WEBVTT - The ETF Quiz Show

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<v Speaker 1>Welcome to Trillian's.

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<v Speaker 2>I'm Joel Webber and I'm Eric Balchernas.

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<v Speaker 1>Okay, Eric, We on occasion have done special episodes, and

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

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<v Speaker 1>going to do a trivia episode.

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<v Speaker 2>Yeah, we've been thinking about this for like years literally,

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<v Speaker 2>and we were there we're gonna do it at one

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<v Speaker 2>of the ETF conferences, but then COVID hit and canceled it,

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<v Speaker 2>and so it was going to be on stage and

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<v Speaker 2>then I heard nature Aci of ETF Prime is going

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

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<v Speaker 2>we're just going to do it, and we're excited. This

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<v Speaker 2>is going to be a very fun episode. I hope,

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<v Speaker 2>and I hope you can learn something. This trivia game

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<v Speaker 2>has questions that are hopefully educational to everybody, but put

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<v Speaker 2>out there in a fun way.

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<v Speaker 1>So we have four guests on two teams. Who are they?

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<v Speaker 2>So we have Laura Krieger from Vetaphi who's teamed up

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<v Speaker 2>with Athanasio, Sarah Fagas from Bloomberg Intelligence, so VETAFI Bloomberg Combo,

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<v Speaker 2>and then we have Katie Greifeld from the News and

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<v Speaker 2>Todd Rosenbluth, also from Vetefy, So we sort of have

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<v Speaker 2>mixed up Vetefy and Bloomberg here. I don't know if

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<v Speaker 2>you guys thought of a team name, but I'll say

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<v Speaker 2>Team A and Team B. Weow okay, winning team Oh no, no,

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<v Speaker 2>winning the arbitrage.

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<v Speaker 1>Okay, So Team A, Team B. Twenty one questions divided

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<v Speaker 1>into three parts.

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<v Speaker 2>Yes, first round the question is worth one point, Second

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<v Speaker 2>round two, third round three points. So the questions get harder.

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<v Speaker 2>Then there's gonna be like a final Jeopardy type question

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<v Speaker 2>at the end where you can risk as many of

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

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<v Speaker 2>and then the contest will be over and the winner

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<v Speaker 2>get sushi lunch, which is one of my more favorite

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<v Speaker 2>things to let us. Yes, so there is something at

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<v Speaker 2>stake here, and if you miss the question, you lose

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

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<v Speaker 2>there's a cost to that that would hopefully keep you

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<v Speaker 2>from just banging the button after every question is asked.

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<v Speaker 1>Let's hear that button actually all right? This time on

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

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<v Speaker 2>Good to be here.

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<v Speaker 3>I'm thrilled to be here.

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<v Speaker 1>Nice to see you guys.

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<v Speaker 2>Thanks for having us.

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<v Speaker 1>Okay, I want to let everybody hear your voices. Team A,

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<v Speaker 1>Laura Athanasios, let's hear your voice. This is my voice.

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<v Speaker 3>This is my voice too.

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<v Speaker 1>And Team B Katie Todd.

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<v Speaker 3>My name is Katie Gryfeld and.

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<v Speaker 2>I'm Todd Rosenblue.

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<v Speaker 1>All right, here we go. One point questions? What is

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<v Speaker 1>the biggest bond e t F buy assets?

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<v Speaker 2>Okay, Team B, It's Vanguard Total Bond INDEXTF and.

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<v Speaker 1>The ticker is b n D.

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<v Speaker 2>There we go. Nice.

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<v Speaker 1>Correct on the board.

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

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<v Speaker 2>That's not a point question correct, Good job, Thank you

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<v Speaker 2>crushing you guys.

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<v Speaker 1>Okay, question question two, we got a bonus point for that?

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

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

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<v Speaker 1>Volmageddon caused Twitch Exchange traded notes to go bust.

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<v Speaker 2>Look at it over?

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<v Speaker 1>Question? Is it like Jeopardy.

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<v Speaker 2>One syllable hit? I don't care?

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

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<v Speaker 1>you're on the board. Were tied up?

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

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<v Speaker 2>these are one point questions, so you should get them.

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<v Speaker 2>I would hope.

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<v Speaker 1>Question three four ETFs track the S and P five

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<v Speaker 1>hundred index. Can you name all four? Team B?

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<v Speaker 2>So we have Spy, s p Y, I, V V

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<v Speaker 2>v O O and s P l G.

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<v Speaker 1>Congratulations.

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<v Speaker 2>SPLG is the tricky one that's sort of like the

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<v Speaker 2>fourth of ego. It just doesn't fit.

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<v Speaker 3>There's only four.

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

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<v Speaker 1>say that.

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

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<v Speaker 2>Thank you.

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<v Speaker 1>Question for one of the biggest names and ETFs. Holly

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<v Speaker 1>Framstead runs Capital Group's ETF business. Which from did she

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<v Speaker 1>come from? Question Jeam B who was hovering and kept

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<v Speaker 1>getting closer and closer to the B Blackrock.

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<v Speaker 2>Yes, wow, three tom one, you want to test it?

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<v Speaker 3>I mean I feel like that answer is true of

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<v Speaker 3>so many people you have industry.

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<v Speaker 2>Yea, many people have come from black Rock. I mean

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<v Speaker 2>you probably could have just said Blackrock.

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<v Speaker 1>Question five. Spy was the first e TF ever launched.

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<v Speaker 1>What was the second team? A M d Y very good.

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<v Speaker 2>That was the hardest for a round. It's the mid

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<v Speaker 2>cap one, which, by the way, his to this day,

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

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<v Speaker 2>I did? I did that?

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

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<v Speaker 1>What is the fee?

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<v Speaker 2>Team B The fee is three basis points.

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<v Speaker 1>There we go.

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<v Speaker 3>Actually just wrote that up ce y b is a ticker.

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<v Speaker 1>There we go.

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

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

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<v Speaker 2>It's a non vanguardian category with like dirt cheap feet.

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<v Speaker 3>Can I give you a headline? All of Schwab's bond

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<v Speaker 3>ETFs cost three basis points?

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

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<v Speaker 1>this will be the last one of our first round.

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

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

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<v Speaker 2>Jack somebody. Yeah he was not a fan. Yeah, yeah,

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<v Speaker 2>somebody should write a book about him.

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<v Speaker 1>Yeah.

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<v Speaker 2>He also said the plug marketing invention of the twenty

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<v Speaker 2>first century. So yeah, his language Round ets was hilarious. Okay,

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<v Speaker 2>here what we got the end of round one, where

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<v Speaker 2>do we ad eric? Team B has four, teammate has three? Nice?

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

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<v Speaker 3>Who did you expect to do better?

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<v Speaker 1>No comment? In round two? These are going to be

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<v Speaker 1>two point questions. You only lose one if you get

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<v Speaker 1>it wrong though, Okay, So question number eight, can you

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<v Speaker 1>name two of the top three ETFs by year to date? Flows?

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<v Speaker 3>Wait, didn't work?

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<v Speaker 1>No, you gotta make the noise hit it, but it

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<v Speaker 1>didn't go off?

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

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<v Speaker 2>very good. Can anyone name the third?

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<v Speaker 1>Not for points?

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<v Speaker 3>I know?

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<v Speaker 2>No? Close? You're good that you did though too, that

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<v Speaker 2>you did it's another flow getter, constant guy I V

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<v Speaker 2>V Yeah, there you go.

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<v Speaker 1>Nice work. Okay.

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<v Speaker 2>Okay, so that means Team A got to there?

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<v Speaker 3>Okay, brutal, are you going to get it right?

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<v Speaker 1>Yes? Yes, Now it's.

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<v Speaker 3>Definitely gonna go T L T right and then we

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<v Speaker 3>were going to confer.

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<v Speaker 1>Okay, Question number nine, which country is home to the

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<v Speaker 1>biggest e t F outside of North America?

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<v Speaker 2>Mm hmm, you guys are so u eccentric?

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<v Speaker 1>Need a shot clock? It gets kind of awkward here,

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<v Speaker 1>Dead air at some point. Okay, question or Team A

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<v Speaker 1>is going to go for it. It's got to be China.

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<v Speaker 1>Oh wrong.

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<v Speaker 2>A noise for the wrong. It is Japan, but you

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<v Speaker 2>didn't just.

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<v Speaker 1>Thinking it's Japan. Here's Japan.

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

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<v Speaker 2>those Asia tickers one three zero six. JP somehow has

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<v Speaker 2>awful one hundred and thirty eight billion dollars. Japan loves

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<v Speaker 2>that guy. It's like number seven if you go all

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<v Speaker 2>globals assets.

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<v Speaker 1>Pretty igh stumped them Japan in question China. Question number ten?

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<v Speaker 2>Hold on, who just missed it? Do I got to

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<v Speaker 2>subtract you?

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<v Speaker 1>See?

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<v Speaker 2>Okay, you lose a point on It's tied up.

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<v Speaker 3>Now we wanted to give them a fight. Wait, what

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<v Speaker 3>are we fighting for?

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<v Speaker 2>Sushi? Lunch?

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<v Speaker 3>Right right?

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<v Speaker 2>Joel and Eric?

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<v Speaker 1>Question ten? Which company stock is owned by the largest

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<v Speaker 1>number of US domiciled ETFs?

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<v Speaker 2>Team B Apple.

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<v Speaker 1>I'm going to go Tesla wrong. Wow, double strikes.

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<v Speaker 2>The answer is Microsoft. This is so fun.

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<v Speaker 3>I'm learning.

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<v Speaker 2>Let me give you the.

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<v Speaker 1>Numbers so my audience can attle from here on out

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<v Speaker 1>if I have.

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<v Speaker 2>Some humiliating our Microsoft is owned by five hundred and

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<v Speaker 2>thirty three US ETF that seventeen percent of the total.

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

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<v Speaker 2>Tesla is a lot lower. Actually, wow, I thought it

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<v Speaker 2>was Apple too, to be honest. So you both lost

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<v Speaker 2>the point.

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<v Speaker 3>Cool, so we're still tied.

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<v Speaker 2>Yep, there's three to three.

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<v Speaker 3>As long as we're a brush negative, I think will

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<v Speaker 3>be considered that a victory.

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<v Speaker 1>All right. Question eleven. Black Rock has the most ETFs

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<v Speaker 1>with four hundred and nineteen. Who has the second most

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<v Speaker 1>team in Pasco? Correct? Wow? Do you know how many?

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<v Speaker 3>It's two hundred and six?

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<v Speaker 1>Well, seventeen, that is.

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<v Speaker 2>I thought you all would miss that. I wouldn't get

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<v Speaker 2>State Street. But Invesco is right. But guess what First

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<v Speaker 2>Trust is only two behind him? Did you just look

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<v Speaker 2>at that number? Now?

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<v Speaker 3>All?

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<v Speaker 2>Yeah?

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<v Speaker 1>I like that.

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<v Speaker 2>That is it's almost a three pointer.

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<v Speaker 1>Very good? Okay, okay. Question twelve, which three E t

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<v Speaker 1>F brands are now part of Invesco GM it's new

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<v Speaker 1>strategy buzz then figure it out power shares?

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<v Speaker 2>Yes, uh, uh, Oppenheimer and Gugenheim. Correct, yes, nice, we

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

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<v Speaker 2>little bit of an edge there. But I think that's

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<v Speaker 2>a doable one. Todd knew it also, I was gonna

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<v Speaker 2>go with right X is a fourth one? Yeah? Extra credit?

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<v Speaker 2>Right X is part of the is it extra credit

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<v Speaker 2>for him on the side? Okay, feel good? Extra credit

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<v Speaker 2>psychic psychic point yeah?

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<v Speaker 3>Okay, so hold on.

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<v Speaker 2>So that's two more for a So that's seven to three.

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<v Speaker 3>I think the power goes out or something, okay.

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<v Speaker 1>Question thirteen. Who was Nate mose right hand man when

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<v Speaker 1>creating the first ETF spy team?

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<v Speaker 3>Jim Ross?

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<v Speaker 2>I can't think of his name?

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<v Speaker 1>Now?

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<v Speaker 3>Who were the I can't think? Can you describe him?

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<v Speaker 2>No's they talk about me but I don't want.

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<v Speaker 3>To do Sorry, I got I got cocky. I don't know.

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<v Speaker 1>Will you be answering tm B?

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<v Speaker 2>We're passing you guys need to read my first book,

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

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<v Speaker 2>he's out of the industry now, but he worked at

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<v Speaker 2>AMEX with Now Jim Ross came along and he did

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<v Speaker 2>the first creation for spy.

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<v Speaker 3>Even he was the coffee guy at first.

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<v Speaker 2>He was a little down the road. Wait, how many

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<v Speaker 2>points you lose with that one?

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<v Speaker 1>Just one? Just one?

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<v Speaker 3>In fact, No, we didn't lose any points. No, you

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<v Speaker 3>got sixty three hose clever.

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<v Speaker 1>Okay, okay, okay. This would be the last question of

0:12:07.440 --> 0:12:12.719
<v Speaker 1>round two. What was the last ETF to win the

0:12:12.880 --> 0:12:17.800
<v Speaker 1>annual flow crown that wasn't a Vanguard or black Rock ETF?

0:12:20.720 --> 0:12:23.319
<v Speaker 1>Team a figure buzzing to figure it out.

0:12:24.880 --> 0:12:26.280
<v Speaker 2>I don't want to wait till they get it wrong.

0:12:31.559 --> 0:12:33.480
<v Speaker 1>You might have to start penalizing this move.

0:12:35.160 --> 0:12:36.520
<v Speaker 2>Come on, you go for it for you.

0:12:37.559 --> 0:12:41.079
<v Speaker 1>I think it's d x J correct correct. Which is

0:12:41.960 --> 0:12:45.480
<v Speaker 1>can you get the year two thousand and fifteen.

0:12:45.160 --> 0:12:48.000
<v Speaker 2>Thirteen ten years ago? It's been a ten year run

0:12:48.040 --> 0:12:49.040
<v Speaker 2>for Vanguard and black Rock.

0:12:49.440 --> 0:12:50.559
<v Speaker 3>That's a good headline. Thank you.

0:12:51.520 --> 0:12:52.360
<v Speaker 1>There's a lot of temptation.

0:12:52.440 --> 0:12:54.600
<v Speaker 3>It will make my year endpiece slightly more interesting.

0:12:59.520 --> 0:13:03.800
<v Speaker 2>So team has eight and Team B has three. But

0:13:03.880 --> 0:13:05.160
<v Speaker 2>now every question is worth three points.

0:13:05.240 --> 0:13:05.480
<v Speaker 1>Okay.

0:13:05.559 --> 0:13:07.360
<v Speaker 2>So this is where two of these come on.

0:13:07.559 --> 0:13:09.640
<v Speaker 1>Is where it gets really serious and the questions get

0:13:09.640 --> 0:13:13.079
<v Speaker 1>a little bit harder. I know, I know. How do

0:13:13.080 --> 0:13:15.319
<v Speaker 1>you guys feel? How do you feel good?

0:13:15.559 --> 0:13:17.600
<v Speaker 2>Keep in mind, by the way, keep in mind, if

0:13:17.679 --> 0:13:20.040
<v Speaker 2>you miss a three point question, you still lose one point.

0:13:20.520 --> 0:13:22.079
<v Speaker 2>As the stakes get hired, almost gets.

0:13:21.880 --> 0:13:24.160
<v Speaker 1>There's something in your interest to have some strategy to

0:13:24.240 --> 0:13:27.000
<v Speaker 1>consider here, t B, how do you feel not great?

0:13:27.040 --> 0:13:29.120
<v Speaker 1>How do you feel great? Strategy of buzzing and then

0:13:29.200 --> 0:13:29.800
<v Speaker 1>figuring it out.

0:13:29.800 --> 0:13:31.120
<v Speaker 3>It seems like it's working for two.

0:13:31.600 --> 0:13:33.720
<v Speaker 1>Do you have to learn from that? Yeah? Yeah, Shoot,

0:13:33.760 --> 0:13:35.080
<v Speaker 1>first ask questions.

0:13:35.840 --> 0:13:39.079
<v Speaker 2>No, then you talk for ten minutes, and then you

0:13:39.160 --> 0:13:41.600
<v Speaker 2>then answer the question. All right from now on, only

0:13:41.640 --> 0:13:43.400
<v Speaker 2>like three to four seconds of conference.

0:13:43.440 --> 0:13:49.520
<v Speaker 1>Okay, okay. Question fifteen, what is the largest ETF of ETFs?

0:13:51.240 --> 0:13:58.040
<v Speaker 3>Oh, that's a good question, and I don't know the answer, TMB.

0:13:58.559 --> 0:14:01.240
<v Speaker 2>I think it's V thinks focus.

0:14:01.720 --> 0:14:02.880
<v Speaker 3>That sounds great, let's do it.

0:14:03.240 --> 0:14:07.640
<v Speaker 2>I think it's f V very good. Right back in

0:14:07.760 --> 0:14:10.839
<v Speaker 2>the game. Yeah, wow, Daniel Jones throwing an eighty yard

0:14:10.920 --> 0:14:11.480
<v Speaker 2>touchdown pass.

0:14:11.800 --> 0:14:15.840
<v Speaker 3>I was about to say that. No, it wasn't.

0:14:17.240 --> 0:14:17.920
<v Speaker 2>Eight to six.

0:14:18.800 --> 0:14:19.240
<v Speaker 3>That's good.

0:14:20.320 --> 0:14:20.920
<v Speaker 2>That was a tough one.

0:14:21.920 --> 0:14:26.920
<v Speaker 1>Okay. Question sixteen, which firm today has the most active

0:14:27.160 --> 0:14:28.560
<v Speaker 1>ETF assets?

0:14:29.960 --> 0:14:31.600
<v Speaker 3>Team B dimentional?

0:14:32.240 --> 0:14:35.280
<v Speaker 2>Yes, wow, nice, look at you guys now you're in

0:14:35.320 --> 0:14:35.680
<v Speaker 2>the lead.

0:14:35.840 --> 0:14:36.040
<v Speaker 1>Wow.

0:14:36.200 --> 0:14:38.000
<v Speaker 3>I like that because you guys probably thought it was

0:14:38.040 --> 0:14:40.920
<v Speaker 3>a trick question because you thought we'd say JP Morgan.

0:14:41.720 --> 0:14:42.640
<v Speaker 2>But that's whose number two.

0:14:42.800 --> 0:14:45.160
<v Speaker 3>I know, I know, no, yeah, you do know?

0:14:45.520 --> 0:14:47.680
<v Speaker 1>Okay, Well, teammate, what does it feel like to have

0:14:47.760 --> 0:14:50.040
<v Speaker 1>that leads away on you like that? And two questions

0:14:50.080 --> 0:14:53.400
<v Speaker 1>around I'm.

0:14:52.280 --> 0:14:53.320
<v Speaker 3>Kind of falling apart here.

0:14:55.760 --> 0:14:57.720
<v Speaker 1>Runs. Don't let team be in your head.

0:15:00.040 --> 0:15:00.240
<v Speaker 2>Whatever?

0:15:00.440 --> 0:15:02.200
<v Speaker 3>Yeah, you know, I was just warming up, honestly.

0:15:02.560 --> 0:15:07.840
<v Speaker 1>Okay. Question seventeen, which year saw the most ETF launches

0:15:08.000 --> 0:15:08.760
<v Speaker 1>in the US.

0:15:12.160 --> 0:15:13.000
<v Speaker 3>Surely we know this.

0:15:14.800 --> 0:15:19.360
<v Speaker 1>Will team be figured out some struggles with the buzzer.

0:15:19.160 --> 0:15:22.080
<v Speaker 3>Team B thinking someone yeah twenty one.

0:15:22.160 --> 0:15:25.800
<v Speaker 1>No, Team B got it with twenty twenty one, correct,

0:15:26.400 --> 0:15:28.520
<v Speaker 1>by the way, So I ran these I thought this

0:15:28.600 --> 0:15:29.080
<v Speaker 1>was interesting.

0:15:29.160 --> 0:15:32.120
<v Speaker 2>Three ninety six twenty twenty two was three ninety three though,

0:15:32.160 --> 0:15:34.360
<v Speaker 2>so it was an edge above that year that was

0:15:34.440 --> 0:15:36.640
<v Speaker 2>the hesitation. This year there's three forty eight, So this

0:15:36.760 --> 0:15:37.760
<v Speaker 2>year could break the record.

0:15:37.600 --> 0:15:40.680
<v Speaker 3>Believe, Yeah, which is weird. Yeah, because there's also been

0:15:40.680 --> 0:15:41.520
<v Speaker 3>a lot of closures.

0:15:41.640 --> 0:15:44.760
<v Speaker 2>Yeah, okay, so a lot of launches basically the last

0:15:44.760 --> 0:15:45.680
<v Speaker 2>three years, about a thousand.

0:15:45.800 --> 0:15:50.960
<v Speaker 1>This this one's interesting, little spicy number eighteen. ARC has

0:15:51.120 --> 0:15:54.800
<v Speaker 1>two ETFs that are not actively managed? Can you name them?

0:15:54.840 --> 0:15:55.040
<v Speaker 2>Both?

0:15:55.960 --> 0:15:59.240
<v Speaker 1>Team A p r NT that's one and.

0:15:59.600 --> 0:16:02.560
<v Speaker 2>I r L very well on top of that. Wow,

0:16:02.680 --> 0:16:06.040
<v Speaker 2>So that's three D printing and the Israeli innovation.

0:16:06.600 --> 0:16:09.800
<v Speaker 1>And obviously our Kathy Woods shop famous for being active.

0:16:09.840 --> 0:16:12.480
<v Speaker 3>It's amazing that they have a three D printing UTF. Yeah,

0:16:12.560 --> 0:16:14.600
<v Speaker 3>it's amazing that it's been around as long as it can.

0:16:14.760 --> 0:16:17.320
<v Speaker 2>We got a ballgame roll. This is Team A has eleven,

0:16:17.360 --> 0:16:18.160
<v Speaker 2>TEAMBS twelve.

0:16:18.360 --> 0:16:21.080
<v Speaker 3>Alright, alright, nineteen.

0:16:22.280 --> 0:16:24.160
<v Speaker 1>I didn't think what happens if it's a tie? Lunch

0:16:24.200 --> 0:16:25.280
<v Speaker 1>gets a little bit more expensive.

0:16:25.320 --> 0:16:27.680
<v Speaker 2>Well, the final jeopardy we show, we'll figure it out.

0:16:27.960 --> 0:16:29.320
<v Speaker 2>I can think of a last minute question.

0:16:29.680 --> 0:16:34.360
<v Speaker 1>Break the tie number nineteen. The only ETF to surpass

0:16:34.480 --> 0:16:38.640
<v Speaker 1>spy and assets was GLD. I don't even know this question.

0:16:39.040 --> 0:16:41.080
<v Speaker 2>Hold on you, guys in this case, I get it.

0:16:41.520 --> 0:16:42.160
<v Speaker 2>Wait till the end.

0:16:42.200 --> 0:16:43.480
<v Speaker 1>I think they should both lose one.

0:16:43.720 --> 0:16:48.760
<v Speaker 2>I agree, doctor, just to make a point, just to

0:16:48.800 --> 0:16:51.360
<v Speaker 2>make this point, just to my kids, send a message,

0:16:51.440 --> 0:16:54.920
<v Speaker 2>natural consequences message. Okay, ten to eleven.

0:16:55.040 --> 0:16:58.720
<v Speaker 1>Now now again, Now I'll finish the question. I mean,

0:16:58.760 --> 0:17:02.720
<v Speaker 1>if you want to go ahead. The only e t

0:17:02.920 --> 0:17:06.520
<v Speaker 1>F to surpass spy in assets was g l D,

0:17:07.240 --> 0:17:10.640
<v Speaker 1>and it did it for only one day in which year?

0:17:14.920 --> 0:17:18.439
<v Speaker 3>Shoot? I think you should just go for a might

0:17:18.480 --> 0:17:18.880
<v Speaker 3>as well.

0:17:20.359 --> 0:17:23.040
<v Speaker 1>Team B taunting but not even thinking about it. Well,

0:17:23.080 --> 0:17:26.280
<v Speaker 1>maybe I'm encouraging, Maybe Todd is. There's a lot of

0:17:26.320 --> 0:17:30.040
<v Speaker 1>silence whispering. I don't we would be the shot clock

0:17:30.080 --> 0:17:31.439
<v Speaker 1>gonna run out here, I can't remember.

0:17:31.920 --> 0:17:32.159
<v Speaker 3>Why not?

0:17:32.920 --> 0:17:34.600
<v Speaker 1>Oh, team bow all right?

0:17:34.680 --> 0:17:40.680
<v Speaker 2>Two thousand and four, noa off launch. Yeah, kind that's

0:17:40.680 --> 0:17:42.520
<v Speaker 2>when it got a billion in the first three days.

0:17:42.520 --> 0:17:45.080
<v Speaker 1>That's your famous okay, minus minus one teammate you want

0:17:45.080 --> 0:17:48.320
<v Speaker 1>to try. That's one year of many off the board

0:17:48.440 --> 0:17:50.960
<v Speaker 1>that you could choose from since they lost one.

0:17:51.440 --> 0:17:53.320
<v Speaker 3>Do we get answer?

0:17:53.880 --> 0:17:53.920
<v Speaker 2>No?

0:17:54.040 --> 0:17:54.720
<v Speaker 1>What's just stuff?

0:17:54.800 --> 0:17:55.000
<v Speaker 3>Yeah?

0:17:55.200 --> 0:17:59.760
<v Speaker 1>Okay, all right. Twenty eleven I would have said financial

0:17:59.800 --> 0:18:00.760
<v Speaker 1>cris time it.

0:18:00.800 --> 0:18:04.480
<v Speaker 2>Took how to get assets? Yeah, twenty eleven was off.

0:18:04.600 --> 0:18:06.400
<v Speaker 2>I think the European deck crisis were spy loss.

0:18:06.400 --> 0:18:09.920
<v Speaker 3>So I'm claud We took a shot ten to ten.

0:18:10.920 --> 0:18:12.320
<v Speaker 2>It's like a real football game ten ten.

0:18:12.400 --> 0:18:15.680
<v Speaker 1>Okay, all right, Question twenty. I love this one.

0:18:16.320 --> 0:18:16.800
<v Speaker 2>I do too.

0:18:17.720 --> 0:18:22.560
<v Speaker 1>What is the best returning ETF of all time? Team?

0:18:22.600 --> 0:18:26.480
<v Speaker 1>A very little delay and now a huddle.

0:18:26.920 --> 0:18:31.120
<v Speaker 2>Hold on before you answer, you know we're talking about

0:18:31.119 --> 0:18:32.359
<v Speaker 2>all ETFs.

0:18:34.320 --> 0:18:34.480
<v Speaker 3>Them.

0:18:34.640 --> 0:18:39.120
<v Speaker 2>Yes, okay, t QQQ wrong. Good guess but wrong.

0:18:40.240 --> 0:18:42.879
<v Speaker 1>No, it was I don't know it is a teammate

0:18:44.160 --> 0:18:46.560
<v Speaker 1>falls behind Team B. I'm going to figure it out.

0:18:47.240 --> 0:18:48.360
<v Speaker 3>I think we should pass here.

0:18:48.440 --> 0:18:50.359
<v Speaker 1>Yes, okay, Eric, you want to tell him?

0:18:50.760 --> 0:18:55.800
<v Speaker 2>Yeah, the correct answer is teckl ECL. It's up fourteen

0:18:56.520 --> 0:19:00.560
<v Speaker 2>six percent since launching in December two thousand and eight.

0:19:00.840 --> 0:19:01.080
<v Speaker 1>Wow.

0:19:01.200 --> 0:19:03.399
<v Speaker 2>So it launched at the perfect time. T QQQ is

0:19:03.400 --> 0:19:05.879
<v Speaker 2>going on better runs. But when you launched at the

0:19:06.000 --> 0:19:08.600
<v Speaker 2>end of the financial crisis, you caught the whole move up.

0:19:08.880 --> 0:19:10.840
<v Speaker 2>Tqq is only half that, believe it or not.

0:19:11.160 --> 0:19:14.720
<v Speaker 1>Wow. So we go from ten ten to nine ten.

0:19:15.080 --> 0:19:19.000
<v Speaker 1>Team A behind we and we have this is our

0:19:19.680 --> 0:19:22.520
<v Speaker 1>final question before final jeopardy.

0:19:23.280 --> 0:19:24.240
<v Speaker 3>Alright, is it tough?

0:19:24.640 --> 0:19:26.720
<v Speaker 2>So? I think it was. I thought of it though.

0:19:26.800 --> 0:19:30.840
<v Speaker 3>What's the answer? Come on?

0:19:31.000 --> 0:19:34.520
<v Speaker 1>Okay? So this is number twenty one? Okay, slightly different.

0:19:35.359 --> 0:19:38.879
<v Speaker 1>What does iop V stand for?

0:19:40.840 --> 0:19:41.000
<v Speaker 2>Oh?

0:19:44.600 --> 0:19:46.280
<v Speaker 3>I don't even know what, though, Dave not. It's going

0:19:46.359 --> 0:19:49.440
<v Speaker 3>to be so mad that I don't know this good

0:19:49.480 --> 0:19:51.440
<v Speaker 3>thing he's not here? Is that a tick or what

0:19:51.600 --> 0:19:51.760
<v Speaker 3>is it?

0:19:54.240 --> 0:19:59.160
<v Speaker 1>Just stay quiet, Just stay quiet, Eric, No, we might

0:19:59.600 --> 0:20:03.960
<v Speaker 1>need to call it unless Team A wants to attempt to.

0:20:04.040 --> 0:20:06.560
<v Speaker 3>Catch up here if they want to be legends, you know.

0:20:06.680 --> 0:20:11.840
<v Speaker 1>Yeah, I mean there will be perhaps names Chiselden, Granted

0:20:11.960 --> 0:20:15.280
<v Speaker 1>or something over this. I think we should call it.

0:20:15.440 --> 0:20:19.280
<v Speaker 2>Yeah, okay, Eric, So this is the official name for

0:20:19.320 --> 0:20:22.240
<v Speaker 2>what's called the I NAV. Yeah, and the answer is

0:20:22.840 --> 0:20:25.159
<v Speaker 2>I got a look because I always forget it indicated

0:20:25.280 --> 0:20:28.320
<v Speaker 2>optimized portfolio value, which is like, what's the value right

0:20:28.359 --> 0:20:33.679
<v Speaker 2>now of the baskets the it's the Tuxedo Pooh version

0:20:33.800 --> 0:20:34.719
<v Speaker 2>of the IAV name.

0:20:34.880 --> 0:20:38.480
<v Speaker 3>Basically, that's never that information has never been in my brain.

0:20:44.680 --> 0:20:47.479
<v Speaker 1>Eric, where through twenty one questions, what is our standing?

0:20:47.920 --> 0:20:49.880
<v Speaker 2>Team A has nine, Team B has ten.

0:20:50.640 --> 0:20:52.920
<v Speaker 1>This is way closer than I expected. I don't know

0:20:52.960 --> 0:20:54.960
<v Speaker 1>who I expected to be in the lead, but yeah,

0:20:55.200 --> 0:20:57.200
<v Speaker 1>and we've almost had a tie and then Team A

0:20:57.480 --> 0:20:59.480
<v Speaker 1>just couldn't quite hold it together.

0:20:59.720 --> 0:21:02.760
<v Speaker 2>Yeah, yeah, I mean, now it's really anybody's game. You

0:21:02.800 --> 0:21:05.400
<v Speaker 2>guys are within you know, you're basically within one point.

0:21:05.520 --> 0:21:08.240
<v Speaker 2>So so the way this is gonna work is Joel's

0:21:08.240 --> 0:21:11.200
<v Speaker 2>gonna ask the question. You guys aren't buzzing anything. You're

0:21:11.240 --> 0:21:13.879
<v Speaker 2>gonna confer with yourselves and write down a piece of paper,

0:21:14.200 --> 0:21:16.360
<v Speaker 2>A what the answer is, and B how much you're

0:21:16.359 --> 0:21:18.119
<v Speaker 2>gonna wager of your ten points?

0:21:18.240 --> 0:21:19.440
<v Speaker 3>We don't have to participate.

0:21:19.480 --> 0:21:21.919
<v Speaker 2>If we don't, you can put zero. But if they

0:21:22.359 --> 0:21:26.200
<v Speaker 2>they wager three two, they would win if you wager zero.

0:21:26.760 --> 0:21:28.399
<v Speaker 2>So there's two things going on here. Do you know

0:21:28.480 --> 0:21:30.760
<v Speaker 2>the answer? And what are they gonna do? So this

0:21:30.920 --> 0:21:33.159
<v Speaker 2>is like like a couple of dimensions.

0:21:32.720 --> 0:21:36.080
<v Speaker 3>Of what is our score?

0:21:36.200 --> 0:21:36.960
<v Speaker 1>Here is our final?

0:21:37.080 --> 0:21:40.520
<v Speaker 2>You have nine points the way you have ten nine

0:21:41.040 --> 0:21:42.480
<v Speaker 2>with for team A.

0:21:42.760 --> 0:21:48.400
<v Speaker 1>Team B has ten points to wage with. How many

0:21:48.520 --> 0:22:01.240
<v Speaker 1>ETFs has Vanguard closed ten nine, eight, seven, six, five,

0:22:02.640 --> 0:22:04.560
<v Speaker 1>four three?

0:22:04.720 --> 0:22:05.399
<v Speaker 3>We want to do that.

0:22:07.760 --> 0:22:12.359
<v Speaker 1>One? All right, let's put those pencils down.

0:22:13.520 --> 0:22:17.080
<v Speaker 2>Take another two seconds. You want this to be right. Two?

0:22:18.000 --> 0:22:23.240
<v Speaker 1>All right, now, pencils down. Team A. I want to

0:22:23.320 --> 0:22:25.840
<v Speaker 1>hear from you first, how many points did you wager?

0:22:27.520 --> 0:22:29.120
<v Speaker 1>You do have to answer when I ask you a question?

0:22:29.400 --> 0:22:32.119
<v Speaker 1>How many points did you wager? D We put it

0:22:32.160 --> 0:22:35.320
<v Speaker 1>all on the line, all not all? Note and your

0:22:35.359 --> 0:22:40.320
<v Speaker 1>answer is two. Eric ahead, let's let's do Team B.

0:22:40.560 --> 0:22:42.639
<v Speaker 3>We also said too, and we put two points.

0:22:43.840 --> 0:22:47.200
<v Speaker 1>So Eric, let's do some quick math. That was wrong.

0:22:47.280 --> 0:22:49.720
<v Speaker 1>First of all, Team A wipe themselves down.

0:22:50.320 --> 0:22:53.639
<v Speaker 2>It's one. The answer is one it's the Vanguard Liquidity

0:22:53.760 --> 0:22:54.560
<v Speaker 2>Factor et.

0:22:54.880 --> 0:22:57.800
<v Speaker 3>Yeah, but that was their first US closure.

0:22:59.560 --> 0:23:02.520
<v Speaker 1>US the japan one.

0:23:03.200 --> 0:23:06.680
<v Speaker 2>Yeah, but I mean I don't know, Like it's okay,

0:23:06.760 --> 0:23:09.040
<v Speaker 2>we went anyway, that's true.

0:23:09.160 --> 0:23:14.120
<v Speaker 3>Well no, we said too as well. We waged nine,

0:23:14.560 --> 0:23:15.920
<v Speaker 3>so if we got it right, then we would have

0:23:16.040 --> 0:23:17.159
<v Speaker 3>been we would have.

0:23:17.160 --> 0:23:18.480
<v Speaker 1>Gone Eric and.

0:23:20.920 --> 0:23:21.200
<v Speaker 2>Hold on.

0:23:21.320 --> 0:23:26.800
<v Speaker 1>I love this ending. This is exactly what list script,

0:23:27.480 --> 0:23:29.000
<v Speaker 1>you know. I think the outcome here is like we

0:23:29.160 --> 0:23:29.879
<v Speaker 1>just have to buy them all.

0:23:30.480 --> 0:23:32.679
<v Speaker 3>Yeah, I like, yeah, we all win.

0:23:33.640 --> 0:23:36.440
<v Speaker 1>Well, maybe I'm gonna takehim around.

0:23:36.880 --> 0:23:40.000
<v Speaker 2>Answered in the US is one, yes, yeah, there was

0:23:40.040 --> 0:23:43.320
<v Speaker 2>another one. We all for talk and we're just talking, talking,

0:23:43.400 --> 0:23:47.159
<v Speaker 2>talking months after months after months. We all expected to

0:23:47.200 --> 0:23:49.160
<v Speaker 2>be US unless we say global.

0:23:49.240 --> 0:23:51.680
<v Speaker 3>But you said earlier you had a question that was

0:23:51.880 --> 0:23:55.760
<v Speaker 3>all and then you and I you're so US centric.

0:23:55.920 --> 0:23:57.760
<v Speaker 1>So so it's like black Eye for hair, which is

0:23:57.800 --> 0:24:00.240
<v Speaker 1>a great way to end. It's not going to give.

0:24:00.840 --> 0:24:04.120
<v Speaker 1>So I think there's a slight win for a team

0:24:04.240 --> 0:24:06.159
<v Speaker 1>B here, but like barely, it's not one that they

0:24:06.240 --> 0:24:06.880
<v Speaker 1>get to brag about.

0:24:06.920 --> 0:24:09.320
<v Speaker 2>Really, I don't with another come up with another question

0:24:09.480 --> 0:24:09.800
<v Speaker 2>right now?

0:24:09.920 --> 0:24:12.040
<v Speaker 3>Yeah, we had this, we had to answer.

0:24:12.160 --> 0:24:12.800
<v Speaker 1>We take a break and.

0:24:17.280 --> 0:24:18.960
<v Speaker 2>Have this weird, or we could just or I could

0:24:19.000 --> 0:24:19.320
<v Speaker 2>come back.

0:24:19.520 --> 0:24:21.840
<v Speaker 1>I feel like we should arm wrestle or something. So

0:24:21.960 --> 0:24:23.280
<v Speaker 1>there's got to be a win. Why don't we do

0:24:23.440 --> 0:24:27.120
<v Speaker 1>a bonus round, same rules, and Eric and I will

0:24:27.160 --> 0:24:28.720
<v Speaker 1>confer for a moment and we'll see if we can

0:24:28.840 --> 0:24:30.600
<v Speaker 1>end this. Do they get the same point total that

0:24:30.640 --> 0:24:32.159
<v Speaker 1>they had? We're just gonna scrub that one.

0:24:32.280 --> 0:24:34.719
<v Speaker 2>Would just scrubbed the whole question, Throw it out? Does

0:24:34.760 --> 0:24:35.920
<v Speaker 2>everybody agree to judge?

0:24:35.960 --> 0:24:36.400
<v Speaker 1>Throw it out?

0:24:36.560 --> 0:24:36.840
<v Speaker 3>Okay?

0:24:37.040 --> 0:24:39.600
<v Speaker 1>Good, all right, we'll try again. Eric and I will

0:24:39.640 --> 0:24:41.960
<v Speaker 1>step outside, will be that's my favorite ticker, and then

0:24:42.000 --> 0:24:49.560
<v Speaker 1>you judge which one you think is the best. We

0:24:49.680 --> 0:24:51.399
<v Speaker 1>had a couple more questions. Yeah, we put on the

0:24:51.560 --> 0:24:54.399
<v Speaker 1>sidelines like B sides. We're going to bring one of

0:24:54.440 --> 0:24:57.159
<v Speaker 1>them out and it will be our new final jeopardy.

0:24:57.280 --> 0:24:59.600
<v Speaker 1>So I think everybody's still going to get a sushi lines.

0:24:59.640 --> 0:25:04.000
<v Speaker 1>But there's like another one that comes sometime in the future.

0:25:04.400 --> 0:25:06.760
<v Speaker 1>Here's the question. We're gonna do the same exact thing.

0:25:06.920 --> 0:25:11.040
<v Speaker 1>So Team A still has nine points, Team B still

0:25:11.119 --> 0:25:14.040
<v Speaker 1>has ten points. You can wager as many as you

0:25:14.160 --> 0:25:17.600
<v Speaker 1>want of those points. What was the fastest et F

0:25:17.760 --> 0:25:21.119
<v Speaker 1>to reach one billion in assets organically.

0:25:21.240 --> 0:25:28.000
<v Speaker 3>Mm hmm ten nine still all seven.

0:25:28.960 --> 0:25:40.680
<v Speaker 1>Six, five, four three two yeah one. Team B finished

0:25:40.840 --> 0:25:45.159
<v Speaker 1>considerably early. Katie Greifield has her arms folded and crossed

0:25:45.200 --> 0:25:45.840
<v Speaker 1>in front of her.

0:25:47.600 --> 0:25:48.040
<v Speaker 2>Team A.

0:25:48.200 --> 0:25:50.320
<v Speaker 1>You're still behind. Let's hear how many points you wagered?

0:25:51.400 --> 0:25:52.239
<v Speaker 1>We wagered it all?

0:25:52.640 --> 0:25:52.840
<v Speaker 3>Wow?

0:25:53.640 --> 0:25:54.840
<v Speaker 1>Doubling down again?

0:25:55.480 --> 0:25:56.480
<v Speaker 2>So all nine points?

0:25:57.160 --> 0:26:01.600
<v Speaker 1>Team B, how much did you wager ten? Everybody's doubling down?

0:26:01.840 --> 0:26:02.720
<v Speaker 3>This is it? This is it?

0:26:03.040 --> 0:26:06.480
<v Speaker 2>So, so we won't say he's correct until you both answer, though.

0:26:06.480 --> 0:26:09.359
<v Speaker 1>Okay, we want to go first. Okay, Team A, you

0:26:09.480 --> 0:26:11.600
<v Speaker 1>still get to answer first. What is it? We said? Bido?

0:26:12.000 --> 0:26:13.520
<v Speaker 1>And Team B biddoh.

0:26:17.000 --> 0:26:19.639
<v Speaker 2>Katie's from the right side of the track. Yeah, he says, bido.

0:26:20.840 --> 0:26:21.600
<v Speaker 2>What is that like?

0:26:21.720 --> 0:26:25.959
<v Speaker 1>Okay, so, so Eric, what's the what's the answer here?

0:26:26.960 --> 0:26:27.360
<v Speaker 2>Biddoh?

0:26:27.800 --> 0:26:28.000
<v Speaker 1>Yeah?

0:26:28.320 --> 0:26:32.800
<v Speaker 2>So this team won? No, No one says, I don't

0:26:32.840 --> 0:26:35.360
<v Speaker 2>have to subtract a point or two? Got the pointy?

0:26:35.760 --> 0:26:36.760
<v Speaker 2>Yeah you did, so you.

0:26:39.240 --> 0:26:42.840
<v Speaker 1>Nicejongratulations At least you all kind of an asterisk squin,

0:26:43.520 --> 0:26:45.160
<v Speaker 1>but I think you went farren square.

0:26:45.359 --> 0:26:48.240
<v Speaker 2>Yeah, good job, and wait not to say you know

0:26:48.320 --> 0:26:50.760
<v Speaker 2>how to put organically in there so you wouldn't bust

0:26:50.840 --> 0:26:53.440
<v Speaker 2>my chops with the stupid black rockey. They put a

0:26:53.480 --> 0:26:54.360
<v Speaker 2>billion in on day one.

0:26:54.680 --> 0:26:56.320
<v Speaker 3>I like that you're trashing him at the end.

0:26:57.160 --> 0:26:59.520
<v Speaker 1>He had to get that. I had to put her

0:27:00.080 --> 0:27:03.240
<v Speaker 1>or we'd had another controversy on I can't wait to

0:27:04.680 --> 0:27:08.040
<v Speaker 1>Laura Athanasios, Katie Todd, thanks so much for joining us

0:27:08.080 --> 0:27:08.560
<v Speaker 1>on Trillions.

0:27:08.760 --> 0:27:11.440
<v Speaker 3>Thank you, thanks for having us, Thanks for having us.

0:27:15.520 --> 0:27:18.480
<v Speaker 1>Thanks for listening to Trillions until next time. You can

0:27:18.520 --> 0:27:23.359
<v Speaker 1>find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcasts, Spotify,

0:27:24.000 --> 0:27:26.399
<v Speaker 1>or wherever else you'd like to listen. We'd love to

0:27:26.480 --> 0:27:29.800
<v Speaker 1>hear from you. We're on Twitter. I'm at Joel Webber Show.

0:27:30.240 --> 0:27:34.879
<v Speaker 1>He's at Eric Balchunas. This episode of Trillions was produced

0:27:34.880 --> 0:27:37.040
<v Speaker 1>by Magnus and Drickson. Bye