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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Welcome to Shrillians. I'm

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Speaker 1: Joel Webber and I'm Eric Belchunis.

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Speaker 2: Eric.

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Speaker 1: You know what we're going to talk about today is

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Speaker 1: the future. How is it to invest in the future

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Speaker 1: with ETFs?

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Speaker 3: Yeah, I mean, look, I immediately think of ARC.

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Speaker 4: I think Kathy Wood in ARC really kind of put

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Speaker 4: this trade on the map of like trying to capture

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Speaker 4: trends that are five years from now. But I mean,

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Speaker 4: to her credit, even though the ETF has gone up

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Speaker 4: and down a lot, you know, robotaxis are actually happening.

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Speaker 4: You see clips of this. Surgeries that are remote are happening.

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Speaker 4: I've seen clips of this. So some of the stuff

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Speaker 4: that was discussed five years ago by her is sort

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Speaker 4: of coming true. And I think for investors, they like

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Speaker 4: to have their S and P. Five hundred and they

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Speaker 4: love that and you'll never.

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Speaker 3: Get them to give it up.

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Speaker 4: But they also don't want to miss out on some

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Speaker 4: of the stuff that might be happening early and then

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Speaker 4: speculative and tech oriented, and especially in the US, you know,

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Speaker 4: we are innovating all the time and people want to

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Speaker 4: capture that as best they can, and there's a void

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Speaker 4: to fill for investors, and that I think is where

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Speaker 4: thematic ETFs really deliver a lot of those sort of

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Speaker 4: up and coming themes, sometimes even before you've even heard

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Speaker 4: of the theme or the theme is even ripe.

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Speaker 1: So we're going to talk about a certain story today.

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Speaker 1: The headline was Wall Street pitches sci fi ETFs for robots,

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Speaker 1: UFOs and quantum bets. That's by Bil Donna Hirich, cross

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Speaker 1: asset reporter with Bloomberg News. We will be joining us

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Speaker 1: on this episode, this time on Trillions Capturing the Future

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Speaker 1: with ETFs. Pil Donna, Welcome back to Trillions.

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Speaker 2: Thanks so much for having this.

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Speaker 1: So as we told you, when you put robots, UFOs

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Speaker 1: and quantum meaning quantum computer into a headline, that's like

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Speaker 1: the trifecta and you immediately like, we have an automated

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Speaker 1: email that goes out and invites you on trillion. So

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Speaker 1: really excited to talk to you about this today. As

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Speaker 1: Eric mentioned, ARC is sort of the poster child for

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Speaker 1: this style of investing, which is like we're gonna put

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Speaker 1: together a bunch of stuff in a portfolio that is

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Speaker 1: all supposed to be five to ten years in the future,

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Speaker 1: but now it's sort of like that's not even good

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Speaker 1: enough anymore. We have to get super narrow. How is

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Speaker 1: this manifesting in the market right, or maybe.

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Speaker 2: A way to think about it is that issuers etf

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Speaker 2: fishers are starting to think about like the post ARC world,

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Speaker 2: like the post AI world, and they're thinking about these

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Speaker 2: themes like UFOs, like they're actually is a filing.

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Speaker 1: For UFO to stick with the AI think because AI

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Speaker 1: was sort of like a super concentrated bet and there's

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Speaker 1: like forty products or something on the market.

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Speaker 2: I think there's more than slightly more than forty, and

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Speaker 2: not all of them are attracting cash. Not all of

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Speaker 2: them are doing you know, up performing their benchmarks are

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Speaker 2: outperforming the SMP even so it's sort of like a

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Speaker 2: struggle there to attract attention and assets.

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Speaker 1: But it's like move on already sold space literally so

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Speaker 1: or not even outer space, like humanoids is one of

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Speaker 1: the ones that you talk about, what's this? What's that?

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Speaker 1: Look like?

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Speaker 2: Humanoids is so fun? I think. So when we're talking

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Speaker 2: about humanoids, we're talking about robots that Elon Musks is

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Speaker 2: hoping to put in your home to help you with

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Speaker 2: your chores.

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Speaker 1: Is Tesla Optimus.

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Speaker 2: Robot I think he even said at one point that

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Speaker 2: the robots will be expected to babysit, which.

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Speaker 1: Well, you have you're a kid, like not even two

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Speaker 1: years ago, would you leave a kid? Not a chance, Eric.

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Speaker 1: Would you let a humanoid do some babysitting?

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Speaker 3: Not yet? I mean it would take time for me

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Speaker 3: to come around that.

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Speaker 4: Would you let it watch your parents? It depends how

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Speaker 4: what shape my parents were in. But I will say

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Speaker 4: I saw this movie after Yang with Colin Ferrell, which

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Speaker 4: really is I think a glimpse into living with a humanoid.

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Speaker 4: It's basically like what thirty years from now, and the

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Speaker 4: younger sister of the robot actually develops an emotional bond

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Speaker 4: and it's a whole thing.

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Speaker 3: It's a great movie.

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Speaker 1: To me.

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Speaker 4: It feels like the closest that we're gonna get to

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Speaker 4: what will exist in that front. But it will take

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Speaker 4: twenty thirty years. I think my kids will be the

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Speaker 4: first to really adopt and you know, trust a robot

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Speaker 4: walking around the house and stuff.

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Speaker 1: I mean, it's just getting out there. Yeah, real quick.

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Speaker 4: Though on the humanoid one part of this though, you

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Speaker 4: said like AI and robotics, like it's still a hot theme.

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Speaker 3: I mean there's like, I don't know.

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Speaker 4: I think it might be the first or second biggest

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Speaker 4: theme out there at this point, but there are like

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Speaker 4: well over a dozen now, and so now it's like, Okay,

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Speaker 4: if you put robotics in AI out now, you're probably dead.

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Speaker 4: I mean unless you get lucky with performance. So humanoid

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Speaker 4: to me is sort of like, Okay, let's take the

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Speaker 4: AI robotics and actually like make it more narrow and

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Speaker 4: see if there's a market for that. But I will

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Speaker 4: say robotics and AI is such an impressive theme to

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Speaker 4: me because it's gotten a third bite at the apple,

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Speaker 4: let alone a second like it's hard to take in

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Speaker 4: a bunch of money. Robotics was huge like ten years ago.

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Speaker 4: Then it fell from grace normally that's it. The theme

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Speaker 4: kind of like lives in semi oblivion after that. But

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Speaker 4: then it came back and people bought it again. Then

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Speaker 4: it went down, and then it came back again and

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Speaker 4: people bought it, with Navidia in particular ushering in the

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Speaker 4: AI concept. And so I think this is one of

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Speaker 4: the most durable, long lasting themes is AI robotics. I

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Speaker 4: put humanoids in there as well, and there's money there.

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Speaker 4: I mean, there's a lot of potential still, but it's

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Speaker 4: getting more and more saturated.

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Speaker 1: Okay, So the humanoid products, because there's now two ETFs,

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Speaker 1: what are they and how are they investing?

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Speaker 2: There's one from Crane Shares and one from round Hill,

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Speaker 2: and they're investing it. They have slightly different investment thesis.

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Speaker 2: But the Crane Chairs one, for example, has like three

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Speaker 2: different things that it's looking for, like the brain for example.

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Speaker 2: Of the actual humanoids, like who's building those components and

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Speaker 2: the companies behind the robotics revolution. I guess we can

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Speaker 2: try to call it. I think it's there's a slight

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Speaker 2: tension here in that. You know, Eric said maybe in

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Speaker 2: thirty years will he'll have a robot in his home

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Speaker 2: to help with chores or whatever. Issuers want you to

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Speaker 2: get in on this now, expecting it to continue to

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Speaker 2: grow and grow. So Morgan Stanley for one, is expecting

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Speaker 2: it to be a five trillion industry by twenty thirty,

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Speaker 2: which is pretty soon. You know. Elon Musk says, robots

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Speaker 2: will be in your home sometime soon. Maybe they'll be

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Speaker 2: in Tesla factories supposedly over in the next six months

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Speaker 2: or so. These things definitely exist. The robots are helping

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Speaker 2: run different factories in Asia and other places, and so

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Speaker 2: it's here. It's just a matter of how much will

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Speaker 2: it grow and whether or not you want to be

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Speaker 2: in on the ground level, which is basically now.

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Speaker 1: So the Crane Shares when you mentioned the ticker is

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Speaker 1: Coyd ko i D that came out in early June.

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Speaker 1: There's some companies that I've kind of never heard of,

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Speaker 1: jab El Inc, Linus, Rare Earths Limited, Amphenol Corp, Malexis.

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Speaker 1: And then you've got the navideos and the Tesla's in

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Speaker 1: the world, Like so many of these things are like,

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Speaker 1: you know, they're really trying to identify what a supply

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Speaker 1: chain for this stuff looks like, how do you get

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Speaker 1: exposure to it? So what the new one is human

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Speaker 1: hu m n from from Round Hill, from Roundhill, So

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Speaker 1: what's the approach that Roundho's.

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Speaker 2: Taking round Hills is, Well, they're both actively managed. So

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Speaker 2: the roundhoer one is is focused solely on companies designing

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Speaker 2: and building humanoids. It's actively managed. It just launched, so

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Speaker 2: we'll see how those end up performing. I think actually

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Speaker 2: there's very little overlap between some of these companies and

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Speaker 2: some already existing robotics and other AI ETFs, which I

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Speaker 2: think is impressive. Like I spoke with Dave Nadig, who

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Speaker 2: we know is an ETF industry veteran, and even he said,

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Speaker 2: you know, it's pretty impressive that there's very little overlap

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Speaker 2: between some of these because you would have thought, maybe

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Speaker 2: on the outset, that the investible universe would have been small.

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Speaker 2: But there's quite a number of companies that you can

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Speaker 2: add into these ETFs that are internationally based, for example,

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Speaker 2: that are working on some of these things, whether it's

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Speaker 2: rare earth or chips or something in the supply chain.

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Speaker 1: It's worth mentioning that some China humanoids are already in effect,

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Speaker 1: and like the YouTube videos are insane for those Eric,

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Speaker 1: what do you how many humanoid ETFs can the market sustain?

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Speaker 4: Well, we got to see how popular these are. Probably

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Speaker 4: if I had to ballpark it three.

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Speaker 3: But that's assuming. Yeah.

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Speaker 4: I mean, one thing about the two ETFs that have launched,

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Speaker 4: Coid and human is that you got to look at

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Speaker 4: the holdings. You opened up Koid Jol and you said,

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Speaker 4: I don't recognize any of these names.

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Speaker 1: I'm just the Yeah.

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Speaker 4: I love that reaction when I open a theme ETF.

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Speaker 4: To me, that's what I want to see. I don't

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Speaker 4: want to recognize the names, and KOID looks like it's

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Speaker 4: mostly equal weighted, so you take all the names. That's why,

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Speaker 4: like Navidia is like just in there with all these

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Speaker 4: other names you never heard of.

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Speaker 3: It's like a face in the crowd.

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Speaker 4: The reason that's good, in my opinion, for these themes

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Speaker 4: is that you want bigger bets on the smaller pure

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Speaker 4: plays because they tend to get bought by the Navidias

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Speaker 4: of the world, and you get a ton of money

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Speaker 4: on that acquisition, a ton of return. So COID to

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Speaker 4: me would be more probably more volatile, but you get

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Speaker 4: more m and a pop potentially and then human If

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Speaker 4: you look at the holdings, it's Tesla and Navidia top

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Speaker 4: two make up twenty percent of the portfolio right there. Well,

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Speaker 4: a lot of people already own those two companies in

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Speaker 4: other funds, so you can have a lot of overlap.

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Speaker 4: So that's something to consider when you're investing in these

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Speaker 4: But if you have Tesla Navidia at the top, it

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Speaker 4: will mean probably less volatility, so it'll be a slightly

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Speaker 4: calmer ride probably, But that's just these are the things

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Speaker 4: you have to weigh when you're buying a thematic ETF.

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Speaker 3: But I do like that there's two choices.

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Speaker 4: One's a little more market cap weighted and you know,

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Speaker 4: popular seeming, and the other one's a little more far

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Speaker 4: out there with equal weighting, and then people can decide

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Speaker 4: what's better best for them.

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Speaker 1: Okay, we've talked about the humanoid space. What other spaces

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Speaker 1: do we want to talk about? With Loldana.

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Speaker 2: Quantum is definitely a hot one. There's a pretty big

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Speaker 2: quantum etfqtum. So far this year it's already gathered more

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Speaker 2: than six hundred million in inflows. So it's definitely something

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Speaker 2: that I think people are just awakening too much, much

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Speaker 2: more because the ETF has been around for a couple

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Speaker 2: of years already, but so far this year it's already

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Speaker 2: on pace for a record year of inflows.

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Speaker 1: Eric, how does that stack up for sort of a

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Speaker 1: cutting edge ETF that's you know, a pure thematic play.

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Speaker 3: It's great.

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Speaker 4: I mean, Quantum the ETF is a total hit. It's

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Speaker 4: the Defiance's number one best selling ETF. And you know

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Speaker 4: what's interesting about quantum the ETF also is it is

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Speaker 4: also equal weight. It might not be totally sometimes they

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Speaker 4: do just thing called modified equal weight.

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Speaker 3: But either way, it's.

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Speaker 4: More like KOID in that you're getting a lot of

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Speaker 4: more exposure to some of the more smaller peer plays,

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Speaker 4: and it's got looks like one point five billion. There's

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Speaker 4: a couple other ones on the market and they don't

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Speaker 4: really have much, so the one et from Defiance is

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Speaker 4: just basically like raked in the lion's share of assets here.

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Speaker 4: But another interesting thing on the quantum world, Joel, is

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Speaker 4: that if you remember the episode we did a little

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Speaker 4: while back on all of these hot sauce two x

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Speaker 4: stock ETFs, Oh, there's this huge trend in putting two

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Speaker 4: x on top of small quantum computing.

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Speaker 3: Stocks and their hits.

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Speaker 4: So there's the quantum theme, but there's also a huge

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Speaker 4: interest in really gambling on these juggernaut small quantum stocks.

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Speaker 4: One of them went up one hundred percent in one day,

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Speaker 4: so the stock went up fifty percent, the ETF went

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Speaker 4: up one hundred and that's the most pop and ETF

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Speaker 4: has ever had in a day.

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Speaker 3: So there wow.

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Speaker 4: And they're they're they're volatile, but that's part of that.

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Speaker 4: That's a feature, not a bug for the degend crowd

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Speaker 4: that trades these. I think the quantum theme would be

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Speaker 4: for a more like normalized long term play because you're diversifying,

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Speaker 4: you're actually taking volatively off the table. So again with ETFs,

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Speaker 4: there's something for buddy, as.

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Speaker 1: Long as you're talking about super future stuff because quantum

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Speaker 1: is like, I mean, super speculative, like it's out there.

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Speaker 1: Maybe sometimes what the real world applications look like big

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Speaker 1: time tbd Uh. Can we talk about UFOs because I

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Speaker 1: love cheesse that it's like, you got to come back

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Speaker 1: to it.

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Speaker 2: I know, I love this.

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Speaker 1: So what's going on with UFOs?

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Speaker 2: Matt Tuttle filed for of Tuttle Capital Management filed for

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Speaker 2: UFO based ETF.

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Speaker 1: So it's UFOD yes.

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Speaker 2: And it's pure conjecture at this point, just to be

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Speaker 2: very clear. But the idea is that there is potentially

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Speaker 2: some sort of alien tech that maybe revealed in filings

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Speaker 2: in you know, if the government releases records that type

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Speaker 2: of thing, where you might discover that there's something tied

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Speaker 2: to aliens there with R and D companies for example,

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Speaker 2: or defense contractors or those types of companies. And so

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Speaker 2: this tf would purportedly invest in those types of firms.

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Speaker 1: I think Eric exhaled right when we pitched this. You

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Speaker 1: want to go ahead and take the micro in talk

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Speaker 1: about it.

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Speaker 2: Did I get it right?

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Speaker 1: Eric?

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Speaker 4: Well, it's there's actually even more of an level here.

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Speaker 4: It's that the new administration is going to open up

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Speaker 4: the Area fifty one. Right, They're going to be real

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Speaker 4: liberal about letting all of this into the public domain,

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Speaker 4: sort of like the JFK, fils whatever. So they're going

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Speaker 4: to open up Area fifty one and all the research there,

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Speaker 4: and they think they're going to talk about the UFOs

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Speaker 4: they have there, and they're gonna like let the tech

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Speaker 4: where the I guess the architecture of these spaceships, and

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Speaker 4: that the big tech companies are going to steal the

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Speaker 4: alien tech and make money off of like applying the

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Speaker 4: alien tech and this ETS can attract all that.

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Speaker 1: Have you read this filing? Have you read this via?

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Speaker 3: I read it?

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Speaker 4: I talked to Tuttle too before you laugh, and like,

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Speaker 4: you know, change the channel or whatever. Tuttle just hit

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Speaker 4: a home run with the europe Defense ETF. Remember this

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Speaker 4: is on our episode last time, which is it has

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Speaker 4: a billion dollars. He was the only one who foresaw this.

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Speaker 4: He launched it in October before the election, so he

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Speaker 4: kind of foresaw the election and then that pull out

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Speaker 4: from NATO or at least some threat of it, and

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Speaker 4: that increase spending from Europe, and boom, this theme has

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Speaker 4: taken off and he's the only one in this market.

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Speaker 2: Now.

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Speaker 4: I'm not saying this saw the same thing, but Tuttle

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Speaker 4: definitely is one of the probably the most experimental issueer

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Speaker 4: out there.

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Speaker 3: But sometimes it works.

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Speaker 4: And again, if it does work, it works big because

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Speaker 4: he's had the market to himself for months now too.

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Speaker 4: In Europe, they've got like a dozen of European defense

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Speaker 4: here's just one still and he has all the market.

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Speaker 1: Okay, what happens if this doesn't work out?

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Speaker 2: Nothing, he'll just we just close it and we're never going.

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Speaker 1: To talk about it again. Okay, it hasn't launched yet,

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Speaker 1: so Eric, what has to happen for this to launch?

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Speaker 4: Well, you know, the SEC may give him a little

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Speaker 4: pushback on the name and whether it's appropriate.

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Speaker 3: Member.

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Speaker 4: Every now and then, the SEC has issues with names.

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Speaker 4: They didn't want blockchain in the name when the blockchain

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Speaker 4: technology was early, so people had to make up different names.

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Speaker 4: They didn't want cannabis and marijuana in names, so they

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Speaker 4: had to work around that. And also, by the way,

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Speaker 4: Tuttle just filed for a government grift ETF, which is

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Speaker 4: a which is one that's trying to make money off

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Speaker 4: of like insider trading in Congress, and so that is

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Speaker 4: another one.

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Speaker 3: Will they let that name through?

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Speaker 4: Considering the SEC is part of the government anyway, Tuttle

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Speaker 4: is always pushing the bounds. I'm sure when his filings

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Speaker 4: come through, it's like a whole thing inside the SEC.

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Speaker 1: I'm sure, but oh, here's this guy again.

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Speaker 4: Legally, I think as long as the ETF does what

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Speaker 4: it says is going to do, they have to let

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Speaker 4: it out.

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Speaker 1: And does it say anything about the kind of holdings

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Speaker 1: that would aspire to have.

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Speaker 2: I think it's defense contractors R and D was mentioned

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Speaker 2: definitely in the filing. I just love the idea of

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Speaker 2: US finding about finding out about alien tech.

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Speaker 1: We might talk about this one again, We'll see, I

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Speaker 1: really hope. Okay, so is the perfect segue into thematic

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Speaker 1: doesn't always work out, right, Like, let's talk about the metaverse,

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Speaker 1: that whole thing that Mark Zuckerberg get Facebook then meta

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Speaker 1: try to basically own and there were there were meta ETFs,

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Speaker 1: and those we don't talk about anymore, right, so what's

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Speaker 1: the risk of really speculative, niche thematic ETFs.

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Speaker 2: I think we're the first people to utter the words

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Speaker 2: metaverse in like three years, which just goes to show

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Speaker 2: how much that fizzled out. Like I remember a couple

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Speaker 2: of years ago when when Facebook changed its name and

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Speaker 2: everybody it's all about the metaverse. But it was highly

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Speaker 2: speculative and you really needed people's buy in, and it

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Speaker 2: just didn't happen, and metaverse tied ETFs ended up closing,

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Speaker 2: So that fizzled pretty quickly. Nobody talks about it, and

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Speaker 2: nobody mentioned amazing.

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Speaker 1: How quickly meta just pivoted to aire right too. Sorry.

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Speaker 4: I will say that the metaverse ETF is outperforming the

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Speaker 4: S and P since launching, so it has been a

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Speaker 4: pretty good but it's kind of accidental. I mean, Apple's

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Speaker 4: the second biggest holding. It has Ethereum and Solana in it,

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Speaker 4: so it's got a crypto kick. Meta has had a

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Speaker 4: good run. I mean it's a lot of mag seven

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Speaker 4: plus Crypto, so and which has done pane AI. Sometimes

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Speaker 4: a theme goes up even if the theme sucks, which

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Speaker 4: tells you again, let's go back to the human ETF.

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Speaker 4: If you hold mostly mag Seven's thoughts, it doesn't really

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Speaker 4: matter what the hell.

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Speaker 3: You call it.

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Speaker 4: It's gonna move like the Mag seven And so this

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Speaker 4: to me is like kind of lucky. But by the way,

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Speaker 4: we had I think, do we have round hill on

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Speaker 4: or we just were speculating that they used to have

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Speaker 4: the ticker meta and they sold it to Mark Zuckerberg

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Speaker 4: and they for an amount that was undisclosed. So it

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Speaker 4: doesn't even matter if this ctf's a hit. They totally

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Speaker 4: got paid already. But I agree with you, the metaverse

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Speaker 4: just went away. Man, it's crazy almost like ESG, not

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Speaker 4: as bad, but close.

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Speaker 1: Yeah, what other thematic plays are on either of your radars?

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Speaker 2: There's mega trends, which Lazard is taking advantage of. They

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Speaker 2: launched a couple of ETFs in April. THMZ is one

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Speaker 2: of them. It's a mega trends ETF. So again, think

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Speaker 2: about like the way that they described it to me

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Speaker 2: is it's not stuff that's on page one of the newspapers,

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Speaker 2: stuff that's like on page thirty two, section C for example,

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Speaker 2: that's slowly making its way to the front. So again

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Speaker 2: you're getting in on the ground level, you're getting in early.

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Speaker 2: That type of thing.

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Speaker 1: The stuff you haven't heard of, Yeah, exactly yet. Is

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Speaker 1: that just trying to capture everything across sort of this

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Speaker 1: kind of thematic universe.

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Speaker 2: No, they also break it down into a couple of

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Speaker 2: different themes that they like, like software, apps and agents,

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Speaker 2: data and AI that type of thing. Future Health is

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Speaker 2: one of them. But THCHMZ is up twenty percent since

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Speaker 2: it's launched, so over the past two months, up twenty percent,

390
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Speaker 2: not bad, Eric, any on your radar.

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Speaker 4: One that I'm actually we're looking at because it was

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Speaker 4: part of the May launches was the third Joal Monopoly ETF,

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Speaker 4: which basically invest in companies that like have somewhat of

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Speaker 4: a monopoly on their industry, sort of like the wide

395
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Speaker 4: mode ETF.

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Speaker 3: It's not that novel, but I just.

397
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Speaker 4: You know, there is the first monopoly ETF has fifty million,

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Speaker 4: the second one has nothing, and so here comes a

399
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Speaker 4: third one. And so this is where this becomes tough,

400
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Speaker 4: and the third one has a higher cost. I mean,

401
00:20:54,960 --> 00:20:57,840
Speaker 4: unless you have an extreme breakout, it can be tough.

402
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Speaker 4: So I think with thematic ETF, you do have to

403
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Speaker 4: be in it to win it. So you want to try,

404
00:21:02,960 --> 00:21:05,240
Speaker 4: and I hate to tell people not to try. But

405
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Speaker 4: I think at some point, you know, these these ETFs

406
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Speaker 4: are it's like we have a phrase on the team

407
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Speaker 4: sometimes when we see a filing, good luck with that.

408
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Speaker 4: Like when we see some legacy mutual fun company come

409
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Speaker 4: over with like an eighty basis point large cat blend

410
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Speaker 4: etf like good luck with that, Like like where have

411
00:21:23,680 --> 00:21:27,199
Speaker 4: you been it's like nineteen eighty five anymore? Okay, So

412
00:21:27,600 --> 00:21:29,040
Speaker 4: we want to have we want to actually have a

413
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Speaker 4: monthly note called good luck with that.

414
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Speaker 3: But we're say it's a little too dark.

415
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Speaker 1: I think I think there's an upcoming episode that we

416
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Speaker 1: can call good luck with that.

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Speaker 4: And with good luck with that, it should be it

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Speaker 4: should be a recurring episode. But so that's one where

419
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Speaker 4: I just caught my attention, which is how big the

420
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Speaker 4: rush is.

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Speaker 3: But here's the thing.

422
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Speaker 4: If you look at all of the launches coming out,

423
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Speaker 4: the part of the problem is, like the regular stuff

424
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Speaker 4: Vanilla has been had, the vanilla space is over, like

425
00:21:56,680 --> 00:22:00,000
Speaker 4: Vanguard black Rock dominated. Even if you had success, there

426
00:22:00,160 --> 00:22:03,199
Speaker 4: have to be charging zero fees anyway. So part of

427
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Speaker 4: what's happening is if you're in the asset management space

428
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Speaker 4: and you're trying to get some organic flows, you kind

429
00:22:09,960 --> 00:22:12,040
Speaker 4: of have to try in a couple different areas. You know,

430
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Speaker 4: buffers Hot Sauce and thematics. You know in thematics probably

431
00:22:16,640 --> 00:22:18,760
Speaker 4: are one of the more sober versions of hot Sauce

432
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Speaker 4: because it is diversified. And if you can catch early

433
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Speaker 4: a theme, you're good because you can charge well over

434
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Speaker 4: fifty basis points in this category and you get a

435
00:22:28,560 --> 00:22:31,640
Speaker 4: color billion on like eighty basis points and you're in business.

436
00:22:31,640 --> 00:22:35,159
Speaker 4: So there's enough hits that it's almost a lottery ticket

437
00:22:35,200 --> 00:22:39,760
Speaker 4: system for the issuers as well as the investors. But again,

438
00:22:39,960 --> 00:22:43,760
Speaker 4: I think it's just tougher and tougher the later you are,

439
00:22:43,840 --> 00:22:46,679
Speaker 4: which is why we see so many themes coming.

440
00:22:46,400 --> 00:22:47,320
Speaker 3: Out before they're ripe.

441
00:22:47,359 --> 00:22:50,399
Speaker 4: I would argue the humanoid theme might not be totally

442
00:22:50,440 --> 00:22:53,359
Speaker 4: ripe enough. I mean, it's really far out there, but

443
00:22:53,600 --> 00:22:56,800
Speaker 4: they're going to try, and as the more pure plays

444
00:22:56,800 --> 00:22:59,960
Speaker 4: come in, the etf will become more pureish. But they

445
00:23:00,119 --> 00:23:02,239
Speaker 4: may put beta filler in there at first just to

446
00:23:02,280 --> 00:23:03,320
Speaker 4: try to get out early.

447
00:23:03,400 --> 00:23:05,400
Speaker 1: And I had that first movie and advantage and kind

448
00:23:05,400 --> 00:23:17,440
Speaker 1: of like totally plant the flag. Okay, one more thematic, Eric,

449
00:23:17,480 --> 00:23:17,960
Speaker 1: what do you got?

450
00:23:19,240 --> 00:23:19,480
Speaker 3: Yeah?

451
00:23:19,520 --> 00:23:24,040
Speaker 4: So remember it must have been four years ago, right

452
00:23:24,040 --> 00:23:25,280
Speaker 4: around COVID early COVID.

453
00:23:25,359 --> 00:23:27,200
Speaker 1: Yeah, it's like pandemic came back. Yeah.

454
00:23:27,320 --> 00:23:30,920
Speaker 4: I came back from the inside ETF's conference, which is

455
00:23:30,960 --> 00:23:34,159
Speaker 4: now called Exchange, and I was in a new analyst

456
00:23:34,240 --> 00:23:37,959
Speaker 4: pitch competition or new ETF pitch competition between analysts, and

457
00:23:38,040 --> 00:23:39,600
Speaker 4: I pitched uranium.

458
00:23:39,960 --> 00:23:40,040
Speaker 1: It.

459
00:23:40,119 --> 00:23:42,320
Speaker 3: Honestly, it had like ten million.

460
00:23:42,080 --> 00:23:45,440
Speaker 4: Dollars in assets this how early I was Joel and

461
00:23:45,600 --> 00:23:47,640
Speaker 4: one new one launched and I said, there's something going

462
00:23:47,680 --> 00:23:49,840
Speaker 4: on here. I think uranium could be good for green energy.

463
00:23:50,600 --> 00:23:55,439
Speaker 4: They now have close to ten billion in assets. So

464
00:23:55,520 --> 00:23:59,719
Speaker 4: within four years this theme that was like in oblivion

465
00:23:59,720 --> 00:24:03,840
Speaker 4: for you years and years. Uh, just the world turned

466
00:24:04,560 --> 00:24:07,040
Speaker 4: and uranium is part of nuclear has become more and

467
00:24:07,040 --> 00:24:10,800
Speaker 4: more accepted. It's used to power AI now. So sometimes

468
00:24:11,240 --> 00:24:13,359
Speaker 4: you just have to just hang around with your line

469
00:24:13,359 --> 00:24:15,880
Speaker 4: in the water and wait for the world to catch

470
00:24:15,960 --> 00:24:19,359
Speaker 4: up to your theme, and boom when it happens and

471
00:24:19,400 --> 00:24:21,040
Speaker 4: everybody's like, oh, this is obvious.

472
00:24:21,280 --> 00:24:23,959
Speaker 1: You're like Tarpin tarpin On, we got a big one.

473
00:24:24,080 --> 00:24:24,680
Speaker 3: I will say.

474
00:24:25,080 --> 00:24:27,800
Speaker 4: R A was around for about eight years before this.

475
00:24:27,880 --> 00:24:30,119
Speaker 4: Then you are in. You aren m listed. That's what

476
00:24:30,160 --> 00:24:32,560
Speaker 4: caught my attention, and that one now has one point

477
00:24:32,600 --> 00:24:35,080
Speaker 4: seven billion. But r A was around for like ten

478
00:24:35,160 --> 00:24:36,480
Speaker 4: years and nobody cared.

479
00:24:36,840 --> 00:24:39,600
Speaker 3: It sucked. It was down, and I give it credit.

480
00:24:39,680 --> 00:24:42,280
Speaker 3: It could have closed. Sometimes we see ets close right

481
00:24:42,320 --> 00:24:43,399
Speaker 3: before their number comes up.

482
00:24:43,440 --> 00:24:44,400
Speaker 1: Yeah, we talked about that.

483
00:24:44,320 --> 00:24:46,480
Speaker 4: But it hung in there and now it's three point

484
00:24:46,480 --> 00:24:49,680
Speaker 4: eight billion, So sometimes you could be ten years early.

485
00:24:49,920 --> 00:24:52,320
Speaker 1: Joel ten just rope a dope.

486
00:24:52,560 --> 00:24:54,160
Speaker 2: Eric just wanted us to know that he had.

487
00:24:54,720 --> 00:24:58,680
Speaker 3: Yeah, it was really good because you know what, you know,

488
00:24:58,760 --> 00:24:59,320
Speaker 3: it's a sin.

489
00:25:00,080 --> 00:25:03,359
Speaker 4: I came in like third or fourth place and mind

490
00:25:04,840 --> 00:25:08,080
Speaker 4: crushed everyone in terms of flows and popularity and just

491
00:25:08,119 --> 00:25:08,879
Speaker 4: being ahead of there.

492
00:25:10,520 --> 00:25:12,200
Speaker 1: And none of them are here to defend any of

493
00:25:12,240 --> 00:25:14,040
Speaker 1: their but you know.

494
00:25:14,320 --> 00:25:15,680
Speaker 2: Their pigs were probably like.

495
00:25:17,280 --> 00:25:19,480
Speaker 4: And at the Academy wards and you look and you're like,

496
00:25:19,520 --> 00:25:22,720
Speaker 4: I can't believe so and so didn't win the Oscar

497
00:25:22,800 --> 00:25:25,200
Speaker 4: for that role giving himself on Oscar.

498
00:25:25,240 --> 00:25:30,199
Speaker 1: Now, all right, on that note, we're gonna leave it.

499
00:25:30,280 --> 00:25:32,919
Speaker 2: He missed out, but he's still bitter.

500
00:25:33,840 --> 00:25:37,359
Speaker 1: But really everybody knows I deserve this. Bil Donna, keep

501
00:25:37,440 --> 00:25:38,840
Speaker 1: up the great work and we look forward to more

502
00:25:38,880 --> 00:25:46,199
Speaker 1: of your headlines. Thanks for having me, Thanks for listening

503
00:25:46,240 --> 00:25:48,399
Speaker 1: to trillions until next time. You can find us on

504
00:25:48,400 --> 00:25:53,040
Speaker 1: the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify, or

505
00:25:53,080 --> 00:25:55,159
Speaker 1: wherever else you like to listen. I'd love to hear

506
00:25:55,160 --> 00:25:57,360
Speaker 1: from you. Hit us up on social I'm at Joe

507
00:25:57,440 --> 00:26:00,800
Speaker 1: Weber Show, He's at Eric Balchinus. Billions is produced by

508
00:26:00,880 --> 00:26:05,000
Speaker 1: Magnus Hendrickson. Brendan Newman is our executive producer. Sage Bauman

509
00:26:05,280 --> 00:26:06,560
Speaker 1: is the head of Bloomberg Podcast