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Speaker 1: Welcome to Trillian's.

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Speaker 2: I'm Joel Webber and I'm Eric Balchernas.

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Speaker 1: Okay, Eric, We on occasion have done special episodes, and

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Speaker 1: we've been thinking about this one for a while. We're

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Speaker 1: going to do a trivia episode.

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Speaker 2: Yeah, we've been thinking about this for like years literally,

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Speaker 2: and we were there we're gonna do it at one

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Speaker 2: of the ETF conferences, but then COVID hit and canceled it,

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Speaker 2: and so it was going to be on stage and

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Speaker 2: then I heard nature Aci of ETF Prime is going

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Speaker 2: to do it. I didn't hear anything about that. So look,

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Speaker 2: we're just going to do it, and we're excited. This

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Speaker 2: is going to be a very fun episode. I hope,

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Speaker 2: and I hope you can learn something. This trivia game

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Speaker 2: has questions that are hopefully educational to everybody, but put

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Speaker 2: out there in a fun way.

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Speaker 1: So we have four guests on two teams. Who are they?

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Speaker 2: So we have Laura Krieger from Vetaphi who's teamed up

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Speaker 2: with Athanasio, Sarah Fagas from Bloomberg Intelligence, so VETAFI Bloomberg Combo,

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Speaker 2: and then we have Katie Greifeld from the News and

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Speaker 2: Todd Rosenbluth, also from Vetefy, So we sort of have

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Speaker 2: mixed up Vetefy and Bloomberg here. I don't know if

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Speaker 2: you guys thought of a team name, but I'll say

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Speaker 2: Team A and Team B. Weow okay, winning team Oh no, no,

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Speaker 2: winning the arbitrage.

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Speaker 1: Okay, So Team A, Team B. Twenty one questions divided

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Speaker 1: into three parts.

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Speaker 2: Yes, first round the question is worth one point, Second

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Speaker 2: round two, third round three points. So the questions get harder.

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Speaker 2: Then there's gonna be like a final Jeopardy type question

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Speaker 2: at the end where you can risk as many of

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Speaker 2: your points as you want. You'll hear the question first,

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Speaker 2: and then the contest will be over and the winner

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Speaker 2: get sushi lunch, which is one of my more favorite

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Speaker 2: things to let us. Yes, so there is something at

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Speaker 2: stake here, and if you miss the question, you lose

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Speaker 2: a point. So if you hit the button and you're wrong,

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Speaker 2: there's a cost to that that would hopefully keep you

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Speaker 2: from just banging the button after every question is asked.

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Speaker 1: Let's hear that button actually all right? This time on

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Speaker 1: trillions ETF Trivia r Athanasios, Katie Todd, Welcome to Trillian's.

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Speaker 2: Good to be here.

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Speaker 3: I'm thrilled to be here.

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Speaker 1: Nice to see you guys.

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Speaker 2: Thanks for having us.

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Speaker 1: Okay, I want to let everybody hear your voices. Team A,

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Speaker 1: Laura Athanasios, let's hear your voice. This is my voice.

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Speaker 3: This is my voice too.

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Speaker 1: And Team B Katie Todd.

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Speaker 3: My name is Katie Gryfeld and.

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Speaker 2: I'm Todd Rosenblue.

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Speaker 1: All right, here we go. One point questions? What is

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Speaker 1: the biggest bond e t F buy assets?

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Speaker 2: Okay, Team B, It's Vanguard Total Bond INDEXTF and.

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Speaker 1: The ticker is b n D.

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Speaker 2: There we go. Nice.

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Speaker 1: Correct on the board.

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Speaker 2: What ETF did it overtake? No, that's that's just so.

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Speaker 2: That's not a point question correct, Good job, Thank you

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Speaker 2: crushing you guys.

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Speaker 1: Okay, question question two, we got a bonus point for that?

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Speaker 1: Or no? No, we'll tell you when there's a bonus point.

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Speaker 1: That's just him being opportunistic. Question two. In twenty eighteen,

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Speaker 1: Volmageddon caused Twitch Exchange traded notes to go bust.

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Speaker 2: Look at it over?

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Speaker 1: Question? Is it like Jeopardy.

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Speaker 2: One syllable hit? I don't care?

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Speaker 1: What is x I V? There we go direct Team A, Congratulations,

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Speaker 1: you're on the board. Were tied up?

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Speaker 2: Wow, it's a horse race all the sudden. I told

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Speaker 2: these are one point questions, so you should get them.

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Speaker 2: I would hope.

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Speaker 1: Question three four ETFs track the S and P five

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Speaker 1: hundred index. Can you name all four? Team B?

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Speaker 2: So we have Spy, s p Y, I, V V

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Speaker 2: v O O and s P l G.

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Speaker 1: Congratulations.

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Speaker 2: SPLG is the tricky one that's sort of like the

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Speaker 2: fourth of ego. It just doesn't fit.

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Speaker 3: There's only four.

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Speaker 1: Well equal weighted. There's additional Yeah, doesn't count. We didn't

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Speaker 1: say that.

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Speaker 2: Okay, I'm glad no one like Needle us for that.

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Speaker 2: Thank you.

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Speaker 1: Question for one of the biggest names and ETFs. Holly

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Speaker 1: Framstead runs Capital Group's ETF business. Which from did she

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Speaker 1: come from? Question Jeam B who was hovering and kept

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Speaker 1: getting closer and closer to the B Blackrock.

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Speaker 2: Yes, wow, three tom one, you want to test it?

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Speaker 3: I mean I feel like that answer is true of

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Speaker 3: so many people you have industry.

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Speaker 2: Yea, many people have come from black Rock. I mean

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Speaker 2: you probably could have just said Blackrock.

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Speaker 1: Question five. Spy was the first e TF ever launched.

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Speaker 1: What was the second team? A M d Y very good.

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Speaker 2: That was the hardest for a round. It's the mid

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Speaker 2: cap one, which, by the way, his to this day,

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Speaker 2: I'll performed Spy and the small caps. Who knew you did?

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Speaker 2: I did? I did that?

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Speaker 1: Okay? Question six, Schwab has the lowest cost junk bond etf.

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Speaker 1: What is the fee?

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Speaker 2: Team B The fee is three basis points.

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Speaker 1: There we go.

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Speaker 3: Actually just wrote that up ce y b is a ticker.

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Speaker 1: There we go.

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Speaker 2: You don't get extra credits. And by the way, Schwab

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Speaker 2: at three basis points, I mean that is it's crazy.

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Speaker 2: It's a non vanguardian category with like dirt cheap feet.

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Speaker 3: Can I give you a headline? All of Schwab's bond

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Speaker 3: ETFs cost three basis points?

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Speaker 1: There we go, Thanking, Katie Grand You're welcome. Question seven,

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Speaker 1: this will be the last one of our first round.

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Speaker 1: After this, it's much more difficult. Who famously said ETFs

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Speaker 1: are like handing an arsonist a match Eric teammate John Bogel, Jack.

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Speaker 2: Jack somebody. Yeah he was not a fan. Yeah, yeah,

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Speaker 2: somebody should write a book about him.

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Speaker 1: Yeah.

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Speaker 2: He also said the plug marketing invention of the twenty

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Speaker 2: first century. So yeah, his language Round ets was hilarious. Okay,

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Speaker 2: here what we got the end of round one, where

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Speaker 2: do we ad eric? Team B has four, teammate has three? Nice?

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Speaker 2: Nice being closer than I expect. I know, I'm it's good.

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Speaker 3: Who did you expect to do better?

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Speaker 1: No comment? In round two? These are going to be

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Speaker 1: two point questions. You only lose one if you get

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Speaker 1: it wrong though, Okay, So question number eight, can you

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Speaker 1: name two of the top three ETFs by year to date? Flows?

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Speaker 3: Wait, didn't work?

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Speaker 1: No, you gotta make the noise hit it, but it

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Speaker 1: didn't go off?

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Speaker 2: Ahead, you may have a chance. He yes, view, that's right,

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Speaker 2: very good. Can anyone name the third?

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Speaker 1: Not for points?

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Speaker 3: I know?

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Speaker 2: No? Close? You're good that you did though too, that

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Speaker 2: you did it's another flow getter, constant guy I V

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Speaker 2: V Yeah, there you go.

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Speaker 1: Nice work. Okay.

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Speaker 2: Okay, so that means Team A got to there?

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Speaker 3: Okay, brutal, are you going to get it right?

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Speaker 1: Yes? Yes, Now it's.

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Speaker 3: Definitely gonna go T L T right and then we

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Speaker 3: were going to confer.

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Speaker 1: Okay, Question number nine, which country is home to the

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Speaker 1: biggest e t F outside of North America?

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Speaker 2: Mm hmm, you guys are so u eccentric?

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Speaker 1: Need a shot clock? It gets kind of awkward here,

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Speaker 1: Dead air at some point. Okay, question or Team A

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Speaker 1: is going to go for it. It's got to be China.

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Speaker 1: Oh wrong.

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Speaker 2: A noise for the wrong. It is Japan, but you

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Speaker 2: didn't just.

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Speaker 1: Thinking it's Japan. Here's Japan.

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Speaker 2: Here's the ticker in case you're curious. It's one of

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Speaker 2: those Asia tickers one three zero six. JP somehow has

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Speaker 2: awful one hundred and thirty eight billion dollars. Japan loves

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Speaker 2: that guy. It's like number seven if you go all

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Speaker 2: globals assets.

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Speaker 1: Pretty igh stumped them Japan in question China. Question number ten?

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Speaker 2: Hold on, who just missed it? Do I got to

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Speaker 2: subtract you?

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Speaker 1: See?

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Speaker 2: Okay, you lose a point on It's tied up.

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Speaker 3: Now we wanted to give them a fight. Wait, what

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Speaker 3: are we fighting for?

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Speaker 2: Sushi? Lunch?

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Speaker 3: Right right?

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Speaker 2: Joel and Eric?

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Speaker 1: Question ten? Which company stock is owned by the largest

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Speaker 1: number of US domiciled ETFs?

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Speaker 2: Team B Apple.

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Speaker 1: I'm going to go Tesla wrong. Wow, double strikes.

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Speaker 2: The answer is Microsoft. This is so fun.

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Speaker 3: I'm learning.

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Speaker 2: Let me give you the.

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Speaker 1: Numbers so my audience can attle from here on out

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Speaker 1: if I have.

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Speaker 2: Some humiliating our Microsoft is owned by five hundred and

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Speaker 2: thirty three US ETF that seventeen percent of the total.

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Speaker 2: Apple is for sixty six, so it wasn't even that close.

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Speaker 2: Tesla is a lot lower. Actually, wow, I thought it

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Speaker 2: was Apple too, to be honest. So you both lost

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Speaker 2: the point.

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Speaker 3: Cool, so we're still tied.

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Speaker 2: Yep, there's three to three.

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Speaker 3: As long as we're a brush negative, I think will

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Speaker 3: be considered that a victory.

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Speaker 1: All right. Question eleven. Black Rock has the most ETFs

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Speaker 1: with four hundred and nineteen. Who has the second most

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Speaker 1: team in Pasco? Correct? Wow? Do you know how many?

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Speaker 3: It's two hundred and six?

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Speaker 1: Well, seventeen, that is.

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Speaker 2: I thought you all would miss that. I wouldn't get

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Speaker 2: State Street. But Invesco is right. But guess what First

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Speaker 2: Trust is only two behind him? Did you just look

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Speaker 2: at that number? Now?

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Speaker 3: All?

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Speaker 2: Yeah?

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Speaker 1: I like that.

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Speaker 2: That is it's almost a three pointer.

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Speaker 1: Very good? Okay, okay. Question twelve, which three E t

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Speaker 1: F brands are now part of Invesco GM it's new

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Speaker 1: strategy buzz then figure it out power shares?

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Speaker 2: Yes, uh, uh, Oppenheimer and Gugenheim. Correct, yes, nice, we

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Speaker 2: need to sugar. He worked at Oppenheimer, so it's a

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Speaker 2: little bit of an edge there. But I think that's

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Speaker 2: a doable one. Todd knew it also, I was gonna

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Speaker 2: go with right X is a fourth one? Yeah? Extra credit?

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Speaker 2: Right X is part of the is it extra credit

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Speaker 2: for him on the side? Okay, feel good? Extra credit

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Speaker 2: psychic psychic point yeah?

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Speaker 3: Okay, so hold on.

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Speaker 2: So that's two more for a So that's seven to three.

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Speaker 3: I think the power goes out or something, okay.

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Speaker 1: Question thirteen. Who was Nate mose right hand man when

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Speaker 1: creating the first ETF spy team?

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Speaker 3: Jim Ross?

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Speaker 2: I can't think of his name?

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Speaker 1: Now?

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Speaker 3: Who were the I can't think? Can you describe him?

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Speaker 2: No's they talk about me but I don't want.

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Speaker 3: To do Sorry, I got I got cocky. I don't know.

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Speaker 1: Will you be answering tm B?

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Speaker 2: We're passing you guys need to read my first book,

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Speaker 2: Shameless Plug. Again it's Steve Bloom. Yeah, I wouldn't so

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Speaker 2: he's out of the industry now, but he worked at

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Speaker 2: AMEX with Now Jim Ross came along and he did

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Speaker 2: the first creation for spy.

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Speaker 3: Even he was the coffee guy at first.

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Speaker 2: He was a little down the road. Wait, how many

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Speaker 2: points you lose with that one?

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Speaker 1: Just one? Just one?

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Speaker 3: In fact, No, we didn't lose any points. No, you

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Speaker 3: got sixty three hose clever.

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Speaker 1: Okay, okay, okay. This would be the last question of

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Speaker 1: round two. What was the last ETF to win the

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Speaker 1: annual flow crown that wasn't a Vanguard or black Rock ETF?

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Speaker 1: Team a figure buzzing to figure it out.

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Speaker 2: I don't want to wait till they get it wrong.

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Speaker 1: You might have to start penalizing this move.

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Speaker 2: Come on, you go for it for you.

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Speaker 1: I think it's d x J correct correct. Which is

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Speaker 1: can you get the year two thousand and fifteen.

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Speaker 2: Thirteen ten years ago? It's been a ten year run

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Speaker 2: for Vanguard and black Rock.

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Speaker 3: That's a good headline. Thank you.

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Speaker 1: There's a lot of temptation.

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Speaker 3: It will make my year endpiece slightly more interesting.

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Speaker 2: So team has eight and Team B has three. But

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Speaker 2: now every question is worth three points.

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Speaker 1: Okay.

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Speaker 2: So this is where two of these come on.

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Speaker 1: Is where it gets really serious and the questions get

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Speaker 1: a little bit harder. I know, I know. How do

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Speaker 1: you guys feel? How do you feel good?

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Speaker 2: Keep in mind, by the way, keep in mind, if

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Speaker 2: you miss a three point question, you still lose one point.

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Speaker 2: As the stakes get hired, almost gets.

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Speaker 1: There's something in your interest to have some strategy to

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Speaker 1: consider here, t B, how do you feel not great?

261
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Speaker 1: How do you feel great? Strategy of buzzing and then

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Speaker 1: figuring it out.

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Speaker 3: It seems like it's working for two.

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Speaker 1: Do you have to learn from that? Yeah? Yeah, Shoot,

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Speaker 1: first ask questions.

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Speaker 2: No, then you talk for ten minutes, and then you

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Speaker 2: then answer the question. All right from now on, only

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Speaker 2: like three to four seconds of conference.

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Speaker 1: Okay, okay. Question fifteen, what is the largest ETF of ETFs?

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Speaker 3: Oh, that's a good question, and I don't know the answer, TMB.

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Speaker 2: I think it's V thinks focus.

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Speaker 3: That sounds great, let's do it.

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Speaker 2: I think it's f V very good. Right back in

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Speaker 2: the game. Yeah, wow, Daniel Jones throwing an eighty yard

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Speaker 2: touchdown pass.

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Speaker 3: I was about to say that. No, it wasn't.

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Speaker 2: Eight to six.

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Speaker 3: That's good.

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Speaker 2: That was a tough one.

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Speaker 1: Okay. Question sixteen, which firm today has the most active

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Speaker 1: ETF assets?

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Speaker 3: Team B dimentional?

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Speaker 2: Yes, wow, nice, look at you guys now you're in

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Speaker 2: the lead.

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Speaker 1: Wow.

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Speaker 3: I like that because you guys probably thought it was

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Speaker 3: a trick question because you thought we'd say JP Morgan.

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Speaker 2: But that's whose number two.

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Speaker 3: I know, I know, no, yeah, you do know?

290
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Speaker 1: Okay, Well, teammate, what does it feel like to have

291
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Speaker 1: that leads away on you like that? And two questions

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Speaker 1: around I'm.

293
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Speaker 3: Kind of falling apart here.

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Speaker 1: Runs. Don't let team be in your head.

295
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Speaker 2: Whatever?

296
00:15:00,440 --> 00:15:02,200
Speaker 3: Yeah, you know, I was just warming up, honestly.

297
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Speaker 1: Okay. Question seventeen, which year saw the most ETF launches

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Speaker 1: in the US.

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Speaker 3: Surely we know this.

300
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Speaker 1: Will team be figured out some struggles with the buzzer.

301
00:15:19,160 --> 00:15:22,080
Speaker 3: Team B thinking someone yeah twenty one.

302
00:15:22,160 --> 00:15:25,800
Speaker 1: No, Team B got it with twenty twenty one, correct,

303
00:15:26,400 --> 00:15:28,520
Speaker 1: by the way, So I ran these I thought this

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Speaker 1: was interesting.

305
00:15:29,160 --> 00:15:32,120
Speaker 2: Three ninety six twenty twenty two was three ninety three though,

306
00:15:32,160 --> 00:15:34,360
Speaker 2: so it was an edge above that year that was

307
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Speaker 2: the hesitation. This year there's three forty eight, So this

308
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Speaker 2: year could break the record.

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00:15:37,600 --> 00:15:40,680
Speaker 3: Believe, Yeah, which is weird. Yeah, because there's also been

310
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Speaker 3: a lot of closures.

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Speaker 2: Yeah, okay, so a lot of launches basically the last

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Speaker 2: three years, about a thousand.

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Speaker 1: This this one's interesting, little spicy number eighteen. ARC has

314
00:15:51,120 --> 00:15:54,800
Speaker 1: two ETFs that are not actively managed? Can you name them?

315
00:15:54,840 --> 00:15:55,040
Speaker 2: Both?

316
00:15:55,960 --> 00:15:59,240
Speaker 1: Team A p r NT that's one and.

317
00:15:59,600 --> 00:16:02,560
Speaker 2: I r L very well on top of that. Wow,

318
00:16:02,680 --> 00:16:06,040
Speaker 2: So that's three D printing and the Israeli innovation.

319
00:16:06,600 --> 00:16:09,800
Speaker 1: And obviously our Kathy Woods shop famous for being active.

320
00:16:09,840 --> 00:16:12,480
Speaker 3: It's amazing that they have a three D printing UTF. Yeah,

321
00:16:12,560 --> 00:16:14,600
Speaker 3: it's amazing that it's been around as long as it can.

322
00:16:14,760 --> 00:16:17,320
Speaker 2: We got a ballgame roll. This is Team A has eleven,

323
00:16:17,360 --> 00:16:18,160
Speaker 2: TEAMBS twelve.

324
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Speaker 3: Alright, alright, nineteen.

325
00:16:22,280 --> 00:16:24,160
Speaker 1: I didn't think what happens if it's a tie? Lunch

326
00:16:24,200 --> 00:16:25,280
Speaker 1: gets a little bit more expensive.

327
00:16:25,320 --> 00:16:27,680
Speaker 2: Well, the final jeopardy we show, we'll figure it out.

328
00:16:27,960 --> 00:16:29,320
Speaker 2: I can think of a last minute question.

329
00:16:29,680 --> 00:16:34,360
Speaker 1: Break the tie number nineteen. The only ETF to surpass

330
00:16:34,480 --> 00:16:38,640
Speaker 1: spy and assets was GLD. I don't even know this question.

331
00:16:39,040 --> 00:16:41,080
Speaker 2: Hold on you, guys in this case, I get it.

332
00:16:41,520 --> 00:16:42,160
Speaker 2: Wait till the end.

333
00:16:42,200 --> 00:16:43,480
Speaker 1: I think they should both lose one.

334
00:16:43,720 --> 00:16:48,760
Speaker 2: I agree, doctor, just to make a point, just to

335
00:16:48,800 --> 00:16:51,360
Speaker 2: make this point, just to my kids, send a message,

336
00:16:51,440 --> 00:16:54,920
Speaker 2: natural consequences message. Okay, ten to eleven.

337
00:16:55,040 --> 00:16:58,720
Speaker 1: Now now again, Now I'll finish the question. I mean,

338
00:16:58,760 --> 00:17:02,720
Speaker 1: if you want to go ahead. The only e t

339
00:17:02,920 --> 00:17:06,520
Speaker 1: F to surpass spy in assets was g l D,

340
00:17:07,240 --> 00:17:10,640
Speaker 1: and it did it for only one day in which year?

341
00:17:14,920 --> 00:17:18,439
Speaker 3: Shoot? I think you should just go for a might

342
00:17:18,480 --> 00:17:18,880
Speaker 3: as well.

343
00:17:20,359 --> 00:17:23,040
Speaker 1: Team B taunting but not even thinking about it. Well,

344
00:17:23,080 --> 00:17:26,280
Speaker 1: maybe I'm encouraging, Maybe Todd is. There's a lot of

345
00:17:26,320 --> 00:17:30,040
Speaker 1: silence whispering. I don't we would be the shot clock

346
00:17:30,080 --> 00:17:31,439
Speaker 1: gonna run out here, I can't remember.

347
00:17:31,920 --> 00:17:32,159
Speaker 3: Why not?

348
00:17:32,920 --> 00:17:34,600
Speaker 1: Oh, team bow all right?

349
00:17:34,680 --> 00:17:40,680
Speaker 2: Two thousand and four, noa off launch. Yeah, kind that's

350
00:17:40,680 --> 00:17:42,520
Speaker 2: when it got a billion in the first three days.

351
00:17:42,520 --> 00:17:45,080
Speaker 1: That's your famous okay, minus minus one teammate you want

352
00:17:45,080 --> 00:17:48,320
Speaker 1: to try. That's one year of many off the board

353
00:17:48,440 --> 00:17:50,960
Speaker 1: that you could choose from since they lost one.

354
00:17:51,440 --> 00:17:53,320
Speaker 3: Do we get answer?

355
00:17:53,880 --> 00:17:53,920
Speaker 2: No?

356
00:17:54,040 --> 00:17:54,720
Speaker 1: What's just stuff?

357
00:17:54,800 --> 00:17:55,000
Speaker 3: Yeah?

358
00:17:55,200 --> 00:17:59,760
Speaker 1: Okay, all right. Twenty eleven I would have said financial

359
00:17:59,800 --> 00:18:00,760
Speaker 1: cris time it.

360
00:18:00,800 --> 00:18:04,480
Speaker 2: Took how to get assets? Yeah, twenty eleven was off.

361
00:18:04,600 --> 00:18:06,400
Speaker 2: I think the European deck crisis were spy loss.

362
00:18:06,400 --> 00:18:09,920
Speaker 3: So I'm claud We took a shot ten to ten.

363
00:18:10,920 --> 00:18:12,320
Speaker 2: It's like a real football game ten ten.

364
00:18:12,400 --> 00:18:15,680
Speaker 1: Okay, all right, Question twenty. I love this one.

365
00:18:16,320 --> 00:18:16,800
Speaker 2: I do too.

366
00:18:17,720 --> 00:18:22,560
Speaker 1: What is the best returning ETF of all time? Team?

367
00:18:22,600 --> 00:18:26,480
Speaker 1: A very little delay and now a huddle.

368
00:18:26,920 --> 00:18:31,120
Speaker 2: Hold on before you answer, you know we're talking about

369
00:18:31,119 --> 00:18:32,359
Speaker 2: all ETFs.

370
00:18:34,320 --> 00:18:34,480
Speaker 3: Them.

371
00:18:34,640 --> 00:18:39,120
Speaker 2: Yes, okay, t QQQ wrong. Good guess but wrong.

372
00:18:40,240 --> 00:18:42,879
Speaker 1: No, it was I don't know it is a teammate

373
00:18:44,160 --> 00:18:46,560
Speaker 1: falls behind Team B. I'm going to figure it out.

374
00:18:47,240 --> 00:18:48,360
Speaker 3: I think we should pass here.

375
00:18:48,440 --> 00:18:50,359
Speaker 1: Yes, okay, Eric, you want to tell him?

376
00:18:50,760 --> 00:18:55,800
Speaker 2: Yeah, the correct answer is teckl ECL. It's up fourteen

377
00:18:56,520 --> 00:19:00,560
Speaker 2: six percent since launching in December two thousand and eight.

378
00:19:00,840 --> 00:19:01,080
Speaker 1: Wow.

379
00:19:01,200 --> 00:19:03,399
Speaker 2: So it launched at the perfect time. T QQQ is

380
00:19:03,400 --> 00:19:05,879
Speaker 2: going on better runs. But when you launched at the

381
00:19:06,000 --> 00:19:08,600
Speaker 2: end of the financial crisis, you caught the whole move up.

382
00:19:08,880 --> 00:19:10,840
Speaker 2: Tqq is only half that, believe it or not.

383
00:19:11,160 --> 00:19:14,720
Speaker 1: Wow. So we go from ten ten to nine ten.

384
00:19:15,080 --> 00:19:19,000
Speaker 1: Team A behind we and we have this is our

385
00:19:19,680 --> 00:19:22,520
Speaker 1: final question before final jeopardy.

386
00:19:23,280 --> 00:19:24,240
Speaker 3: Alright, is it tough?

387
00:19:24,640 --> 00:19:26,720
Speaker 2: So? I think it was. I thought of it though.

388
00:19:26,800 --> 00:19:30,840
Speaker 3: What's the answer? Come on?

389
00:19:31,000 --> 00:19:34,520
Speaker 1: Okay? So this is number twenty one? Okay, slightly different.

390
00:19:35,359 --> 00:19:38,879
Speaker 1: What does iop V stand for?

391
00:19:40,840 --> 00:19:41,000
Speaker 2: Oh?

392
00:19:44,600 --> 00:19:46,280
Speaker 3: I don't even know what, though, Dave not. It's going

393
00:19:46,359 --> 00:19:49,440
Speaker 3: to be so mad that I don't know this good

394
00:19:49,480 --> 00:19:51,440
Speaker 3: thing he's not here? Is that a tick or what

395
00:19:51,600 --> 00:19:51,760
Speaker 3: is it?

396
00:19:54,240 --> 00:19:59,160
Speaker 1: Just stay quiet, Just stay quiet, Eric, No, we might

397
00:19:59,600 --> 00:20:03,960
Speaker 1: need to call it unless Team A wants to attempt to.

398
00:20:04,040 --> 00:20:06,560
Speaker 3: Catch up here if they want to be legends, you know.

399
00:20:06,680 --> 00:20:11,840
Speaker 1: Yeah, I mean there will be perhaps names Chiselden, Granted

400
00:20:11,960 --> 00:20:15,280
Speaker 1: or something over this. I think we should call it.

401
00:20:15,440 --> 00:20:19,280
Speaker 2: Yeah, okay, Eric, So this is the official name for

402
00:20:19,320 --> 00:20:22,240
Speaker 2: what's called the I NAV. Yeah, and the answer is

403
00:20:22,840 --> 00:20:25,159
Speaker 2: I got a look because I always forget it indicated

404
00:20:25,280 --> 00:20:28,320
Speaker 2: optimized portfolio value, which is like, what's the value right

405
00:20:28,359 --> 00:20:33,679
Speaker 2: now of the baskets the it's the Tuxedo Pooh version

406
00:20:33,800 --> 00:20:34,719
Speaker 2: of the IAV name.

407
00:20:34,880 --> 00:20:38,480
Speaker 3: Basically, that's never that information has never been in my brain.

408
00:20:44,680 --> 00:20:47,479
Speaker 1: Eric, where through twenty one questions, what is our standing?

409
00:20:47,920 --> 00:20:49,880
Speaker 2: Team A has nine, Team B has ten.

410
00:20:50,640 --> 00:20:52,920
Speaker 1: This is way closer than I expected. I don't know

411
00:20:52,960 --> 00:20:54,960
Speaker 1: who I expected to be in the lead, but yeah,

412
00:20:55,200 --> 00:20:57,200
Speaker 1: and we've almost had a tie and then Team A

413
00:20:57,480 --> 00:20:59,480
Speaker 1: just couldn't quite hold it together.

414
00:20:59,720 --> 00:21:02,760
Speaker 2: Yeah, yeah, I mean, now it's really anybody's game. You

415
00:21:02,800 --> 00:21:05,400
Speaker 2: guys are within you know, you're basically within one point.

416
00:21:05,520 --> 00:21:08,240
Speaker 2: So so the way this is gonna work is Joel's

417
00:21:08,240 --> 00:21:11,200
Speaker 2: gonna ask the question. You guys aren't buzzing anything. You're

418
00:21:11,240 --> 00:21:13,879
Speaker 2: gonna confer with yourselves and write down a piece of paper,

419
00:21:14,200 --> 00:21:16,360
Speaker 2: A what the answer is, and B how much you're

420
00:21:16,359 --> 00:21:18,119
Speaker 2: gonna wager of your ten points?

421
00:21:18,240 --> 00:21:19,440
Speaker 3: We don't have to participate.

422
00:21:19,480 --> 00:21:21,919
Speaker 2: If we don't, you can put zero. But if they

423
00:21:22,359 --> 00:21:26,200
Speaker 2: they wager three two, they would win if you wager zero.

424
00:21:26,760 --> 00:21:28,399
Speaker 2: So there's two things going on here. Do you know

425
00:21:28,480 --> 00:21:30,760
Speaker 2: the answer? And what are they gonna do? So this

426
00:21:30,920 --> 00:21:33,159
Speaker 2: is like like a couple of dimensions.

427
00:21:32,720 --> 00:21:36,080
Speaker 3: Of what is our score?

428
00:21:36,200 --> 00:21:36,960
Speaker 1: Here is our final?

429
00:21:37,080 --> 00:21:40,520
Speaker 2: You have nine points the way you have ten nine

430
00:21:41,040 --> 00:21:42,480
Speaker 2: with for team A.

431
00:21:42,760 --> 00:21:48,400
Speaker 1: Team B has ten points to wage with. How many

432
00:21:48,520 --> 00:22:01,240
Speaker 1: ETFs has Vanguard closed ten nine, eight, seven, six, five,

433
00:22:02,640 --> 00:22:04,560
Speaker 1: four three?

434
00:22:04,720 --> 00:22:05,399
Speaker 3: We want to do that.

435
00:22:07,760 --> 00:22:12,359
Speaker 1: One? All right, let's put those pencils down.

436
00:22:13,520 --> 00:22:17,080
Speaker 2: Take another two seconds. You want this to be right. Two?

437
00:22:18,000 --> 00:22:23,240
Speaker 1: All right, now, pencils down. Team A. I want to

438
00:22:23,320 --> 00:22:25,840
Speaker 1: hear from you first, how many points did you wager?

439
00:22:27,520 --> 00:22:29,120
Speaker 1: You do have to answer when I ask you a question?

440
00:22:29,400 --> 00:22:32,119
Speaker 1: How many points did you wager? D We put it

441
00:22:32,160 --> 00:22:35,320
Speaker 1: all on the line, all not all? Note and your

442
00:22:35,359 --> 00:22:40,320
Speaker 1: answer is two. Eric ahead, let's let's do Team B.

443
00:22:40,560 --> 00:22:42,639
Speaker 3: We also said too, and we put two points.

444
00:22:43,840 --> 00:22:47,200
Speaker 1: So Eric, let's do some quick math. That was wrong.

445
00:22:47,280 --> 00:22:49,720
Speaker 1: First of all, Team A wipe themselves down.

446
00:22:50,320 --> 00:22:53,639
Speaker 2: It's one. The answer is one it's the Vanguard Liquidity

447
00:22:53,760 --> 00:22:54,560
Speaker 2: Factor et.

448
00:22:54,880 --> 00:22:57,800
Speaker 3: Yeah, but that was their first US closure.

449
00:22:59,560 --> 00:23:02,520
Speaker 1: US the japan one.

450
00:23:03,200 --> 00:23:06,680
Speaker 2: Yeah, but I mean I don't know, Like it's okay,

451
00:23:06,760 --> 00:23:09,040
Speaker 2: we went anyway, that's true.

452
00:23:09,160 --> 00:23:14,120
Speaker 3: Well no, we said too as well. We waged nine,

453
00:23:14,560 --> 00:23:15,920
Speaker 3: so if we got it right, then we would have

454
00:23:16,040 --> 00:23:17,159
Speaker 3: been we would have.

455
00:23:17,160 --> 00:23:18,480
Speaker 1: Gone Eric and.

456
00:23:20,920 --> 00:23:21,200
Speaker 2: Hold on.

457
00:23:21,320 --> 00:23:26,800
Speaker 1: I love this ending. This is exactly what list script,

458
00:23:27,480 --> 00:23:29,000
Speaker 1: you know. I think the outcome here is like we

459
00:23:29,160 --> 00:23:29,879
Speaker 1: just have to buy them all.

460
00:23:30,480 --> 00:23:32,679
Speaker 3: Yeah, I like, yeah, we all win.

461
00:23:33,640 --> 00:23:36,440
Speaker 1: Well, maybe I'm gonna takehim around.

462
00:23:36,880 --> 00:23:40,000
Speaker 2: Answered in the US is one, yes, yeah, there was

463
00:23:40,040 --> 00:23:43,320
Speaker 2: another one. We all for talk and we're just talking, talking,

464
00:23:43,400 --> 00:23:47,159
Speaker 2: talking months after months after months. We all expected to

465
00:23:47,200 --> 00:23:49,160
Speaker 2: be US unless we say global.

466
00:23:49,240 --> 00:23:51,680
Speaker 3: But you said earlier you had a question that was

467
00:23:51,880 --> 00:23:55,760
Speaker 3: all and then you and I you're so US centric.

468
00:23:55,920 --> 00:23:57,760
Speaker 1: So so it's like black Eye for hair, which is

469
00:23:57,800 --> 00:24:00,240
Speaker 1: a great way to end. It's not going to give.

470
00:24:00,840 --> 00:24:04,120
Speaker 1: So I think there's a slight win for a team

471
00:24:04,240 --> 00:24:06,159
Speaker 1: B here, but like barely, it's not one that they

472
00:24:06,240 --> 00:24:06,880
Speaker 1: get to brag about.

473
00:24:06,920 --> 00:24:09,320
Speaker 2: Really, I don't with another come up with another question

474
00:24:09,480 --> 00:24:09,800
Speaker 2: right now?

475
00:24:09,920 --> 00:24:12,040
Speaker 3: Yeah, we had this, we had to answer.

476
00:24:12,160 --> 00:24:12,800
Speaker 1: We take a break and.

477
00:24:17,280 --> 00:24:18,960
Speaker 2: Have this weird, or we could just or I could

478
00:24:19,000 --> 00:24:19,320
Speaker 2: come back.

479
00:24:19,520 --> 00:24:21,840
Speaker 1: I feel like we should arm wrestle or something. So

480
00:24:21,960 --> 00:24:23,280
Speaker 1: there's got to be a win. Why don't we do

481
00:24:23,440 --> 00:24:27,120
Speaker 1: a bonus round, same rules, and Eric and I will

482
00:24:27,160 --> 00:24:28,720
Speaker 1: confer for a moment and we'll see if we can

483
00:24:28,840 --> 00:24:30,600
Speaker 1: end this. Do they get the same point total that

484
00:24:30,640 --> 00:24:32,159
Speaker 1: they had? We're just gonna scrub that one.

485
00:24:32,280 --> 00:24:34,719
Speaker 2: Would just scrubbed the whole question, Throw it out? Does

486
00:24:34,760 --> 00:24:35,920
Speaker 2: everybody agree to judge?

487
00:24:35,960 --> 00:24:36,400
Speaker 1: Throw it out?

488
00:24:36,560 --> 00:24:36,840
Speaker 3: Okay?

489
00:24:37,040 --> 00:24:39,600
Speaker 1: Good, all right, we'll try again. Eric and I will

490
00:24:39,640 --> 00:24:41,960
Speaker 1: step outside, will be that's my favorite ticker, and then

491
00:24:42,000 --> 00:24:49,560
Speaker 1: you judge which one you think is the best. We

492
00:24:49,680 --> 00:24:51,399
Speaker 1: had a couple more questions. Yeah, we put on the

493
00:24:51,560 --> 00:24:54,399
Speaker 1: sidelines like B sides. We're going to bring one of

494
00:24:54,440 --> 00:24:57,159
Speaker 1: them out and it will be our new final jeopardy.

495
00:24:57,280 --> 00:24:59,600
Speaker 1: So I think everybody's still going to get a sushi lines.

496
00:24:59,640 --> 00:25:04,000
Speaker 1: But there's like another one that comes sometime in the future.

497
00:25:04,400 --> 00:25:06,760
Speaker 1: Here's the question. We're gonna do the same exact thing.

498
00:25:06,920 --> 00:25:11,040
Speaker 1: So Team A still has nine points, Team B still

499
00:25:11,119 --> 00:25:14,040
Speaker 1: has ten points. You can wager as many as you

500
00:25:14,160 --> 00:25:17,600
Speaker 1: want of those points. What was the fastest et F

501
00:25:17,760 --> 00:25:21,119
Speaker 1: to reach one billion in assets organically.

502
00:25:21,240 --> 00:25:28,000
Speaker 3: Mm hmm ten nine still all seven.

503
00:25:28,960 --> 00:25:40,680
Speaker 1: Six, five, four three two yeah one. Team B finished

504
00:25:40,840 --> 00:25:45,159
Speaker 1: considerably early. Katie Greifield has her arms folded and crossed

505
00:25:45,200 --> 00:25:45,840
Speaker 1: in front of her.

506
00:25:47,600 --> 00:25:48,040
Speaker 2: Team A.

507
00:25:48,200 --> 00:25:50,320
Speaker 1: You're still behind. Let's hear how many points you wagered?

508
00:25:51,400 --> 00:25:52,239
Speaker 1: We wagered it all?

509
00:25:52,640 --> 00:25:52,840
Speaker 3: Wow?

510
00:25:53,640 --> 00:25:54,840
Speaker 1: Doubling down again?

511
00:25:55,480 --> 00:25:56,480
Speaker 2: So all nine points?

512
00:25:57,160 --> 00:26:01,600
Speaker 1: Team B, how much did you wager ten? Everybody's doubling down?

513
00:26:01,840 --> 00:26:02,720
Speaker 3: This is it? This is it?

514
00:26:03,040 --> 00:26:06,480
Speaker 2: So, so we won't say he's correct until you both answer, though.

515
00:26:06,480 --> 00:26:09,359
Speaker 1: Okay, we want to go first. Okay, Team A, you

516
00:26:09,480 --> 00:26:11,600
Speaker 1: still get to answer first. What is it? We said? Bido?

517
00:26:12,000 --> 00:26:13,520
Speaker 1: And Team B biddoh.

518
00:26:17,000 --> 00:26:19,639
Speaker 2: Katie's from the right side of the track. Yeah, he says, bido.

519
00:26:20,840 --> 00:26:21,600
Speaker 2: What is that like?

520
00:26:21,720 --> 00:26:25,959
Speaker 1: Okay, so, so Eric, what's the what's the answer here?

521
00:26:26,960 --> 00:26:27,360
Speaker 2: Biddoh?

522
00:26:27,800 --> 00:26:28,000
Speaker 1: Yeah?

523
00:26:28,320 --> 00:26:32,800
Speaker 2: So this team won? No, No one says, I don't

524
00:26:32,840 --> 00:26:35,360
Speaker 2: have to subtract a point or two? Got the pointy?

525
00:26:35,760 --> 00:26:36,760
Speaker 2: Yeah you did, so you.

526
00:26:39,240 --> 00:26:42,840
Speaker 1: Nicejongratulations At least you all kind of an asterisk squin,

527
00:26:43,520 --> 00:26:45,160
Speaker 1: but I think you went farren square.

528
00:26:45,359 --> 00:26:48,240
Speaker 2: Yeah, good job, and wait not to say you know

529
00:26:48,320 --> 00:26:50,760
Speaker 2: how to put organically in there so you wouldn't bust

530
00:26:50,840 --> 00:26:53,440
Speaker 2: my chops with the stupid black rockey. They put a

531
00:26:53,480 --> 00:26:54,360
Speaker 2: billion in on day one.

532
00:26:54,680 --> 00:26:56,320
Speaker 3: I like that you're trashing him at the end.

533
00:26:57,160 --> 00:26:59,520
Speaker 1: He had to get that. I had to put her

534
00:27:00,080 --> 00:27:03,240
Speaker 1: or we'd had another controversy on I can't wait to

535
00:27:04,680 --> 00:27:08,040
Speaker 1: Laura Athanasios, Katie Todd, thanks so much for joining us

536
00:27:08,080 --> 00:27:08,560
Speaker 1: on Trillions.

537
00:27:08,760 --> 00:27:11,440
Speaker 3: Thank you, thanks for having us, Thanks for having us.

538
00:27:15,520 --> 00:27:18,480
Speaker 1: Thanks for listening to Trillions until next time. You can

539
00:27:18,520 --> 00:27:23,359
Speaker 1: find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcasts, Spotify,

540
00:27:24,000 --> 00:27:26,399
Speaker 1: or wherever else you'd like to listen. We'd love to

541
00:27:26,480 --> 00:27:29,800
Speaker 1: hear from you. We're on Twitter. I'm at Joel Webber Show.

542
00:27:30,240 --> 00:27:34,879
Speaker 1: He's at Eric Balchunas. This episode of Trillions was produced

543
00:27:34,880 --> 00:27:37,040
Speaker 1: by Magnus and Drickson. Bye