5:03
  Speaker 3: If I were them, I would.
• 5:04
  Speaker 2: Probably put the QQQ into QQQM and just charge fifteen. Okay, fine,
• 5:10
  Speaker 2: you're a little more expensive, but it's not that bad
• 5:12
  Speaker 2: and you're way more liquid. I'm not sure if they
• 5:15
  Speaker 2: can even do that, but I do find that if
• 5:17
  Speaker 2: they put those together it would make them even more unstoppable.
• 5:20
  Speaker 4: That's a good question.
• 5:21
  Speaker 6: But we also wrote a story about how there are
• 5:23
  Speaker 6: so many copycats out there from the same issuer and
• 5:26
  Speaker 6: the newer one is cheaper. But I think there's just
• 5:29
  Speaker 6: a lot of headache. But yeah, maybe they should just
• 5:31
  Speaker 6: their spy spym even GBTC and BTC, there's always like
• 5:36
  Speaker 6: a cheaper mini version.
• 5:37
  Speaker 1: Okay.
• 5:37
  Speaker 5: Incredibly, that wasn't the only big launch. There's another one. Yeah,
• 5:42
  Speaker 5: there's been a lot going on. Yeah, a lot of
• 5:44
  Speaker 5: launches in general this year, but especially of late. What's
• 5:46
  Speaker 5: what's the other big launch to watch?
• 5:47
  Speaker 1: You know?
• 5:48
  Speaker 2: I like my smackdowns, and this is another SmackDown where
• 5:51
  Speaker 2: we had a bunch of two x sk heinex ETF's launching.
• 5:55
  Speaker 2: These poor issuers wait in like a year because they
• 5:58
  Speaker 2: saw all that action in South.
• 5:59
  Speaker 3: Korea and they were like, oh my god, I want
• 6:01
  Speaker 3: some of that.
• 6:02
  Speaker 2: Because the two x skhnez ETF in South Korea for
• 6:05
  Speaker 2: a minute there became the biggest ETF on their whole market.
• 6:08
  Speaker 2: It's actually in Hong Kong, but it's the stock is
• 6:10
  Speaker 2: South Korea. But Asia went gaga for this particular ETF.
• 6:15
  Speaker 2: The issuers here.
• 6:16
  Speaker 3: Were like, oh my god, I want some of that.
• 6:18
  Speaker 3: These are the leverage issuers. So they all filed and
• 6:20
  Speaker 3: filed and they.
• 6:21
  Speaker 1: But they were waiting for the company to list.
• 6:23
  Speaker 3: The company had to have an ad R in the US.
• 6:25
  Speaker 2: They finally got that done, which is sort of like
• 6:27
  Speaker 2: an IPO for an international stock. I guess two days later, Yes,
• 6:31
  Speaker 2: he said, SEC said you can launch that day. So
• 6:33
  Speaker 2: I think there was like six of them that launched.
• 6:35
  Speaker 2: So I picked the Granite Shares because it granted shares
• 6:37
  Speaker 2: had the most volume on the first day and it
• 6:39
  Speaker 2: has the most assets so far. And interesting because a
• 6:42
  Speaker 2: leverage shares won the SpaceX derby. There's there's enough food
• 6:45
  Speaker 2: to go around. But it's interesting who wins and why.
• 6:47
  Speaker 2: I don't I'm not sure why shares one?
• 6:49
  Speaker 1: But what's the ticker?
• 6:50
  Speaker 3: By the way, the ticker is sku U.
• 6:52
  Speaker 5: Why Grantite Shares over like some of these other ones,
• 6:55
  Speaker 5: like Tuttle or pro shares.
• 6:57
  Speaker 2: Or they did okay too, like pro Shares I think
• 6:59
  Speaker 2: was number two KHU is that ticker?
• 7:01
  Speaker 3: Why? I don't know.
• 7:02
  Speaker 2: That's what's so interesting to me because when we had
• 7:05
  Speaker 2: the two X battle with SpaceX, I was kind of
• 7:07
  Speaker 2: surprised Leverage Shares did the best. Pro Shares is probably
• 7:11
  Speaker 2: the most well known brand, but nowadays these indie issuers
• 7:16
  Speaker 2: Granted Shares. Remember Granted Shares has two x Navidia and
• 7:19
  Speaker 2: a two x Tesla and had a lot of success
• 7:20
  Speaker 2: with those.
• 7:21
  Speaker 1: They're kind of making a name for themselves.
• 7:23
  Speaker 2: Yeah, so this area is no longer just direction and
• 7:26
  Speaker 2: pro Shares. Like these other issuers are doing a lot
• 7:28
  Speaker 2: and getting theirs, and my guess is on day one
• 7:31
  Speaker 2: they just go crazy trying to get all their friends
• 7:33
  Speaker 2: and family lined up, and it's just like whoever can
• 7:35
  Speaker 2: like make enough calls. It reminds me when your friend's
• 7:38
  Speaker 2: band played at a bar and they're like, oh, you
• 7:40
  Speaker 2: got to come see us. You need at least twelve
• 7:42
  Speaker 2: people to come, so like we our band can play
• 7:44
  Speaker 2: at this bar. And then they're like, like, how many
• 7:46
  Speaker 2: people can you possibly bring in?
• 7:47
  Speaker 3: So it feels like you have an audience there.
• 7:50
  Speaker 2: Then you hope people are attracted to the actual crowd,
• 7:52
  Speaker 2: and I think that's what Granted Shaars did good for them.
• 7:56
  Speaker 2: Once you get once you're the most liquid, it's almost
• 7:58
  Speaker 2: it's really tough to catch.
• 7:59
  Speaker 1: Did they do the negative as well.
• 8:00
  Speaker 2: All of there's a bunch of negative two xes and
• 8:03
  Speaker 2: I think one negative one x.
• 8:05
  Speaker 6: Yes, but I'm glad you brought that up because I mean,
• 8:07
  Speaker 6: two times leverage sounds exciting until volatility eats your returns.
• 8:10
  Speaker 6: And you tweeted about this. Granite Chairs closed a two
• 8:14
  Speaker 6: x long lucid fund, so there is that also.
• 8:17
  Speaker 3: I mean this is interesting, it's.
• 8:19
  Speaker 4: A little dangerous.
• 8:20
  Speaker 6: ETFs are just becoming the options for retail traders.
• 8:23
  Speaker 3: Yes.
• 8:23
  Speaker 2: I think it's just I don't think they care though,
• 8:25
  Speaker 2: because these are gambling people, and they what I think
• 8:32
  Speaker 2: a lot of normal people see as a bug, they
• 8:34
  Speaker 2: see as a feature.
• 8:35
  Speaker 6: Yeah.
• 8:36
  Speaker 2: If something can blow up because it went down fifty percent,
• 8:39
  Speaker 2: it can also go up fifty percent.
• 8:40
  Speaker 6: It is.
• 8:40
  Speaker 2: Yes, So this volatility of these two xing small stocks
• 8:44
  Speaker 2: is actually a feature for most of these people. And
• 8:47
  Speaker 2: if one just goes away or terminates, I just think
• 8:50
  Speaker 2: you move on to the next one.
• 8:50
  Speaker 4: That's true.
• 8:51
  Speaker 6: It's like the ultra hot sauce. It's not even hot sauce.
• 8:53
  Speaker 6: It's like hot, hot, hot hot.
• 8:55
  Speaker 1: See a tiny packet of hot sauce. Yeah, not the
• 8:58
  Speaker 1: big bug.
• 8:58
  Speaker 2: Carolina Reaper, what of that no, of course not Google
• 9:03
  Speaker 2: YouTube Carolina Reaper and eating peppers and stuff.
• 9:06
  Speaker 4: I was going to say Tabasco. I thought it was
• 9:07
  Speaker 4: the one.
• 9:08
  Speaker 3: Is the Ghost Pepper, which is really up there super high.
• 9:10
  Speaker 4: No, thank you.
• 9:11
  Speaker 1: Well, wild card category which our wild card use.
• 9:14
  Speaker 2: Two x micro strategy. I was like, that's the ghost Pepper.
• 9:17
  Speaker 2: Back when strategy was like going wild. I was like,
• 9:19
  Speaker 2: you're two exing this.
• 9:20
  Speaker 4: Bless you, Eric, bless you.
• 9:22
  Speaker 2: There was a point where they two xed a quantum
• 9:26
  Speaker 2: computing stock. I think the volatility for a minute was
• 9:29
  Speaker 2: four hundred percent, which is to put that in perspective.
• 9:32
  Speaker 3: The S and P is like twenty.
• 9:35
  Speaker 4: Why would you do that?
• 9:36
  Speaker 2: But you're that's the thing, like you're like somebody who
• 9:39
  Speaker 2: doesn't like roller coasters, who's like, why would you make
• 9:41
  Speaker 2: the roller coaster even steeper?
• 9:42
  Speaker 6: Yes, they're just saying, don't yuck my yum, so don't
• 9:47
  Speaker 6: yuck some once.
• 9:48
  Speaker 1: Yeah, you into that, Yes, the Ghost Pepper hot sauces.
• 9:50
  Speaker 6: No, And I don't like roller coaster. I just want
• 9:52
  Speaker 6: to be underground time.
• 9:54
  Speaker 5: That like you leave the track and you hope that
• 9:56
  Speaker 5: you catch the track on the other side after.
• 9:58
  Speaker 2: The jump or there's some now that just like they
• 10:00
  Speaker 2: go up to the top and they lean you over
• 10:02
  Speaker 2: for about thirty seconds while you're dangling.
• 10:04
  Speaker 3: Then they dropped yes, and the new.
• 10:06
  Speaker 6: Thing yes, And then what if it gets stuck and
• 10:08
  Speaker 6: you're just there?
• 10:09
  Speaker 3: Okay, well that's two X strategy.
• 10:12
  Speaker 1: I think that might be like four X strategy.
• 10:14
  Speaker 2: Okay, all right, either way, this is the Again, what
• 10:17
  Speaker 2: you see as a bug is their feature.
• 10:19
  Speaker 4: Yes, I'm not yucking anyone.
• 10:21
  Speaker 1: Seem okay, wild card category, Okay, here we go.
• 10:24
  Speaker 2: We're gonna do crypto, t row, price active, crypto ETF,
• 10:28
  Speaker 2: the tickers t k n Z, tokens and look, this
• 10:32
  Speaker 2: is a fascinating situation. The best metaphor I can come
• 10:36
  Speaker 2: up with is this is like John McEnroe playing pickleball.
• 10:39
  Speaker 3: You know this is a I don't follow. Okay, can
• 10:43
  Speaker 3: you read gen z? Hold, do you know who John
• 10:45
  Speaker 3: mcinroue is.
• 10:46
  Speaker 1: No, of course, not one of the greatest American tennis players. Not.
• 10:49
  Speaker 3: It's not Miley Cyrus's daddy either. Okay, who is this?
• 10:54
  Speaker 3: Oh my god?
• 10:55
  Speaker 1: Enough?
• 10:56
  Speaker 2: Yeah?
• 10:56
  Speaker 3: Yeah, yeah, okay, yeah right.
• 10:59
  Speaker 2: Sock and Row is a boomer tennis player who won
• 11:02
  Speaker 2: a bunch of majors, got popular because would always yell
• 11:04
  Speaker 2: with the refs.
• 11:05
  Speaker 3: Now he's an announcer.
• 11:06
  Speaker 1: But anyway, it's very entertaining.
• 11:09
  Speaker 2: An ambassador of tennis grew up playing it, and now
• 11:12
  Speaker 2: he's really open.
• 11:13
  Speaker 1: He's calling his color commentary.
• 11:15
  Speaker 3: I see now he's really into pickleball. This to me
• 11:18
  Speaker 3: feels like ti ro price.
• 11:19
  Speaker 1: Right.
• 11:19
  Speaker 2: They're like this legacy stock picker. Their firm was founded
• 11:22
  Speaker 2: before World War Two and they're like, you know, we
• 11:25
  Speaker 2: don't make money, we earn it, right, And they come
• 11:27
  Speaker 2: along and they're like, we're gonna do active crypto before anybody.
• 11:31
  Speaker 2: This is the first active spot crypto ETF and it's
• 11:34
  Speaker 2: from t ROW.
• 11:35
  Speaker 4: First of all, this is just it's just.
• 11:37
  Speaker 3: A contrast, I guess. But good for them.
• 11:39
  Speaker 6: They wouldn't have launched this five years ago for sure.
• 11:42
  Speaker 6: And I appreciate the analogy after the five minute explanation,
• 11:46
  Speaker 6: it does make sense and it's.
• 11:47
  Speaker 1: Good sometimests sometimes.
• 11:50
  Speaker 4: But here's the devil's advocate again.
• 11:53
  Speaker 6: Like I mean, crypto investors generally don't want beta, I mean,
• 11:56
  Speaker 6: not an expensive active manager trying to outsmart bitcoin.
• 11:59
  Speaker 4: They just want the cryptocurrency. Also, is this like strategy
• 12:04
  Speaker 4: like vanilla people?
• 12:06
  Speaker 1: Are you actually aware to me, but.
• 12:08
  Speaker 4: Boring vanilla person maybe you know.
• 12:10
  Speaker 3: Yeah it is. Let me push back on all that. A.
• 12:13
  Speaker 2: If you are into the crypto world and you have
• 12:15
  Speaker 2: an opinion, well you would pick the cryptos yourself.
• 12:17
  Speaker 1: Yeah. B.
• 12:19
  Speaker 2: If you were just into bitcoin, which some people are,
• 12:22
  Speaker 2: you just buy bitcoin DF.
• 12:23
  Speaker 3: Yeah. This is saying, look, I.
• 12:25
  Speaker 2: Don't really want to follow all these like bs tokens,
• 12:28
  Speaker 2: like I don't know what's you know, because a lot
• 12:29
  Speaker 2: of these blockchains have all kinds of metrics, just like stocks.
• 12:32
  Speaker 2: How many people do they have on there, how many
• 12:35
  Speaker 2: what's the growth?
• 12:35
  Speaker 3: How much are they charging?
• 12:36
  Speaker 2: Right, these are fundamental metrics and blockchains and it's not
• 12:39
  Speaker 2: that covered. So in a way, there is some alpha
• 12:42
  Speaker 2: potential and there's a lot of dispersion between these cryptos.
• 12:46
  Speaker 2: So you're saying, let me have somebody go and research
• 12:48
  Speaker 2: all this and just put it in the waiting that
• 12:50
  Speaker 2: they think will do the best. So it's the same
• 12:52
  Speaker 2: concept as a stock picker. You'd hire them because you
• 12:55
  Speaker 2: don't want to bother with it. Yes, and you're hoping
• 12:57
  Speaker 2: to do better. And honestly, seventy five base points would
• 13:00
  Speaker 2: be eye opening if it were in an active ETF.
• 13:04
  Speaker 2: Now because that's expensive these days, however, because if crypto
• 13:08
  Speaker 2: can just go on these like really melt ups, if
• 13:11
  Speaker 2: this outperforms, it will perform by a lot more than
• 13:14
  Speaker 2: seventy five BIPs.
• 13:15
  Speaker 1: So wait, it's multi token.
• 13:17
  Speaker 6: Yes, yes, And I guess they are a very reputable company,
• 13:21
  Speaker 6: So I mean, fine, some people will.
• 13:23
  Speaker 3: My question is do will their clients care?
• 13:25
  Speaker 2: And I don't know, but their clients might be the
• 13:27
  Speaker 2: kind that be like, well, I would normally not invest
• 13:29
  Speaker 2: in this, Yes, but I trust t row you know,
• 13:34
  Speaker 2: take try.
• 13:34
  Speaker 3: To make some money with my money. Go ahead, I'm there.
• 13:37
  Speaker 1: What took so long to get a multi token ETF?
• 13:40
  Speaker 2: Well, there are there are ETFs that are indexes, but
• 13:43
  Speaker 2: they are what their rules. This is the first active
• 13:46
  Speaker 2: manager to basically apply like stockpicking to an.
• 13:49
  Speaker 1: And do we know what do we know about their
• 13:51
  Speaker 1: active picking abilities?
• 13:53
  Speaker 2: Look, if you can survive one hundred years, you're doing
• 13:56
  Speaker 2: pretty well. They have like but most managers. They have
• 13:59
  Speaker 2: some funds that done really well, some funds not so well.
• 14:02
  Speaker 2: But I would say they are on the top end
• 14:04
  Speaker 2: of the active manager. I put them in the same
• 14:07
  Speaker 2: breath as Fidelity. Again, these are all real early day
• 14:12
  Speaker 2: active shops that built their brand mostly on mutual funds.
• 14:15
  Speaker 2: But again there's a lot of mutual fund companies that
• 14:17
  Speaker 2: came and went, they survived and lasted.
• 14:19
  Speaker 3: Now they're into ETFs.
• 14:20
  Speaker 2: They haven't grown as quickly as Fidelity or Capital Group
• 14:23
  Speaker 2: in the ETF market yet, but.
• 14:24
  Speaker 3: They're doing pretty well.
• 14:26
  Speaker 2: We just had one of their ETFs on ETFIQ this
• 14:28
  Speaker 2: week and it had two point six billion a small
• 14:31
  Speaker 2: mid capital Wow, so they're you know, they're getting money.
• 14:34
  Speaker 1: Yeah.
• 14:34
  Speaker 6: It's interesting because it shows that traditional active managers are
• 14:37
  Speaker 6: really now looking at crypto as an asset class that's
• 14:40
  Speaker 6: here to stay. On the other hand, though, active management
• 14:43
  Speaker 6: is hard enough, and to do that with crypto, I think.
• 14:45
  Speaker 4: Is even harder.
• 14:46
  Speaker 6: And again, why won't you just buy a low cost
• 14:48
  Speaker 6: bitcoin ETF. But then again you just have one coin
• 14:51
  Speaker 6: and this has multi coin so well, I.
• 14:53
  Speaker 3: Will say this, do you know how many analysts cover Amazon?
• 14:56
  Speaker 3: It's like one hundred.
• 14:57
  Speaker 2: Okay, I mean, how much information could you possibly know
• 14:59
  Speaker 2: about Amazon? So these analysts are all in these large
• 15:02
  Speaker 2: cap stocks. There's not that much analyst coverage on this stuff.
• 15:06
  Speaker 2: So I think if you're an active manager, it's almost
• 15:08
  Speaker 2: a better playground to play in.
• 15:10
  Speaker 3: I just don't th think the market is.
• 15:11
  Speaker 2: But if they start cranking out returns above bitcoin or
• 15:15
  Speaker 2: above the index, like I know coinbase and coin desk
• 15:18
  Speaker 2: have indexes, I think it'll get some looks.
• 15:21
  Speaker 1: Multi tooken what is it actually holding?
• 15:23
  Speaker 2: So essentially it's just like bitcoin is, like I think
• 15:25
  Speaker 2: fifty five to sixty percent of all crypto. It has
• 15:29
  Speaker 2: forty one percent in bitcoin, so it's taken that twenty
• 15:32
  Speaker 2: percent and added more to Ethereum, Solana Finance and hyper liquid.
• 15:37
  Speaker 2: So it reminds me of an em manager who would
• 15:39
  Speaker 2: have a little less China and then use that money
• 15:41
  Speaker 2: to spend on other countries that they feel good about,
• 15:45
  Speaker 2: like India, Brazil.
• 15:46
  Speaker 3: Same concept. So you're gonna be underweight bitcoin at least
• 15:49
  Speaker 3: if you bought it now.
• 15:50
  Speaker 1: Okay, last category, our good luck with that launch. Who
• 15:54
  Speaker 1: wins that title? This time?
• 15:56
  Speaker 3: You're gonna love this one, Joel.
• 15:57
  Speaker 1: Okay.
• 15:58
  Speaker 3: This is an ETF that is called y'all Street.
• 16:03
  Speaker 1: Why why space a l L.
• 16:06
  Speaker 3: Yeah, y'all street, Physical GOLDIETF y s a U Okay,
• 16:14
  Speaker 3: I like y'all Street. I think it's clever.
• 16:16
  Speaker 2: I can almost see a firm in Texas calling itself
• 16:20
  Speaker 2: y'all Street. I wear a cowboy hat, I got snake
• 16:22
  Speaker 2: skinned cowboy boots, A drink lone star. You know, I
• 16:26
  Speaker 2: listened to Willie Nelson, I think.
• 16:29
  Speaker 4: But of course I don't know who that is, so we.
• 16:31
  Speaker 1: Can't do this twice in an episode.
• 16:33
  Speaker 3: Listen, go to the Spotify.
• 16:36
  Speaker 4: You've given me five homeworks.
• 16:38
  Speaker 3: I know, I know.
• 16:39
  Speaker 2: By the way, I want to teach a class. This
• 16:42
  Speaker 2: one's really for your own all the pop culture that
• 16:44
  Speaker 2: you probably should.
• 16:46
  Speaker 6: I will attend if you attend a gen Z class. Sure, okay,
• 16:49
  Speaker 6: I'm not gen Z by the way, but gen Z
• 16:51
  Speaker 6: is funny.
• 16:52
  Speaker 3: They're great, Okay, so h it's pretty catchy. The y'all
• 16:57
  Speaker 3: Street Goldie TF.
• 16:58
  Speaker 1: I think it's a playoff Main Street and y'all Street. Yeah,
• 17:04
  Speaker 1: y'all Street.
• 17:04
  Speaker 3: Oh, it is, definitely, it's kind of I like it.
• 17:07
  Speaker 3: It's fun. However, I mean, come on, there's a bunch
• 17:10
  Speaker 3: of gold ETFs. This one. Here's the pitch. It holds
• 17:16
  Speaker 3: the gold on American soil.
• 17:19
  Speaker 2: Because a lot of the other gold ETFs hold it
• 17:20
  Speaker 2: in New York and Toronto and London and ones even
• 17:25
  Speaker 2: in Switzerland. But like, I don't know, it's twenty four
• 17:28
  Speaker 2: basis points and GLDM I think is fifty to ten. Yes,
• 17:31
  Speaker 2: so you could get way cheaper and more liquid gold ETF.
• 17:34
  Speaker 2: So the whole pitch is, do you really need your
• 17:37
  Speaker 2: gold store in America?
• 17:38
  Speaker 3: Now?
• 17:38
  Speaker 2: If you talk to these gold bugs who are really
• 17:41
  Speaker 2: into this, they'll tell you America is not a good
• 17:43
  Speaker 2: place to store it because FDR confiscated the goal.
• 17:46
  Speaker 3: They all bring it up. Bitcoinnters through too. That's why
• 17:49
  Speaker 3: that person.
• 17:50
  Speaker 2: Would want the gold store in Switzerland, which is an
• 17:52
  Speaker 2: ETF does that. So I think this is just kind
• 17:55
  Speaker 2: of trying to like capitalize on American pride, but it's
• 17:58
  Speaker 2: not totally thought through, and that expens ratio and being
• 18:01
  Speaker 2: an indie, I just don't That's where I'm like, good.
• 18:04
  Speaker 6: Luck with that, and the market is already saturated. Gld
• 18:06
  Speaker 6: has like one hundred plus billion in assets, AU has
• 18:09
  Speaker 6: like tens of billions. Although if gold stays hot, I
• 18:12
  Speaker 6: guess every issuer would want a piece. But I think
• 18:15
  Speaker 6: you bring up a great point. It's American pride, But like.
• 18:19
  Speaker 1: Even I know about getting this exposure.
• 18:22
  Speaker 2: I just like that they put American soil on the
• 18:24
  Speaker 2: website something like that's like real, like hitting somebody.
• 18:30
  Speaker 3: Yeah, y'all Street.
• 18:31
  Speaker 6: I like, there's any moment though this is now because
• 18:34
  Speaker 6: a lot of people are like America America.
• 18:37
  Speaker 2: I would watch a fifty business channel show called y'all
• 18:40
  Speaker 2: Street where it's like dudes in Texas talking about the
• 18:43
  Speaker 2: stock market, Like I would tune into that that's there's
• 18:45
  Speaker 2: something there.
• 18:46
  Speaker 3: I just don't know if it's a goldiet.
• 18:48
  Speaker 4: Yeah, they can do it.
• 18:48
  Speaker 6: When the Texas Exchange is really fun Texas Change.
• 18:52
  Speaker 2: Somebody on my team brought it up, like, oh, it's
• 18:54
  Speaker 2: because the tex Texas Exchange. But I'm like, it's actually
• 18:57
  Speaker 2: listening on nastac so that that kills out. But I
• 18:59
  Speaker 2: was there's definitely stuff happening in Texas that are like
• 19:01
  Speaker 2: financial related. But like I said, as I say in
• 19:04
  Speaker 2: every episode, if you are the assured at the yall
• 19:07
  Speaker 2: Street Company and you're like, oh dude, you're crushing me.
• 19:11
  Speaker 2: If this gets a lot of assets, I will e
• 19:13
  Speaker 2: crow which went over what that meant last time on air,
• 19:16
  Speaker 2: and be like I was wrong, you know, but.
• 19:18
  Speaker 3: This is a tough sell. I've seen it. And the
• 19:21
  Speaker 3: other thing is Gold has been on a run, but
• 19:23
  Speaker 3: now it's in a really bad state. It really peaked
• 19:27
  Speaker 3: about four.
• 19:28
  Speaker 1: Months ago, Isabelle, thanks for joining us on Trillions.
• 19:31
  Speaker 4: Thank you for having me. If you don't have me again,
• 19:33
  Speaker 4: I'll take it personally.
• 19:41
  Speaker 5: Thanks for listening to Trillions until next time. You can
• 19:43
  Speaker 5: find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcasts, Spotify,
• 19:49
  Speaker 5: or wherever else you'd like to listen.
• 19:50
  Speaker 1: We'd love to hear from you. Hit us up on social.
• 19:53
  Speaker 5: Trillions is produced by Magnus Hendrickson and Kishov Pundiya.
• 19:57
  Speaker 1: Bye didn't the t