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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Well, the Justice Department

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Speaker 1: just today this morning is filing a lawsuit against a

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Speaker 1: sweeping new Republican back voting law in Georgia, saying it

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Speaker 1: represents intentional discrimination against black voters and is unconstitutional. Let's

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Speaker 1: check in with the reporter on that, Storry Chris Strom.

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Speaker 1: He's a national security reporter for Bloomberg News. Chris Big

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Speaker 1: News Today. What do we know right now? So this

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Speaker 1: is the first major action that the Justice Department under

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Speaker 1: under Biden and Merrick Garland taking in regard to voting. Right,

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Speaker 1: There's been a lot of criticism against the Department as

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Speaker 1: Republican controlled state moved the past voting laws that critics

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Speaker 1: they are really restrictive and discriminate, and um, you know,

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Speaker 1: the Department has been facing a lot of pressure and

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Speaker 1: today they came out with their first action, and um,

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Speaker 1: you know it's against the law that uh that Georgia

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Speaker 1: Governor Brian Kemp had signed in March that restricts voting

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Speaker 1: access in ballot drop boxes and other things. So, Um,

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Speaker 1: one of the things that we all have heard about

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Speaker 1: this um Georgia law is that it makes it illegal

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Speaker 1: to approach a person and give him or her food

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Speaker 1: and water understanding in line to vote. Is that considered

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Speaker 1: somehow racist in itself or is it more of is

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Speaker 1: it more of secondary issue here? I'm having trouble understanding

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Speaker 1: why you why why the Department of Justice would consider

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Speaker 1: this racist. So the issue that you mentioned there is

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Speaker 1: the secondary issue. So the stuff this is a complaint

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Speaker 1: is really about the the other sections of the voting law.

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Speaker 1: Um that that imposes new voter identification requirements. Um that Um,

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Speaker 1: it's limits. What are the voter What are the voter

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Speaker 1: identification requirements? Do you have to prove who you are? Somehow? Yes?

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Speaker 1: You can no longer use like photo copies of of

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Speaker 1: of documents. You have to original You have to use

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Speaker 1: the original documents. Those could be easily doctored, right, I mean,

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Speaker 1: doesn't it make sense to have to prove your identity. Sure,

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Speaker 1: I mean, you know, the thing is is that you know,

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Speaker 1: as as uh you know, Garland has said voting identification

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Speaker 1: laws in and of themselves are not um, you know,

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Speaker 1: are not are not bad. The question becomes how they're

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Speaker 1: applied and what the consequences are going to be and

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Speaker 1: if if they begin to um cause you know, hardships,

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Speaker 1: especially targeted against you know, minorities, then there's the potential

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Speaker 1: for violations of federal law. And that's what the Justice

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Speaker 1: Department is alleging here. Um. You know what what Garland

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Speaker 1: and uh, you know, the d o j Is saying

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Speaker 1: is that this law just goes too far in terms

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Speaker 1: of in terms of what it's, what it is requiring,

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Speaker 1: and and how it's going to have a negative impact,

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Speaker 1: especially on minorities. And that's where the kind of you know,

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Speaker 1: rubber meets the road. The the issue of you know,

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Speaker 1: the you know, making making it impossible or making it

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Speaker 1: illegal for people to approach voters with water and food,

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Speaker 1: you know, that's a much secondary issue. And um and

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Speaker 1: you know critics, you know, i mean, supporters of that

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Speaker 1: restriction say that voters were being harassed in line, and

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Speaker 1: so it's justified to you know, put that kind of

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Speaker 1: restriction out there, all right, Chris. So the Justice Department

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Speaker 1: files here today the lawsuit. What are next steps? Well,

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Speaker 1: the next steps are going to be that there's several

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Speaker 1: lawsuits that are that have already been filed against this law,

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Speaker 1: and those will probably most likely to go first into

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Speaker 1: into court um, and the Justice Department will evaluate whether

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Speaker 1: it's going to join in any of those lawsuits, which

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Speaker 1: would be kind of a quicker avenue for the Justice

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Speaker 1: Department to become involved, or if the Justice Department will

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Speaker 1: sue its own track. Um. Right now, the Justice Department

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Speaker 1: is pursuing its own track, and so you know, they

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Speaker 1: will go into court and begin to you know, make

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Speaker 1: their make their argument. And it's also possible that you know,

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Speaker 1: they reached some kind of a settlement with the with

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Speaker 1: Georgia UM where the you know, the governor agrees to

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Speaker 1: make certain you know changes through you know, executive authority

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Speaker 1: that then satisfies the Justice Department. So it's a long

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Speaker 1: way to go before we know how this will play out.

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Speaker 1: At the same time time, the Justice Department is saying

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Speaker 1: that they're looking at other laws and other states, and

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Speaker 1: they said clearly today that this was the first of

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Speaker 1: many anticipated actions, and so we can probably expect that,

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Speaker 1: you know, the Department will move against other laws and

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Speaker 1: other states in the coming months. Chris, I wonder on

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Speaker 1: a on a broader level, on a federal level, is

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Speaker 1: there any um move towards taking away all of this, um,

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Speaker 1: all of these misunderstandings and and putting into place of

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Speaker 1: policy the likes of which we see, for example, here

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Speaker 1: in Germany, when you register to vote, which you're required

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Speaker 1: to do at the age of eighteen, you're issued a

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Speaker 1: federal identification card and everyone has one, and there's no

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Speaker 1: you know, question about, um, whether certain groups are held

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Speaker 1: back for lack of these identification cards. Um, there's I mean,

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Speaker 1: so you know, in the United States, the voting, the

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Speaker 1: voting is voting is ran by this by the states,

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Speaker 1: and there there there is no federal authority that kind

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Speaker 1: of dictates. There's no you know, I mean, if you

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Speaker 1: want to say, if there's a federal identification then you

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Speaker 1: can say it's a driver's license, although you know passport,

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Speaker 1: passport can be another one. But there you know, there's

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Speaker 1: there's cutouts where um, you know, people just get state

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Speaker 1: identification cards rather than like you know, an actual driver's license. Um.

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Speaker 1: You know, there is talk about passing a federal legislation

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Speaker 1: then that's been that's been uh, you know, installed in Congress.

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Speaker 1: It's very divisive right now and it doesn't look like

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Speaker 1: it's going to have the support to move forward. There

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Speaker 1: is a push for UM that the Justice Department wants

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Speaker 1: Congress to pass legislation that would give it the ability

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Speaker 1: to UM oversee when states make changes to their election laws,

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Speaker 1: that the Justice Department will kind of have to sign

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Speaker 1: off on that. But I gotta say, like, you know,

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Speaker 1: are you know, Congress in the United States is very

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Speaker 1: deadlock right now, and it doesn't seem like any legislation

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Speaker 1: is canna get through anytime soon. You know, it's clearly

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Speaker 1: it's very polarized. I was just and you make a

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Speaker 1: good point that it's a the fact that it's on

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Speaker 1: a state basis makes it more difficult for a federal

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Speaker 1: republic uh to do something like that a federal republic

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Speaker 1: like Germany does. It's just that, um, you know, there's

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Speaker 1: there's been so much UM strife around this issue in

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Speaker 1: the United States. To me, it would make sense that

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Speaker 1: you have to identify yourself, but it should also be

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Speaker 1: you know, everyone should get the same kind of identification.

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Speaker 1: I guess it's just a little bit more difficult in um,

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Speaker 1: a United States kind of federal situation, right. And it's

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Speaker 1: and it's not just the identification cards either, that's an

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Speaker 1: issue in some of these states, like Georgia. It's also

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Speaker 1: there's a couple of other factors too. There's also just

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Speaker 1: access to to uh to to voting uh, you know,

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Speaker 1: like using ballot drop boxes and and the hours of

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Speaker 1: which you can vote. And what the o J is

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Speaker 1: saying with the with the Georgia law is that the

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Speaker 1: Georgia law live, it's uh ballot drop boxes and specifically

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Speaker 1: limits them in in minority and minority uh community and

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Speaker 1: off the limits the ability for people to vote during hours.

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Speaker 1: All right, Well, it's a fascinating development. Will definitely follow

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Speaker 1: your reporting, Chris, Thanks so much for joining us. Chris

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Speaker 1: Strom is our national security reporter for Bloomberg News covering

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Speaker 1: the Department of Justice suing Georgia over the new voter law.

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Speaker 1: This is Bloomberg. It is Pride Month and here in

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Speaker 1: New York City, NYC Pride Parade will take place this Sunday.

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Speaker 1: We want to check in with Alison Witherspoon. She's the

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Speaker 1: chief marketing officer fort Nissan. Allison, thanks so much for

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Speaker 1: joining us. I love to get a sense of how

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Speaker 1: you guys at Nissan are you know, kind of aligning

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Speaker 1: yourself or interacting with this community here as we celebrate

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Speaker 1: Pride Month. Yeah. Absolutely, I think we are very be

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Speaker 1: proud to be a part of NYC Pride. We're actually

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Speaker 1: supporters of and part of the celebrations for Pride events

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Speaker 1: around the country, not just for Pride Month in the

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Speaker 1: month of June, but also throughout the year. Um so

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Speaker 1: our support continues actually through April with various Pride celebrations

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Speaker 1: around the country. So for us from a price standpoint

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Speaker 1: and how we support the l g B t Q

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Speaker 1: plus community, it actually starts with our own employees and

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Speaker 1: it starts internally. So we want to make sure we

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Speaker 1: have a commitment to UH. We're committed to diversity, equity

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Speaker 1: and inclusion, and we strive to make sure that our

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Speaker 1: internal policies, our benefit packages are support for employees is

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Speaker 1: inclusive of everyone. So it starts first internally and then

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Speaker 1: we get into how do we support externally with the

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Speaker 1: l g B t Q community. I I don't want

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Speaker 1: to put it on the spot here, but I wonder

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Speaker 1: about UM, this kind of position at Nissan, just in

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Speaker 1: regards to Japan. UM not famously an inclusive culture. What's

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Speaker 1: the lgbt Q plus situation there? Yeah, Actually I worked

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Speaker 1: in Japan for a couple of years, so I was

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Speaker 1: there for two thousand seventeen through two thousand nineteen, so

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Speaker 1: I have direct experience in this. I think. UM. You know,

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Speaker 1: obviously Asian markets are very different culturally from a support

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Speaker 1: of LGBTQ communities. Actually, Nissan is a supporter of the

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Speaker 1: celebration of the Tokyo Rainbow Pride Parade. UM, we also

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Speaker 1: have a lot of inclusivity policies and program and training

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Speaker 1: for all of our employees, and that includes in our

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Speaker 1: head in our home market in Japan. Alison, give us

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Speaker 1: a sense, as chief marketing officer for Nissan, how Nissan

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Speaker 1: markets and promotes its products to this community, anything, anything

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Speaker 1: unique that you guys are doing. I think for us

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Speaker 1: at Nissan, it's not just one month. To us, it's

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Speaker 1: not just the month of June. We want to be

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Speaker 1: supporting and engaging with the LGBTQ community throughout the year.

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Speaker 1: So this is why we have a full schedule of

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Speaker 1: Pride events which we support. UM. We work with all

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Speaker 1: of our regions around the country to make sure that

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Speaker 1: we're supporting at a local level, so it's not just

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Speaker 1: in the month of June. This is a year round

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Speaker 1: support that is part of not just our our business strategy,

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Speaker 1: but also our marketing strategy. And I mean, obviously it's

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Speaker 1: just the right thing to do. You want to show

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Speaker 1: you know more than tolerance, acceptance and and love. I

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Speaker 1: don't want to sound corny, but you know that's what

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Speaker 1: makes life worth living, right UM. On the on the

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Speaker 1: business side of things, though, Allison does it, does it

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Speaker 1: pay dividends? I mean, do you see broader acceptance from

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Speaker 1: that community of your products. I think yes, we do.

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Speaker 1: And obviously we know that the LGBTQ community has a

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Speaker 1: very large amount of spending, so I think there's that

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Speaker 1: piece of it, but we also see that when you

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Speaker 1: show up and you show up authentically and not just

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Speaker 1: in the month of June, we have seen very strong

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Speaker 1: acceptance of our brand as well as our products from

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Speaker 1: this community. That's a great message. Authenticity is important and

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Speaker 1: I think consumers definitely recognize that. Alison Witherspoon talking to

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Speaker 1: us as a chief marketing officer at Nissan. Really interesting,

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Speaker 1: UM and cool. We focus obviously on this issue in

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Speaker 1: the month and Pride Month, but certainly should be paying

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Speaker 1: attention to it all year round. So Alison, thank you

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Speaker 1: so much for joining us. Now, let's bring in Andrew

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Speaker 1: chain in right now, chief executive officer at procure a

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Speaker 1: m UM. Procure has the e t F UFO. It's

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Speaker 1: not an e t F for unidentified flying objects, but

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Speaker 1: rather one that it is a pure play investment in

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Speaker 1: UM space and things surrounding space exploration. Andrew, thanks so

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Speaker 1: much for joining us. Uh, what is UM the interest

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Speaker 1: right now in uh? Pure play space e t F

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Speaker 1: as we start to see you know, almost on a

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Speaker 1: feel like a weekly basis, UM elon Musk putting rockets

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Speaker 1: up there, and new satellite technologies coming out that even

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Speaker 1: the average person can afford. You know, the the appetite

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Speaker 1: force based investing is unlike any I've seen UM in

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Speaker 1: my career. And there's been so many transformational technological advancement

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Speaker 1: that have helped allow us to reduce the cost of

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Speaker 1: sending things down into outer space. We're also even seeing

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Speaker 1: it from the military and defense side of government spending,

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Speaker 1: UM really ramping up space efforts as well. So we're

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Speaker 1: at a really unprecedented, unprecedented time for the space industry.

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Speaker 1: And uh, you know, there's a lot of companies that

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Speaker 1: you can get through play exposure to these days. All right, Andrew,

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Speaker 1: So looking at UFO, what are some of the big

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Speaker 1: holdings in UFO? Certainly so we have companies like Virgin

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Speaker 1: Galactic max are we just recently in the most recent

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Speaker 1: UH rebalanced added company m d A to the fund. Um.

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Speaker 1: You also have a lot of satellite operators and providers,

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Speaker 1: launch companies, and even some of your diversified aerospace and

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Speaker 1: defense names that are major players in the space industry,

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Speaker 1: like your Blowings and your Lockey. So, um, if I

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Speaker 1: look at the e t F over the last year,

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Speaker 1: it's just shot up from twenty to h thirty almost

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Speaker 1: thirty two. So you're looking at the game the last

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Speaker 1: twelve months, what's your expectation going out a year or two?

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Speaker 1: You know, I can't really make I'm not allowed to

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Speaker 1: make projections. But what we what we can look at

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Speaker 1: is there's various investment banks and research houses that have

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Speaker 1: all started building focused space analyst team and companies like

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Speaker 1: Morgan Stanley are predicting that the space industry could be

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Speaker 1: over a trillion dollars by Think of America even pointing

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Speaker 1: that the space economy could be roughly two point seven

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Speaker 1: trillion dollars and as of the most recent Space Report,

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Speaker 1: numbers in industry is currently at about four four billion.

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Speaker 1: So um, you know, a lot of a lot of

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Speaker 1: these analysts are pointing to broadband internet and communications really

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Speaker 1: driving that growth over the next several years. Andrew, what

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Speaker 1: we have you? I have to ask you about UFOs.

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Speaker 1: I've generally not been a believer in UFOs, but there's

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Speaker 1: been a lot of military footage, you know, I'm not

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Speaker 1: sure if it's Air Force or Navy pilots, a lot

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Speaker 1: of documentaries lately. Yeah, and I understand there's some Pentagon

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Speaker 1: report out there. Give us what you know about that. Yes,

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Speaker 1: we're we're waiting for the public release. There have been

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Speaker 1: several um, you know, individuals and entities that I've been

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Speaker 1: um given copies of the report already. But this was

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Speaker 1: something that was passed in a coronavirus relief plan that

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Speaker 1: this report would need to come out. And essentially, um,

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Speaker 1: from what we're hearing that's been leaked already. Um, you know,

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Speaker 1: it discusses hundreds of confirmed reports of having identified um,

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Speaker 1: these UFOs or as they're now calling them, U A

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Speaker 1: p s, And we don't know what they are. And

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Speaker 1: so although we might not have an answer saying that, okay,

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Speaker 1: these crafts that we can't identify or understand our foreign

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Speaker 1: adversaries or other worldly Um, it's terrifying from from both

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Speaker 1: your standpoints. One that you know, our adversaries could be

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Speaker 1: a hundred years ahead of us technologically, or on the

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Speaker 1: other end that um, you know, these are other worldly

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Speaker 1: craft that we can't even understand. Oh I see, So

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Speaker 1: you're saying it's possible that rather than aliens, these are

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Speaker 1: earthly foreign adversaries. Yes, because I you know, any logical

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Speaker 1: person who thinks about it rationally has to assume there

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Speaker 1: are many other life forms in the universe, right, I

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Speaker 1: mean it's very large and and it's very unlikely that

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Speaker 1: we happen to be on the leading edge of life intelligence,

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Speaker 1: right Yeah. And it's it's amazing to think that, you know,

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Speaker 1: if there were other countries that were advanced enough to

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Speaker 1: come up with these technologies that defy you our understanding

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Speaker 1: of physics. Um, you know that they've just been sitting

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Speaker 1: on these technologies and not using them for other purposes.

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Speaker 1: So you know, to to think that there could be

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Speaker 1: other technologies that maybe you were you're not far away

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Speaker 1: from being able to understand or potentially harness and thinking

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Speaker 1: about how that could advance. Uh, you know human you

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Speaker 1: know space, Uh, you know desires as well as just

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Speaker 1: you know, what we can learn from potentially others out

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Speaker 1: there that might be a lot smarter than we are.

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Speaker 1: So the fact that our government can't rule that out,

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Speaker 1: I think is, you know, potentially, what could be the

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Speaker 1: big takeaway from this? Yeah, if if, if there's that

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Speaker 1: kind of techno ology coming from other countries on Earth

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Speaker 1: that is slightly terrifying and we don't know about it.

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Speaker 1: But Paul Sweeney, don't you have to assume in you know,

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Speaker 1: a galaxy, that a universe that goes out thirteen billion

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Speaker 1: light years that one of the I don't know how

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Speaker 1: many millions of other planets there are, how many millions

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Speaker 1: of their solar systems there are on on at least

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Speaker 1: one of those, most likely thousands of them, life forms

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Speaker 1: have developed. You know, I'm as big a Star Trek fan.

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Speaker 1: I go way back to the original Star trek Um.

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Speaker 1: So yes is my answer. But you know, it just

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Speaker 1: it just haven't really seen any evidence. But this is

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Speaker 1: this new stuff that we're seeing just recently from some

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Speaker 1: of these military aircraft are are very interesting to be

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Speaker 1: interesting to see what kind of conclusion the Pentagon comes

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Speaker 1: up with. But Andrew, I mean, when you have all

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Speaker 1: this talk about potential UFOs, is that good for the

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Speaker 1: space business? I certainly think so. You know, if you

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Speaker 1: look at it, you know, our ability to learn and

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Speaker 1: whatever these technologies are to you know, advance us, you know,

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Speaker 1: extremely quickly if we're able to figure out, you know,

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Speaker 1: how to reverse engineer some of this. And from your

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Speaker 1: a defense standpoint, um, you've got to think that there's

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Speaker 1: a there's a good chance that we could see more

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Speaker 1: government and military expenditures towards space, whether it's trying to

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Speaker 1: figure out how to create these technologies ourselves, whether it's

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Speaker 1: just tracking, identifying, cataloging, and trying to understand where these

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Speaker 1: crafts that are moving within our own airspace. So this

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Speaker 1: is a national defense issue as well as you know,

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Speaker 1: one that could provide opportunities is the Space Force Andrew,

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Speaker 1: is still a thing. I know you spent a lot

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Speaker 1: of time thinking about. This is still a thing, absolutely,

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Speaker 1: and we're spending going towards space force and that's a

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Speaker 1: growing branch of our military. Sweet is. At first I

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Speaker 1: thought it was just like, what is this? You can't

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Speaker 1: the Air Force just continue doing it? But maybe, uh,

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Speaker 1: maybe they're onto something. When when are we going to

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Speaker 1: see this report? Officially they were it was supposed to

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Speaker 1: be released actually too day, um, and now they're saying

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Speaker 1: that it could be released by the end of the month.

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Speaker 1: So you know, keep keep your eyes killed. This is

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Speaker 1: something that we're we're certainly looking forward to its release.

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Speaker 1: And maybe he added a risk disclosure to the UFO

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Speaker 1: perspectives because of potential U A T and USO risks.

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Speaker 1: All right, well, it's some cool stuff. We'll have you

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Speaker 1: back on Andrew Shannon. He's a chief executive officer for

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Speaker 1: procure a m talking to us about UFOs, the E

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Speaker 1: T F and also actually the real thing, Matt. I

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Speaker 1: mean again, um, big fan of Star Trek. I'll go there,

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Speaker 1: you know, Um, we'll see. But anyway, it's attracting money,

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Speaker 1: so that's important to us. A Bloomberg we'll have more

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Speaker 1: coming up. This is Bloomberg. Now let's get over to

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Speaker 1: Ben's lavin right now, Global head of E T S

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Speaker 1: n Asset Servicing at b n Y Melon, because we've

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Speaker 1: seen um an interesting trend here mutual funds converting into

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Speaker 1: e T s. Ben, Why are we? Why are we

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Speaker 1: seeing this? What's the ben fit to investors? Well, an

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Speaker 1: industry milestone occurred in March with the first ever conversion,

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Speaker 1: and then a few weeks ago we saw dimensional funds

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Speaker 1: convert around thirty billion in mutual fund assets the e

356
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Speaker 1: T S, which is notable for the scale. But why

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Speaker 1: is this happening? I mean really because investors are demanding

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Speaker 1: it um. The market is preferring investment content delivered in

359
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Speaker 1: the et F wrapper, and the data shows that mutual

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00:21:26,920 --> 00:21:29,600
Speaker 1: fund flows have been persistently negative and E t F

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Speaker 1: flows have been persistently positive over the last several years.

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Speaker 1: And the recent SEC ruling UM and regulatory developments that

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Speaker 1: were adopted last year really set the stage to make

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Speaker 1: this easier or asset managers to convert products and bring

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Speaker 1: some of these strategies to market inside an et F rapper.

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Speaker 1: But some mutual funds can transition easily to the EHF structure,

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Speaker 1: but some are not well suited due to the underlying

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Speaker 1: investment strategies. But this is a trend I expect to

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Speaker 1: continue and it will attract a lot of attention going forward.

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Speaker 1: So Ben, I'm just unclear what is the advantage to

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Speaker 1: the investor for you know, going from the mutual fund

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Speaker 1: structure to et F structure. Well, there are several advantages

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Speaker 1: that e t F s bring UM. One certainly is

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Speaker 1: around tax station and certainly UM the e t F

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Speaker 1: rapper offers in many ways a better mouse trap compared

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Speaker 1: to mutual funds when it comes to managing the underlying

377
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Speaker 1: taxes UM. So the e t F structure does allow

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Speaker 1: the portfolio managers to to eliminate or avoid distributing capital

379
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Speaker 1: gains to investors compared to mutual funds. But other features

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Speaker 1: that e t F s have such as daily liquidity,

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Speaker 1: daily transparency UM and certainly lower fees on average in

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Speaker 1: many cases is another big driver behind the trend towards

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Speaker 1: e t F adoption and managers thinking about converting funds

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Speaker 1: into the e t F rapper. What are the drawbacks

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Speaker 1: of an e of an e t F rapper A

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Speaker 1: mutual fund. Well, I think UM, you know, the drawbacks

387
00:23:12,840 --> 00:23:18,199
Speaker 1: are few, but the process is UM, you know, somewhat complicated. UM.

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Speaker 1: And for investors who have bought their mutual fund shares

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Speaker 1: directly with the company UM, they would need a brokerage

390
00:23:27,680 --> 00:23:31,639
Speaker 1: account UM, where many mutual fund transfer agencies have not

391
00:23:32,359 --> 00:23:37,040
Speaker 1: are not able UH to easily UM have an equity

392
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Speaker 1: security or an equity like security on their platform UM

393
00:23:41,560 --> 00:23:44,359
Speaker 1: and so that's a big piece of conversion. But but

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Speaker 1: more recently, many investors are buying their mutual funds through

395
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Speaker 1: brokerage platforms UM and so it's a quite easy conversion UM,

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Speaker 1: you know, if you have those accounts in place. UM.

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Speaker 1: And also many of the fund companies are offering you know,

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Speaker 1: other options for asters who don't want to convert. But

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Speaker 1: generally speaking, in the conversions we've seen, most investors have

400
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Speaker 1: opted to transition their shares from a mutual fund to

401
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Speaker 1: an et S. So UM just a good headline come

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Speaker 1: across the bloomber terminal Justice Department to sue Georgia over

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Speaker 1: voting restrictions. That's according to the Washington Post and we'll

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00:24:19,880 --> 00:24:22,720
Speaker 1: have more reporting on that up. Shows you where this

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00:24:22,840 --> 00:24:26,080
Speaker 1: Justice Department is yeah, exactly, new sheriff in town. I

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Speaker 1: guess Ben Slaven joining us here talk to us about

407
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Speaker 1: um the record flows we're seen the e t F.

408
00:24:33,119 --> 00:24:36,080
Speaker 1: It just seems like there's NonStop money coming into the

409
00:24:36,160 --> 00:24:37,840
Speaker 1: e F et F space. What have you seen so

410
00:24:37,920 --> 00:24:41,520
Speaker 1: far this year? Well, the e t F industry continues

411
00:24:41,560 --> 00:24:44,920
Speaker 1: to set records. We saw the global et F flow

412
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Speaker 1: top over five hundred billion years of date and over

413
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Speaker 1: a trillion in the trailing twelve month period. UM. So

414
00:24:52,600 --> 00:24:55,159
Speaker 1: the industry globally sits at nine trillion, which is now

415
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Speaker 1: around four of all funds. But here in the US

416
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Speaker 1: we've seen about four hundred and fifty billion in inflow

417
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Speaker 1: year to date, which would put us on pace to

418
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Speaker 1: shatter the record that we saw last year. But what's

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Speaker 1: remarkable is the breath. Um It's not just a few

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Speaker 1: products or a few issuers. We are seeing that inflow

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Speaker 1: spread across the industry up and down the lead table,

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Speaker 1: but also across investment type as well, So it's not

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Speaker 1: just equities, it's fixed income and and other multi asset products.

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Speaker 1: The other interesting thing we are seeing here at being

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Speaker 1: why is really the record pace of new fund launches.

426
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Speaker 1: So with that inflow. UM. You know, issuers are also

427
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Speaker 1: launching product at a record pace. We've seen over a

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Speaker 1: hundred and fifty new EPs launched this year alone, UM

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00:25:47,880 --> 00:25:51,440
Speaker 1: and again after a record year last year. UM, so

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Speaker 1: we expect this trend to continue. UM. Also, trading volume

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Speaker 1: is also up significantly as well with all the new

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Speaker 1: products in the flow, which would just not surprising, Yeah,

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Speaker 1: just extraordinary development and financial services really over the last

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Speaker 1: several years is the growth of e t F. Ben Slaven,

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Speaker 1: Global head of E t F S and Asset Servicing

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Speaker 1: at b n Y Melan giving us the latest on

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Speaker 1: e t F s again, continued record inflos into the

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Speaker 1: e t F space, just amazing. Thanks for listening to

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Speaker 1: the Bloomberg Markets podcast. You can subscribe and listen to

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Speaker 1: interviews with Apple Podcasts or whatever podcast platform you prefer.

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Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller three

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Speaker 1: pt On Fall Sweeney I'm on Twitter at pt Sweeney.

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Speaker 1: Before the podcast, you can always catch us worldwide at

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Speaker 1: Bloomberg Radio