November 20, 2025 • 42 mins
So far this year, some 920 exchange-traded funds have launched in the US alone—a new record. Some are already juggernauts. Others are more about capturing vibes than assets. And then there are some intriguing sleepers that remain under the radar. So, which is the best new addition to the overall investing landscape?
On this episode of Trillions, Eric Balchunas and Joel Weber welcome colleagues from Bloomberg News and Bloomberg Intelligence — Isabelle Lee, Denitsa Tsekova, Andre Yapp, Vildana Hajric, James Seyffart and Athanasios Psarofagis — to make their cases for the best new ETF of 2025. Executive Editor David Papadopolous returns to Trillions as a highly subjective judge with questionable methodology. Tickers mentioned in this episode include $MEME, $CAIE, $HUMN, $TEXN, $XDIV, $BSOL, $VBIL and $GXLC.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:14):
Welcome to Trillions.
Speaker 3 (00:14):
I'm Joel Webber and I'm Eric Belchunis Eric.
Speaker 4 (00:17):
We have not had a big group episode of Trillions
for a long time, but we're going to do it today.
Speaker 3 (00:23):
We are, Yeah, we were due.
Speaker 2 (00:25):
We're going to.
Speaker 4 (00:25):
Talk about the best new launch ETF launch of twenty
twenty five. And we brought a ton of colleagues from
within Bloomberg News and Bloomberg Intelligence, each of whom are
going to pick their candidate and then in a battle royale,
we're going to decide which one is the best pitch.
Speaker 3 (00:43):
Yeah.
Speaker 5 (00:44):
This was something that Exchange Slash inside ETFs used to
do back in the day, and I participated in many times. Member,
I'm still salty over not winning for the Urini ETF
about four years ago.
Speaker 2 (00:54):
Still carrying that grudge.
Speaker 5 (00:55):
Yeah, but they stopped doing it, so I feel like
it's a we're gonna get time and let me throw
that up for years, gol. There's nine hundred and twenty
launches this year in the US alone so far. So far,
they'll get a little bit to daylight and two hundred
or two thy four hundred worldwide. That's ten ETFs. Every day,
Every forty five minutes, a new ETF is born.
Speaker 3 (01:14):
Somewhere in the world easily.
Speaker 2 (01:16):
Yeah.
Speaker 5 (01:16):
Yeah, it may almost double the old record. That's how
many ETFs are hitting the market.
Speaker 4 (01:22):
Okay, we have, like I said, a large group of
people here. We've got Phil, Donna Hirich, Dniza Sikova, andre
yap Isabelle Lee, maybe me, Athanasio, Sarah Vegas, maybe you,
and judging it all David Papadopolos, an executive editor with
Bloomberg News, this time on Trillions, the Best ETF Launch
(01:46):
twenty twenty five. Okay, so first of all, we have
to bring David Papadopolos back in.
Speaker 2 (01:55):
David, welcome back to Trillions. Thanks Joel.
Speaker 4 (01:57):
It's been a while, it's been it's been a second,
but we're really excited to have you back. This is
also that awkward moment where we kind of give you
the mic and yeah, like we're a sidekicks my show
now to your show. Now, So how are you going
to be judging the pitches?
Speaker 2 (02:12):
So I think a few criteria.
Speaker 6 (02:14):
I mean, obviously it feels like it should be an ETF.
That's like of this moment, right, like of the current
trend sort of thematic that way, hopefully an ETF that's
got some stake, by the way, for those you know,
for the members that there, you guys, don't don't go
tweaking your changing your pitches as you as you hear this, uh,
something with a little bit of staying power. And obviously
(02:37):
marketability is super important. I guess, like listen, maybe performance
so far, but it's presumably it's a it's a fairly
short period of time to be judging that way.
Speaker 2 (02:47):
So you're the market, You're the market.
Speaker 6 (02:49):
I am the market.
Speaker 4 (02:50):
Okay, so it would appear all right, let's let's uh,
let's get down to it.
Speaker 2 (02:53):
Who's gonna go first?
Speaker 6 (02:55):
First up, we have isabel Lee Cross, asset reporter here
with Bloomberg. Isabelle, you have one minute, and then I
will ask perhaps a follow up.
Speaker 2 (03:05):
Question, and Eric and I might have some commentary, might have.
Speaker 6 (03:10):
A snide co two which is by the way, which
is a little sketch because they're also going to be
pitching themselves. Don't let them get in your head.
Speaker 7 (03:18):
The snyder the better.
Speaker 6 (03:20):
Here we are, okay, okay, you are on the clock.
Speaker 7 (03:25):
So do you guys believe that everyone deserves a second chance,
from your ex, from your enemies, from your boss. So
this ETF gets point.
Speaker 8 (03:33):
One for that.
Speaker 7 (03:34):
I'm talking about the round hell Meme ETF tick Meme
stock ETF ticker is meme emmy round two for that.
So they're making a comeback. They closed in twenty twenty
three because they didn't get enough assets and they weren't
performing well basically, and then this year they relaunch and
now that they're in the market. The difference is last year,
(03:55):
last seconds, it was passive. Now it's active plus one point.
Now I'm totally three. It's it's active now and they're
going to use a series of quantitative and proprietary data.
But basically it talked about meme and we know that
meme socks entered the lexicon during the pandemic. It died
on a little, but now it's back. Think open Door,
(04:16):
krispy Kreme, think all of the recent figures that are
meme ified today. So I really think that this and
the basis points is sixty nine, which is not inexpensive
four points for me.
Speaker 6 (04:27):
Yeah, all right, Meme interesting, certainly certainly topical meme stocks
are indeed back open Door, krispy Kreme and a company
founded by an old college buddy of mine by the
name of Beyond Me. Wow. Yeah, true story over both
(04:49):
bad basketball players on a bad college team. It's true.
Speaker 3 (04:53):
So lots of impact there, Yes, I know.
Speaker 2 (04:58):
Yourself.
Speaker 4 (05:00):
It's interesting about that. There's little like asterisks there that
I like that you called that like it is a
new launch this year, but it has been here before.
Speaker 2 (05:07):
Yeah.
Speaker 5 (05:07):
By the way, meme has a great I almost think
it's an inverse indicator because it closed at the actual bottom,
and then since it's launched, the market's gone down, like
it might be like kind of kramer esque in its
ability picked. Yeah, and bottom ticked. When it first closed,
it bottom ticked, And it's interesting.
Speaker 7 (05:26):
That they reserved the ticker almost like they knew it
was gonna make a comeback, all right.
Speaker 2 (05:31):
Yeah.
Speaker 3 (05:32):
Also, this is one of the only self lazaruses.
Speaker 7 (05:35):
Yeah.
Speaker 5 (05:36):
What I mean by that is a lot of times
the ETF dies and another issue goes, ooh, let's let
me try that. This is the first time where the
same issuer killed the ETF and said, let's resurrect our
own ETF.
Speaker 3 (05:45):
I've never seen that, So let's.
Speaker 7 (05:47):
End this podcast because I clearly went.
Speaker 6 (05:49):
Thank you, thank you, so I guess questions from me
is uh aum so far? And I guess is about
so like, just tell me your vision for this thing,
giving its rocky past. Is this like a a one
(06:09):
year ETF play, a five year ETF play, a tenure?
Speaker 2 (06:12):
Like?
Speaker 6 (06:12):
What what's what's your time horizon for this thing? What
does success look like for this ETF?
Speaker 7 (06:17):
I feel like assets is always a success. But the
past one it was just a passive ETF. It just
trapped an index. Now it's active and they will rebalance
every two weeks, as opposed to in the past where
they rebalance every month. Because, as we know, meme sentiments
change within a day or something. If you just find
yourself in Reddit, which I've been using a lot more.
By the way, I best hair straightener, I read it,
(06:38):
best restaurant reddit.
Speaker 9 (06:42):
It.
Speaker 8 (06:43):
No, I don't do that.
Speaker 2 (06:46):
She's like playing into the meme vibes.
Speaker 6 (06:48):
Yes, all right, uh Eric Joel, any final comments?
Speaker 2 (06:53):
Let's keep it moving? Who's next?
Speaker 6 (06:55):
Thank you? Will next stop? Another cross said superstar for
us here it's you are on the clock.
Speaker 10 (07:05):
Just to say, not that I'm competitive, but Isabelle's ETF
was down ten percent last week. My ETF everyone cares
about dividends. Everyone is asking about dividends. But there are
two big problems about dividends. That they underperformed the index, uh,
and that they have a tax track. And I have
a proposal to fix that. Allto cobbets in ETFs, it's
(07:26):
all the buzz.
Speaker 7 (07:27):
Uh.
Speaker 8 (07:28):
When it comes to banks, everyone has been doing it
for a.
Speaker 10 (07:30):
Very long time, but now you can see it in
an ETF is based off commos. It's seventy four basis point,
which for kind of a sophisticated trait, I would say
it's relatively cheap. Of course, it's index base, which is important.
There are a lot of single stock ones that are
very voatile, come with a lot of issues, but index
base obviously is much more balanced, less likely to get
(07:54):
big losses.
Speaker 11 (07:56):
Uh.
Speaker 8 (07:56):
Then we have yields all.
Speaker 10 (07:58):
For fourteen percent and coupon which is one of the
highest in that divident category. And at the same time
we're talking about performance, there is.
Speaker 2 (08:09):
A time is up. Yeah, okay, well there, yeah, I
think we.
Speaker 8 (08:13):
C a I E okay, and I'm sure we have
more questions.
Speaker 6 (08:17):
It's a I E that doesn't exactly like like it
almost it almost it almost looks like.
Speaker 5 (08:24):
I think they call it kaya ya. That's you'd have
to be the parent of. We had the guy on
last week, actually did we had the issue we're on?
Speaker 8 (08:32):
Well what was his this?
Speaker 3 (08:35):
But we had thirty he had forty five minutes.
Speaker 5 (08:37):
She tried to squeeze what might be, in my opinion,
the most complicated ETF I've ever seen in my life
up in a minute.
Speaker 3 (08:47):
I know it was worth it.
Speaker 4 (08:48):
Clock management did get you a point of super ambitious, so.
Speaker 6 (08:55):
You weren't even focused so much on winning yourself as
you were taking down.
Speaker 8 (08:59):
That's why strategy. That's strategy, all right.
Speaker 4 (09:03):
I think we could probably help her pitch out a
little bit which was divd in. ETFs were a hot
topic this year. This one distinguishes itself in that space.
That would have been my the TLDR.
Speaker 10 (09:14):
I didn't even mention tax efficiency.
Speaker 5 (09:17):
I would have gone, will going do you like fourteen
percent yield?
Speaker 2 (09:20):
There you go?
Speaker 6 (09:21):
I mean, that's is it like anytime I hear fourteen
percent yield, immediately go to bullsh But is it like,
is it a real fourteen percent?
Speaker 8 (09:30):
Well it's not my ATF, that's all they say.
Speaker 3 (09:32):
It's fourteen but you're selling it for the purpose.
Speaker 8 (09:36):
Of selling it. Yes, it's real.
Speaker 6 (09:39):
All right, then it seems like a good deal, right,
I mean yeah, but I also got I got some
land to sell you in buld area.
Speaker 8 (09:48):
That has a high yield.
Speaker 6 (09:51):
All right, thank you, dinny.
Speaker 8 (09:53):
Thank you.
Speaker 5 (09:54):
This ETF, by the way, I got to say, has
had inflows every week since it's launched, since June.
Speaker 3 (09:59):
That's really really rare.
Speaker 6 (10:02):
What is uh? What's to tell you?
Speaker 5 (10:03):
I'm up to about half a billion, okay in six months?
Speaker 3 (10:07):
Yeah, so it is? Is it a bit of a juggernaut?
Speaker 6 (10:13):
I bet you what is me? I bet your mime
has like nineteen million dollars.
Speaker 3 (10:16):
It doesn't have a lot.
Speaker 2 (10:17):
Yeah, all right.
Speaker 6 (10:21):
Next up on the mic, one of our crack ETF
research associates, Andre, Yeah, Andre, welcome, you are on the clock, sir.
Speaker 2 (10:30):
Okay.
Speaker 12 (10:31):
My pitch is a round hill Humanoid Robotics ETF. Human
I picked this ETF because basically, I'm just a disillusioned
millennial and this one just fits with my theme perfectly.
Speaker 2 (10:41):
Well.
Speaker 12 (10:42):
So we have the AI bubble and everybody has an
AI e TF. This one right here is going to
give us robots. It's gonna arm sky nets with the terminators,
it's going to bring to an end. And that's why
I like this ETF. So it has companies like Tesla,
Ubi Robotics and Video, has eight sorry about thirty million
in assets with an expense ratio of zero point seventy
(11:02):
five percent. I like it just because it's something different.
It's a new twist on the AI bubble. So that's
basically it for me. That's my pitch.
Speaker 4 (11:12):
Wow fast, Yeah that was that was fast, by the way,
walking to trillions first time on.
Speaker 6 (11:20):
But but there's a little bit of it might be
a little bit of a tell Andre when you say
at the end it's a new twist on a on
an E t F bubble.
Speaker 3 (11:30):
So I think he said ay AI.
Speaker 6 (11:33):
Bubble, I misad that's what I actually meant. I remember
I'm jet lag.
Speaker 4 (11:36):
I have a question, which is why this one and
not cooid, which is the other human.
Speaker 12 (11:42):
Ticker counts for a lot. If the ticker doesn't make
it pop, you're not gonna remember it. And this one
just said I.
Speaker 3 (11:47):
Think you just stole Joel's I talked about it and.
Speaker 6 (11:54):
Human human is good.
Speaker 2 (11:55):
That is a good ticker. What's the exact.
Speaker 6 (12:01):
But why is it human? Why isn't it robot.
Speaker 12 (12:03):
I don't understand, because it's going to replace humans essentially, humanoids,
not ex so they're building humanoid robots essentially to take
the place in the labor.
Speaker 6 (12:16):
But is this just because this is like their helpers,
their helpers childhood, like galactic fantasy of yours or you
really believe in the atf oh.
Speaker 12 (12:24):
I wasn't joking when I said I'm a disillusioned millennial.
Let's just give the terminators their time to shine.
Speaker 6 (12:29):
Okay, all right?
Speaker 5 (12:30):
I mean to be fair, you've ever seen that Boston
Dynamics video once every six months with a robot like
does a somersault grabs a gun and start shooting? And
you're like, holy, I think those are the videos that
if you extrapolate that ten twenty years is where I
think this videos Like they're doing new stuff now, That's
what I'm saying, and they now they sometimes the robot
can fall over, get back up and like break dance.
Speaker 6 (12:53):
It's just an interesting moment to pitch us. You know,
you know the AI, you know the whole way.
Speaker 2 (12:59):
This is like the thing after the AI thing.
Speaker 6 (13:02):
Though, this is like it's gonna it's gonna survive that
I mean they're.
Speaker 4 (13:05):
Like cockroaches, these robots, like I mean, they just need
a charge.
Speaker 12 (13:09):
If we think about it, like terminator AI sky in it,
we need the actual terminators to actually complete the circles.
So we have That's where I'm going with it. We
got this go to the natural conclusion.
Speaker 5 (13:22):
This is as far as I've seen anybody take a theme.
Yeah that's pretty I mean, but it's all dust. Yeah,
and all the money being thrown at AI.
Speaker 3 (13:30):
I mean, something's gonna happen.
Speaker 6 (13:32):
Well, they're gonn to be thrown AI, including thirty million,
just got started to six months than you, sir. Okay,
So next up a man who needs no introduction, just the.
Speaker 2 (13:49):
Co host of the podcast, Joel Weber.
Speaker 4 (13:51):
Okay, So maybe you've heard of K pop Demon Hunters
and the song Takedown. My role is to provide an
ETF that I feel like is going to be taken
down by the competition here. But I've picked the ticker
texan te x in, which is an I shares ETF
(14:14):
that launched over the summer. It does not have a
whole lot of assets, but if you know anything about Texas,
it's larger than life.
Speaker 2 (14:22):
And this is a bet on Texas.
Speaker 4 (14:25):
So biggest holding is Tesla, followed by Exxon Mobile. It's
kind of a great one, like get oracle As number
three so really Chevron number four, Caterpillar number five, all
of these companies have huge presences in Texas. We know
that Texas is the future of business, and you're like Texas,
you're either with us or against us.
Speaker 6 (14:50):
I gotta say, I'm surprised. That was kind of cool.
I mean, you don't read into that. I mean, I
don't know when he first came with Texan, I was
and I was I was looking. Uh, I was thinking
I was going to be disappointed, but that was kind
of fun. I mean I could. Uh. I don't know
it goes anywhere.
Speaker 2 (15:09):
You know.
Speaker 4 (15:09):
I gotta tell you. Bloomberg News has not written about
it once. I don't think the I has written about
it at all.
Speaker 2 (15:13):
It's kind of a little sleeper.
Speaker 3 (15:15):
I think it might have made Katie's newsletter.
Speaker 2 (15:18):
Yeah, right it Okay.
Speaker 3 (15:20):
The other thing is you get that okay minus one
a little bit of a.
Speaker 5 (15:24):
Tax tailwind, right, because when you move there, you pay
less taxes.
Speaker 2 (15:28):
Right. This is a play for the future.
Speaker 5 (15:30):
Yeah, there was a Nashville ETF that had the same pitch,
but it closed.
Speaker 2 (15:35):
Phil Phil Donna has a criticue But but you can.
Speaker 6 (15:39):
It doesn't matter.
Speaker 3 (15:40):
It's a political play totally for the moment.
Speaker 6 (15:43):
That's the story of the But see, I could see
Texan working out in Nashville.
Speaker 2 (15:49):
That's not Texas. That's not Texas, that's Tennessee.
Speaker 3 (15:52):
You know what, you know what the Nashville ETF.
Speaker 5 (15:55):
All the hospitals are there, So it ended up being
like this ipso facto hospital ETF. But it is too specific.
But they also had an Oklahoma ETF back in the day.
And this is the second attempt to Texas. So they've
tried these, so that this one by I Shares is
I think probably the biggest reason it might succeed.
Speaker 6 (16:10):
But when you said at some point here I believe
you said, it doesn't have a whole lot of money
under management.
Speaker 2 (16:16):
It does not.
Speaker 4 (16:20):
Million you know, like we have not we have not
seen a lot of investors pile into this.
Speaker 2 (16:25):
But you know, keep in mind it's a big state.
I think Texans will invest in Texas. All right, It
all come around, all.
Speaker 6 (16:31):
Right, that's cool.
Speaker 2 (16:33):
I like it.
Speaker 6 (16:33):
Joel, Thank you sir.
Speaker 2 (16:34):
You're welcome.
Speaker 6 (16:39):
Next up is our cross asset team leader here at
Bloomberg Mail Donna Hirich.
Speaker 2 (16:48):
Wow, we're just.
Speaker 3 (16:52):
Uh on the clock.
Speaker 13 (16:54):
First of all, everything is bigger in Texas except for
Joel's ETF. Second of all, Andre chose human even though
there was an ETF that launched before it based on
humanoid robotics, and he didn't even know that humanoids are
already in existence. What's your I'm just poking holes in
everybody else's argument. The best and most innovative ETF of
(17:16):
the year goes to xdiv XTIV. It's another round hill
ETF and this one will invest in other s and
p five hundred ETFs for you. So it's going to
be tracking the market, except it jumps out of those
ETFs before the ex dividend date, and that way you
(17:38):
can avoid a big tax hit.
Speaker 2 (17:41):
I see, that's it.
Speaker 13 (17:43):
It's so simple, it's genius, it's innovative. Nothing like this existed.
Tax avoidant tax awareness has been a huge theme in
ETFs since the birth of ETFs.
Speaker 6 (17:54):
You're in a time pal.
Speaker 8 (17:55):
This brings it to a whole new level.
Speaker 6 (17:57):
Okay, so my question for you is it's a whole
new strategy.
Speaker 4 (18:01):
First of all, you just dig, you know, drag everyone
else and then like exactly by the.
Speaker 6 (18:06):
Way at the end my pitches, I can't remember everybody
else sucks. I could have kept going about how everyone
else sucks. Yeah, So again, the name x div's a
little bit like hi, whatever the other one was. It's
not like, doesn't exactly like roll off the tongue. But
what does history tell us about how avoiding taxation? And
(18:30):
this little tax avoiding scheme? How much does it juice returns?
What is the data tell us?
Speaker 13 (18:34):
Pal juice returns the data.
Speaker 5 (18:42):
You want returns of this versus what.
Speaker 6 (18:52):
I think Winkler used to call this show up and
throw up.
Speaker 3 (18:56):
You're allowed one terminal lifeline?
Speaker 2 (18:58):
Okay?
Speaker 8 (18:58):
Can I call it?
Speaker 3 (18:59):
Friend? Is this also a roundhill? Yes, it's a third
round hill? My god? Are they paying us? Okay?
Speaker 5 (19:06):
This year XTIV is beating VU by thirty four basis
points and it's only been a couple months, so annualized,
that would be an extra forty basis No, annualize, that's
an extra two percent a year.
Speaker 6 (19:20):
Eric might win for this.
Speaker 5 (19:22):
I wish I was lying because I am also in
this competition. But again, I'm just looking at a small window.
Speaker 3 (19:28):
But so far, something's working.
Speaker 6 (19:31):
And history though will tell us that in general, this
kind of this kind of scheme works, is that.
Speaker 5 (19:37):
Right, generally speaking, I also think advisors are real concerned
with after tax returns. I mean, in the end, your
returns are after inflation, after tax, that's like your real return.
And so this is why it's important. But it's tough
to get people off.
Speaker 3 (19:53):
Of VU and S and P.
Speaker 4 (19:54):
Just to be clear here, the strategy was flamethrower, and
it works.
Speaker 3 (20:01):
I know. I happen to be in the end zone
just standing there.
Speaker 8 (20:04):
You're wide open.
Speaker 13 (20:05):
This is for retail investors, this is for institutions, this
is for international institutions, this is for everybody.
Speaker 6 (20:13):
Okay, excellent, wil Donna, thanks for playing.
Speaker 2 (20:19):
All right, Well, we just had an addition.
Speaker 4 (20:22):
James Safert, who's a senior research ETF analyst at Bloombergan Intelligence,
was caught on some terrible public transit woes and then
amazingly just charged through security literally walked in and we're
just going to make him do his pitch. He's not
hurt any of the other pitches. If you don't win,
no you no, it's bad. It's yeah, I think you're
(20:43):
gonna win. So whatever you're going to pitch.
Speaker 5 (20:45):
It may help him because you won't spend thirty seconds
trashing everything.
Speaker 6 (20:48):
You have one minute to pitch, James. You are on
the clock now.
Speaker 9 (20:54):
Okay, So anyone who knows me is not going to
be surprised that I'm going to pitch a crypto ETF.
Speaker 3 (20:59):
So the one I'm gonna go with.
Speaker 9 (21:00):
There's a few that you go with, but I'm gonna
go with the bitwise b Soul or Bitcoin bit Wise.
Solana ETF first full spot crypto staking ETF.
Speaker 3 (21:10):
Uh.
Speaker 9 (21:10):
It launched into when people were kind of I mean,
right now, it's not a great time to be in crypto.
It's down pretty bad. Uh, and it's still one of
the best launches of the year. If you look at
volumes the easiest way to see how good of a
launch and ETF has had. It's second only to another
crypto ETF. But Solana itself is a much smaller market
cap than the one that I'm I just referenced. So
(21:31):
XRP is a is a bigger product in the crypto world.
But uh, Solana is a little more interesting to me
just because of the staking aspect. It's something that is
brand new. It's taken in. It took in over two hundred.
Speaker 6 (21:43):
Million dollars in day one ten seconds.
Speaker 3 (21:46):
And it's just it just proves that.
Speaker 9 (21:48):
Despite even when the market is going bad and against you,
in the crypto world, these ETFs the top two are
crypto assets.
Speaker 6 (21:54):
Okay, you're out a time.
Speaker 2 (21:56):
That was good.
Speaker 6 (21:57):
Interesting, Well, of course somebody, somebody, Joel had to pitch we.
Speaker 2 (22:02):
Needed crypto to be on the list, and James delivered.
Speaker 6 (22:05):
At the risk of you saying this is Papa Opples
making it about Papa Apples again, I will just say,
my brother, and this helps your pitch is obsessed with Solona.
There you go, which makes me extremely dubious. Uh ten
million on day one you said it taking no so.
Speaker 9 (22:25):
Day one trading was fifty seven million at its launch
last month it was the largest.
Speaker 2 (22:30):
We just had an extra PETF to pass it.
Speaker 9 (22:32):
So now it's the second largest launch as far as
volume goes.
Speaker 2 (22:35):
And it took an over two hundred million dollars in
day one.
Speaker 6 (22:38):
So what's the what's the fee you have?
Speaker 5 (22:46):
I think it's point two, but I actually I'll tell you,
hold on, I'm the life doctor, bel this is going
to be I think it's point two two.
Speaker 6 (22:54):
All right, Trenz. Anything for I.
Speaker 4 (22:59):
Think is to just you know, walk out of here
on the high like, go get some ice water.
Speaker 3 (23:06):
Well I have a question for him.
Speaker 2 (23:10):
Well you know that, and it's still to be clear,
you know.
Speaker 6 (23:15):
Yeah, Well, crypto it's a tricky.
Speaker 4 (23:17):
Moment pitching anything crypto current going down.
Speaker 5 (23:23):
I think that's why I would say I think you
have to sell everybody in twenty seconds on why salon
a long term.
Speaker 9 (23:30):
Yeah, I mean it's it's if you look at crypto, right,
if you're looking at blockchain technology, these crypto technologies you
have on one end of the spectrum Bitcoin super decentralized,
super secure, it's a little slow, it does a few
things extremely well, and then there's this whole other spectrum
of like less decentralization, maybe a little bit less secure,
more open, can do a lot more things than just
transfer money. Solana is competing on that other end of
(23:53):
the spectrum without being a completely centralized entity. So it's
competing with ethereum. It's a little more centralized in ethereum.
Some people listening to this will jump out of their
screens at me saying that, but it basically is trying
to compete with things in the traditional financial world, traditional
technology world, while also taking aspects that made bitcoin as
successful as it was.
Speaker 6 (24:14):
Good stuff, James, thank you. Next up, we have a
fellow Greek eighth and Sarah Vegas, research associate here at
Bloomberg eighth. Then hit us.
Speaker 11 (24:28):
Yeah, I don't even need a minute because this is
so easy. But just based on the picks, we have
Crypto that's down thirty percent, the most complicated etf ever
and a bunch of other ETFs have like no assets. Right,
did I get it right? Just what's so easy? It's
v bill, which is the Vanguard zero to three year
Treasury etf It's got four billion dollars. What is so
(24:49):
great about this is Vanguard never launches ETFs. It's like
an oxy moron to have new launches and have Vanguard
in there. So it's their first launch in about eight years.
It's bonds. They never competed in this space. It's got
four billion in assets, it's only seven basis points. It's
up three percent this year. Uh, it's they're competing with
you know, the likes of some other cash like ETFs.
(25:10):
But I think they don't launch products lightly, and when
they do, they make a really big slash in it.
So yeah, I think simplicity wins in this year of
like crazy launches. I'm gonna go the complete other way
and just go with like bonds, which I think is
just like bill bill Yeah, so just like short term treasuries.
Speaker 2 (25:28):
Got it?
Speaker 3 (25:30):
Wow?
Speaker 6 (25:31):
Okay, I mean hard to argue some of that. I mean,
as do you like shiny objects or or super.
Speaker 2 (25:41):
Super basic foundation.
Speaker 6 (25:47):
The crypto guy like as but al right, not right enough?
So as not only the Greek connection, but also as
someone who's been a little comfortable in cash for a while,
in Vanguard cash for all. I mean, I don't know,
it's kind of I kind of speaking to me seven
BIPs now, right. The thing is, what these guys are
(26:11):
going to say is sure, pal three percent so far,
four percent at the end of the year. But how
how how do you like that when I'm when I
make up two thousand percent score in a couple of years.
What's your response to that?
Speaker 11 (26:23):
Yeah, I mean, you're not going to be one hundred
percent in it, right, So I feel like these are
the this is going to be the position.
Speaker 3 (26:29):
That bails you out of like the big draw downs
that we have.
Speaker 11 (26:32):
Like, yeah, obviously cash is never going to be as
good as three X and video or two X and video.
But I think it's a nice ballast compared to other bonds, right,
like the AG and things like that. I think that
that stuff has let you down. Cash has actually been
pretty reliable as like a hedge recently.
Speaker 6 (26:48):
What are the chattering class?
Speaker 4 (26:49):
I just think everybody else is you know, pitching, uh,
you know, new fangled objects and you know the voice
of sanity is entered the room.
Speaker 5 (26:58):
Yeah, I mean four cent yield in basically no risk
is pretty attractive, especially with market really high and people nervous.
And I agree, I would almost rather own this than
the agriabond index because this won't go down like the
AG goes down a lot with stocks. The only thing
here is if the Fed starts cutting, this will be
less attractive obviously.
Speaker 6 (27:19):
Yeah, I mean, I just think in general, I mean
my two cents is what was it was to sell
off in the bomb market in late twenty twenty two, where.
Speaker 3 (27:27):
The AG went down thirteen percent? Cash did nothing, So
you did better in cash.
Speaker 6 (27:30):
Like it sort of blew up the whole bond proposition
at that moment, and as I saw it, and so yeah,
bills are bills? Are bills? Is it really the first
and eight years from Vanguard?
Speaker 4 (27:43):
Yeah?
Speaker 5 (27:44):
No, no, well they've done active though, maybe the first passive.
Speaker 11 (27:47):
Yes that I should say you only had per minute that.
Speaker 2 (27:52):
Actually that's like a.
Speaker 5 (27:54):
Great they've actually looked like wait, actually launched Wait a second, no, no, no, no.
Speaker 6 (27:59):
No, no, bactual mistakes. He's got to come up total.
Speaker 3 (28:02):
This year he've launched this year of ETFs this year?
Speaker 11 (28:06):
Yep, this was v buil was their first launch this year?
Speaker 6 (28:08):
It's any of this stuff their first this year?
Speaker 11 (28:10):
No, within the last like what was their last launch
was like twenty fourteen.
Speaker 2 (28:15):
When they lost last year?
Speaker 6 (28:16):
Bust his chops?
Speaker 11 (28:17):
Are you what active did they they launched? That was
this year or last year? I think they're all this
year launches.
Speaker 6 (28:23):
Yeah, so it is a slight Actually.
Speaker 3 (28:26):
You're saying this was the first of many launches they launched.
Show me what they launched last year? Okay, give me,
it's gonna take a second. I want my life all right,
here we go.
Speaker 6 (28:36):
Okay, here's that actually should have been established? You get
one terminal.
Speaker 5 (28:42):
We got a lot of nerds in here. How many
ETFs you think van cards launched this year? Let's get
some guesses here.
Speaker 2 (28:47):
James was close.
Speaker 11 (28:47):
It's like ten or eleven.
Speaker 6 (28:50):
Seven or ten? Not I go eight then seven to.
Speaker 5 (28:54):
One, two, three, four, five, six, seven, eight nine ten eleven.
Speaker 6 (28:59):
Wow, So what are you talking about that?
Speaker 2 (29:01):
Because they haven't?
Speaker 5 (29:02):
Bill, wasn't their first one launch this year? We'll launched
the same day as Vegas. Okay, so these two but by.
Speaker 6 (29:08):
The way, twenty four.
Speaker 3 (29:10):
Here's the other problem.
Speaker 5 (29:11):
They launched one in November of twenty twenty four and
another one in January of twenty twenty four.
Speaker 3 (29:16):
Two of them. What wasn't they've launched multiple et like,
like I should have said, all right, you had.
Speaker 2 (29:23):
You were you were?
Speaker 6 (29:24):
I was going so well, I should have for the
kids listening at like.
Speaker 5 (29:28):
The bond Lance Armstrong doping, it's like it's all ruined.
Speaker 2 (29:33):
It was their first bond, first bond launch.
Speaker 3 (29:36):
Don't worry, I got your back with mine.
Speaker 6 (29:38):
Do you want to you want to try that again?
Speaker 2 (29:40):
No?
Speaker 3 (29:40):
I want to stay with the doping allegations. Okay, So
if I win, is this going to come back?
Speaker 2 (29:47):
Probably?
Speaker 6 (29:48):
Bro? He did?
Speaker 3 (29:51):
I love that. He took the whole like moral high horse.
Speaker 5 (29:54):
He's like they never launched any ETF and so for
them to launch. It came down from the heavens and
they said there shall be an ETF today, And it's like, oh,
actually there's been twenty in like two years.
Speaker 2 (30:07):
I think before that they didn't have a launch for
like seven.
Speaker 3 (30:10):
At some point there was a year or two at
some point here.
Speaker 6 (30:14):
The more yeah, he won't give it up. Yeah yeah,
the more you talk together.
Speaker 4 (30:19):
All right, I got one final pitch. Eric, You've got
a mess on your hands.
Speaker 2 (30:26):
Intelligence. You're gonna mop that up.
Speaker 6 (30:28):
Your guys are uh yeah, the least by the way, Eric,
I'll say you so far. I feel like the least
factual pitch is so far I've come from your crew.
Speaker 2 (30:35):
Okay, Leric, you got a pitch I do?
Speaker 6 (30:39):
All right, Eric, you are on the clock, sir.
Speaker 5 (30:42):
All right, this one is just as boring as Athanasio says.
I know you thought I was gonna pick like a
two x quantum ETF, but this really stuck out to
me this year global x.
Speaker 3 (30:51):
Us five hundred ETF. Okay, well, who cares?
Speaker 5 (30:53):
Right, Here's why this is interesting. First of all, it's
only two basis porta picker g x LC two basis points. Really,
the ticker on an s and P five hundred should
mean nothing.
Speaker 3 (31:04):
Okay, anyway, the reason this is.
Speaker 6 (31:07):
Interesting, respond to the crowd, Yeah.
Speaker 5 (31:10):
This tracks the five hundred biggest thoughts in America. You
may be like, well, so does the SMP.
Speaker 3 (31:14):
No, it doesn't.
Speaker 5 (31:15):
The S and P is an active fund. That index
you need to have four quarters of positive earnings. Then
there's this secret committee that meets in a smoky room
somewhere and decides what can go in route. Remember when
they wouldn't let Tesla in. Well, over the last ten years,
the index this GXLC tracks is beating the S and
P by seven percentage points. Why mostly because they didn't
(31:37):
let Tesla in. This one did same with Strategy, and
there's been many others where this will have all the
stocks when they're big enough and you're not relying on
a secret committee of who knows who?
Speaker 2 (31:46):
Okay, how do.
Speaker 6 (31:48):
You respond to here?
Speaker 2 (31:52):
What are the assets there? Let's just hear Eric admit it.
Speaker 6 (31:57):
I gotta get then abound a battery.
Speaker 3 (32:01):
Yes, there's only four million now.
Speaker 5 (32:02):
Because global x is not known for beta, it'd be
like Vanguard launching like a humanoid ETF. It probably would
take a minute, but still, I'm just going on the
idea and the launch and the novelty.
Speaker 3 (32:13):
And it's a fact.
Speaker 2 (32:14):
It is.
Speaker 5 (32:15):
And also this is truly passive. If you're in the
S and PIF hundred, you're not really passive. You are again,
you're giving that you're close to passive.
Speaker 6 (32:24):
So you're saying that essentially all of us out there,
all of us who think we're passive investors, were actually
investing in active fund.
Speaker 5 (32:31):
Yeah, there's a committee of like nine people who you
don't know, nobody knows. It's like remember see the Mob documentaries,
where like the committee meets and like decides like who's
gonna die that year.
Speaker 6 (32:40):
It's a sectually who's going to vote on this?
Speaker 8 (32:41):
Uh?
Speaker 2 (32:42):
Yes, pitch if actually does.
Speaker 3 (32:43):
That's what this does.
Speaker 5 (32:44):
That's why like Strategy did again they caught they checked
every box. Tesla checked every box. Microsoft was famously not
let in when they checked every box.
Speaker 6 (32:51):
So it's interesting, But is there is there a company
or two or five right now that you could think
of it that is unfairly being left out as a result.
Wait a minute, the crowd has a thought.
Speaker 9 (33:01):
Erics twenty stocks that are that are eligible but not
in there, and there's over sixty stocks in the index
that are technically wouldn't be eligible today.
Speaker 6 (33:08):
At that So this is interesting.
Speaker 11 (33:09):
This is a backdoor crypto pitch for her strategy, that's what,
because he wants strategy to be in the index.
Speaker 2 (33:16):
So what's the methodology here?
Speaker 3 (33:18):
The five hundred biggest stocks in five hundred biggest done?
Speaker 5 (33:22):
Okay, ask someone to ask somebody on the street to
describe the S and P five hundred.
Speaker 3 (33:27):
They can.
Speaker 5 (33:27):
Now I'm going to say, as an investor who does
own the S and P five hundred in my four
one K, I'm fine owning it. I'm just saying this
is a little potentially tighter and more passive, and it's
even cheap than two BIPs.
Speaker 6 (33:38):
Do you own this one? No? It just came that
four million dollars your.
Speaker 3 (33:45):
I'm not allowed to give investment.
Speaker 4 (33:46):
Okay, speaking of mysterious processes, and uh, you know, smoke
filled the rooms with heavy curtains, h David Pappadopolis.
Speaker 6 (33:56):
Uh you then, can I have a minute.
Speaker 4 (33:59):
Looking gars and considering your options you take, We're going
to give you one minute with your thoughts.
Speaker 2 (34:07):
Yeah, so we'll be back in a minute. Welcome back, David.
Speaker 6 (34:15):
Thanks?
Speaker 2 (34:16):
How is that smoke filled room two?
Speaker 6 (34:18):
Cigars later, Yeah, some more stting, right, yeah, I uh
I no, no, there's no horse, no no no. And
after after great thought, I have I have a verdict.
Speaker 2 (34:31):
Do you want to start with that or do you
want to? I want to.
Speaker 6 (34:35):
I've graded everyone and we'll go from worst or last
to best least best, right, and.
Speaker 5 (34:45):
There is I do feel like there's some millennials in
the room. Okay, I know you guys can't handle just
pure worst. Okay, so least best to best best.
Speaker 6 (34:53):
Least best a k biggest flop our pal bill Donna, damn,
it was the shade. It was just basically it was
just just too angry. Your pitch was just too angry.
I couldn't It was just too angry, too angry, all right,
you know you're trying to sell me on something. You
(35:13):
can't be that angry.
Speaker 2 (35:14):
But you're in good.
Speaker 6 (35:14):
Company because your pal and it's just too just too
much of.
Speaker 2 (35:19):
A mouthful, the whole cop kind of like a.
Speaker 6 (35:25):
Fish, a fish called Wanda, Like I just couldn't get
it out. And it's the dividend, the whole dividen fourteen percent.
Speaker 2 (35:34):
Obviously, right, what you beat your pals? Uh? Next?
Speaker 6 (35:43):
Uh uh, mister bell cheernis what four million dollars?
Speaker 3 (35:48):
I crushed it like I legit, objectively crushed it. Okay, okay,
well listen listen here.
Speaker 6 (35:56):
You can't you can't beat all the one last time.
Speaker 3 (35:59):
Don't know.
Speaker 5 (36:00):
All I want is I want to see a copy
of his trading report in the next year. He's gonna
legit buy the ticker I went over.
Speaker 6 (36:06):
I'm just saying, all right, now, we're starting to get
up towards the top. I got James next, right off
the right, off the bus or the subway, right in
solid pitch Crypto though, as the crowd, you know, as
the crowd was pointing out, though it was simultaneously greatly
courageous and a little kind of reckless to pitch Crypto
at a moment like this when it's puke and its
(36:27):
guts out. But that was all right, mister humanoid himself.
Andre's up next. Kind of fun sal But you know,
I'm still maybe just me being stupid. I just don't
know about the human ticker for a robot.
Speaker 12 (36:46):
Have you seen the terminator?
Speaker 6 (36:49):
I don't know, have youator.
Speaker 3 (36:52):
Even like the ones?
Speaker 6 (36:54):
But you see what I'm saying. She remains She remains salty.
And angry.
Speaker 2 (36:58):
This is what you know.
Speaker 5 (36:59):
You just have to I gotta say, though, the idea
of disqualifying him because human is a bad ticker.
Speaker 6 (37:07):
It is.
Speaker 3 (37:07):
They are called humanoids. I'm still name the industry gave them.
Speaker 2 (37:10):
I'm aware of the he's not.
Speaker 6 (37:11):
I'm just not feeling. I mean, there's a lot of
stuff that the industry pitches. Private credit will also tell
you a lot of things about private credit.
Speaker 2 (37:18):
But I noticed Prove did not have a have a cameo.
Speaker 6 (37:24):
Joel comes in third. I think the bronze just because
Textan Now Textan is kind of I feel like that
was fun, unlike human. I just thought Textan was good.
It's gonna go nowhere. To be clear, thea's got no chance,
but it's fine.
Speaker 2 (37:41):
Black Rock says otherwise.
Speaker 6 (37:42):
But okay, Isabelle Lee runner up?
Speaker 9 (37:46):
No?
Speaker 2 (37:49):
You would?
Speaker 6 (37:50):
You know, we're only down to two people, so you propose.
Speaker 3 (37:52):
You you give it to Lance Armstrong.
Speaker 2 (37:55):
The cast their negative don't.
Speaker 6 (38:00):
Well, here's another final thing.
Speaker 2 (38:03):
You know.
Speaker 6 (38:03):
That was what put it over the top of the
lancing because Lance and I actually share the exact same
birthday month. No v Bill, I mean, come on, what's wet? Yeah,
it's what wait a minute, it's one of many factors.
Speaker 5 (38:21):
Right listen, I bet you their favorite actor is John Stamos.
That's how messed up they both are.
Speaker 6 (38:28):
But we will we will be getting lunch together at
at uh. Yes, clearly, well, I like, I mean at
a time all the I mean you no, basically, among
other things, you could take the au m of all
these other a TF combined and it would not even order.
Speaker 3 (38:45):
Oh okay, so it was an a competition.
Speaker 2 (38:48):
Okay, all right, Ethan, Uh, do you have anything else
you'd like to say? Any final word?
Speaker 11 (38:52):
I'm clear of the doping allegations.
Speaker 6 (38:54):
And let me ask, let me ask the trillion's host,
who would you not choosing your own, who would you
have chosen for this one?
Speaker 5 (39:06):
Me?
Speaker 3 (39:07):
I probably would have chosen Andres because because I think
this is a thematic etf. When I'm out in my
regular life, a lot of people are like, what's a
good stock pick?
Speaker 5 (39:23):
And I'm like, I don't cover stocks. But when I
eventually say I cover the markets or whatever, They're.
Speaker 3 (39:27):
Like, I want AI exposure. That's what everybody says.
Speaker 5 (39:30):
That's the thing this I like because it's going, it
is even going further, and there's so much money being
poured into it, and it doesn't have a lot of overlap.
You add like one percent of a humanoid ETF to
your otherwise boring vanilla, it's a nice little spice. So
I just I just think that's a and human is
a good ticker. That's why I would have given it
to him. And the whole Terminator thing. I think about
(39:52):
that constantly when I see these videos. I think about Terminator,
and I think about Minority Report. Remember when they sent
the spider robots and to get the guy. I'm like,
the futures gonna be a combination of Minority Report in idiocracy.
Speaker 3 (40:02):
That's my theory. I know it's a weird mashup, but.
Speaker 6 (40:05):
So for posterity. If Paulus was the judge, Yeah, Winter Joel.
Speaker 2 (40:11):
You know, I kind of liked Meme.
Speaker 4 (40:13):
I thought that was you know, of all the things
that you could have thought would have happened this year,
like the resurrection of a meme stock ETF, Like that's
just kind of you know, bonkers.
Speaker 6 (40:24):
But I mean, like Texan, it's also gonna puke it
scots out.
Speaker 2 (40:27):
But that's the point.
Speaker 4 (40:28):
It's like, you know, there's there's a there's an indicator there.
Speaker 5 (40:30):
The other thing for meme is uh, if you again,
if you're a boring investor, you add a little meme.
You have to worry about what these whack job traders
are doing. It just covers the stocks they're into and
you get a little taste of it. Which of these
ets are you most likely to invest in?
Speaker 6 (40:44):
Oh?
Speaker 2 (40:44):
He knew, he gave it to it already.
Speaker 3 (40:45):
Besides, besides g x LC do.
Speaker 6 (40:48):
You like g XLC? All right, so the dividends will no?
Speaker 3 (40:53):
Man, basically just say so we can all leave, maybe
maybe yours.
Speaker 6 (41:02):
Eric, meme, not a chance in hell. The bell I
already got plenty of best new lunch text texting is fun,
but no, like I mean, actually no, this I should ask.
Eric's gonna be like, I really want And that's.
Speaker 2 (41:16):
Why he's like, I really want that.
Speaker 6 (41:20):
What about some of the venezuela and bolvars are hand
I hand you just cut edit.
Speaker 2 (41:24):
We're just gonna turn the volume down.
Speaker 3 (41:26):
Hold on one other question.
Speaker 5 (41:28):
Yeah, Let's say I know you're a horse track guy
and you like gambling. Let's say you had a ten
thousand dollars of your money right and you had to
place it right now, even money on all these Which
of these were the best performance?
Speaker 6 (41:39):
Twelve months from now, twelve months from now, just twelve.
Speaker 3 (41:43):
Yeah, this is an investment advice.
Speaker 6 (41:45):
Yo.
Speaker 3 (41:46):
Oh you think cash is gonna win over the next Wow?
He No, you could be right. That's that's just a
barish call basics.
Speaker 6 (41:53):
So that's why it's taking months. If you alread to
give me a longer period, I wouldn't go be your bill.
Speaker 3 (41:57):
But yeah, twelve months, Okay, you might be right.
Speaker 2 (42:00):
Maybe we'll come back in twelve months. Clock starts now. David,
thank you very much for joining us. Everybody else thank
you as well.
Speaker 4 (42:08):
Thanks for listening to Trillions until next time. You can
find us on the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify,
or wherever else you'd like to listen. We'd love to
hear from you. Hit us up on social I'm at
Joe Weber Show, He's at Eric Balcina's. Trillions is produced
by Magnus Hendrickson. Brendan Newman is our executive producer. Sage
Bauman is the head of Bloomberg Podcasts.
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:14):
Welcome to Trillions.
Speaker 3 (00:14):
I'm Joel Webber and I'm Eric Belchunis Eric.
Speaker 4 (00:17):
We have not had a big group episode of Trillions
for a long time, but we're going to do it today.
Speaker 3 (00:23):
We are, Yeah, we were due.
Speaker 2 (00:25):
We're going to.
Speaker 4 (00:25):
Talk about the best new launch ETF launch of twenty
twenty five. And we brought a ton of colleagues from
within Bloomberg News and Bloomberg Intelligence, each of whom are
going to pick their candidate and then in a battle royale,
we're going to decide which one is the best pitch.
Speaker 3 (00:43):
Yeah.
Speaker 5 (00:44):
This was something that Exchange Slash inside ETFs used to
do back in the day, and I participated in many times. Member,
I'm still salty over not winning for the Urini ETF
about four years ago.
Speaker 2 (00:54):
Still carrying that grudge.
Speaker 5 (00:55):
Yeah, but they stopped doing it, so I feel like
it's a we're gonna get time and let me throw
that up for years, gol. There's nine hundred and twenty
launches this year in the US alone so far. So far,
they'll get a little bit to daylight and two hundred
or two thy four hundred worldwide. That's ten ETFs. Every day,
Every forty five minutes, a new ETF is born.
Speaker 3 (01:14):
Somewhere in the world easily.
Speaker 2 (01:16):
Yeah.
Speaker 5 (01:16):
Yeah, it may almost double the old record. That's how
many ETFs are hitting the market.
Speaker 4 (01:22):
Okay, we have, like I said, a large group of
people here. We've got Phil, Donna Hirich, Dniza Sikova, andre
yap Isabelle Lee, maybe me, Athanasio, Sarah Vegas, maybe you,
and judging it all David Papadopolos, an executive editor with
Bloomberg News, this time on Trillions, the Best ETF Launch
(01:46):
twenty twenty five. Okay, so first of all, we have
to bring David Papadopolos back in.
Speaker 2 (01:55):
David, welcome back to Trillions. Thanks Joel.
Speaker 4 (01:57):
It's been a while, it's been it's been a second,
but we're really excited to have you back. This is
also that awkward moment where we kind of give you
the mic and yeah, like we're a sidekicks my show
now to your show. Now, So how are you going
to be judging the pitches?
Speaker 2 (02:12):
So I think a few criteria.
Speaker 6 (02:14):
I mean, obviously it feels like it should be an ETF.
That's like of this moment, right, like of the current
trend sort of thematic that way, hopefully an ETF that's
got some stake, by the way, for those you know,
for the members that there, you guys, don't don't go
tweaking your changing your pitches as you as you hear this, uh,
something with a little bit of staying power. And obviously
(02:37):
marketability is super important. I guess, like listen, maybe performance
so far, but it's presumably it's a it's a fairly
short period of time to be judging that way.
Speaker 2 (02:47):
So you're the market, You're the market.
Speaker 6 (02:49):
I am the market.
Speaker 4 (02:50):
Okay, so it would appear all right, let's let's uh,
let's get down to it.
Speaker 2 (02:53):
Who's gonna go first?
Speaker 6 (02:55):
First up, we have isabel Lee Cross, asset reporter here
with Bloomberg. Isabelle, you have one minute, and then I
will ask perhaps a follow up.
Speaker 2 (03:05):
Question, and Eric and I might have some commentary, might have.
Speaker 6 (03:10):
A snide co two which is by the way, which
is a little sketch because they're also going to be
pitching themselves. Don't let them get in your head.
Speaker 7 (03:18):
The snyder the better.
Speaker 6 (03:20):
Here we are, okay, okay, you are on the clock.
Speaker 7 (03:25):
So do you guys believe that everyone deserves a second chance,
from your ex, from your enemies, from your boss. So
this ETF gets point.
Speaker 8 (03:33):
One for that.
Speaker 7 (03:34):
I'm talking about the round hell Meme ETF tick Meme
stock ETF ticker is meme emmy round two for that.
So they're making a comeback. They closed in twenty twenty
three because they didn't get enough assets and they weren't
performing well basically, and then this year they relaunch and
now that they're in the market. The difference is last year,
(03:55):
last seconds, it was passive. Now it's active plus one point.
Now I'm totally three. It's it's active now and they're
going to use a series of quantitative and proprietary data.
But basically it talked about meme and we know that
meme socks entered the lexicon during the pandemic. It died
on a little, but now it's back. Think open Door,
(04:16):
krispy Kreme, think all of the recent figures that are
meme ified today. So I really think that this and
the basis points is sixty nine, which is not inexpensive
four points for me.
Speaker 6 (04:27):
Yeah, all right, Meme interesting, certainly certainly topical meme stocks
are indeed back open Door, krispy Kreme and a company
founded by an old college buddy of mine by the
name of Beyond Me. Wow. Yeah, true story over both
(04:49):
bad basketball players on a bad college team. It's true.
Speaker 3 (04:53):
So lots of impact there, Yes, I know.
Speaker 2 (04:58):
Yourself.
Speaker 4 (05:00):
It's interesting about that. There's little like asterisks there that
I like that you called that like it is a
new launch this year, but it has been here before.
Speaker 2 (05:07):
Yeah.
Speaker 5 (05:07):
By the way, meme has a great I almost think
it's an inverse indicator because it closed at the actual bottom,
and then since it's launched, the market's gone down, like
it might be like kind of kramer esque in its
ability picked. Yeah, and bottom ticked. When it first closed,
it bottom ticked, And it's interesting.
Speaker 7 (05:26):
That they reserved the ticker almost like they knew it
was gonna make a comeback, all right.
Speaker 2 (05:31):
Yeah.
Speaker 3 (05:32):
Also, this is one of the only self lazaruses.
Speaker 7 (05:35):
Yeah.
Speaker 5 (05:36):
What I mean by that is a lot of times
the ETF dies and another issue goes, ooh, let's let
me try that. This is the first time where the
same issuer killed the ETF and said, let's resurrect our
own ETF.
Speaker 3 (05:45):
I've never seen that, So let's.
Speaker 7 (05:47):
End this podcast because I clearly went.
Speaker 6 (05:49):
Thank you, thank you, so I guess questions from me
is uh aum so far? And I guess is about
so like, just tell me your vision for this thing,
giving its rocky past. Is this like a a one
(06:09):
year ETF play, a five year ETF play, a tenure?
Speaker 2 (06:12):
Like?
Speaker 6 (06:12):
What what's what's your time horizon for this thing? What
does success look like for this ETF?
Speaker 7 (06:17):
I feel like assets is always a success. But the
past one it was just a passive ETF. It just
trapped an index. Now it's active and they will rebalance
every two weeks, as opposed to in the past where
they rebalance every month. Because, as we know, meme sentiments
change within a day or something. If you just find
yourself in Reddit, which I've been using a lot more.
By the way, I best hair straightener, I read it,
(06:38):
best restaurant reddit.
Speaker 9 (06:42):
It.
Speaker 8 (06:43):
No, I don't do that.
Speaker 2 (06:46):
She's like playing into the meme vibes.
Speaker 6 (06:48):
Yes, all right, uh Eric Joel, any final comments?
Speaker 2 (06:53):
Let's keep it moving? Who's next?
Speaker 6 (06:55):
Thank you? Will next stop? Another cross said superstar for
us here it's you are on the clock.
Speaker 10 (07:05):
Just to say, not that I'm competitive, but Isabelle's ETF
was down ten percent last week. My ETF everyone cares
about dividends. Everyone is asking about dividends. But there are
two big problems about dividends. That they underperformed the index, uh,
and that they have a tax track. And I have
a proposal to fix that. Allto cobbets in ETFs, it's
(07:26):
all the buzz.
Speaker 7 (07:27):
Uh.
Speaker 8 (07:28):
When it comes to banks, everyone has been doing it
for a.
Speaker 10 (07:30):
Very long time, but now you can see it in
an ETF is based off commos. It's seventy four basis point,
which for kind of a sophisticated trait, I would say
it's relatively cheap. Of course, it's index base, which is important.
There are a lot of single stock ones that are
very voatile, come with a lot of issues, but index
base obviously is much more balanced, less likely to get
(07:54):
big losses.
Speaker 11 (07:56):
Uh.
Speaker 8 (07:56):
Then we have yields all.
Speaker 10 (07:58):
For fourteen percent and coupon which is one of the
highest in that divident category. And at the same time
we're talking about performance, there is.
Speaker 2 (08:09):
A time is up. Yeah, okay, well there, yeah, I
think we.
Speaker 8 (08:13):
C a I E okay, and I'm sure we have
more questions.
Speaker 6 (08:17):
It's a I E that doesn't exactly like like it
almost it almost it almost looks like.
Speaker 5 (08:24):
I think they call it kaya ya. That's you'd have
to be the parent of. We had the guy on
last week, actually did we had the issue we're on?
Speaker 8 (08:32):
Well what was his this?
Speaker 3 (08:35):
But we had thirty he had forty five minutes.
Speaker 5 (08:37):
She tried to squeeze what might be, in my opinion,
the most complicated ETF I've ever seen in my life
up in a minute.
Speaker 3 (08:47):
I know it was worth it.
Speaker 4 (08:48):
Clock management did get you a point of super ambitious, so.
Speaker 6 (08:55):
You weren't even focused so much on winning yourself as
you were taking down.
Speaker 8 (08:59):
That's why strategy. That's strategy, all right.
Speaker 4 (09:03):
I think we could probably help her pitch out a
little bit which was divd in. ETFs were a hot
topic this year. This one distinguishes itself in that space.
That would have been my the TLDR.
Speaker 10 (09:14):
I didn't even mention tax efficiency.
Speaker 5 (09:17):
I would have gone, will going do you like fourteen
percent yield?
Speaker 2 (09:20):
There you go?
Speaker 6 (09:21):
I mean, that's is it like anytime I hear fourteen
percent yield, immediately go to bullsh But is it like,
is it a real fourteen percent?
Speaker 8 (09:30):
Well it's not my ATF, that's all they say.
Speaker 3 (09:32):
It's fourteen but you're selling it for the purpose.
Speaker 8 (09:36):
Of selling it. Yes, it's real.
Speaker 6 (09:39):
All right, then it seems like a good deal, right,
I mean yeah, but I also got I got some
land to sell you in buld area.
Speaker 8 (09:48):
That has a high yield.
Speaker 6 (09:51):
All right, thank you, dinny.
Speaker 8 (09:53):
Thank you.
Speaker 5 (09:54):
This ETF, by the way, I got to say, has
had inflows every week since it's launched, since June.
Speaker 3 (09:59):
That's really really rare.
Speaker 6 (10:02):
What is uh? What's to tell you?
Speaker 5 (10:03):
I'm up to about half a billion, okay in six months?
Speaker 3 (10:07):
Yeah, so it is? Is it a bit of a juggernaut?
Speaker 6 (10:13):
I bet you what is me? I bet your mime
has like nineteen million dollars.
Speaker 3 (10:16):
It doesn't have a lot.
Speaker 2 (10:17):
Yeah, all right.
Speaker 6 (10:21):
Next up on the mic, one of our crack ETF
research associates, Andre, Yeah, Andre, welcome, you are on the clock, sir.
Speaker 2 (10:30):
Okay.
Speaker 12 (10:31):
My pitch is a round hill Humanoid Robotics ETF. Human
I picked this ETF because basically, I'm just a disillusioned
millennial and this one just fits with my theme perfectly.
Speaker 2 (10:41):
Well.
Speaker 12 (10:42):
So we have the AI bubble and everybody has an
AI e TF. This one right here is going to
give us robots. It's gonna arm sky nets with the terminators,
it's going to bring to an end. And that's why
I like this ETF. So it has companies like Tesla,
Ubi Robotics and Video, has eight sorry about thirty million
in assets with an expense ratio of zero point seventy
(11:02):
five percent. I like it just because it's something different.
It's a new twist on the AI bubble. So that's
basically it for me. That's my pitch.
Speaker 4 (11:12):
Wow fast, Yeah that was that was fast, by the way,
walking to trillions first time on.
Speaker 6 (11:20):
But but there's a little bit of it might be
a little bit of a tell Andre when you say
at the end it's a new twist on a on
an E t F bubble.
Speaker 3 (11:30):
So I think he said ay AI.
Speaker 6 (11:33):
Bubble, I misad that's what I actually meant. I remember
I'm jet lag.
Speaker 4 (11:36):
I have a question, which is why this one and
not cooid, which is the other human.
Speaker 12 (11:42):
Ticker counts for a lot. If the ticker doesn't make
it pop, you're not gonna remember it. And this one
just said I.
Speaker 3 (11:47):
Think you just stole Joel's I talked about it and.
Speaker 6 (11:54):
Human human is good.
Speaker 2 (11:55):
That is a good ticker. What's the exact.
Speaker 6 (12:01):
But why is it human? Why isn't it robot.
Speaker 12 (12:03):
I don't understand, because it's going to replace humans essentially, humanoids,
not ex so they're building humanoid robots essentially to take
the place in the labor.
Speaker 6 (12:16):
But is this just because this is like their helpers,
their helpers childhood, like galactic fantasy of yours or you
really believe in the atf oh.
Speaker 12 (12:24):
I wasn't joking when I said I'm a disillusioned millennial.
Let's just give the terminators their time to shine.
Speaker 6 (12:29):
Okay, all right?
Speaker 5 (12:30):
I mean to be fair, you've ever seen that Boston
Dynamics video once every six months with a robot like
does a somersault grabs a gun and start shooting? And
you're like, holy, I think those are the videos that
if you extrapolate that ten twenty years is where I
think this videos Like they're doing new stuff now, That's
what I'm saying, and they now they sometimes the robot
can fall over, get back up and like break dance.
Speaker 6 (12:53):
It's just an interesting moment to pitch us. You know,
you know the AI, you know the whole way.
Speaker 2 (12:59):
This is like the thing after the AI thing.
Speaker 6 (13:02):
Though, this is like it's gonna it's gonna survive that
I mean they're.
Speaker 4 (13:05):
Like cockroaches, these robots, like I mean, they just need
a charge.
Speaker 12 (13:09):
If we think about it, like terminator AI sky in it,
we need the actual terminators to actually complete the circles.
So we have That's where I'm going with it. We
got this go to the natural conclusion.
Speaker 5 (13:22):
This is as far as I've seen anybody take a theme.
Yeah that's pretty I mean, but it's all dust. Yeah,
and all the money being thrown at AI.
Speaker 3 (13:30):
I mean, something's gonna happen.
Speaker 6 (13:32):
Well, they're gonn to be thrown AI, including thirty million,
just got started to six months than you, sir. Okay,
So next up a man who needs no introduction, just the.
Speaker 2 (13:49):
Co host of the podcast, Joel Weber.
Speaker 4 (13:51):
Okay, So maybe you've heard of K pop Demon Hunters
and the song Takedown. My role is to provide an
ETF that I feel like is going to be taken
down by the competition here. But I've picked the ticker
texan te x in, which is an I shares ETF
(14:14):
that launched over the summer. It does not have a
whole lot of assets, but if you know anything about Texas,
it's larger than life.
Speaker 2 (14:22):
And this is a bet on Texas.
Speaker 4 (14:25):
So biggest holding is Tesla, followed by Exxon Mobile. It's
kind of a great one, like get oracle As number
three so really Chevron number four, Caterpillar number five, all
of these companies have huge presences in Texas. We know
that Texas is the future of business, and you're like Texas,
you're either with us or against us.
Speaker 6 (14:50):
I gotta say, I'm surprised. That was kind of cool.
I mean, you don't read into that. I mean, I
don't know when he first came with Texan, I was
and I was I was looking. Uh, I was thinking
I was going to be disappointed, but that was kind
of fun. I mean I could. Uh. I don't know
it goes anywhere.
Speaker 2 (15:09):
You know.
Speaker 4 (15:09):
I gotta tell you. Bloomberg News has not written about
it once. I don't think the I has written about
it at all.
Speaker 2 (15:13):
It's kind of a little sleeper.
Speaker 3 (15:15):
I think it might have made Katie's newsletter.
Speaker 2 (15:18):
Yeah, right it Okay.
Speaker 3 (15:20):
The other thing is you get that okay minus one
a little bit of a.
Speaker 5 (15:24):
Tax tailwind, right, because when you move there, you pay
less taxes.
Speaker 2 (15:28):
Right. This is a play for the future.
Speaker 5 (15:30):
Yeah, there was a Nashville ETF that had the same pitch,
but it closed.
Speaker 2 (15:35):
Phil Phil Donna has a criticue But but you can.
Speaker 6 (15:39):
It doesn't matter.
Speaker 3 (15:40):
It's a political play totally for the moment.
Speaker 6 (15:43):
That's the story of the But see, I could see
Texan working out in Nashville.
Speaker 2 (15:49):
That's not Texas. That's not Texas, that's Tennessee.
Speaker 3 (15:52):
You know what, you know what the Nashville ETF.
Speaker 5 (15:55):
All the hospitals are there, So it ended up being
like this ipso facto hospital ETF. But it is too specific.
But they also had an Oklahoma ETF back in the day.
And this is the second attempt to Texas. So they've
tried these, so that this one by I Shares is
I think probably the biggest reason it might succeed.
Speaker 6 (16:10):
But when you said at some point here I believe
you said, it doesn't have a whole lot of money
under management.
Speaker 2 (16:16):
It does not.
Speaker 4 (16:20):
Million you know, like we have not we have not
seen a lot of investors pile into this.
Speaker 2 (16:25):
But you know, keep in mind it's a big state.
I think Texans will invest in Texas. All right, It
all come around, all.
Speaker 6 (16:31):
Right, that's cool.
Speaker 2 (16:33):
I like it.
Speaker 6 (16:33):
Joel, Thank you sir.
Speaker 2 (16:34):
You're welcome.
Speaker 6 (16:39):
Next up is our cross asset team leader here at
Bloomberg Mail Donna Hirich.
Speaker 2 (16:48):
Wow, we're just.
Speaker 3 (16:52):
Uh on the clock.
Speaker 13 (16:54):
First of all, everything is bigger in Texas except for
Joel's ETF. Second of all, Andre chose human even though
there was an ETF that launched before it based on
humanoid robotics, and he didn't even know that humanoids are
already in existence. What's your I'm just poking holes in
everybody else's argument. The best and most innovative ETF of
(17:16):
the year goes to xdiv XTIV. It's another round hill
ETF and this one will invest in other s and
p five hundred ETFs for you. So it's going to
be tracking the market, except it jumps out of those
ETFs before the ex dividend date, and that way you
(17:38):
can avoid a big tax hit.
Speaker 2 (17:41):
I see, that's it.
Speaker 13 (17:43):
It's so simple, it's genius, it's innovative. Nothing like this existed.
Tax avoidant tax awareness has been a huge theme in
ETFs since the birth of ETFs.
Speaker 6 (17:54):
You're in a time pal.
Speaker 8 (17:55):
This brings it to a whole new level.
Speaker 6 (17:57):
Okay, so my question for you is it's a whole
new strategy.
Speaker 4 (18:01):
First of all, you just dig, you know, drag everyone
else and then like exactly by the.
Speaker 6 (18:06):
Way at the end my pitches, I can't remember everybody
else sucks. I could have kept going about how everyone
else sucks. Yeah, So again, the name x div's a
little bit like hi, whatever the other one was. It's
not like, doesn't exactly like roll off the tongue. But
what does history tell us about how avoiding taxation? And
(18:30):
this little tax avoiding scheme? How much does it juice returns?
What is the data tell us?
Speaker 13 (18:34):
Pal juice returns the data.
Speaker 5 (18:42):
You want returns of this versus what.
Speaker 6 (18:52):
I think Winkler used to call this show up and
throw up.
Speaker 3 (18:56):
You're allowed one terminal lifeline?
Speaker 2 (18:58):
Okay?
Speaker 8 (18:58):
Can I call it?
Speaker 3 (18:59):
Friend? Is this also a roundhill? Yes, it's a third
round hill? My god? Are they paying us? Okay?
Speaker 5 (19:06):
This year XTIV is beating VU by thirty four basis
points and it's only been a couple months, so annualized,
that would be an extra forty basis No, annualize, that's
an extra two percent a year.
Speaker 6 (19:20):
Eric might win for this.
Speaker 5 (19:22):
I wish I was lying because I am also in
this competition. But again, I'm just looking at a small window.
Speaker 3 (19:28):
But so far, something's working.
Speaker 6 (19:31):
And history though will tell us that in general, this
kind of this kind of scheme works, is that.
Speaker 5 (19:37):
Right, generally speaking, I also think advisors are real concerned
with after tax returns. I mean, in the end, your
returns are after inflation, after tax, that's like your real return.
And so this is why it's important. But it's tough
to get people off.
Speaker 3 (19:53):
Of VU and S and P.
Speaker 4 (19:54):
Just to be clear here, the strategy was flamethrower, and
it works.
Speaker 3 (20:01):
I know. I happen to be in the end zone
just standing there.
Speaker 8 (20:04):
You're wide open.
Speaker 13 (20:05):
This is for retail investors, this is for institutions, this
is for international institutions, this is for everybody.
Speaker 6 (20:13):
Okay, excellent, wil Donna, thanks for playing.
Speaker 2 (20:19):
All right, Well, we just had an addition.
Speaker 4 (20:22):
James Safert, who's a senior research ETF analyst at Bloombergan Intelligence,
was caught on some terrible public transit woes and then
amazingly just charged through security literally walked in and we're
just going to make him do his pitch. He's not
hurt any of the other pitches. If you don't win,
no you no, it's bad. It's yeah, I think you're
(20:43):
gonna win. So whatever you're going to pitch.
Speaker 5 (20:45):
It may help him because you won't spend thirty seconds
trashing everything.
Speaker 6 (20:48):
You have one minute to pitch, James. You are on
the clock now.
Speaker 9 (20:54):
Okay, So anyone who knows me is not going to
be surprised that I'm going to pitch a crypto ETF.
Speaker 3 (20:59):
So the one I'm gonna go with.
Speaker 9 (21:00):
There's a few that you go with, but I'm gonna
go with the bitwise b Soul or Bitcoin bit Wise.
Solana ETF first full spot crypto staking ETF.
Speaker 3 (21:10):
Uh.
Speaker 9 (21:10):
It launched into when people were kind of I mean,
right now, it's not a great time to be in crypto.
It's down pretty bad. Uh, and it's still one of
the best launches of the year. If you look at
volumes the easiest way to see how good of a
launch and ETF has had. It's second only to another
crypto ETF. But Solana itself is a much smaller market
cap than the one that I'm I just referenced. So
(21:31):
XRP is a is a bigger product in the crypto world.
But uh, Solana is a little more interesting to me
just because of the staking aspect. It's something that is
brand new. It's taken in. It took in over two hundred.
Speaker 6 (21:43):
Million dollars in day one ten seconds.
Speaker 3 (21:46):
And it's just it just proves that.
Speaker 9 (21:48):
Despite even when the market is going bad and against you,
in the crypto world, these ETFs the top two are
crypto assets.
Speaker 6 (21:54):
Okay, you're out a time.
Speaker 2 (21:56):
That was good.
Speaker 6 (21:57):
Interesting, Well, of course somebody, somebody, Joel had to pitch we.
Speaker 2 (22:02):
Needed crypto to be on the list, and James delivered.
Speaker 6 (22:05):
At the risk of you saying this is Papa Opples
making it about Papa Apples again, I will just say,
my brother, and this helps your pitch is obsessed with Solona.
There you go, which makes me extremely dubious. Uh ten
million on day one you said it taking no so.
Speaker 9 (22:25):
Day one trading was fifty seven million at its launch
last month it was the largest.
Speaker 2 (22:30):
We just had an extra PETF to pass it.
Speaker 9 (22:32):
So now it's the second largest launch as far as
volume goes.
Speaker 2 (22:35):
And it took an over two hundred million dollars in
day one.
Speaker 6 (22:38):
So what's the what's the fee you have?
Speaker 5 (22:46):
I think it's point two, but I actually I'll tell you,
hold on, I'm the life doctor, bel this is going
to be I think it's point two two.
Speaker 6 (22:54):
All right, Trenz. Anything for I.
Speaker 4 (22:59):
Think is to just you know, walk out of here
on the high like, go get some ice water.
Speaker 3 (23:06):
Well I have a question for him.
Speaker 2 (23:10):
Well you know that, and it's still to be clear,
you know.
Speaker 6 (23:15):
Yeah, Well, crypto it's a tricky.
Speaker 4 (23:17):
Moment pitching anything crypto current going down.
Speaker 5 (23:23):
I think that's why I would say I think you
have to sell everybody in twenty seconds on why salon
a long term.
Speaker 9 (23:30):
Yeah, I mean it's it's if you look at crypto, right,
if you're looking at blockchain technology, these crypto technologies you
have on one end of the spectrum Bitcoin super decentralized,
super secure, it's a little slow, it does a few
things extremely well, and then there's this whole other spectrum
of like less decentralization, maybe a little bit less secure,
more open, can do a lot more things than just
transfer money. Solana is competing on that other end of
(23:53):
the spectrum without being a completely centralized entity. So it's
competing with ethereum. It's a little more centralized in ethereum.
Some people listening to this will jump out of their
screens at me saying that, but it basically is trying
to compete with things in the traditional financial world, traditional
technology world, while also taking aspects that made bitcoin as
successful as it was.
Speaker 6 (24:14):
Good stuff, James, thank you. Next up, we have a
fellow Greek eighth and Sarah Vegas, research associate here at
Bloomberg eighth. Then hit us.
Speaker 11 (24:28):
Yeah, I don't even need a minute because this is
so easy. But just based on the picks, we have
Crypto that's down thirty percent, the most complicated etf ever
and a bunch of other ETFs have like no assets. Right,
did I get it right? Just what's so easy? It's
v bill, which is the Vanguard zero to three year
Treasury etf It's got four billion dollars. What is so
(24:49):
great about this is Vanguard never launches ETFs. It's like
an oxy moron to have new launches and have Vanguard
in there. So it's their first launch in about eight years.
It's bonds. They never competed in this space. It's got
four billion in assets, it's only seven basis points. It's
up three percent this year. Uh, it's they're competing with
you know, the likes of some other cash like ETFs.
(25:10):
But I think they don't launch products lightly, and when
they do, they make a really big slash in it.
So yeah, I think simplicity wins in this year of
like crazy launches. I'm gonna go the complete other way
and just go with like bonds, which I think is
just like bill bill Yeah, so just like short term treasuries.
Speaker 2 (25:28):
Got it?
Speaker 3 (25:30):
Wow?
Speaker 6 (25:31):
Okay, I mean hard to argue some of that. I mean,
as do you like shiny objects or or super.
Speaker 2 (25:41):
Super basic foundation.
Speaker 6 (25:47):
The crypto guy like as but al right, not right enough?
So as not only the Greek connection, but also as
someone who's been a little comfortable in cash for a while,
in Vanguard cash for all. I mean, I don't know,
it's kind of I kind of speaking to me seven
BIPs now, right. The thing is, what these guys are
(26:11):
going to say is sure, pal three percent so far,
four percent at the end of the year. But how
how how do you like that when I'm when I
make up two thousand percent score in a couple of years.
What's your response to that?
Speaker 11 (26:23):
Yeah, I mean, you're not going to be one hundred
percent in it, right, So I feel like these are
the this is going to be the position.
Speaker 3 (26:29):
That bails you out of like the big draw downs
that we have.
Speaker 11 (26:32):
Like, yeah, obviously cash is never going to be as
good as three X and video or two X and video.
But I think it's a nice ballast compared to other bonds, right,
like the AG and things like that. I think that
that stuff has let you down. Cash has actually been
pretty reliable as like a hedge recently.
Speaker 6 (26:48):
What are the chattering class?
Speaker 4 (26:49):
I just think everybody else is you know, pitching, uh,
you know, new fangled objects and you know the voice
of sanity is entered the room.
Speaker 5 (26:58):
Yeah, I mean four cent yield in basically no risk
is pretty attractive, especially with market really high and people nervous.
And I agree, I would almost rather own this than
the agriabond index because this won't go down like the
AG goes down a lot with stocks. The only thing
here is if the Fed starts cutting, this will be
less attractive obviously.
Speaker 6 (27:19):
Yeah, I mean, I just think in general, I mean
my two cents is what was it was to sell
off in the bomb market in late twenty twenty two, where.
Speaker 3 (27:27):
The AG went down thirteen percent? Cash did nothing, So
you did better in cash.
Speaker 6 (27:30):
Like it sort of blew up the whole bond proposition
at that moment, and as I saw it, and so yeah,
bills are bills? Are bills? Is it really the first
and eight years from Vanguard?
Speaker 4 (27:43):
Yeah?
Speaker 5 (27:44):
No, no, well they've done active though, maybe the first passive.
Speaker 11 (27:47):
Yes that I should say you only had per minute that.
Speaker 2 (27:52):
Actually that's like a.
Speaker 5 (27:54):
Great they've actually looked like wait, actually launched Wait a second, no, no, no, no.
Speaker 6 (27:59):
No, no, bactual mistakes. He's got to come up total.
Speaker 3 (28:02):
This year he've launched this year of ETFs this year?
Speaker 11 (28:06):
Yep, this was v buil was their first launch this year?
Speaker 6 (28:08):
It's any of this stuff their first this year?
Speaker 11 (28:10):
No, within the last like what was their last launch
was like twenty fourteen.
Speaker 2 (28:15):
When they lost last year?
Speaker 6 (28:16):
Bust his chops?
Speaker 11 (28:17):
Are you what active did they they launched? That was
this year or last year? I think they're all this
year launches.
Speaker 6 (28:23):
Yeah, so it is a slight Actually.
Speaker 3 (28:26):
You're saying this was the first of many launches they launched.
Show me what they launched last year? Okay, give me,
it's gonna take a second. I want my life all right,
here we go.
Speaker 6 (28:36):
Okay, here's that actually should have been established? You get
one terminal.
Speaker 5 (28:42):
We got a lot of nerds in here. How many
ETFs you think van cards launched this year? Let's get
some guesses here.
Speaker 2 (28:47):
James was close.
Speaker 11 (28:47):
It's like ten or eleven.
Speaker 6 (28:50):
Seven or ten? Not I go eight then seven to.
Speaker 5 (28:54):
One, two, three, four, five, six, seven, eight nine ten eleven.
Speaker 6 (28:59):
Wow, So what are you talking about that?
Speaker 2 (29:01):
Because they haven't?
Speaker 5 (29:02):
Bill, wasn't their first one launch this year? We'll launched
the same day as Vegas. Okay, so these two but by.
Speaker 6 (29:08):
The way, twenty four.
Speaker 3 (29:10):
Here's the other problem.
Speaker 5 (29:11):
They launched one in November of twenty twenty four and
another one in January of twenty twenty four.
Speaker 3 (29:16):
Two of them. What wasn't they've launched multiple et like,
like I should have said, all right, you had.
Speaker 2 (29:23):
You were you were?
Speaker 6 (29:24):
I was going so well, I should have for the
kids listening at like.
Speaker 5 (29:28):
The bond Lance Armstrong doping, it's like it's all ruined.
Speaker 2 (29:33):
It was their first bond, first bond launch.
Speaker 3 (29:36):
Don't worry, I got your back with mine.
Speaker 6 (29:38):
Do you want to you want to try that again?
Speaker 2 (29:40):
No?
Speaker 3 (29:40):
I want to stay with the doping allegations. Okay, So
if I win, is this going to come back?
Speaker 2 (29:47):
Probably?
Speaker 6 (29:48):
Bro? He did?
Speaker 3 (29:51):
I love that. He took the whole like moral high horse.
Speaker 5 (29:54):
He's like they never launched any ETF and so for
them to launch. It came down from the heavens and
they said there shall be an ETF today, And it's like, oh,
actually there's been twenty in like two years.
Speaker 2 (30:07):
I think before that they didn't have a launch for
like seven.
Speaker 3 (30:10):
At some point there was a year or two at
some point here.
Speaker 6 (30:14):
The more yeah, he won't give it up. Yeah yeah,
the more you talk together.
Speaker 4 (30:19):
All right, I got one final pitch. Eric, You've got
a mess on your hands.
Speaker 2 (30:26):
Intelligence. You're gonna mop that up.
Speaker 6 (30:28):
Your guys are uh yeah, the least by the way, Eric,
I'll say you so far. I feel like the least
factual pitch is so far I've come from your crew.
Speaker 2 (30:35):
Okay, Leric, you got a pitch I do?
Speaker 6 (30:39):
All right, Eric, you are on the clock, sir.
Speaker 5 (30:42):
All right, this one is just as boring as Athanasio says.
I know you thought I was gonna pick like a
two x quantum ETF, but this really stuck out to
me this year global x.
Speaker 3 (30:51):
Us five hundred ETF. Okay, well, who cares?
Speaker 5 (30:53):
Right, Here's why this is interesting. First of all, it's
only two basis porta picker g x LC two basis points. Really,
the ticker on an s and P five hundred should
mean nothing.
Speaker 3 (31:04):
Okay, anyway, the reason this is.
Speaker 6 (31:07):
Interesting, respond to the crowd, Yeah.
Speaker 5 (31:10):
This tracks the five hundred biggest thoughts in America. You
may be like, well, so does the SMP.
Speaker 3 (31:14):
No, it doesn't.
Speaker 5 (31:15):
The S and P is an active fund. That index
you need to have four quarters of positive earnings. Then
there's this secret committee that meets in a smoky room
somewhere and decides what can go in route. Remember when
they wouldn't let Tesla in. Well, over the last ten years,
the index this GXLC tracks is beating the S and
P by seven percentage points. Why mostly because they didn't
(31:37):
let Tesla in. This one did same with Strategy, and
there's been many others where this will have all the
stocks when they're big enough and you're not relying on
a secret committee of who knows who?
Speaker 2 (31:46):
Okay, how do.
Speaker 6 (31:48):
You respond to here?
Speaker 2 (31:52):
What are the assets there? Let's just hear Eric admit it.
Speaker 6 (31:57):
I gotta get then abound a battery.
Speaker 3 (32:01):
Yes, there's only four million now.
Speaker 5 (32:02):
Because global x is not known for beta, it'd be
like Vanguard launching like a humanoid ETF. It probably would
take a minute, but still, I'm just going on the
idea and the launch and the novelty.
Speaker 3 (32:13):
And it's a fact.
Speaker 2 (32:14):
It is.
Speaker 5 (32:15):
And also this is truly passive. If you're in the
S and PIF hundred, you're not really passive. You are again,
you're giving that you're close to passive.
Speaker 6 (32:24):
So you're saying that essentially all of us out there,
all of us who think we're passive investors, were actually
investing in active fund.
Speaker 5 (32:31):
Yeah, there's a committee of like nine people who you
don't know, nobody knows. It's like remember see the Mob documentaries,
where like the committee meets and like decides like who's
gonna die that year.
Speaker 6 (32:40):
It's a sectually who's going to vote on this?
Speaker 8 (32:41):
Uh?
Speaker 2 (32:42):
Yes, pitch if actually does.
Speaker 3 (32:43):
That's what this does.
Speaker 5 (32:44):
That's why like Strategy did again they caught they checked
every box. Tesla checked every box. Microsoft was famously not
let in when they checked every box.
Speaker 6 (32:51):
So it's interesting, But is there is there a company
or two or five right now that you could think
of it that is unfairly being left out as a result.
Wait a minute, the crowd has a thought.
Speaker 9 (33:01):
Erics twenty stocks that are that are eligible but not
in there, and there's over sixty stocks in the index
that are technically wouldn't be eligible today.
Speaker 6 (33:08):
At that So this is interesting.
Speaker 11 (33:09):
This is a backdoor crypto pitch for her strategy, that's what,
because he wants strategy to be in the index.
Speaker 2 (33:16):
So what's the methodology here?
Speaker 3 (33:18):
The five hundred biggest stocks in five hundred biggest done?
Speaker 5 (33:22):
Okay, ask someone to ask somebody on the street to
describe the S and P five hundred.
Speaker 3 (33:27):
They can.
Speaker 5 (33:27):
Now I'm going to say, as an investor who does
own the S and P five hundred in my four
one K, I'm fine owning it. I'm just saying this
is a little potentially tighter and more passive, and it's
even cheap than two BIPs.
Speaker 6 (33:38):
Do you own this one? No? It just came that
four million dollars your.
Speaker 3 (33:45):
I'm not allowed to give investment.
Speaker 4 (33:46):
Okay, speaking of mysterious processes, and uh, you know, smoke
filled the rooms with heavy curtains, h David Pappadopolis.
Speaker 6 (33:56):
Uh you then, can I have a minute.
Speaker 4 (33:59):
Looking gars and considering your options you take, We're going
to give you one minute with your thoughts.
Speaker 2 (34:07):
Yeah, so we'll be back in a minute. Welcome back, David.
Speaker 6 (34:15):
Thanks?
Speaker 2 (34:16):
How is that smoke filled room two?
Speaker 6 (34:18):
Cigars later, Yeah, some more stting, right, yeah, I uh
I no, no, there's no horse, no no no. And
after after great thought, I have I have a verdict.
Speaker 2 (34:31):
Do you want to start with that or do you
want to? I want to.
Speaker 6 (34:35):
I've graded everyone and we'll go from worst or last
to best least best, right, and.
Speaker 5 (34:45):
There is I do feel like there's some millennials in
the room. Okay, I know you guys can't handle just
pure worst. Okay, so least best to best best.
Speaker 6 (34:53):
Least best a k biggest flop our pal bill Donna, damn,
it was the shade. It was just basically it was
just just too angry. Your pitch was just too angry.
I couldn't It was just too angry, too angry, all right,
you know you're trying to sell me on something. You
(35:13):
can't be that angry.
Speaker 2 (35:14):
But you're in good.
Speaker 6 (35:14):
Company because your pal and it's just too just too
much of.
Speaker 2 (35:19):
A mouthful, the whole cop kind of like a.
Speaker 6 (35:25):
Fish, a fish called Wanda, Like I just couldn't get
it out. And it's the dividend, the whole dividen fourteen percent.
Speaker 2 (35:34):
Obviously, right, what you beat your pals? Uh? Next?
Speaker 6 (35:43):
Uh uh, mister bell cheernis what four million dollars?
Speaker 3 (35:48):
I crushed it like I legit, objectively crushed it. Okay, okay,
well listen listen here.
Speaker 6 (35:56):
You can't you can't beat all the one last time.
Speaker 3 (35:59):
Don't know.
Speaker 5 (36:00):
All I want is I want to see a copy
of his trading report in the next year. He's gonna
legit buy the ticker I went over.
Speaker 6 (36:06):
I'm just saying, all right, now, we're starting to get
up towards the top. I got James next, right off
the right, off the bus or the subway, right in
solid pitch Crypto though, as the crowd, you know, as
the crowd was pointing out, though it was simultaneously greatly
courageous and a little kind of reckless to pitch Crypto
at a moment like this when it's puke and its
(36:27):
guts out. But that was all right, mister humanoid himself.
Andre's up next. Kind of fun sal But you know,
I'm still maybe just me being stupid. I just don't
know about the human ticker for a robot.
Speaker 12 (36:46):
Have you seen the terminator?
Speaker 6 (36:49):
I don't know, have youator.
Speaker 3 (36:52):
Even like the ones?
Speaker 6 (36:54):
But you see what I'm saying. She remains She remains salty.
And angry.
Speaker 2 (36:58):
This is what you know.
Speaker 5 (36:59):
You just have to I gotta say, though, the idea
of disqualifying him because human is a bad ticker.
Speaker 6 (37:07):
It is.
Speaker 3 (37:07):
They are called humanoids. I'm still name the industry gave them.
Speaker 2 (37:10):
I'm aware of the he's not.
Speaker 6 (37:11):
I'm just not feeling. I mean, there's a lot of
stuff that the industry pitches. Private credit will also tell
you a lot of things about private credit.
Speaker 2 (37:18):
But I noticed Prove did not have a have a cameo.
Speaker 6 (37:24):
Joel comes in third. I think the bronze just because
Textan Now Textan is kind of I feel like that
was fun, unlike human. I just thought Textan was good.
It's gonna go nowhere. To be clear, thea's got no chance,
but it's fine.
Speaker 2 (37:41):
Black Rock says otherwise.
Speaker 6 (37:42):
But okay, Isabelle Lee runner up?
Speaker 9 (37:46):
No?
Speaker 2 (37:49):
You would?
Speaker 6 (37:50):
You know, we're only down to two people, so you propose.
Speaker 3 (37:52):
You you give it to Lance Armstrong.
Speaker 2 (37:55):
The cast their negative don't.
Speaker 6 (38:00):
Well, here's another final thing.
Speaker 2 (38:03):
You know.
Speaker 6 (38:03):
That was what put it over the top of the
lancing because Lance and I actually share the exact same
birthday month. No v Bill, I mean, come on, what's wet? Yeah,
it's what wait a minute, it's one of many factors.
Speaker 5 (38:21):
Right listen, I bet you their favorite actor is John Stamos.
That's how messed up they both are.
Speaker 6 (38:28):
But we will we will be getting lunch together at
at uh. Yes, clearly, well, I like, I mean at
a time all the I mean you no, basically, among
other things, you could take the au m of all
these other a TF combined and it would not even order.
Speaker 3 (38:45):
Oh okay, so it was an a competition.
Speaker 2 (38:48):
Okay, all right, Ethan, Uh, do you have anything else
you'd like to say? Any final word?
Speaker 11 (38:52):
I'm clear of the doping allegations.
Speaker 6 (38:54):
And let me ask, let me ask the trillion's host,
who would you not choosing your own, who would you
have chosen for this one?
Speaker 5 (39:06):
Me?
Speaker 3 (39:07):
I probably would have chosen Andres because because I think
this is a thematic etf. When I'm out in my
regular life, a lot of people are like, what's a
good stock pick?
Speaker 5 (39:23):
And I'm like, I don't cover stocks. But when I
eventually say I cover the markets or whatever, They're.
Speaker 3 (39:27):
Like, I want AI exposure. That's what everybody says.
Speaker 5 (39:30):
That's the thing this I like because it's going, it
is even going further, and there's so much money being
poured into it, and it doesn't have a lot of overlap.
You add like one percent of a humanoid ETF to
your otherwise boring vanilla, it's a nice little spice. So
I just I just think that's a and human is
a good ticker. That's why I would have given it
to him. And the whole Terminator thing. I think about
(39:52):
that constantly when I see these videos. I think about Terminator,
and I think about Minority Report. Remember when they sent
the spider robots and to get the guy. I'm like,
the futures gonna be a combination of Minority Report in idiocracy.
Speaker 3 (40:02):
That's my theory. I know it's a weird mashup, but.
Speaker 6 (40:05):
So for posterity. If Paulus was the judge, Yeah, Winter Joel.
Speaker 2 (40:11):
You know, I kind of liked Meme.
Speaker 4 (40:13):
I thought that was you know, of all the things
that you could have thought would have happened this year,
like the resurrection of a meme stock ETF, Like that's
just kind of you know, bonkers.
Speaker 6 (40:24):
But I mean, like Texan, it's also gonna puke it
scots out.
Speaker 2 (40:27):
But that's the point.
Speaker 4 (40:28):
It's like, you know, there's there's a there's an indicator there.
Speaker 5 (40:30):
The other thing for meme is uh, if you again,
if you're a boring investor, you add a little meme.
You have to worry about what these whack job traders
are doing. It just covers the stocks they're into and
you get a little taste of it. Which of these
ets are you most likely to invest in?
Speaker 6 (40:44):
Oh?
Speaker 2 (40:44):
He knew, he gave it to it already.
Speaker 3 (40:45):
Besides, besides g x LC do.
Speaker 6 (40:48):
You like g XLC? All right, so the dividends will no?
Speaker 3 (40:53):
Man, basically just say so we can all leave, maybe
maybe yours.
Speaker 6 (41:02):
Eric, meme, not a chance in hell. The bell I
already got plenty of best new lunch text texting is fun,
but no, like I mean, actually no, this I should ask.
Eric's gonna be like, I really want And that's.
Speaker 2 (41:16):
Why he's like, I really want that.
Speaker 6 (41:20):
What about some of the venezuela and bolvars are hand
I hand you just cut edit.
Speaker 2 (41:24):
We're just gonna turn the volume down.
Speaker 3 (41:26):
Hold on one other question.
Speaker 5 (41:28):
Yeah, Let's say I know you're a horse track guy
and you like gambling. Let's say you had a ten
thousand dollars of your money right and you had to
place it right now, even money on all these Which
of these were the best performance?
Speaker 6 (41:39):
Twelve months from now, twelve months from now, just twelve.
Speaker 3 (41:43):
Yeah, this is an investment advice.
Speaker 6 (41:45):
Yo.
Speaker 3 (41:46):
Oh you think cash is gonna win over the next Wow?
He No, you could be right. That's that's just a
barish call basics.
Speaker 6 (41:53):
So that's why it's taking months. If you alread to
give me a longer period, I wouldn't go be your bill.
Speaker 3 (41:57):
But yeah, twelve months, Okay, you might be right.
Speaker 2 (42:00):
Maybe we'll come back in twelve months. Clock starts now. David,
thank you very much for joining us. Everybody else thank
you as well.
Speaker 4 (42:08):
Thanks for listening to Trillions until next time. You can
find us on the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify,
or wherever else you'd like to listen. We'd love to
hear from you. Hit us up on social I'm at
Joe Weber Show, He's at Eric Balcina's. Trillions is produced
by Magnus Hendrickson. Brendan Newman is our executive producer. Sage
Bauman is the head of Bloomberg Podcasts.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.