WEBVTT - The Best ETF Launch of 2025 0:00:02.480 --> 0:00:13.239 Bloomberg Audio Studios, Podcasts, Radio News. 0:00:14.000 --> 0:00:14.720 Welcome to Trillions. 0:00:14.720 --> 0:00:17.160 I'm Joel Webber and I'm Eric Belchunis Eric. 0:00:17.200 --> 0:00:21.239 We have not had a big group episode of Trillions 0:00:21.239 --> 0:00:22.880 for a long time, but we're going to do it today. 0:00:23.440 --> 0:00:25.000 We are, Yeah, we were due. 0:00:25.040 --> 0:00:25.560 We're going to. 0:00:25.560 --> 0:00:29.880 Talk about the best new launch ETF launch of twenty 0:00:29.920 --> 0:00:32.640 twenty five. And we brought a ton of colleagues from 0:00:32.840 --> 0:00:36.199 within Bloomberg News and Bloomberg Intelligence, each of whom are 0:00:36.240 --> 0:00:40.159 going to pick their candidate and then in a battle royale, 0:00:40.159 --> 0:00:43.400 we're going to decide which one is the best pitch. 0:00:43.840 --> 0:00:44.120 Yeah. 0:00:44.159 --> 0:00:47.600 This was something that Exchange Slash inside ETFs used to 0:00:47.600 --> 0:00:50.360 do back in the day, and I participated in many times. Member, 0:00:50.479 --> 0:00:53.360 I'm still salty over not winning for the Urini ETF 0:00:53.360 --> 0:00:54.200 about four years ago. 0:00:54.400 --> 0:00:55.560 Still carrying that grudge. 0:00:55.640 --> 0:00:57.640 Yeah, but they stopped doing it, so I feel like 0:00:57.720 --> 0:00:59.920 it's a we're gonna get time and let me throw 0:01:00.200 --> 0:01:02.600 that up for years, gol. There's nine hundred and twenty 0:01:02.640 --> 0:01:05.360 launches this year in the US alone so far. So far, 0:01:05.400 --> 0:01:07.600 they'll get a little bit to daylight and two hundred 0:01:07.680 --> 0:01:11.560 or two thy four hundred worldwide. That's ten ETFs. Every day, 0:01:11.720 --> 0:01:14.400 Every forty five minutes, a new ETF is born. 0:01:14.400 --> 0:01:16.080 Somewhere in the world easily. 0:01:16.360 --> 0:01:16.560 Yeah. 0:01:16.680 --> 0:01:20.400 Yeah, it may almost double the old record. That's how 0:01:20.440 --> 0:01:21.919 many ETFs are hitting the market. 0:01:22.400 --> 0:01:25.320 Okay, we have, like I said, a large group of 0:01:25.360 --> 0:01:29.840 people here. We've got Phil, Donna Hirich, Dniza Sikova, andre 0:01:30.000 --> 0:01:37.160 yap Isabelle Lee, maybe me, Athanasio, Sarah Vegas, maybe you, 0:01:37.840 --> 0:01:41.880 and judging it all David Papadopolos, an executive editor with 0:01:41.920 --> 0:01:46.480 Bloomberg News, this time on Trillions, the Best ETF Launch 0:01:46.680 --> 0:01:52.360 twenty twenty five. Okay, so first of all, we have 0:01:52.440 --> 0:01:54.120 to bring David Papadopolos back in. 0:01:55.040 --> 0:01:57.200 David, welcome back to Trillions. Thanks Joel. 0:01:57.240 --> 0:01:59.080 It's been a while, it's been it's been a second, 0:01:59.120 --> 0:02:00.720 but we're really excited to have you back. This is 0:02:00.720 --> 0:02:03.360 also that awkward moment where we kind of give you 0:02:03.400 --> 0:02:07.000 the mic and yeah, like we're a sidekicks my show 0:02:07.080 --> 0:02:08.720 now to your show. Now, So how are you going 0:02:08.800 --> 0:02:10.480 to be judging the pitches? 0:02:12.200 --> 0:02:14.120 So I think a few criteria. 0:02:14.440 --> 0:02:18.079 I mean, obviously it feels like it should be an ETF. 0:02:18.120 --> 0:02:20.880 That's like of this moment, right, like of the current 0:02:20.919 --> 0:02:24.079 trend sort of thematic that way, hopefully an ETF that's 0:02:24.080 --> 0:02:27.200 got some stake, by the way, for those you know, 0:02:27.240 --> 0:02:29.360 for the members that there, you guys, don't don't go 0:02:29.560 --> 0:02:33.560 tweaking your changing your pitches as you as you hear this, uh, 0:02:33.600 --> 0:02:37.120 something with a little bit of staying power. And obviously 0:02:37.160 --> 0:02:41.239 marketability is super important. I guess, like listen, maybe performance 0:02:41.240 --> 0:02:43.760 so far, but it's presumably it's a it's a fairly 0:02:44.160 --> 0:02:47.000 short period of time to be judging that way. 0:02:47.120 --> 0:02:49.200 So you're the market, You're the market. 0:02:49.600 --> 0:02:50.359 I am the market. 0:02:50.440 --> 0:02:52.840 Okay, so it would appear all right, let's let's uh, 0:02:52.919 --> 0:02:53.720 let's get down to it. 0:02:53.760 --> 0:02:54.760 Who's gonna go first? 0:02:55.200 --> 0:02:59.200 First up, we have isabel Lee Cross, asset reporter here 0:02:59.200 --> 0:03:03.280 with Bloomberg. Isabelle, you have one minute, and then I 0:03:03.320 --> 0:03:05.560 will ask perhaps a follow up. 0:03:05.520 --> 0:03:10.960 Question, and Eric and I might have some commentary, might have. 0:03:10.919 --> 0:03:13.240 A snide co two which is by the way, which 0:03:13.280 --> 0:03:16.200 is a little sketch because they're also going to be 0:03:16.240 --> 0:03:18.639 pitching themselves. Don't let them get in your head. 0:03:18.840 --> 0:03:19.800 The snyder the better. 0:03:20.520 --> 0:03:24.239 Here we are, okay, okay, you are on the clock. 0:03:25.639 --> 0:03:28.560 So do you guys believe that everyone deserves a second chance, 0:03:28.680 --> 0:03:32.320 from your ex, from your enemies, from your boss. So 0:03:32.440 --> 0:03:34.040 this ETF gets point. 0:03:33.800 --> 0:03:34.280 One for that. 0:03:34.639 --> 0:03:38.200 I'm talking about the round hell Meme ETF tick Meme 0:03:38.240 --> 0:03:42.200 stock ETF ticker is meme emmy round two for that. 0:03:42.720 --> 0:03:45.720 So they're making a comeback. They closed in twenty twenty 0:03:45.760 --> 0:03:48.840 three because they didn't get enough assets and they weren't 0:03:48.880 --> 0:03:52.600 performing well basically, and then this year they relaunch and 0:03:52.640 --> 0:03:55.160 now that they're in the market. The difference is last year, 0:03:55.440 --> 0:03:59.760 last seconds, it was passive. Now it's active plus one point. 0:04:00.040 --> 0:04:03.520 Now I'm totally three. It's it's active now and they're 0:04:03.560 --> 0:04:07.360 going to use a series of quantitative and proprietary data. 0:04:07.800 --> 0:04:10.680 But basically it talked about meme and we know that 0:04:10.720 --> 0:04:13.480 meme socks entered the lexicon during the pandemic. It died 0:04:13.560 --> 0:04:15.800 on a little, but now it's back. Think open Door, 0:04:16.160 --> 0:04:20.320 krispy Kreme, think all of the recent figures that are 0:04:20.720 --> 0:04:23.200 meme ified today. So I really think that this and 0:04:23.240 --> 0:04:25.720 the basis points is sixty nine, which is not inexpensive 0:04:25.800 --> 0:04:26.520 four points for me. 0:04:27.480 --> 0:04:37.279 Yeah, all right, Meme interesting, certainly certainly topical meme stocks 0:04:37.320 --> 0:04:41.240 are indeed back open Door, krispy Kreme and a company 0:04:41.240 --> 0:04:43.599 founded by an old college buddy of mine by the 0:04:43.640 --> 0:04:49.120 name of Beyond Me. Wow. Yeah, true story over both 0:04:49.320 --> 0:04:53.640 bad basketball players on a bad college team. It's true. 0:04:53.960 --> 0:04:57.240 So lots of impact there, Yes, I know. 0:04:58.960 --> 0:04:59.359 Yourself. 0:05:00.080 --> 0:05:02.680 It's interesting about that. There's little like asterisks there that 0:05:02.720 --> 0:05:04.440 I like that you called that like it is a 0:05:04.480 --> 0:05:06.640 new launch this year, but it has been here before. 0:05:07.240 --> 0:05:07.440 Yeah. 0:05:07.480 --> 0:05:10.400 By the way, meme has a great I almost think 0:05:10.440 --> 0:05:14.120 it's an inverse indicator because it closed at the actual bottom, 0:05:14.680 --> 0:05:17.279 and then since it's launched, the market's gone down, like 0:05:17.320 --> 0:05:20.040 it might be like kind of kramer esque in its 0:05:20.040 --> 0:05:23.920 ability picked. Yeah, and bottom ticked. When it first closed, 0:05:24.200 --> 0:05:26.320 it bottom ticked, And it's interesting. 0:05:26.000 --> 0:05:28.680 That they reserved the ticker almost like they knew it 0:05:28.720 --> 0:05:31.440 was gonna make a comeback, all right. 0:05:31.520 --> 0:05:31.880 Yeah. 0:05:32.160 --> 0:05:35.400 Also, this is one of the only self lazaruses. 0:05:35.800 --> 0:05:36.040 Yeah. 0:05:36.040 --> 0:05:37.440 What I mean by that is a lot of times 0:05:37.440 --> 0:05:39.680 the ETF dies and another issue goes, ooh, let's let 0:05:39.680 --> 0:05:41.800 me try that. This is the first time where the 0:05:41.839 --> 0:05:45.120 same issuer killed the ETF and said, let's resurrect our 0:05:45.160 --> 0:05:45.840 own ETF. 0:05:45.880 --> 0:05:47.359 I've never seen that, So let's. 0:05:47.200 --> 0:05:49.080 End this podcast because I clearly went. 0:05:49.640 --> 0:05:53.320 Thank you, thank you, so I guess questions from me 0:05:54.120 --> 0:05:59.120 is uh aum so far? And I guess is about 0:05:59.160 --> 0:06:01.560 so like, just tell me your vision for this thing, 0:06:02.240 --> 0:06:09.800 giving its rocky past. Is this like a a one 0:06:09.920 --> 0:06:12.760 year ETF play, a five year ETF play, a tenure? 0:06:12.800 --> 0:06:12.880 Like? 0:06:12.920 --> 0:06:15.279 What what's what's your time horizon for this thing? What 0:06:15.320 --> 0:06:16.880 does success look like for this ETF? 0:06:17.480 --> 0:06:20.080 I feel like assets is always a success. But the 0:06:20.080 --> 0:06:22.200 past one it was just a passive ETF. It just 0:06:22.279 --> 0:06:25.159 trapped an index. Now it's active and they will rebalance 0:06:25.400 --> 0:06:27.360 every two weeks, as opposed to in the past where 0:06:27.400 --> 0:06:30.280 they rebalance every month. Because, as we know, meme sentiments 0:06:30.400 --> 0:06:33.080 change within a day or something. If you just find 0:06:33.080 --> 0:06:35.280 yourself in Reddit, which I've been using a lot more. 0:06:35.880 --> 0:06:38.520 By the way, I best hair straightener, I read it, 0:06:38.839 --> 0:06:40.160 best restaurant reddit. 0:06:42.920 --> 0:06:42.960 It. 0:06:43.160 --> 0:06:43.960 No, I don't do that. 0:06:46.600 --> 0:06:48.680 She's like playing into the meme vibes. 0:06:48.760 --> 0:06:52.919 Yes, all right, uh Eric Joel, any final comments? 0:06:53.360 --> 0:06:54.719 Let's keep it moving? Who's next? 0:06:55.000 --> 0:07:01.200 Thank you? Will next stop? Another cross said superstar for 0:07:01.279 --> 0:07:05.080 us here it's you are on the clock. 0:07:05.839 --> 0:07:08.479 Just to say, not that I'm competitive, but Isabelle's ETF 0:07:08.600 --> 0:07:12.960 was down ten percent last week. My ETF everyone cares 0:07:12.960 --> 0:07:15.520 about dividends. Everyone is asking about dividends. But there are 0:07:15.520 --> 0:07:19.640 two big problems about dividends. That they underperformed the index, uh, 0:07:19.680 --> 0:07:21.760 and that they have a tax track. And I have 0:07:21.840 --> 0:07:26.000 a proposal to fix that. Allto cobbets in ETFs, it's 0:07:26.160 --> 0:07:27.000 all the buzz. 0:07:27.480 --> 0:07:27.600 Uh. 0:07:28.080 --> 0:07:30.440 When it comes to banks, everyone has been doing it 0:07:30.440 --> 0:07:30.600 for a. 0:07:30.640 --> 0:07:33.080 Very long time, but now you can see it in 0:07:33.120 --> 0:07:37.640 an ETF is based off commos. It's seventy four basis point, 0:07:37.720 --> 0:07:40.560 which for kind of a sophisticated trait, I would say 0:07:40.600 --> 0:07:44.440 it's relatively cheap. Of course, it's index base, which is important. 0:07:44.440 --> 0:07:46.120 There are a lot of single stock ones that are 0:07:46.240 --> 0:07:50.280 very voatile, come with a lot of issues, but index 0:07:50.320 --> 0:07:54.720 base obviously is much more balanced, less likely to get 0:07:54.800 --> 0:07:55.840 big losses. 0:07:56.440 --> 0:07:56.560 Uh. 0:07:56.720 --> 0:07:59.040 Then we have yields all. 0:07:58.920 --> 0:08:01.760 For fourteen percent and coupon which is one of the 0:08:01.840 --> 0:08:04.640 highest in that divident category. And at the same time 0:08:04.720 --> 0:08:07.760 we're talking about performance, there is. 0:08:09.520 --> 0:08:12.600 A time is up. Yeah, okay, well there, yeah, I 0:08:13.200 --> 0:08:13.520 think we. 0:08:13.680 --> 0:08:16.520 C a I E okay, and I'm sure we have 0:08:16.600 --> 0:08:17.240 more questions. 0:08:17.120 --> 0:08:22.680 It's a I E that doesn't exactly like like it 0:08:22.760 --> 0:08:24.680 almost it almost it almost looks like. 0:08:24.880 --> 0:08:28.720 I think they call it kaya ya. That's you'd have 0:08:28.800 --> 0:08:30.400 to be the parent of. We had the guy on 0:08:30.480 --> 0:08:32.640 last week, actually did we had the issue we're on? 0:08:32.720 --> 0:08:34.640 Well what was his this? 0:08:35.080 --> 0:08:37.160 But we had thirty he had forty five minutes. 0:08:37.960 --> 0:08:41.040 She tried to squeeze what might be, in my opinion, 0:08:41.040 --> 0:08:43.840 the most complicated ETF I've ever seen in my life 0:08:43.600 --> 0:08:47.040 up in a minute. 0:08:47.640 --> 0:08:48.840 I know it was worth it. 0:08:48.880 --> 0:08:55.680 Clock management did get you a point of super ambitious, so. 0:08:55.600 --> 0:08:58.080 You weren't even focused so much on winning yourself as 0:08:58.120 --> 0:08:59.040 you were taking down. 0:08:59.679 --> 0:09:02.320 That's why strategy. That's strategy, all right. 0:09:03.400 --> 0:09:04.959 I think we could probably help her pitch out a 0:09:05.000 --> 0:09:08.040 little bit which was divd in. ETFs were a hot 0:09:08.080 --> 0:09:12.200 topic this year. This one distinguishes itself in that space. 0:09:12.679 --> 0:09:14.760 That would have been my the TLDR. 0:09:14.960 --> 0:09:17.679 I didn't even mention tax efficiency. 0:09:17.800 --> 0:09:19.640 I would have gone, will going do you like fourteen 0:09:19.679 --> 0:09:20.319 percent yield? 0:09:20.960 --> 0:09:21.400 There you go? 0:09:21.600 --> 0:09:24.680 I mean, that's is it like anytime I hear fourteen 0:09:24.679 --> 0:09:27.400 percent yield, immediately go to bullsh But is it like, 0:09:28.000 --> 0:09:29.600 is it a real fourteen percent? 0:09:30.200 --> 0:09:32.120 Well it's not my ATF, that's all they say. 0:09:32.320 --> 0:09:37.040 It's fourteen but you're selling it for the purpose. 0:09:36.679 --> 0:09:38.000 Of selling it. Yes, it's real. 0:09:39.480 --> 0:09:42.200 All right, then it seems like a good deal, right, 0:09:42.679 --> 0:09:45.800 I mean yeah, but I also got I got some 0:09:45.960 --> 0:09:49.559 land to sell you in buld area. 0:09:48.920 --> 0:09:50.719 That has a high yield. 0:09:51.800 --> 0:09:54.080 All right, thank you, dinny. 0:09:53.640 --> 0:09:53.960 Thank you. 0:09:54.360 --> 0:09:55.880 This ETF, by the way, I got to say, has 0:09:55.880 --> 0:09:58.880 had inflows every week since it's launched, since June. 0:09:59.120 --> 0:10:01.160 That's really really rare. 0:10:02.120 --> 0:10:03.800 What is uh? What's to tell you? 0:10:03.800 --> 0:10:07.800 I'm up to about half a billion, okay in six months? 0:10:07.920 --> 0:10:11.000 Yeah, so it is? Is it a bit of a juggernaut? 0:10:13.080 --> 0:10:14.440 I bet you what is me? I bet your mime 0:10:14.520 --> 0:10:15.840 has like nineteen million dollars. 0:10:16.920 --> 0:10:17.600 It doesn't have a lot. 0:10:17.720 --> 0:10:20.480 Yeah, all right. 0:10:21.600 --> 0:10:24.720 Next up on the mic, one of our crack ETF 0:10:24.800 --> 0:10:30.120 research associates, Andre, Yeah, Andre, welcome, you are on the clock, sir. 0:10:30.880 --> 0:10:31.200 Okay. 0:10:31.200 --> 0:10:34.600 My pitch is a round hill Humanoid Robotics ETF. Human 0:10:35.120 --> 0:10:38.360 I picked this ETF because basically, I'm just a disillusioned 0:10:38.400 --> 0:10:41.600 millennial and this one just fits with my theme perfectly. 0:10:41.640 --> 0:10:41.920 Well. 0:10:42.200 --> 0:10:44.440 So we have the AI bubble and everybody has an 0:10:44.480 --> 0:10:47.079 AI e TF. This one right here is going to 0:10:47.120 --> 0:10:50.480 give us robots. It's gonna arm sky nets with the terminators, 0:10:50.559 --> 0:10:53.120 it's going to bring to an end. And that's why 0:10:53.200 --> 0:10:56.040 I like this ETF. So it has companies like Tesla, 0:10:56.200 --> 0:11:00.199 Ubi Robotics and Video, has eight sorry about thirty million 0:11:00.280 --> 0:11:02.800 in assets with an expense ratio of zero point seventy 0:11:02.840 --> 0:11:06.920 five percent. I like it just because it's something different. 0:11:06.920 --> 0:11:09.840 It's a new twist on the AI bubble. So that's 0:11:10.000 --> 0:11:11.760 basically it for me. That's my pitch. 0:11:12.240 --> 0:11:17.640 Wow fast, Yeah that was that was fast, by the way, 0:11:17.760 --> 0:11:19.480 walking to trillions first time on. 0:11:20.720 --> 0:11:23.600 But but there's a little bit of it might be 0:11:23.640 --> 0:11:25.559 a little bit of a tell Andre when you say 0:11:25.600 --> 0:11:28.720 at the end it's a new twist on a on 0:11:28.800 --> 0:11:30.240 an E t F bubble. 0:11:30.800 --> 0:11:33.640 So I think he said ay AI. 0:11:33.400 --> 0:11:35.560 Bubble, I misad that's what I actually meant. I remember 0:11:35.600 --> 0:11:36.240 I'm jet lag. 0:11:36.600 --> 0:11:38.679 I have a question, which is why this one and 0:11:38.720 --> 0:11:41.280 not cooid, which is the other human. 0:11:42.240 --> 0:11:44.640 Ticker counts for a lot. If the ticker doesn't make 0:11:44.679 --> 0:11:46.800 it pop, you're not gonna remember it. And this one 0:11:46.880 --> 0:11:47.439 just said I. 0:11:47.360 --> 0:11:52.160 Think you just stole Joel's I talked about it and. 0:11:54.080 --> 0:11:55.320 Human human is good. 0:11:55.559 --> 0:12:00.240 That is a good ticker. What's the exact. 0:12:01.240 --> 0:12:03.199 But why is it human? Why isn't it robot. 0:12:03.240 --> 0:12:09.480 I don't understand, because it's going to replace humans essentially, humanoids, 0:12:10.040 --> 0:12:14.080 not ex so they're building humanoid robots essentially to take 0:12:15.200 --> 0:12:16.400 the place in the labor. 0:12:16.240 --> 0:12:18.600 But is this just because this is like their helpers, 0:12:18.640 --> 0:12:22.440 their helpers childhood, like galactic fantasy of yours or you 0:12:22.480 --> 0:12:24.319 really believe in the atf oh. 0:12:24.360 --> 0:12:26.720 I wasn't joking when I said I'm a disillusioned millennial. 0:12:26.800 --> 0:12:28.920 Let's just give the terminators their time to shine. 0:12:29.800 --> 0:12:30.720 Okay, all right? 0:12:30.840 --> 0:12:32.800 I mean to be fair, you've ever seen that Boston 0:12:32.840 --> 0:12:35.520 Dynamics video once every six months with a robot like 0:12:35.559 --> 0:12:37.640 does a somersault grabs a gun and start shooting? And 0:12:37.640 --> 0:12:40.679 you're like, holy, I think those are the videos that 0:12:40.800 --> 0:12:43.839 if you extrapolate that ten twenty years is where I 0:12:43.880 --> 0:12:47.200 think this videos Like they're doing new stuff now, That's 0:12:47.240 --> 0:12:49.840 what I'm saying, and they now they sometimes the robot 0:12:49.880 --> 0:12:52.560 can fall over, get back up and like break dance. 0:12:53.360 --> 0:12:56.360 It's just an interesting moment to pitch us. You know, 0:12:56.880 --> 0:12:58.880 you know the AI, you know the whole way. 0:12:59.200 --> 0:13:02.040 This is like the thing after the AI thing. 0:13:02.120 --> 0:13:04.520 Though, this is like it's gonna it's gonna survive that 0:13:04.840 --> 0:13:05.800 I mean they're. 0:13:05.559 --> 0:13:08.400 Like cockroaches, these robots, like I mean, they just need 0:13:08.520 --> 0:13:09.160 a charge. 0:13:09.679 --> 0:13:12.240 If we think about it, like terminator AI sky in it, 0:13:12.480 --> 0:13:15.880 we need the actual terminators to actually complete the circles. 0:13:16.160 --> 0:13:18.720 So we have That's where I'm going with it. We 0:13:18.840 --> 0:13:21.840 got this go to the natural conclusion. 0:13:22.000 --> 0:13:24.559 This is as far as I've seen anybody take a theme. 0:13:24.840 --> 0:13:28.640 Yeah that's pretty I mean, but it's all dust. Yeah, 0:13:28.640 --> 0:13:30.280 and all the money being thrown at AI. 0:13:30.760 --> 0:13:31.959 I mean, something's gonna happen. 0:13:32.840 --> 0:13:35.240 Well, they're gonn to be thrown AI, including thirty million, 0:13:38.640 --> 0:13:46.000 just got started to six months than you, sir. Okay, 0:13:46.040 --> 0:13:49.360 So next up a man who needs no introduction, just the. 0:13:49.320 --> 0:13:51.800 Co host of the podcast, Joel Weber. 0:13:51.840 --> 0:13:55.480 Okay, So maybe you've heard of K pop Demon Hunters 0:13:55.640 --> 0:14:03.679 and the song Takedown. My role is to provide an 0:14:03.679 --> 0:14:05.839 ETF that I feel like is going to be taken 0:14:05.920 --> 0:14:09.720 down by the competition here. But I've picked the ticker 0:14:09.960 --> 0:14:14.080 texan te x in, which is an I shares ETF 0:14:14.160 --> 0:14:17.160 that launched over the summer. It does not have a 0:14:17.160 --> 0:14:20.680 whole lot of assets, but if you know anything about Texas, 0:14:20.840 --> 0:14:21.920 it's larger than life. 0:14:22.360 --> 0:14:25.160 And this is a bet on Texas. 0:14:25.360 --> 0:14:29.640 So biggest holding is Tesla, followed by Exxon Mobile. It's 0:14:30.240 --> 0:14:32.600 kind of a great one, like get oracle As number 0:14:32.600 --> 0:14:37.120 three so really Chevron number four, Caterpillar number five, all 0:14:37.160 --> 0:14:41.960 of these companies have huge presences in Texas. We know 0:14:42.040 --> 0:14:45.080 that Texas is the future of business, and you're like Texas, 0:14:45.080 --> 0:14:48.400 you're either with us or against us. 0:14:50.480 --> 0:14:53.680 I gotta say, I'm surprised. That was kind of cool. 0:14:54.400 --> 0:14:57.720 I mean, you don't read into that. I mean, I 0:14:57.720 --> 0:14:59.960 don't know when he first came with Texan, I was 0:15:00.080 --> 0:15:03.320 and I was I was looking. Uh, I was thinking 0:15:03.320 --> 0:15:04.720 I was going to be disappointed, but that was kind 0:15:04.720 --> 0:15:07.480 of fun. I mean I could. Uh. I don't know 0:15:07.520 --> 0:15:08.920 it goes anywhere. 0:15:09.200 --> 0:15:09.400 You know. 0:15:09.480 --> 0:15:11.720 I gotta tell you. Bloomberg News has not written about 0:15:11.760 --> 0:15:13.600 it once. I don't think the I has written about 0:15:13.600 --> 0:15:13.920 it at all. 0:15:13.960 --> 0:15:15.040 It's kind of a little sleeper. 0:15:15.800 --> 0:15:17.640 I think it might have made Katie's newsletter. 0:15:18.080 --> 0:15:20.480 Yeah, right it Okay. 0:15:20.600 --> 0:15:23.720 The other thing is you get that okay minus one 0:15:24.000 --> 0:15:24.640 a little bit of a. 0:15:24.640 --> 0:15:27.960 Tax tailwind, right, because when you move there, you pay 0:15:28.000 --> 0:15:28.560 less taxes. 0:15:28.600 --> 0:15:30.280 Right. This is a play for the future. 0:15:30.440 --> 0:15:33.240 Yeah, there was a Nashville ETF that had the same pitch, 0:15:33.320 --> 0:15:33.960 but it closed. 0:15:35.360 --> 0:15:38.880 Phil Phil Donna has a criticue But but you can. 0:15:39.680 --> 0:15:40.200 It doesn't matter. 0:15:40.400 --> 0:15:43.640 It's a political play totally for the moment. 0:15:43.800 --> 0:15:46.440 That's the story of the But see, I could see 0:15:46.440 --> 0:15:48.040 Texan working out in Nashville. 0:15:49.040 --> 0:15:51.640 That's not Texas. That's not Texas, that's Tennessee. 0:15:52.120 --> 0:15:55.000 You know what, you know what the Nashville ETF. 0:15:55.320 --> 0:15:57.240 All the hospitals are there, So it ended up being 0:15:57.280 --> 0:16:00.800 like this ipso facto hospital ETF. But it is too specific. 0:16:01.320 --> 0:16:03.280 But they also had an Oklahoma ETF back in the day. 0:16:03.280 --> 0:16:05.440 And this is the second attempt to Texas. So they've 0:16:05.480 --> 0:16:08.640 tried these, so that this one by I Shares is 0:16:08.680 --> 0:16:10.840 I think probably the biggest reason it might succeed. 0:16:10.920 --> 0:16:13.240 But when you said at some point here I believe 0:16:13.240 --> 0:16:15.520 you said, it doesn't have a whole lot of money 0:16:15.600 --> 0:16:16.920 under management. 0:16:16.840 --> 0:16:17.280 It does not. 0:16:20.160 --> 0:16:22.680 Million you know, like we have not we have not 0:16:22.760 --> 0:16:25.600 seen a lot of investors pile into this. 0:16:25.680 --> 0:16:27.920 But you know, keep in mind it's a big state. 0:16:28.000 --> 0:16:30.600 I think Texans will invest in Texas. All right, It 0:16:30.640 --> 0:16:31.680 all come around, all. 0:16:31.720 --> 0:16:33.200 Right, that's cool. 0:16:33.280 --> 0:16:33.640 I like it. 0:16:33.720 --> 0:16:34.920 Joel, Thank you sir. 0:16:34.800 --> 0:16:35.280 You're welcome. 0:16:39.520 --> 0:16:45.320 Next up is our cross asset team leader here at 0:16:45.320 --> 0:16:46.760 Bloomberg Mail Donna Hirich. 0:16:48.280 --> 0:16:49.480 Wow, we're just. 0:16:52.880 --> 0:16:54.560 Uh on the clock. 0:16:54.960 --> 0:16:57.440 First of all, everything is bigger in Texas except for 0:16:57.520 --> 0:17:02.480 Joel's ETF. Second of all, Andre chose human even though 0:17:02.520 --> 0:17:05.600 there was an ETF that launched before it based on 0:17:05.800 --> 0:17:08.879 humanoid robotics, and he didn't even know that humanoids are 0:17:08.920 --> 0:17:12.560 already in existence. What's your I'm just poking holes in 0:17:12.600 --> 0:17:16.639 everybody else's argument. The best and most innovative ETF of 0:17:16.680 --> 0:17:22.160 the year goes to xdiv XTIV. It's another round hill 0:17:22.720 --> 0:17:26.840 ETF and this one will invest in other s and 0:17:26.960 --> 0:17:30.240 p five hundred ETFs for you. So it's going to 0:17:30.280 --> 0:17:34.520 be tracking the market, except it jumps out of those 0:17:34.520 --> 0:17:38.239 ETFs before the ex dividend date, and that way you 0:17:38.359 --> 0:17:41.360 can avoid a big tax hit. 0:17:41.600 --> 0:17:43.320 I see, that's it. 0:17:43.320 --> 0:17:48.200 It's so simple, it's genius, it's innovative. Nothing like this existed. 0:17:48.800 --> 0:17:52.720 Tax avoidant tax awareness has been a huge theme in 0:17:52.760 --> 0:17:54.639 ETFs since the birth of ETFs. 0:17:54.760 --> 0:17:55.800 You're in a time pal. 0:17:55.840 --> 0:17:57.680 This brings it to a whole new level. 0:17:57.840 --> 0:18:01.200 Okay, so my question for you is it's a whole 0:18:01.200 --> 0:18:01.840 new strategy. 0:18:01.880 --> 0:18:04.160 First of all, you just dig, you know, drag everyone 0:18:04.160 --> 0:18:06.320 else and then like exactly by the. 0:18:06.280 --> 0:18:10.160 Way at the end my pitches, I can't remember everybody 0:18:10.200 --> 0:18:13.160 else sucks. I could have kept going about how everyone 0:18:13.200 --> 0:18:18.760 else sucks. Yeah, So again, the name x div's a 0:18:18.800 --> 0:18:21.160 little bit like hi, whatever the other one was. It's 0:18:21.160 --> 0:18:24.320 not like, doesn't exactly like roll off the tongue. But 0:18:24.400 --> 0:18:30.159 what does history tell us about how avoiding taxation? And 0:18:30.200 --> 0:18:33.280 this little tax avoiding scheme? How much does it juice returns? 0:18:33.320 --> 0:18:34.720 What is the data tell us? 0:18:34.760 --> 0:18:45.280 Pal juice returns the data. 0:18:42.359 --> 0:18:53.160 You want returns of this versus what. 0:18:52.040 --> 0:18:54.280 I think Winkler used to call this show up and 0:18:54.359 --> 0:18:54.840 throw up. 0:18:56.040 --> 0:18:58.240 You're allowed one terminal lifeline? 0:18:58.680 --> 0:18:58.960 Okay? 0:18:58.960 --> 0:18:59.480 Can I call it? 0:18:59.520 --> 0:19:02.800 Friend? Is this also a roundhill? Yes, it's a third 0:19:02.880 --> 0:19:06.160 round hill? My god? Are they paying us? Okay? 0:19:06.240 --> 0:19:10.359 This year XTIV is beating VU by thirty four basis 0:19:10.440 --> 0:19:13.280 points and it's only been a couple months, so annualized, 0:19:13.280 --> 0:19:17.520 that would be an extra forty basis No, annualize, that's 0:19:17.560 --> 0:19:18.720 an extra two percent a year. 0:19:20.440 --> 0:19:21.760 Eric might win for this. 0:19:22.920 --> 0:19:24.800 I wish I was lying because I am also in 0:19:24.800 --> 0:19:28.639 this competition. But again, I'm just looking at a small window. 0:19:28.640 --> 0:19:30.640 But so far, something's working. 0:19:31.000 --> 0:19:34.640 And history though will tell us that in general, this 0:19:34.800 --> 0:19:37.720 kind of this kind of scheme works, is that. 0:19:37.760 --> 0:19:42.040 Right, generally speaking, I also think advisors are real concerned 0:19:42.040 --> 0:19:44.760