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Speaker 1: Welcome to Trillions. I'm Joel Weber and I'm Marik Belchers.

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Speaker 1: Eric Carolina Wilson's a reporter with Bloomberg News. She's on

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Speaker 1: the show a lot. She did some great et F reporting,

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Speaker 1: and she came with an idea for a podcast episode recently,

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Speaker 1: which was q q Q, which just turned twenty and

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Speaker 1: we're like, that's a really good idea. Yeah, it made

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Speaker 1: us think of one of these in the field type

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Speaker 1: episodes that Rachel Evans has done a couple of times,

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Speaker 1: where you take the mic out and you just see

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Speaker 1: what happens. And I thought, you know, the cues is

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Speaker 1: a monster ETF. Most people focused on Spy, which I

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Speaker 1: believe turned twenty five recently. That was a whole deal,

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Speaker 1: but the cues is right up there. I mean I

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Speaker 1: put it on the mount rushmore of E t F

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Speaker 1: s and what is it? The cues is the NASTAC

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Speaker 1: one hundred. So this is this is remember the nineties

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Speaker 1: and the tech This is when the Nastac was a

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Speaker 1: big deal. All these stocks were on there. But the

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Speaker 1: cues has changed since then, although again it's still I

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Speaker 1: think widely used for tech play growth, play um and

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Speaker 1: it trades ton like multiple billions of dollars every day.

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Speaker 1: It's a total stud but it's probably got some things

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Speaker 1: about it that most people just don't know about or

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Speaker 1: take for granted. One being that it used to be

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Speaker 1: very big on tech and it's become less so over time.

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Speaker 1: So we gave currently on a microphone and center out

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Speaker 1: to the field, and here's what we meant this week

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Speaker 1: on trying the cues at twenty. This is probably the

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Speaker 1: most awkward thing I'm gonna have you just asking them

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Speaker 1: to say the alphabet and stop when they get a QUE.

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Speaker 1: So that's gracious. A B, C, D, E, F G,

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Speaker 1: H I, J K, element O P Q. Over the

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Speaker 1: course of history, the letter Q has taken on many

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Speaker 1: different meanings. Perhaps the most obvious Q is the seventeenth

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Speaker 1: letter of the modern English alphabet. Some say the form

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Speaker 1: of the letter could have been bay on the island, needle,

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Speaker 1: a not, or even a monkey with its tail hanging down.

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Speaker 1: Others have suggested that the origin is even more ancient,

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Speaker 1: maybe having been born from Egyptian hieroglyphics. But for the

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Speaker 1: trillion dollar exchange traded fund industry, the letter Q takes

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Speaker 1: on its own unique meaning. You see the Investo q

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Speaker 1: Q Trust Series one e TF, known by its ticker

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Speaker 1: q q Q, is without a doubt, one of the

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Speaker 1: most recognizable tickers around and a bye word for technology investing.

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Speaker 1: Weighing in at just over seventy two billion dollars, q

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Speaker 1: q Q is the world's sixth largest e t F

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Speaker 1: in terms of assets. It's also the second most traded

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Speaker 1: ticker among the universe of more than t f s,

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Speaker 1: and not too long ago, it's celebrated its twentieth birthday.

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Speaker 1: So I dived deeper into q q q's history and

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Speaker 1: learned how an e t F that was poster child

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Speaker 1: for the dot com boom is no longer really a

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Speaker 1: tech ETF, and how this mammoth of a fund is

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Speaker 1: a window into how presumably passive vehicles are actually living,

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Speaker 1: breathing organisms that are actively changing and evolving with markets.

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Speaker 1: To talk about the origin of q q Q, commonly

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Speaker 1: known as the Queues, I'll have to take you back

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Speaker 1: to the man who created its underlying index, the NASDAC one.

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Speaker 1: Meet John Jacobs. He was running strategic planning at NASDAC

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Speaker 1: and one of the things he realized was that the

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Speaker 1: brand perception among retail investors was very low about the NASDAK,

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Speaker 1: so we set about trying to figure out how to

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Speaker 1: change their perception, raising awareness and as it can change

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Speaker 1: their perception. One of the ideas we came up with

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Speaker 1: and the strategic planning team that I was running in

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Speaker 1: Nasdaq was um let's come up with a NASDAC branded

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Speaker 1: financial product. And when we looked around there was something

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Speaker 1: that had been lost a few years early, or the Spider,

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Speaker 1: which was the first g t F on the on

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Speaker 1: the sp so we started following the footsteps to create

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Speaker 1: this one. So the original exercise that became q q

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Speaker 1: Q was more of a branding exercise, much more than

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Speaker 1: trying to build an index business. But along with branding

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Speaker 1: power came a unique nuance with q q q's revenue model.

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Speaker 1: The first e t f s that came out like

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Speaker 1: the ques, were unit investment trusts. For the expense ratio,

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Speaker 1: there's a chunk that went to the trustee, someone to

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Speaker 1: the adaman, and some money went to marketing. But there's

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Speaker 1: essentially no way to make money if you are the

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Speaker 1: product sponsor. This made it difficult to sell q q

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Speaker 1: Q over to Power Shares Capital Management, which was bought

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Speaker 1: by Investco in late two thousand and six, the current

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Speaker 1: home of q q Q. To learn about that hesitancy,

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Speaker 1: I spoke to Bruce Bond, who helped start power Shares

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Speaker 1: back in two thousand two the q q Q. It

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Speaker 1: was very difficult to talk invest Goo into actually acquiring

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Speaker 1: the q Q at the time, and the reason it

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Speaker 1: was allowing me to buy at power Shares was that UM.

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Speaker 1: You know, the the q q Q was not doesn't

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Speaker 1: generate any revenue for the firm that owns it. What

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Speaker 1: it does have those it had a ten basis point

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Speaker 1: marketing fee that allows you to market the fund. And

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Speaker 1: so what we did was when we acquired it, we

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Speaker 1: struck a new agreement with NASAC for the licensing of

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Speaker 1: the index from Nastac. We we acquired the fund and

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Speaker 1: UM and use the remaining marketing fee to market what

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Speaker 1: We changed the name of the fund from the nastac

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Speaker 1: ONKU to the Power Shares k K and which gave

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Speaker 1: power Shares a tremendous amount of visibility and marketing and

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Speaker 1: advertising power and a built in resource to be able

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Speaker 1: to elevate the name of power Shares in the industry.

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Speaker 1: Since you were some of those marketing dollars were going,

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Speaker 1: I headed over to the Chicago area and Investco's headquarters

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Speaker 1: in Downers Grove, Illinois. That's how I ended up at

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Speaker 1: the Lincoln Park suit. His name is sounds like a name. Yes,

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Speaker 1: her name is Molika and her name is is something

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Speaker 1: that and the ques do seem to be infused in

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Speaker 1: the Chicago culture. The fund sponsors the Zoo's annual Light

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Speaker 1: Show Spectacular, the current headlining performance at the Lyric Opera

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Speaker 1: of Chicago, golf tournaments, tennis tournaments. They've even sponsored the

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Speaker 1: first race of the NASCAR Exfinity Series season, a three

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Speaker 1: hundred mile long annual race held at the Daytona International

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Speaker 1: Speedway called the Power Shares q q Q three hundreds.

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Speaker 1: The letter Q even makes a special appearance in the

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Speaker 1: name of Investco's current q q Q strategist. Listen to this.

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Speaker 1: So I am John Frank. I enjoyed Investco in April,

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Speaker 1: and I am the q q Q strategist. So you

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Speaker 1: missed your middle initial there though I did. It's actually

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Speaker 1: it's actually John Q Frank, which when I was interviewing

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Speaker 1: for the role to become the QKQ strategist, I think

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Speaker 1: my manager really enjoyed that. I think maybe that got

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Speaker 1: you the job. Honestly, yeah, I think I wouldn't. I

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Speaker 1: wouldn't disagree. While q q Q was a poster child

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Speaker 1: for technology investing when it launched, the funds holdings have

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Speaker 1: evolved significantly over time. How much tech there actually is

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Speaker 1: in q q Q is one question that John has

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Speaker 1: to tackle a lot. And the idea that the cues

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Speaker 1: are pure tech play is almost like a widely believed myth.

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Speaker 1: So a lot of my role is about spelling those

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Speaker 1: myths or trying to maybe gravitate people to what maybe

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Speaker 1: more truth is than what they think. And the idea

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Speaker 1: that six Q is in technology, I think it is

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Speaker 1: is quite a surprise for people. Now. Some of that

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Speaker 1: is due to the gifts classification change, but that's still

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Speaker 1: only a part of the story. There's a consumer, discretionary,

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Speaker 1: consumer staples, healthcare, so there's a lot of things besides

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Speaker 1: technology in there. And I just going through the second

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Speaker 1: allocation over time. Now, in the height of the tech bubble,

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Speaker 1: there was a greater allocation technology, call it close to

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Speaker 1: pushing almost not quite, and again today we're closer to

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Speaker 1: just about four percent technology. It's it's definitely change over time,

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Speaker 1: but it's not a percent technology. And I asked John,

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Speaker 1: here are the queues one of the largest e t

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Speaker 1: f s a presumably passive trading vehicle, even though it's

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Speaker 1: been the go to strategy for technology investing and still

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Speaker 1: is today. The makeup of the fund has changed so

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Speaker 1: much over time. Can we really say that q q

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Speaker 1: Q is truly passive? The debate ten years ago was

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Speaker 1: active for passive and I think today it's much more

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Speaker 1: complicated than that because as a as a fund that

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Speaker 1: uses market KIP, market capitalization is one of its primary

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Speaker 1: determinants of what the weight is in the portfolio. In reality,

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Speaker 1: it could be quite active compared to the market portfolio.

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Speaker 1: Someone might consider at all World Equity portfolio or the

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Speaker 1: SPF A hundred to be the market. Q q Q

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Speaker 1: as a quote unquote passive product is actually quite different

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Speaker 1: than the market portfolio. And I think that has to

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Speaker 1: do with what's not in the portfolio is what what's

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Speaker 1: in the portfolio. So you see overweight certain names that

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Speaker 1: the portfolio holds but also doesn't hurt hold certain sectors.

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Speaker 1: There's no financials, there's not a lot of energy, not

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Speaker 1: a lot of utilities. So the end of the day,

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Speaker 1: you have a portfolio that we can behave quite differently

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Speaker 1: than the standard equity markets, and it's still passive and

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Speaker 1: how it's managed, but in reality the exposures you're getting

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Speaker 1: are not or anything but passive. Another myth that John

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Speaker 1: has to dispel surrounding the queues is whether or not

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Speaker 1: the market is ramping up to hit a tech bubble

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Speaker 1: two point oh, especially as the likes of Apple, Microsoft,

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Speaker 1: and Google have seen prices skyrocket. And to John, the

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Speaker 1: concerns makes sense, but he thinks it helps to look

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Speaker 1: at q q Q today and compare it to the

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Speaker 1: fund back then. So he compares today's market to the

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Speaker 1: actual tech bubble. Let's call it March two thousand. The

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Speaker 1: evaluations are completely different. And one of the things we

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Speaker 1: looked at was just look at the five largest companies

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Speaker 1: in QQQ at that time compared to the five largest

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Speaker 1: companies today. So one of the things we did was,

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Speaker 1: instead of getting pe ratio for the whole fund, if

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Speaker 1: we just look at those five largest companies in the

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Speaker 1: height of the tech bubble, so call it Microsoft, Cisco, Intel, Oracle, IBM.

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Speaker 1: As a group, they actually traded at about close to

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Speaker 1: eighty times their market cap over net income a proxy

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Speaker 1: for a P ratio, where today we look at app, Apple, Amazon, Alphabet,

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Speaker 1: Microsoft on Facebook and go back to the end of September,

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Speaker 1: which was really the height of this year, and that

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Speaker 1: group was trading at thirty eight and a half times.

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Speaker 1: So those stocks could have gone up a pent in

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Speaker 1: one day and still would have been trading cheaper from

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Speaker 1: a perspective of mac market captain net income and the

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Speaker 1: tech bubble. So it's not to say that they are

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Speaker 1: it's screaming value, but they're not anywhere near the tech bubble.

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Speaker 1: So the idea that we're anywhere near the tech bubble

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Speaker 1: hysteria heights is far off. We could get there, but

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Speaker 1: we need a couple hundred percent days or weeks to

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Speaker 1: get to that type of level. But for some investors,

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Speaker 1: the recent run up in technology stocks does bring about

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Speaker 1: deja vu, even if the bubble hasn't quite reached its

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Speaker 1: popping point. Someone you heard from earlier, NAZDAC founder John Jacobs,

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Speaker 1: says he knows what to look out for. He recalls

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Speaker 1: one morning when his mother called him about a trade

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Speaker 1: she wanted to execute on the fund. Her son Johnny started. Look,

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Speaker 1: my mom in her seventies became a day trader in

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Speaker 1: the queues. So I'm sitting in my office in d C.

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Speaker 1: And my phone lights up and I had this new

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Speaker 1: feature caller. I d again, it's that a long time

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Speaker 1: ago two thousand and that was my parents home number

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Speaker 1: and my mom, I said, Mom, I was just getting

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Speaker 1: ready to call you. You know, seventy two year old

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Speaker 1: one brokerage account. I said, Mom, I was just getting

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Speaker 1: ready to call you about something. And she goes, never

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Speaker 1: mind that now, Johnny, I want to let you know

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Speaker 1: what I did this morning. I caught up swab and

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Speaker 1: it put her pre market open limit order in on

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Speaker 1: the cues. Because I think it's gonna pop at the

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Speaker 1: open I want to flip it. I'm like, oh my god,

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Speaker 1: I should have known it was the boom. I should

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Speaker 1: have known it was the bus right then. So here

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Speaker 1: my mom is seven two years old. She become a

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Speaker 1: day trader on margin the pre market in the queues

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Speaker 1: because it's gonna pop, but she wants to flip it again.

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Speaker 1: This is like the same thing when this hueshine boys

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Speaker 1: giving you stock tips, or you know, the kid in

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Speaker 1: the corners telling you about cryptocurrencies. I can recognize the

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Speaker 1: bubble Caroly and Happy Birthday cues. Welcome back to the show.

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Speaker 1: I guess thank you. Uh. First of all, I just

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Speaker 1: gotta say I love the background on the letter Q.

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Speaker 1: I first I didn't know all that. What is it?

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Speaker 1: The monkey dangling from a tree hanging down. Yeah, it's amazing.

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Speaker 1: But here's the thing I wanted to know, which is

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Speaker 1: why did he have threeques? So originally, actually John Jacobs,

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Speaker 1: who you heard from at the beginning and at the

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Speaker 1: end of the podcast, he wanted a single character ticker.

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Speaker 1: He just wanted it to be Q. There was the

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Speaker 1: sort of unspoken rule that they couldn't do that, so

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Speaker 1: he was like, you know what. He even printed out

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Speaker 1: like fifty perspectuses with just Q and then fifty perspectuses

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Speaker 1: with Q q Q, and they ended up going with

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Speaker 1: the triple q's. But then, um, it actually went to

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Speaker 1: four ques at one point, so it was q q

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Speaker 1: q Q and then it went back to three ques.

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Speaker 1: And it's funny people say that you can tell when

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Speaker 1: they invested in the queues depending on how they refer

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Speaker 1: to it. So if they refer to it as the

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Speaker 1: cubes or the quad cues UM. That's because it was

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Speaker 1: when it was the four letter ticker. A lot of

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Speaker 1: people just call it the cues or q q q Y.

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Speaker 1: If you see some of these old heads at the

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Speaker 1: E T F conferences, they will drop a cube's diamonds, cubes, vipers.

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Speaker 1: It's it's evolved a lot since then, but that's how

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Speaker 1: you kind of know. And they may also put the

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Speaker 1: before ticker like the E E M. That's that's sort

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Speaker 1: of how you know, the sort of old school folks,

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Speaker 1: uh that maybe we're in industry in the nineties, before

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Speaker 1: we started recording, we were joking around about personifying some

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Speaker 1: et F s and for me, a challenge with this

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Speaker 1: podcast and with this project was like, Okay, I'm going

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Speaker 1: to take this fund that's a mammoth in the industry.

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Speaker 1: Everyone knows about it, sixties six billion and a U

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Speaker 1: m about um second most traded after Spy, so everyone

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Speaker 1: knows about it. How am I going to surprise people

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Speaker 1: about this? Like? How am I going to go out

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Speaker 1: and report on this and find things that people don't

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Speaker 1: know but you did, which was the surprise is that

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Speaker 1: it doesn't have as much tech as people think exactly. Yeah,

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Speaker 1: that that was a huge surprise, and and the way

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Speaker 1: to go about it was that I had to treat

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Speaker 1: it like a person. I was like, I'm going to

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Speaker 1: go out and like just report of this, like biographical

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Speaker 1: feature on this, hold on, hold on. So personifying e

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Speaker 1: t S is when you cross the line into where

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Speaker 1: I live, which is scary. You don't want to start

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Speaker 1: looking at them as people. I just just giving you

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Speaker 1: a fair warning sort of more like a ghost, I

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Speaker 1: would say, which is even creepier probably, But okay, So

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Speaker 1: if it's not in tech, what is it in now? Basically,

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Speaker 1: so you have to remember that now is like one

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Speaker 1: hundred is just tracking the one hundred largest non financial companies.

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Speaker 1: So that's and that's really the only thing that's been

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Speaker 1: completely consistent with the funds since the beginning of time.

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Speaker 1: It's it's just not tracking any financials. But yeah, it

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Speaker 1: was about at the height of the tech bubble. It's

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Speaker 1: now around that was dropped in there, right the gigs

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Speaker 1: what is that? The gigs re classification was something that

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Speaker 1: happened that basically reclassified some of the just traditionally known

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Speaker 1: tech names as being in the communication services like Facebook

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Speaker 1: exactly like some of those mat myths, but but still,

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Speaker 1: I mean the cues really are a poster child for

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Speaker 1: tech investing. They still are. Yeah, And when I was

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Speaker 1: in data, we grappled with whether to call the cues

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Speaker 1: a sector tech or not. That's a big difference because

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Speaker 1: then you look at tech flows, if the cues are

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Speaker 1: in there or not, it changes the whole number by

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Speaker 1: a lot. And uh, ultimately, I do we do have

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Speaker 1: them in tech for now because we do feel like

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Speaker 1: what are people using them for? And I think most

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Speaker 1: people still connotatively are using them for tech. But you

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Speaker 1: could debate this for a while because right now I

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Speaker 1: think it's tech so shockingly low tech to be in

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Speaker 1: the tech sector. Um, some of these decisions are tough

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Speaker 1: when you're making the taxonomy in data and so who's

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Speaker 1: been kind of noticed that as an opportunity because if

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Speaker 1: it's like a tech fund that everyone associates with, the

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Speaker 1: tech fund that doesn't have that much tech in it,

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Speaker 1: that seems like a market opportunity for somebody else to

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Speaker 1: come along and say, hey, I'm actually tech. And there

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Speaker 1: are there are a lot of funds that have just

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Speaker 1: pure tech exposure to them. But you have to remember

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Speaker 1: sort of the liquidity that comes with the Cues, the

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Speaker 1: branding power that it has a familiarity that people have.

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Speaker 1: But again, like the largest it's still pretty fang heavy

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Speaker 1: and fang driven, so people will turn to it for

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Speaker 1: for exposure to those names. And we had Dan Draper

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Speaker 1: on E T f i Q, which is on every

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Speaker 1: Wednesday at one pm just um and this is last

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Speaker 1: week actually, and we asked him about the Cues you

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Speaker 1: were on with them actually um, and what he said

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Speaker 1: something very interesting because he was trying to sort of

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Speaker 1: give another reason why you'd use this fund besides just

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Speaker 1: quick tech exposure. And he said that there's a lot

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Speaker 1: of growth in this index and that the R and

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Speaker 1: D as a whole spent on the companies and the

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Speaker 1: Cues was double that of the companies in the SMP

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Speaker 1: five hundred. That's a powerful statement and I think that

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Speaker 1: leads to the the growthy aspect of the cues and ran. Yeah,

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Speaker 1: that's right. That's also something that John Frank who is

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Speaker 1: the current strategist of the Cues, which also when I

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Speaker 1: want to interview him, I was like, how easy is

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Speaker 1: this man's job? Like he this dude sits there and

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Speaker 1: he manages the cues, which is a super well oiled,

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Speaker 1: like huge, self like running machine. But actually he gets

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Speaker 1: a ton of questions. It's like it's a lot of work.

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Speaker 1: I mean, the research that this guy knows about this

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Speaker 1: fund is incredible. R and D is something he totally

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Speaker 1: talked about. He said. One of the things he does

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Speaker 1: is he compares the NASTAC a hundred one hundred two

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Speaker 1: other indexes whole look at the NASTAC one hundreds higher

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Speaker 1: R and D spend relatives. So if we look at

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Speaker 1: R and D spending as a percentage of sales for

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Speaker 1: these companies, you're right, Eric, nine percent of sales went

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Speaker 1: to R and D for the NASTACK a hundred constituents.

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Speaker 1: That's more than twice of that for any other comparable index.

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Speaker 1: And that's a big deal in this because everybody is

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Speaker 1: talking about there's some controversy over buy backs, and some

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Speaker 1: people are looking for companies that do more, you know,

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Speaker 1: spending on R and D and that kind of thing

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Speaker 1: and not just buying back shares. So that's a pretty

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Speaker 1: good selling point, especially for those who are a little,

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Speaker 1: uh not uneasy about buy backs being the source of return.

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Speaker 1: That's actually really intericing um. And you know when a

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Speaker 1: product is a smash hit. Just like the movie business,

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Speaker 1: it spawns sequels and copycats. Right, So their cues, I like,

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Speaker 1: for one, I'll think of as q q q E,

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Speaker 1: which is the equal way to cuse because the cues

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Speaker 1: does have a lot of allocation to a couple of

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Speaker 1: companies I think Apple might be, So there's equal way

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Speaker 1: to cuse. What are some other examples where they try

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Speaker 1: to steal some of the cues? Um, you know audience

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Speaker 1: with dropping a queue in the ticker to make people think, oh,

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Speaker 1: this is like kind of a tech quli play on

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Speaker 1: this other area. So e m q q is one

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Speaker 1: that's emerging markets tech Um, there's t q q q

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Speaker 1: I believe, which is a leveraged version of the que.

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Speaker 1: So they do sort of try and piggyback off of

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Speaker 1: this brand because it's such a monster. It's sort of

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Speaker 1: like what other sticks can we come up with here? Exactly?

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Speaker 1: It's like like the comic book Avengers, you know, all

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Speaker 1: these spinoffs and so just taking a bigger step back,

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Speaker 1: you traveled out to Chicago, right or in the suburbs

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Speaker 1: of Chicago, just talk about being out there at an

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Speaker 1: e t F is shu or what does an E. T. F.

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Speaker 1: Fishuer's office look like and what's going on over there?

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Speaker 1: So it's massive. It's in Downers Grove, Illinois, which is

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Speaker 1: pretty a little ways way outside of downtown Chicago, but

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Speaker 1: it's a huge, huge office oranges everywhere you can see it.

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Speaker 1: In Dan Draper's office, he has even just like the

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Speaker 1: front of a NASCAR car hood that's orange and I

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Speaker 1: think it has the Cues on it because the Cues

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Speaker 1: sponsored a NASA car race for a while. But it's

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Speaker 1: sort of I mean, when when you go in you

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Speaker 1: do a profile, either on a person or on a

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Speaker 1: fund like this, you have to find like it's footprints everywhere, right,

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Speaker 1: and so it is sort of scattered throughout and I

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Speaker 1: had to sort of track it and follow it throughout Chicago.

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Speaker 1: So I also went to the zoo, as you know,

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Speaker 1: and you heard I spent a lot of time. They're

387
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Speaker 1: trying to capture lion sounds and lion roars because they

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Speaker 1: also have some um sort of marketing partnerships with the

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Speaker 1: zoo there. But but it has made its way into

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Speaker 1: all these different little aspects of the community and sort

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Speaker 1: of social life in Chicago, and I think they also

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Speaker 1: do uh tennis tournament because one time we did an

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Speaker 1: event with power Shares where Bloomberg presented power Shares and

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Speaker 1: at the end of the event they gave away they

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Speaker 1: uh tennis rackets signed by I think Jim Courier, remember him.

396
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Speaker 1: I think he won two majors. That's to make sure

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Speaker 1: you stayed at the end of the event, of course,

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Speaker 1: and I thought that was pretty high end. I was

399
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Speaker 1: really excited. I was not allowed to enter it because

400
00:20:38,880 --> 00:20:44,600
Speaker 1: I was a presenter. Tennis, Yeah, tennis, golf. Um, let's

401
00:20:44,640 --> 00:20:47,960
Speaker 1: wait for the Super Bowl partnership. By the way, this

402
00:20:48,080 --> 00:20:49,760
Speaker 1: has nothing to do with the t s. But you

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Speaker 1: gotta lie in to roar. I mean, did you do that?

404
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Speaker 1: I've been at the zoo many times. Those lions just

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Speaker 1: lay there, usually far off behind a log and you

406
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Speaker 1: can't see them, and the kids like lion linon Lion

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00:20:58,240 --> 00:21:01,040
Speaker 1: line line and it's like it's kind of underwhelming, and

408
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Speaker 1: you saw them roar. How that work out? I just

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Speaker 1: yelled out cues. No, I spent a lot of time

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Speaker 1: at the zoo that day. Actually, it's have to say

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Speaker 1: their patients is the key. I can't believe that it's free.

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Speaker 1: You just really there are people that jog through there,

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Speaker 1: you walk through there, it's it's absolutely beautiful. Um and

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Speaker 1: the Lions they put on a nice performance for me,

415
00:21:21,880 --> 00:21:26,640
Speaker 1: they really did. Speaking of performances, how's it done since inception?

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Speaker 1: So it came out March's interesting, yeah, right before the

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Speaker 1: bullber so Um. This is including that it's up three

418
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Speaker 1: hundred thirty six percent since inception. The SMP five hundred

419
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Speaker 1: since that same exact point is only up two So

420
00:21:42,359 --> 00:21:46,240
Speaker 1: it's got our performance by about hundred nine percent since then.

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Speaker 1: But here's what's wild. Since the financial crisis, so we'll

422
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Speaker 1: start the beginning of two thousand nine, the CUES has

423
00:21:51,920 --> 00:21:55,199
Speaker 1: literally doubled the SMP. It's up six percent versus three

424
00:21:55,880 --> 00:21:59,560
Speaker 1: for the SMP. That's big time, especially for a diversified

425
00:21:59,680 --> 00:22:02,200
Speaker 1: sort of larger index. But it also speaks to what

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Speaker 1: tech has done in that same period. It's just crushed

427
00:22:04,600 --> 00:22:07,680
Speaker 1: it absolutely, that's I mean, this is part of the

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Speaker 1: reason it's so beloved. People made a lot of money

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Speaker 1: on it. Carolyne, thanks again for joining us and joining

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Speaker 1: on behalf of me and the Queues. You're welcome. Thanks

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Speaker 1: thanks for listening to the trillance. Until next time, you

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Speaker 1: can find us on the Bloomberg Terminal, Bloomberg dot com,

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Speaker 1: Apple Podcasts, Spotify, and wherever else you'd like to listen.

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Speaker 1: We'd love to hear from you. We're on Twitter, I'm

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Speaker 1: at Joel Webber Show, He's at Eric Paul Tunas, and

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Speaker 1: you can find Carolyna Wilson at carol E. Wilson. Trillions

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Speaker 1: is produced by Magnus and Rickson. Francesca Levy is the

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Speaker 1: head of Bloomberg podcast. Bye