Speaker 1: Welcome to Trilliance. I'm Joel Weber and I'm Eric bel Tunis.
Speaker 1: I'm really excited about today's episode. Eric, Uh, and you
Speaker 1: were the one that actually flagged it, and I was like, yeah, yeah, yeah,
Speaker 1: oh my god, this is gonna be amazing. So, uh,
Speaker 1: we're gonna talk about K pop today. Yeah. Um, I'm
Speaker 1: a sucker for themes. I find them interesting. Um. And
Speaker 1: we've done like three or four in a row that
Speaker 1: we're pretty pretty meaty. Um. You know, inflation, just really
Speaker 1: topical stuff that was very practical. And so I had
Speaker 1: I've been eyeing this e t F with the ticker
Speaker 1: k pop since it was filed, and then it launched.
Speaker 1: And when I read the article that Isabelle Lee wrote
Speaker 1: about it and found out that it was a twentysomething
Speaker 1: young man who had the idea launched the e t
Speaker 1: F and was like some K pop expert, Um, I like,
Speaker 1: I like these et F story is this is the
Speaker 1: sort of independent spirit of ETFs. You know, it's a
Speaker 1: tough market, but people, um, you know, keep trying with
Speaker 1: ideas and usually if you see a filing, a lot
Speaker 1: of times you pull the thread on it and there's
Speaker 1: like a somebody who can really make a strong fundamental case,
Speaker 1: even if the initial reaction is oh, really, is this
Speaker 1: really an investment a vehicle? Um? And I find that
Speaker 1: to be true over and over. So I really just
Speaker 1: wanted to dig into the story. I also wanted to
Speaker 1: find out the numbers behind K pop. I mean, I
Speaker 1: don't know what it is. I feel old when I
Speaker 1: went to one of the videos. It doesn't make sense
Speaker 1: to me. Um, you know, I'm driving around listening to
Speaker 1: r M and Nirvana is still like, UM, I want
Speaker 1: to get I don't want to be the old guy
Speaker 1: who doesn't know about this, you know, huge area apparently,
Speaker 1: and so I wanted to explore K pop secretly as well.
Speaker 1: We're gonna have Isabella Lee, who wrote that story for
Speaker 1: Bloomberg News. She's a cross Asset reporter, as well as
Speaker 1: Jean Wan Lee, who's the brain behind the GTM K
Speaker 1: Pop There's Time on Brilliants k Pop. Jean one is
Speaker 1: about welcome to trillions. Hi, thanks for having us, Thanks
Speaker 1: for having us. Okay, is well, I wanted to start
Speaker 1: with you. How did K pop come to your attention? Honestly?
Speaker 1: On Twitter, I was just grolling and I probably saw
Speaker 1: one of the Bloomberg guys. It could be Eric or Henry,
Speaker 1: I don't even remember anymore. And it was about a
Speaker 1: K pop e t F and it was fun, it
Speaker 1: was punchy, it was catchy. We you know, we write
Speaker 1: a lot of things in Bloomberg for many reasons, and
Speaker 1: we thought that regal traders and just twitter verse would
Speaker 1: like this because at that time, this was in April.
Speaker 1: If approved, this K pop e t F would be
Speaker 1: the first in Europe or US that would be investing
Speaker 1: in firms benefiting from K pop music. So we were like,
Speaker 1: this is exciting. And to Eric's point earlier, my generation
Speaker 1: my friends are crazy about K pop and I actually
Speaker 1: was personally a bit excited writing it because I thought
Speaker 1: my friends would be so jealous, they'd be so happy
Speaker 1: to hear about this K pop and my friends who
Speaker 1: aren't even investing, I was kind of sure they would
Speaker 1: best just because of this K pop ETF. So that
Speaker 1: was fun. And then I wrote a follow up story
Speaker 1: four months after um when the fund lodge and I
Speaker 1: got to speak with jan One also, so that was
Speaker 1: cool and I'm sure he can tell you more about
Speaker 1: the e t F. Okay, Janue, I want to hear
Speaker 1: where this idea came from, because you know Eric's Eric
Speaker 1: has never pitched an R E M E T F
Speaker 1: and I'm going to tell you that it probably would
Speaker 1: not go over well. But what did you see in
Speaker 1: in K pop that made you want to connect these dots?
Speaker 1: My premise um that K pop fans may also want
Speaker 1: to invest in KP pop. I don't think this is
Speaker 1: a new idea in the investment world, because, for example,
Speaker 1: many test Light owners are also investors in Tesla stock UM,
Speaker 1: and people tend to want to invest in what they
Speaker 1: consume and believe in. The same could be set for
Speaker 1: Warren Buffett, who enjoys McDonald's and Coke on a daily basis.
Speaker 1: To my knowledge, UM, SO Korean media entertainment industry has
Speaker 1: been growing very robustly, and we believe that this is
Speaker 1: still in its early innings, given that we're witnessing an
Speaker 1: inflection point in K pop, and we see squid Gain,
Speaker 1: we see Parasite, we see black Pink, we see bts.
Speaker 1: These K content K Entertainment UM Korean entertainment are gradually
Speaker 1: attaining mainstream game status UM globally from what was more
Speaker 1: a subculture in the past. So k pop BTFUM is
Speaker 1: the first of its kind, and it's it's the first
Speaker 1: vehicle that allows global investors to have exposure into K
Speaker 1: pop as an industry, as and as an investment theme.
Speaker 1: While in the past, since all the companies listed companies
Speaker 1: within the Korean entertainment and media sector are all listed
Speaker 1: in Korean Exchange and therefore global investors had no way
Speaker 1: to gain exposure into. Before we get into how the
Speaker 1: e t F tries to capture the K pop factor,
Speaker 1: if you will, UM, just let's go over the numbers.
Speaker 1: I remember reading an Isabelle's article I'll throw it to you,
Speaker 1: isabel because you wrote it. I'm not sure if you've
Speaker 1: got the numbers from Jangue, but the numbers were ridiculous,
Speaker 1: Like it was. Some of the comparisons blew me away.
Speaker 1: It reminded me of when I dug into the video
Speaker 1: game industry about seven eight years ago, and it's like
Speaker 1: bigger than movies and music combined or something, and I
Speaker 1: was like, Holy moly. And at the time people were
Speaker 1: kind of laughing off the video game et F. But
Speaker 1: I I wanted to do a taste test where I
Speaker 1: took the name out and just put the numbers of
Speaker 1: the industry of robotics, cannabis, and video games and asked
Speaker 1: someone to pick what was the best investment, and they're
Speaker 1: gonna pick video games, but then you show them the
Speaker 1: name and they're like, oh, I don't want to invest
Speaker 1: in that. I felt the similar vibe when I read
Speaker 1: the article what was give me some of the numbers
Speaker 1: that that talked about how big k pop is. I
Speaker 1: think South Korean music really game popularity in when this
Speaker 1: big YouTube hit called Gangam Style entered mainstream consciousness, and
Speaker 1: ever since then it just became even more popular. So
Speaker 1: for instance, in February, BTS was named I think the
Speaker 1: global Recording Artist of the Year and they even beat
Speaker 1: Taylor Swift in Adele and a girl group called Black
Speaker 1: Pink also became the first musical artist to hit a
Speaker 1: certain molestone in YouTube I think seventy five million subscriber
Speaker 1: mark and it they'd beat Justin Bieber. And on our
Speaker 1: side of the world, this sounds surprising because these are
Speaker 1: really big names. But then on the other side, you know,
Speaker 1: something bigger might even be happening. I will say this,
Speaker 1: I just the fact that Justin Bieber has something like
Speaker 1: million whatever is still surprising for a gen X or
Speaker 1: like me, But your point is well taken, Chenguan, do
Speaker 1: you have anything with dollars and cents for the industry?
Speaker 1: So on Spotify, the most streamed music group isn't Beatles,
Speaker 1: it is in Nirvana, it's not bon Jovi. It's actually
Speaker 1: BTS with over sixteen point three billion streams and they
Speaker 1: also hold who whoa whoa whoa hold on a second
Speaker 1: six team point three billion billion. It's not millionaire, that's like,
Speaker 1: holy mo, that's three that's three times more or at
Speaker 1: least double the amount of people on earth. Joel, Joel,
Speaker 1: have you have you ever streamed a BTS song? I have. Um.
Speaker 1: I'm blown away by how just viral the group is.
Speaker 1: Um And if you haven't never seen them, I mean
Speaker 1: it's basically a boy band, and they took boy bands
Speaker 1: to like a whole another level. Whatever you thought of
Speaker 1: the Beatles or back Street Boys at a certain era,
Speaker 1: Like it is insane how much more popular they are.
Speaker 1: But what's crazy to me, though, is you know what
Speaker 1: that BTS phenomenon. It's almost like it was the tip
Speaker 1: of the spear and you've seen so much more. I
Speaker 1: guess the gang style was the tip of the beer.
Speaker 1: But what we're seeing is this robust industry and Janue
Speaker 1: So I want to bring that back to you because
Speaker 1: when you when you put together UM the ET you
Speaker 1: there was an index that you also had to create.
Speaker 1: How did you go about figuring out what to include
Speaker 1: in that index and what to exclude so that you
Speaker 1: could actually like have an investment thesis that could work
Speaker 1: in practice. So how to define whether a company UM
Speaker 1: is a K pop or Create an enter entertainment company.
Speaker 1: Usually UM et s take UM a revenue based approach,
Speaker 1: where if if a certain theme generates or of that
Speaker 1: company's revenue, then UM that company is automamatically placed within
Speaker 1: the team UM. But but for K pop and Create Entertainment,
Speaker 1: these revenues are difficult to meet out from a lot
Speaker 1: of noisy data UM and and and for us, what
Speaker 1: we did was essentially pinpoint a company that's clearly a
Speaker 1: K pop company, and it's indubitably a K pop company.
Speaker 1: For in sense UM the management company, the record company
Speaker 1: behind BTS now that's indubitably a K pop company. And
Speaker 1: what we would do is we would essentially pull some
Speaker 1: of the major keywords of these undoubtedly K pop companies
Speaker 1: and we compared to other companies within the industry, and
Speaker 1: if we figure out a certain level of similarity and
Speaker 1: if if if the companies meet that standard, then we
Speaker 1: we we we call that company our target and our
Speaker 1: theme UM within the within the whole k pop UM
Speaker 1: or create entertainment definition. And so I'm looking at the
Speaker 1: holdings here, j YP Entertainment, h y b E cow
Speaker 1: I I. You know, I obviously these are all pretty
Speaker 1: foreign to me UM, but that's probably good it because
Speaker 1: there are companies that are involved in this niche space UM,
Speaker 1: and I wouldn't know it. Surprising to me is that
Speaker 1: they're even publicly traded. Yeah, I guess how much if
Speaker 1: you were to say, okay, you've got you know, thirty
Speaker 1: two holdings, he's a waiting, what percent of that weight
Speaker 1: is directly linked to like K pop sales? And how
Speaker 1: did you try to capture that? So s of our
Speaker 1: constituents are Korean media entertainment companies UM, like the BPS Company,
Speaker 1: Black Pink Company, and so forth. UM. The other twenty
Speaker 1: to thirty companies are UM tech infrastructure companies, companies that
Speaker 1: are comfortable to uh the Apple Music, the Spotify of Korea,
Speaker 1: so They basically provide UH the infrastructure for music and
Speaker 1: content to prosper and and be distributed. So essentially our
Speaker 1: thirty constituents cover UM music companies, UM To, drama company Niece,
Speaker 1: and movie companies that that have used UM amy winning
Speaker 1: series squid Game and UH and and and masterpiece Parasite
Speaker 1: UM which which which also won a number of hop
Speaker 1: Awords UM last year. So UM they really do cover
Speaker 1: the old breadth of of Korean content. UM. That's that's
Speaker 1: going global. It's interesting. I'm looking at the name of
Speaker 1: the fund, it's k pop and Korean Entertainment. So I
Speaker 1: guess my guess is maybe the SEC work with you
Speaker 1: to expand the name a little so it was a
Speaker 1: little more accurate because some of the companies are Korey entertainment.
Speaker 1: But to your point, I have seen squid Game and
Speaker 1: I have seen Parasite. They're both masterpieces in my opinion,
Speaker 1: and I've actually dabbled into some other South Korean stuff
Speaker 1: just because it seems to be so good. You know.
Speaker 1: We I we talked about Nirvana earlier. There was clearly
Speaker 1: something happening in Seattle when in the early nineties right
Speaker 1: there was it was an explosion of like entertainment value.
Speaker 1: It seems like Korea is in that like in that
Speaker 1: spot like where they're just something's happening there, Like why
Speaker 1: why is all this art, both music and movies and
Speaker 1: TV shows? How is it all being produced out of
Speaker 1: such a small place? Is it feeding off each other?
Speaker 1: Like is there some kind of I don't know, like
Speaker 1: a scene there. Like I'm just trying to figure this
Speaker 1: out a little bit, because you're right, um, there's definitely
Speaker 1: a lot of things going on quote in the Korean
Speaker 1: entertainment area. So this is more my personal view than
Speaker 1: um than a studied hormal response. UM. But personally I
Speaker 1: think um UM. We can look at two main factors
Speaker 1: why create entertainment is seemingly suddenly booming. Number one, Korean
Speaker 1: domestic market for music is actually not small. One would
Speaker 1: consider from a global standpoint, Korea to be a relatively
Speaker 1: small UM country that's um not generally well known globally,
Speaker 1: but it is uh even domestically without excluding all the
Speaker 1: exports um, all the k pop um sales um that
Speaker 1: are being made on Spotify, excluding all that, just just
Speaker 1: putting into perspective the domestic sales domestic market size UM
Speaker 1: for music for your ranks number six in the world.
Speaker 1: It's behind UH, the US, Japan, UM, UK, France and Germany.
Speaker 1: And then it's it's Korea. It's it's larger than China.
Speaker 1: UM to to the state, it's larger than UH, Brazil
Speaker 1: or other countries. UM. So domestically, UM Korea does have
Speaker 1: a big enough of a a local market that would
Speaker 1: be a good foundation for for a lot of content,
Speaker 1: a lot of talent to prosper. So that's number one UM.
Speaker 1: And simultaneously UM, I believe that UM Korean market, while
Speaker 1: it's quite big, it's not big enough UM. Let's say
Speaker 1: UM compared to Japan, which is number two in the
Speaker 1: world to hold local companies satisfied UM with the kind
Speaker 1: of market size they can see within the country. So basically, UM,
Speaker 1: if you were a Japanese music company, if you're a
Speaker 1: US based record label, UM, you would be happy with
Speaker 1: with taking a bigger market share in your respective markets
Speaker 1: in your respective languages. But for the top K pop
Speaker 1: companies in Korea, UM, while the market size isn't small,
Speaker 1: it's not big enough for for for these companies to
Speaker 1: to be sufficiently growing consistently. So UM these companies have
Speaker 1: been continuously looking for overseas growth, global growth, rather than
Speaker 1: UM staying within the borders and being being happy. UM.
Speaker 1: They kept on knocking doors in Japan, in Southeast Asia, UM,
Speaker 1: in in Latin America, in the US, UM and in
Speaker 1: Europe and so forth. Then they've been doing this for
Speaker 1: the last ten fifteen years. And you see the numbers
Speaker 1: that are popping up. UM. It seems like sudden um
Speaker 1: events out of nowhere, but it's an accumulated effort of
Speaker 1: time and energy that has been UH continuously skewing out
Speaker 1: of this small country in the last decade. That's a
Speaker 1: great point. And you know, Eric, when you said earlier
Speaker 1: that you've never heard of these companies, I haven't. Also
Speaker 1: in a way, I just thought they're familiar because of
Speaker 1: my friends. But then when I looked at the market cap,
Speaker 1: they're almost as big as Apple, like hi, And I'm
Speaker 1: sorry if I'm pronouncing it wrong. I think it's even bigger.
Speaker 1: Um j YP is just a million. When I say bigger,
Speaker 1: it's three billion dollars and j YP is like a
Speaker 1: billion dollars. So these are huge, And to me, it's
Speaker 1: just really reinforced that the world is so big and
Speaker 1: that sometimes UM, because I report in the US market.
Speaker 1: I just really look at the US market. But then
Speaker 1: there's just a fast world out there with huge companies
Speaker 1: with huge potential. Probably right Hid and now is UM
Speaker 1: in in its for five billion dollar range. To my knowledge,
Speaker 1: Warner Music is at around seventeen billion last year. That
Speaker 1: difference UM was much smaller when HI was up to
Speaker 1: twelve thirteen billion dollars. So these are not small companies.
Speaker 1: The market taps are comparable to some of the top
Speaker 1: music companies globally. UM. So you launched at a tough time.
Speaker 1: This has been a brutal year. The fund immediately went
Speaker 1: down UM, but South Korea is down the country as
Speaker 1: a whole, Like, you have this theme. I've seen other
Speaker 1: issuers deal with this. You have a theme, it's gonna
Speaker 1: have a little more volatile than the sort of benchmark.
Speaker 1: So E W Y would be the benchmark ticker there.
Speaker 1: That's the South Korea I SHARE's E T F UM.
Speaker 1: You know, how do you market this thing in that environment?
Speaker 1: I'm sure it's difficult. How is that going? How are
Speaker 1: you getting the story out and overcoming sort of the
Speaker 1: rougher environment for really all E T s, But especially themes.
Speaker 1: I don't think we're in the business of of timing
Speaker 1: market peaks and UM trows were truly long term believers
Speaker 1: in the prospect of Korean businesses with exposure to K
Speaker 1: pop and K entertainment growth. And these are businesses with
Speaker 1: proven and sustainable I P s and business models and
Speaker 1: our long term beneficiaries of Korean music and content UM,
Speaker 1: which is capturing UH disproportionate share of the global growth.
Speaker 1: So UM, like you mentioned, it's it's been a tough
Speaker 1: few weeks across all asset classes since K pop ETFs
Speaker 1: inception on September one, UM, but we do believe that
Speaker 1: content consumption, especially digital content consumption, which a lot of
Speaker 1: K pop or create entertainment is based on, is relatively
Speaker 1: resilient across UH difficult and and recessionary environments UM and
Speaker 1: and and and and and basically they're longer term trends.
Speaker 1: So we ultimately believe that the underlying performance of the
Speaker 1: company's in our a E t F will provide further
Speaker 1: momentum in attracting demand from from a wider global investor universe.
Speaker 1: So so we are UM doing all the interviews. UM,
Speaker 1: we are doing what we can um within this market,
Speaker 1: but in the end um I strongly believe that this
Speaker 1: is not a a one one hit wonder, It's not
Speaker 1: a it's not an event, but it's a trend that
Speaker 1: will stick. So the fundamental um growth of K pop
Speaker 1: as a as a as a phenomenon and as a
Speaker 1: trend will be the long term momentum hopefully um for
Speaker 1: for our e t F. I've noticed that mattic et
Speaker 1: s to X point earlier are really booming, but then
Speaker 1: they've become a lot narrower, I think, although more creative
Speaker 1: as time passes by. What do you make of that
Speaker 1: young one? And like, who are you targeting? I don't
Speaker 1: know to my head there it's a very specific. It's
Speaker 1: like K pop fans who believe in the firms. Is
Speaker 1: that the good question? Are you going to like advisors
Speaker 1: who manage money and you're trying to sell k pop
Speaker 1: where you're going to like k pop mega fans and
Speaker 1: explaining this is how you can invest in it? Well? Um,
Speaker 1: To be clear, we we we we We don't just
Speaker 1: believe that this will appeal only to these K pop
Speaker 1: mega fans. We also believe that there are clear investment
Speaker 1: merits and rationale for obtaining exposure to Korean media and
Speaker 1: a human industry purely from an investment perspective and and
Speaker 1: therefore ke pop etf is designed not only for global
Speaker 1: fans but also institutional and retail investors around the world.
Speaker 1: So UM we do believe that we do believe that
Speaker 1: this is an independently investment worthy thesis UM and these
Speaker 1: K pop stops from from a a long term standpoint,
Speaker 1: have been moving in such a direction. UM companies like
Speaker 1: j I p Um, which have some of the top
Speaker 1: girl groups um UM globally UM they've grown UM substantially
Speaker 1: more than thirty x in the last UM five to
Speaker 1: ten years. So these are companies that have shown continued
Speaker 1: growth UM in both their UM numbers and and their
Speaker 1: in terms of their share price. So it's an independently
Speaker 1: UH reasonable and attractive investment thesism. However, UM initially our
Speaker 1: target is more towards the K pop fans, who we
Speaker 1: believe don't just want to consume the content, but I
Speaker 1: want to own UM part of that growth. So for
Speaker 1: now we're not going to institutional investors and and pitching
Speaker 1: the idea UM. We're much more focused on getting this
Speaker 1: idea out so that people know that we exist, that
Speaker 1: there is an exposure for them, the ability to gain
Speaker 1: an exposure into into k as A as as A
Speaker 1: as a paradigm. Okay, so I want to ask about
Speaker 1: what this paradigm could kind of look like, because I mean,
Speaker 1: we talked about BTS for a second. Ridiculous numbers like
Speaker 1: basically the most popular musical group in the planet maybe
Speaker 1: the history of the planet. That's pretty good. Uh, you
Speaker 1: got Parasite, which best picture, squid Game which became just
Speaker 1: a total viral Netflix sensation. Tell me what this actually
Speaker 1: looks like in five years? Are we only going to
Speaker 1: be watching and consuming entertainment that comes from Korea? Like?
Speaker 1: How big can this get? Well, another number you would
Speaker 1: expect the top UM musician on YouTube with the most
Speaker 1: subscribers UM would be someone like Ed Sharon or Justin Bieber.
Speaker 1: But it's actually Black Pink. Now, Black Pink might not
Speaker 1: appeal to all the generations and all the population UM.
Speaker 1: It definitely targets a specific age group and and also
Speaker 1: UM at the same time, it's it's not just targeting
Speaker 1: UM English speaking UM population. It's it's a much more
Speaker 1: globally dispersed fan base. UM. So even if black Pink
Speaker 1: is not known widely UM within certain groups UM in
Speaker 1: the US, they're very much widely known UM in the
Speaker 1: same age group globally. So that adds up to the
Speaker 1: eighty two point two mile and subscribers on YouTube, which
Speaker 1: is the single highest number UM out of all the
Speaker 1: YouTube musicians there are on Earth and Twits, Twitter Twits
Speaker 1: related to K pop, they were five point one million
Speaker 1: back in. Now it's seven point five billion UM in.
Speaker 1: So the growth isn't isn't fathomable, it's it's difficult to
Speaker 1: calculate from five five million to seven point by built billion.
Speaker 1: It's it's it's uh UM. It's it's growth that's comparable
Speaker 1: to UM. Like what was mentioned video games UM or
Speaker 1: or in some sense Crypto and in the future UM
Speaker 1: Squid game. They're producing their second season, it's in it's
Speaker 1: in development. And we see new TV series that are
Speaker 1: produced in Korea and UM whose language is actually Korean
Speaker 1: and they they they take UM top ten most watched
Speaker 1: UM English TV series, both in US and globally on
Speaker 1: Netflix nowadays daily. So so we believe that we're we're
Speaker 1: just at the starting point UM where it's getting noticed
Speaker 1: like back in the days when video games were being
Speaker 1: noticed as as more than a subculture, right before it
Speaker 1: became a mainstream theme. I think Korean content is passing
Speaker 1: by that point of history where it's it's going past
Speaker 1: UM a subculture, UM into a genre of its own
Speaker 1: that appeals UM, not just English using population, but but Earth.
Speaker 1: I want to ask for a sleeper recommendation. So we've
Speaker 1: talked about some real popular ones that have massive global followings.
Speaker 1: What's the one that's like the secret handshake that that
Speaker 1: I should really know about that's gonna make me seem
Speaker 1: super super cool when I tell my kids, UM, there's
Speaker 1: a up and coming new girl group that was produced
Speaker 1: by the same record label that produced BTS. That girl
Speaker 1: group's name is uh New Genes, so jeans they're new
Speaker 1: New Gens actually hit Billboard's top two hundred UM in
Speaker 1: a week of its launch, So it's actually UM pretty
Speaker 1: well known UM not just in Korea about globally, but
Speaker 1: not as well known as ETS, which is more UM.
Speaker 1: You know the the trademark K pop names. So if
Speaker 1: you've told someone UM in their twenties and their teens
Speaker 1: that you've you listened to New Jeens, now that's that's
Speaker 1: something that will get their attention and their their song.
Speaker 1: Their main song is actually called attention, So it's fitting alright.
Speaker 1: I will file that a way um my kids into
Speaker 1: auto tuned hip hop, but maybe he'll know it. How
Speaker 1: was the reception? Did you get a lot of UM
Speaker 1: haters fans? What did people say? K p BTF has
Speaker 1: been received pretty well my knowledge in in the in
Speaker 1: the whole K pop fandom sphere and and also locally, UM,
Speaker 1: I see K pop companies and they all know, um
Speaker 1: that uh they that k po BTF got listed, um
Speaker 1: that we we we were the ones that that that
Speaker 1: accomplished it, and so forth, and and a lot of
Speaker 1: these k pup companies are are actually quite thankful um
Speaker 1: for us in that we have provided them, um as
Speaker 1: as the K pop companies, a way to indirectly interact
Speaker 1: with with global K pop fans who now have a
Speaker 1: way to invest in them. So I think it was
Speaker 1: pretty well received both industry wise and and and and
Speaker 1: and K pop random wise. However, it's still us feel
Speaker 1: quite early in our stage. Um our a U M
Speaker 1: isn't booming since inception. Our numbers are definitely down. UM
Speaker 1: A lot of ets are down, so we're we're we
Speaker 1: don't think we're unique in this, but had we listed
Speaker 1: at a better time or or from a longer standpoint, um,
Speaker 1: we we hope to gain more popularity, not just from
Speaker 1: an industry point of view, but but as an investment
Speaker 1: vehicle um for for global investors. Jen want, I want
Speaker 1: to ask you one final question which we ask a
Speaker 1: lot of folks on trillions, which is, what is your
Speaker 1: favorite e t F ticker other than your own? And
Speaker 1: I have to tell you K pop is an epic ticker.
Speaker 1: I mean you you nailed it, so I know that
Speaker 1: you you should take credit for that. But if you
Speaker 1: were gonna give anybody else in props, who who else?
Speaker 1: Would you? Who else? Would you say? It's it's difficult
Speaker 1: to choose. And I would say, um, nothing really beats
Speaker 1: KP pop? But I would say, uh, round hill meta
Speaker 1: verse et F ticker um, which is I think, to
Speaker 1: my knowledge, um m etv um. I mean that's pretty
Speaker 1: uh obviously a metaverse sticker. So um, I think that
Speaker 1: worked out pretty well. Yeah, I think I think that
Speaker 1: comes to mind her all right, Jane one Isabelle, thank
Speaker 1: you so much for joining us on trillions Thanks, Thanks
Speaker 1: a lot, Joel, Thanks a lot, Eric, and and and
Speaker 1: and most of the little Isabelle. Thanks for listening to trillions.
Speaker 1: Until next time. You can find us on the Bloomberg terminal,
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Speaker 1: This episode of True was produced by Magnus Hendricksen by
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