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Speaker 1: Welcome a trillions. I'm Joel Webber and.

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Speaker 2: I'm Eric Belchunis.

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Speaker 1: Okay, Eric, A lot of things have happened so far

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Speaker 1: this year or didn't happen. I should say that now

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Speaker 1: that we're in the second half of the year, it

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Speaker 1: felt like I wanted to huddle with you and get

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Speaker 1: a better sense of what could happen in the second

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Speaker 1: half of the year, because look like there's a nineteen

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Speaker 1: percent up year to date in the S and P

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Speaker 1: five hundred. That's crazy. Nobody expected that We're supposed to

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Speaker 1: be like mired in a recession that has yet to happen, right.

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Speaker 2: Yeah, it's been a wild year.

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Speaker 3: And you know, a few episodes back, we had Athanasios

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Speaker 3: on my team on to talk about the Fomo drought.

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Speaker 3: You know, all these the cues and spy were up

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Speaker 3: a lot, but nobody.

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Speaker 2: Was buying, and that that kind of ended.

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Speaker 3: The flows are back, so that's one sort of baby

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Speaker 3: that's been put to bed. Is the flows now matched

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Speaker 3: the performance. But yeah, there's you know a lot of

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Speaker 3: excess return right now. I'm always nervous when when the

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Speaker 3: ques are of thirty six percent in like the first

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Speaker 3: half of the year, I'm like, all right, when's when's

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Speaker 3: the shoe gonna drop?

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Speaker 2: What's gonna happen to pull us back?

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Speaker 3: Maybe there'll be an inflation print, although there hasn't been,

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Speaker 3: but yeah, it's unexpected and all of a sudden, growth

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Speaker 3: and tech are back, and that's the sort of thing

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Speaker 3: just like seven stocks leading everything, and it kind of

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Speaker 3: feels like twenty and twenty one again, like twenty twenty

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Speaker 3: two never happens.

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Speaker 2: So that's the macro scene.

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Speaker 3: But certainly there's other things in the ETF world I

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Speaker 3: think that are really interesting that I don't know, get

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Speaker 3: me out of bed in the morning, jowl. There's a

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Speaker 3: lot of interesting stuff that we're looking for in the

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Speaker 3: second half that really could make news.

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Speaker 1: Okay, So for your summer listening, we're gonna go back

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Speaker 1: to Athanasio, Sarah Vegas of Bloomberg Intelligence and Analysts with

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Speaker 1: Eric and talk through a few of the things to

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Speaker 1: look out for between now and the end. This time,

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Speaker 1: I'm trying five things to watch in the second half

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Speaker 1: at the Nacios. Welcome back to trillions.

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Speaker 4: Yeah, glad to be back.

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Speaker 1: Okay, what's the number one thing that you guys are

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Speaker 1: like as the analyst the ETF analyst at Bloomberger Intelligence.

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Speaker 1: You're like rolling out of bed, fired up to watch

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Speaker 1: in the second half.

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Speaker 4: Should I pass this one to Eric on bitcoin? Do

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Speaker 4: we want to start there? I don't want to start there,

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Speaker 4: but he already did. I let's go.

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Speaker 2: We have to.

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Speaker 3: Now this is a it's an interesting dynamic on our team.

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Speaker 3: James and I are like losing our minds about the

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Speaker 3: bitcoin ETF race, along with nature Racy at ETF store.

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Speaker 3: Every every like ten minutes on Twitter, there's some new

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Speaker 3: document or amendment and we're we're analyzing it. I feel

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Speaker 3: like Jim Garrison in the movie JFK, just basically all

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Speaker 3: this circumstantial evidence coming at me left and right that

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Speaker 3: Lee Harvey Oswell did not act alone, right.

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Speaker 2: And that's a lot what it feels like.

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Speaker 3: I'm not sure what is going to in retrospect be

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Speaker 3: the right clue whether the SEC will approve the first

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Speaker 3: ever spot BITCOINYTF. But where we stand now is that

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Speaker 3: the SEC has really recently acknowledged all the filings.

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Speaker 2: That's good.

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Speaker 3: Now, in a couple of days they'll hit the public

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Speaker 3: Registry and from there a clock starts, and so we're

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Speaker 3: going to have the next deadline date be August thirteenth

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Speaker 3: for ARC and then sometime in September for the rest,

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Speaker 3: but the SEC could punt, so the first final final

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Speaker 3: deadline will be January next year. So the question is, well,

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Speaker 3: the SEC approven before then, will they deny them again

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Speaker 3: just as usual? This everything has been changed because Blackrock

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Speaker 3: filed and the black rocks Blackrock, and so that's really

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Speaker 3: changed the game. And there's been other things that have

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Speaker 3: happened in terms of coinbase, you know, maturing, and maybe

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Speaker 3: maybe they're the kind of company that would have a

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Speaker 3: surveillance sharing agreement with NASDAC and the SEC would be

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Speaker 3: okay with that, even though they weren't in the past. Again,

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Speaker 3: there's a lot of very but this is a story

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Speaker 3: that's massive.

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Speaker 2: Why if they approve.

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Speaker 3: One, there's thirty trillion dollars plus that is just more

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Speaker 3: comfortable using an ETF and those would be advisors, and

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Speaker 3: so you kind of unlock at least a portion of

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Speaker 3: that money to be in play for this ETF. They

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Speaker 3: love ETF, They trust ETFs, especially once from like Blackrock,

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Speaker 3: and so this would be like a bridge from the

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Speaker 3: boomer advisor all the wealth in America world to the

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Speaker 3: sort of crypto underworld. And that's why this is a

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Speaker 3: massive story. It involves the biggest asset manager, the highest

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Speaker 3: rugs of government.

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Speaker 2: I mean, it's it's all the.

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Speaker 1: Airtrol okay, Athanasios. If you're the SEC, why wouldn't you

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Speaker 1: just let the shot clock run out on this calendar year?

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Speaker 4: Uh? Yeah, I mean and maybe they might. I think

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Speaker 4: we're going to get right to I think with a

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Speaker 4: timeline it might actually push it into next year. And

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Speaker 4: I don't know if it's just a game of waiting

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Speaker 4: out Gensler or whatnot, But well, I don't share Eric's

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Speaker 4: enthusiasm for it. I think it's time. I think the

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Speaker 4: market can handle it, right, the black Rock is now involved,

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Speaker 4: these products exists in other markets in Canada and Europe.

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Speaker 4: Like the market can handle it. I think it's about

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Speaker 4: time that actually just approved like a two x bitcoin

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Speaker 4: future is etf too, like ahead of this, so that

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Speaker 4: kind of seemed a little odd, but I think it's

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Speaker 4: I think it's about time move forward with this.

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Speaker 2: Eric.

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Speaker 1: Are you confident it happens this year or do you

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Speaker 1: think it happens next year or or just you know,

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Speaker 1: we don't know and it just punts keeps punting.

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Speaker 3: So James and I are collectively giving our team's odds,

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Speaker 3: and we've come up with fifty percent, which we're getting

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Speaker 3: like getting like mocked on Twitter because like, oh, fifty percent.

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Speaker 2: Whoa way to.

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Speaker 3: Take a stand there, But I'm like, listen, stop. Forty percent.

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Speaker 3: That's the cop out number. That's what the sell side

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Speaker 3: always does. There's a forty percent chance of it raining,

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Speaker 3: there's a forty percent chance of the.

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Speaker 2: Market going up.

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Speaker 3: That's the cop out. Fifty percent is actually aggressive, and

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Speaker 3: it's relative to our etf peers. You look at Vetify,

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Speaker 3: morning Star and others, I think we're mostly aggressive. Fifty

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Speaker 3: percent would be higher, I think than they would do.

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Speaker 3: And I even have another steak dinner bet on this

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Speaker 3: with Todd Rosenblooth of Edify, one of our friends. I'm

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Speaker 3: still three and two on these and so I don't

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Speaker 3: want to go five hundred. So I'm really hoping if

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Speaker 3: anybody from the SEC is listening, just to prove the

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Speaker 3: damn thing it's time.

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Speaker 2: As Ethan said, let me have my steak dinner. I will.

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Speaker 3: It'll be glorious because he's so such a downer about it,

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Speaker 3: and I just think that Blackrock would not have done

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Speaker 3: this if they didn't think they had somewhat of a

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Speaker 3: winning hand.

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Speaker 2: I kind of knew.

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Speaker 1: I had a hunch that you were going to say

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Speaker 1: bitcoin was the number one thing I was going to

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Speaker 1: be watching for by the end of the air. So

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Speaker 1: it surprised me with number two.

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Speaker 4: Okay, So now let's let's get into some of the

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Speaker 4: ETF weeds and a big thing the share is going

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Speaker 4: to be the Vanguard ETF share class patent and actually

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Speaker 4: what okay, so what yeah, let's talk about what that is. Actually,

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Speaker 4: So Vanguard has this unique advantage that no one else

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Speaker 4: has here that their ETFs are share class of their

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Speaker 4: mutual fund. And they had a patent on this actually

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Speaker 4: and it expired this year, and now this is up

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Speaker 4: for review and other issuers might try to copy this

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Speaker 4: patent or you know, get access to it. And one

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Speaker 4: thing that also happened last year is all these different

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Speaker 4: estimatgers are coming to the market. So deciding how do

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Speaker 4: we want to do this. Do we want to just

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Speaker 4: launch ETFs, do we want to convert ETFs, or do

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Speaker 4: we wait for the share class patent to come up.

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Speaker 4: So now with this being available to them, we're trying

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Speaker 4: to figure out can they actually get this done. Everyone's

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Speaker 4: trying to petition for it. We've heard mixed results. The

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Speaker 4: SEC is saying, well, we're not very comfortable with letting

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Speaker 4: everyone else use this. Other issuers are pretty bullish on it.

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Speaker 4: I'm on the team. We're pretty split. I'm very bullish

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Speaker 4: on this. I like the ETF share class. I think

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Speaker 4: it makes a lot of sense compared to some of

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Speaker 4: the other routes that issuers are taking. Eric is very

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Speaker 4: bullish on conversions, and the reason why I feel more

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Speaker 4: confident into this, you know, talking about this last week DFA,

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Speaker 4: who was like really came in really strong with conversions.

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Speaker 4: They actually now file that they want to adopt the

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Speaker 4: share class, which I thought was really interesting that, you know,

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Speaker 4: sort of like the babies of conversions are like when

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Speaker 4: I wouldn't want to do conversions anymore, we want to

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Speaker 4: start pursuing the share class. So I think this is

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Speaker 4: going to be I think if they do approve it,

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Speaker 4: we're going to see I think we can see a

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Speaker 4: lot of issuers or other asset managers start to convert

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Speaker 4: their et or tack the sounds of their mutual funds.

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Speaker 1: Eric how big of a game, ginger would this be

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Speaker 1: if Vanguard is no longer the only one.

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Speaker 3: This is this is very huge. Again, if for anybody

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Speaker 3: who's still awake after hearing Vanguard's share class structure, I

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Speaker 3: know that's very boring, but it's major because there's twenty

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Speaker 3: six trillion dollars in mutual funds, not all of it,

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Speaker 3: but a good chunk of that for a variety of reasons,

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Speaker 3: is having trouble getting into the ETF world. This would

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Speaker 3: actually give them a bridge over. They would just launch

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Speaker 3: an ETF share class with their mutual fund. And they're

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Speaker 3: really gnawing to do this because the ETF access something

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Speaker 3: of a dialysis machine for taxes. It's a way to

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Speaker 3: get rid of capital gains in your mutual fund and

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Speaker 3: make the mutual fund more tax efficient. This is what

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Speaker 3: Vanguard has done with their index mutual funds and their

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Speaker 3: share class. So now, to be sure, it's not a

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Speaker 3: home it's not like a slam dunk because even if

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Speaker 3: the sec allows it, which is a big if, if

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Speaker 3: your mutual funds the outflows, it can be harder to

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Speaker 3: do this correctly because if you have to sell securities

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Speaker 3: to meet the outflows it's possible the ETF takes a

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Speaker 3: capital gains hit that ETF investors are not used to getting.

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Speaker 3: Because of that, Ben Jonson calls it tax contagion, and

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Speaker 3: I think that's a great term.

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Speaker 2: So, and we know most mutual funds have outflows.

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Speaker 3: That's the big kind of marketplace problem with that. And

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Speaker 3: then there's a regulatory hurdle too. That's why I'm still

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Speaker 3: more bullish on versions. A conversion, you come over to

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Speaker 3: the ETF world, You leave the mutual fund world behind,

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Speaker 3: bye bye. You come over with your share class. I

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Speaker 3: mean your performance record, your assets, and your dignity.

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Speaker 2: You all of a sudden a player. And I think

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Speaker 2: this is what most people should just do.

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Speaker 3: It might be a little cannibalization, but in the long run,

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Speaker 3: it's worth it. And so I'm more bullish conversions. James

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Speaker 3: and Ethan are a little more bullish on the share class.

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Speaker 3: And this is, you know, one of the things that

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Speaker 3: we fight about our debate rather on our persistent chat

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Speaker 3: every day.

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Speaker 1: Well, you went with the weeds there, Athanasias, and I'm

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Speaker 1: curious you're going to go more weedy or less weedy

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Speaker 1: with number three. Thing to watch between now and the

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Speaker 1: end of the year.

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Speaker 4: So this is a little bit more market related. And

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Speaker 4: it was something that Eric alluded to in the beginning

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Speaker 4: about the ending of the fomo drought, right, and what

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Speaker 4: was causing the fomo drout, and one was that you

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Speaker 4: were making decent yield on cash and money market funds.

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Speaker 4: I actually think that we might have peaked there a

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Speaker 4: little bit, and I think this is what has caused

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Speaker 4: the fomo drought to end. And I didn't really realize

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Speaker 4: this until recently. For the most part, over the last year,

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Speaker 4: cash was beating pretty much everything. It was beating stocks,

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Speaker 4: it was beating bonds. Now all of a sudden, because

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Speaker 4: I think we were mentioning the cues are up like

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Speaker 4: almost forty percent this year. Yeah, and now you're like, well,

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Speaker 4: cash is great, but you know it's even better, like

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Speaker 4: forty percent in the queues, and everyone's starting to tilt

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Speaker 4: over to that now. So now we're seeing that most

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Speaker 4: strategies are beating cash over the last year, and I

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Speaker 4: think that's been enough to start enticing people back into

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Speaker 4: the market. Right.

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Speaker 1: So that makes me think that we could see inflows

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Speaker 1: go dramatically up between now and the end of the year,

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Speaker 1: just because everybody probably still has a tidy amount still.

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Speaker 4: In cash, right, uh. Yeah, And you know there's still

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Speaker 4: five trillion or so still money market funds, and I

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Speaker 4: think if it's probably enough to say, you know what,

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Speaker 4: I can leave some in cash, but I'm comfortable enough

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Speaker 4: to be putting some money back to work in the

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Speaker 4: market or not, it's too late, Like forty six months

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Speaker 4: is a lot. It's an aggressive move. So I don't

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Speaker 4: know what, you know, what the second half of the

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Speaker 4: year is going to look like, but I think to

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Speaker 4: your point, flows should pick up. Yeah.

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Speaker 3: Yeah, just to add, flows into ETFs overall are two

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Speaker 3: hundred and thirty three billion.

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Speaker 2: That's not a lot.

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Speaker 3: That's normally what ETFs do in like I don't know,

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Speaker 3: four months and we're into July, so it's been a

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Speaker 3: little but they've really picked up over the last I

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Speaker 3: don't know, six weeks, the two months. They're having a

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Speaker 3: good summer, let's just say. And equity is almost like

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Speaker 3: eighty ninety percent of all the.

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Speaker 2: Flows coming in.

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Speaker 3: So equity is like, you know, like the player that

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Speaker 3: you know is having a bad first half, like Tom

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Speaker 3: Brady here, like he's not going to have a bad game,

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Speaker 3: Like at some point equity is going to go full equity.

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Speaker 3: It's the king of the hill, and especially US equity,

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Speaker 3: and it has really turned the tide here and we're

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Speaker 3: seeing the flows and I think we'll see a lot

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Speaker 3: more at the end of the year. But to our

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Speaker 3: point at the beginning, how much more can the queues

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Speaker 3: run if you're up that much?

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Speaker 2: So it could be.

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Speaker 3: Interesting if the flows follow. If the mare it turns

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Speaker 3: it downward, and I guess we'll say. And one other

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Speaker 3: related chart that Athanasios has that I love is percent

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Speaker 3: of active beating the market, and that has plummeted because

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Speaker 3: when the six growth stocks are crushing everything, it's bad

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Speaker 3: for active because they tend to be fundamentally weighted and

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Speaker 3: value weighted and they just are like, there's no way

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Speaker 3: I'm buying a stock with a P that hi, I

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Speaker 3: don't care what company it is.

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Speaker 2: So last year they really did well. So this has

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Speaker 2: been bad for active.

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Speaker 3: So even no money's coming back into the equity market,

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Speaker 3: it's it's I think a lot of it is, you know,

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Speaker 3: not great for active performance. But active ETF flows have

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Speaker 3: been pretty good, which brings me to number four, which

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Speaker 3: is the active ETF flows. So this would be the

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Speaker 3: fourth thing on our list, and right now they've taken

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Speaker 3: it about one quarter of the flows despite only thirty

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Speaker 3: one percent of active discretion or ETFs outperforming the S

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Speaker 3: and P why they got cheap. So the fact that

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Speaker 3: active can taking money despite having a bad year is

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Speaker 3: a very good sign. And it shows that once you

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Speaker 3: get dirt cheap, your less performance sensitive advisors have a

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Speaker 3: little more patience. If you're cheap, they have like they

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Speaker 3: feel like they're gonna a better deal. They're not chasing performance,

300
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Speaker 3: they're they're just looking for a good value and they

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Speaker 3: want active price correctly. So active ETFs having a good

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Speaker 3: year this year, I think is a great sign long

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Speaker 3: term for them.

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Speaker 2: Ethan probably agrees.

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Speaker 1: So are you Are you surprised by that that they

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Speaker 1: were willing to get dirt cheap or was that just

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Speaker 1: the thunderdome which you have to do to survive.

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Speaker 4: I'm not surprised. And this is a line that's Eric Sigin,

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Speaker 4: but I think he nailed it. Is that you have

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Speaker 4: to come onto the terms of the ETF industry. Right,

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Speaker 4: you can come in and do you could come in

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Speaker 4: and charge whatever you want, but ultimately the ETF industry

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Speaker 4: will decide, and going cheap just seems like where it's going.

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Speaker 4: But it's interesting because people are not anti active, right.

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Speaker 4: Even Eric mentioned the rates are way down, but the

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Speaker 4: flows are still there. And I think even in the

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Speaker 4: second half of the year, if we think that the

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Speaker 4: market has run up too much, you might want to

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Speaker 4: go active here, right, you might not want to be overweight.

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Speaker 4: Dan videos in these really high flying names in the cues,

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Speaker 4: so it actually might make sense for the back half

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Speaker 4: of the year for active.

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Speaker 3: Interesting, let me build upon that, because active ETFs cheap

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Speaker 3: ones in particular. What's interesting about that is Vanguard and

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Speaker 3: Blackrock don't really have anything there. They don't really have

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Speaker 3: an answer yet to cheap active. This is dfatis, JP Morgan.

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Speaker 3: Those are the ones that are doing well. And this

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Speaker 3: has made Blackrock and Vanguard taken much less. The big

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Speaker 3: two is taken in much less than.

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Speaker 2: They normally do.

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Speaker 3: They are punching below their weight for the first time

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Speaker 3: in a long time, and I think it's because they

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Speaker 3: don't really have an answer for cheap active. I think

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Speaker 3: they'll roll stuff out. I wrote a note saying Vanguard

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Speaker 3: has really cheap active mutual funds already. They should just

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Speaker 3: bring them over and Blackrock is I think of a

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Speaker 3: little more opportunistic on that front, and I think they'll

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Speaker 3: just see the flows and respond accordingly. But I think

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Speaker 3: cheap active is going to be, you know, a really

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Speaker 3: big area in the future. And the reason is because

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Speaker 3: beta is free, so people just want to get charged

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Speaker 3: for the active. So if you don't have a lot

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Speaker 3: of high active share, you kind of have to adjust

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Speaker 3: your fees accordingly so that you're just paying for that active.

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Speaker 3: And so this is such a big trend. It's actually

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Speaker 3: possibly not only going to curb the Big two's growth,

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Speaker 3: but it's going to swing the pendulum a little bit.

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Speaker 3: Because you know wory about the passive bubble, Well, if

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Speaker 3: active finally starts getting flows, it should naturally stop those

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Speaker 3: worries that passive is like eating the whole market up.

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Speaker 3: And I think that's good. And again I call this

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Speaker 3: all the great cost migration. Eventually, everybody's just got to

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Speaker 3: get with the program here, and I think Active was

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Speaker 3: just a little late to do it, but better late

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Speaker 3: than never.

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Speaker 1: This actually, to me speaks to maybe the influence of Kathy.

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Speaker 1: Would like Kathy could come into ETFs prove that active

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Speaker 1: could could work and get attention and like, you know,

359
00:16:59,360 --> 00:17:02,120
Speaker 1: become a thing really And so this is everybody else

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Speaker 1: realizing that they have to They could have a version

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Speaker 1: of what Kathy can do, right, only they're going to

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Speaker 1: be cheaper than her.

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Speaker 3: So I think Kathy deserves a lot of credit for

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Speaker 3: kicking down the doors that you can. Actually in some

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Speaker 3: ways she became a little bit of a rock star manager.

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Speaker 3: I thought that those days were over. She kind of

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Speaker 3: proved me wrong. But her Active is a different brand.

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Speaker 3: Her Active is shiny object active. It's hot sauce active,

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Speaker 3: and so she charges over seventy basis points. So that

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Speaker 3: is one thing I think Kathy showed that thematic and

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Speaker 3: hot sauce can work. What happened recently though, is JP

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Speaker 3: Morgan dfa capital group. They all came out with cheap active,

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Speaker 3: in particular JEPI, the JP Morgan Equity Income ETF that

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Speaker 3: I believe is thirty five basis points around there, and

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Speaker 3: that has been the best selling active ETF of all time.

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Speaker 3: So what we try to tell people again is it

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Speaker 3: comes down if you're active or passive, you kind of

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Speaker 3: need to be cheap or shiny. So I think Kathy

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Speaker 3: broke down the shiny door. I think JP Morgan broke

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Speaker 3: down the cheap active door.

381
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Speaker 1: Okay, so let's do the last thing that we're all

382
00:18:12,359 --> 00:18:14,919
Speaker 1: supposed to be watching for between now and the end

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Speaker 1: of the year or else, Eric Buysi's all steak dinners.

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Speaker 2: This one also involves a bet.

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Speaker 3: This is a sushi bet between me and Athan and

386
00:18:24,119 --> 00:18:26,040
Speaker 3: I made a call on a note that JP Morgan

387
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Speaker 3: will pass First Trust in assets by the end of

388
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Speaker 3: the year and overtake the sixth spot, which is kind

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Speaker 3: of crazy because JP Morgan was out of the top

390
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Speaker 3: ten just recently. I mean, they have made a actual

391
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Speaker 3: parabolic move up the middle of the charts. So as

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Speaker 3: we stand, and this is where my bet on Athanasio's

393
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Speaker 3: hinges is, JP Morgan has one hundred and fifteen billion

394
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Speaker 3: in assets. First Trust has one hundred and forty billion.

395
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Speaker 3: That's a twenty five billion dollar gap.

396
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Speaker 1: That seems pretty that seems pretty wide.

397
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Speaker 3: It is, but JP Morgan has taken in twenty three

398
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Speaker 3: billion and flows this year. First Trust is basically flat,

399
00:19:03,760 --> 00:19:07,240
Speaker 3: so you get a little market help another twenty three billion,

400
00:19:07,520 --> 00:19:11,119
Speaker 3: and JP Morgan is the ETF line is led by

401
00:19:11,119 --> 00:19:13,280
Speaker 3: a very aggressive guy named Brian Lake. We've had on

402
00:19:13,320 --> 00:19:17,359
Speaker 3: the show, and First Trust they're you know, I'm not there.

403
00:19:17,400 --> 00:19:19,919
Speaker 3: They're a good company, solid, they've carved out their niche,

404
00:19:20,359 --> 00:19:24,000
Speaker 3: but I think that they do expensive active so they

405
00:19:24,040 --> 00:19:26,879
Speaker 3: rely more in the relationships, whereas JP Morgan is tapping

406
00:19:26,880 --> 00:19:29,359
Speaker 3: into the cheap active lane, which has been just a

407
00:19:29,400 --> 00:19:33,800
Speaker 3: gusher of opportunity. So I just think JP Morgan is

408
00:19:33,800 --> 00:19:34,959
Speaker 3: going to pass them by the end of the year.

409
00:19:35,000 --> 00:19:37,600
Speaker 3: It's going to be close. The trajectory wise has him

410
00:19:37,680 --> 00:19:40,760
Speaker 3: rate at the bout January first, passing them, but again,

411
00:19:41,080 --> 00:19:43,000
Speaker 3: anything could happen. That's why these bets are fun. But

412
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Speaker 3: Athanasios is a little less bullish on JP Morgan than

413
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Speaker 3: I am.

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Speaker 4: Yeah, props to JP Morgan. They it's not easy to

415
00:19:51,320 --> 00:19:53,239
Speaker 4: come in and make a big splash like they have.

416
00:19:54,160 --> 00:19:56,320
Speaker 4: I think when you start to pull back their lineup,

417
00:19:56,440 --> 00:19:59,120
Speaker 4: it's a little weak, meaning you know, it's it's it's

418
00:19:59,160 --> 00:20:02,200
Speaker 4: contingent on one two products. The only thing I respect

419
00:20:02,200 --> 00:20:04,200
Speaker 4: about First Trust is they've been around a long time.

420
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Speaker 4: Being able to sell ETFs that cost sixty five seventy

421
00:20:07,320 --> 00:20:11,359
Speaker 4: basis points is not easy, so I think they've they've

422
00:20:11,400 --> 00:20:13,439
Speaker 4: been able to weather a lot of different storms. And

423
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Speaker 4: something you mentioned too, like the gap is pretty wide.

424
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Speaker 4: I think they can continue to have that lead for

425
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Speaker 4: a while. I think eventually Eric will be right. I

426
00:20:21,119 --> 00:20:22,639
Speaker 4: don't think they're going to get it done by the

427
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Speaker 4: end of the year, but I always have. You know,

428
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Speaker 4: any firm that can sell against Vanguard and have success

429
00:20:28,760 --> 00:20:30,080
Speaker 4: is pretty meaningful.

430
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Speaker 3: I mean, I don't know about just a couple of products.

431
00:20:33,240 --> 00:20:36,840
Speaker 3: I mean they have ready for this nineteen funds that

432
00:20:36,920 --> 00:20:41,400
Speaker 3: have seen inflows over one hundred million this year. There's

433
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Speaker 3: just there's there's a good role players in their lineup.

434
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Speaker 3: It's not just JEFPY, although JEFPY is like the king

435
00:20:47,400 --> 00:20:51,720
Speaker 3: of jp Morgan, but bb EU is four billion, jef

436
00:20:51,800 --> 00:20:53,040
Speaker 3: Q is two point eight billion.

437
00:20:53,080 --> 00:20:56,800
Speaker 4: I don't count those ones. It's JPST and JEFPY. The

438
00:20:56,840 --> 00:20:59,680
Speaker 4: other ones are if I want to.

439
00:21:00,119 --> 00:21:02,439
Speaker 1: All right, we'll come back to this at the end

440
00:21:02,440 --> 00:21:04,160
Speaker 1: of the year. We'll figure out who's got steak dinners,

441
00:21:04,200 --> 00:21:06,240
Speaker 1: who's getting sushi? And you know, Eric, you and I

442
00:21:06,359 --> 00:21:07,760
Speaker 1: might need to come up with something else too.

443
00:21:08,160 --> 00:21:10,240
Speaker 3: Yeah, I mean I think you know. I like bets

444
00:21:10,240 --> 00:21:12,800
Speaker 3: because they just keep things interesting. I've been doing this

445
00:21:12,840 --> 00:21:14,959
Speaker 3: for like, I don't know, seventeen years, at this point,

446
00:21:15,560 --> 00:21:18,520
Speaker 3: and it's fun when they come up organically. When you

447
00:21:18,560 --> 00:21:21,160
Speaker 3: get into like a little bit of a debate with somebody,

448
00:21:21,200 --> 00:21:22,920
Speaker 3: it's like, all right, do you really think this or

449
00:21:23,000 --> 00:21:25,600
Speaker 3: you're just sort of debating to debate, Well, debate's sake,

450
00:21:25,960 --> 00:21:27,800
Speaker 3: let's see what you really think.

451
00:21:28,119 --> 00:21:29,919
Speaker 1: We'll see if anybody has any suggestions for.

452
00:21:29,960 --> 00:21:31,640
Speaker 4: Us, and we'll.

453
00:21:31,000 --> 00:21:33,200
Speaker 1: Lay it down all right at the nasios. Thanks for

454
00:21:33,280 --> 00:21:34,040
Speaker 1: joining us on Trillions.

455
00:21:34,080 --> 00:21:35,000
Speaker 4: Yeah, thanks for having me.

456
00:21:40,280 --> 00:21:43,239
Speaker 1: Thanks for listening to Trillions until next time. You can

457
00:21:43,280 --> 00:21:48,119
Speaker 1: find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcasts, Spotify,

458
00:21:48,760 --> 00:21:51,199
Speaker 1: or wherever else you'd like to listen. We'd love to

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00:21:51,240 --> 00:21:54,560
Speaker 1: hear from you. We're on Twitter. I'm at Joel Webber Show.

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00:21:55,000 --> 00:21:59,600
Speaker 1: He's at Eric Faultness. This episode of Trillions was produced

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00:21:59,600 --> 00:22:00,639
Speaker 1: by magne Is Hendrickson.

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Speaker 2: M h m hm

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Speaker 4: H m hm