WEBVTT - ETFs That Let You Invest in the Future 0:00:02.480 --> 0:00:13.920 Bloomberg Audio Studios, Podcasts, radio News. Welcome to Shrillians. I'm 0:00:13.960 --> 0:00:15.800 Joel Webber and I'm Eric Belchunis. 0:00:18.800 --> 0:00:19.040 Eric. 0:00:19.280 --> 0:00:21.239 You know what we're going to talk about today is 0:00:21.280 --> 0:00:24.320 the future. How is it to invest in the future 0:00:24.560 --> 0:00:25.320 with ETFs? 0:00:26.200 --> 0:00:28.520 Yeah, I mean, look, I immediately think of ARC. 0:00:28.600 --> 0:00:32.080 I think Kathy Wood in ARC really kind of put 0:00:32.159 --> 0:00:34.920 this trade on the map of like trying to capture 0:00:34.960 --> 0:00:37.960 trends that are five years from now. But I mean, 0:00:38.200 --> 0:00:41.000 to her credit, even though the ETF has gone up 0:00:41.040 --> 0:00:45.879 and down a lot, you know, robotaxis are actually happening. 0:00:45.920 --> 0:00:50.640 You see clips of this. Surgeries that are remote are happening. 0:00:50.680 --> 0:00:53.400 I've seen clips of this. So some of the stuff 0:00:53.440 --> 0:00:56.080 that was discussed five years ago by her is sort 0:00:56.120 --> 0:01:00.040 of coming true. And I think for investors, they like 0:01:00.160 --> 0:01:01.920 to have their S and P. Five hundred and they 0:01:01.960 --> 0:01:03.040 love that and you'll never. 0:01:02.880 --> 0:01:03.800 Get them to give it up. 0:01:04.200 --> 0:01:06.040 But they also don't want to miss out on some 0:01:06.080 --> 0:01:11.679 of the stuff that might be happening early and then 0:01:11.800 --> 0:01:15.920 speculative and tech oriented, and especially in the US, you know, 0:01:16.160 --> 0:01:18.360 we are innovating all the time and people want to 0:01:18.400 --> 0:01:21.360 capture that as best they can, and there's a void 0:01:22.560 --> 0:01:25.120 to fill for investors, and that I think is where 0:01:25.160 --> 0:01:28.160 thematic ETFs really deliver a lot of those sort of 0:01:28.240 --> 0:01:31.600 up and coming themes, sometimes even before you've even heard 0:01:31.600 --> 0:01:33.360 of the theme or the theme is even ripe. 0:01:34.200 --> 0:01:37.160 So we're going to talk about a certain story today. 0:01:37.319 --> 0:01:41.440 The headline was Wall Street pitches sci fi ETFs for robots, 0:01:41.959 --> 0:01:46.720 UFOs and quantum bets. That's by Bil Donna Hirich, cross 0:01:46.720 --> 0:01:49.320 asset reporter with Bloomberg News. We will be joining us 0:01:49.320 --> 0:01:54.920 on this episode, this time on Trillions Capturing the Future 0:01:55.040 --> 0:01:59.200 with ETFs. Pil Donna, Welcome back to Trillions. 0:01:59.400 --> 0:02:00.400 Thanks so much for having this. 0:02:00.600 --> 0:02:03.720 So as we told you, when you put robots, UFOs 0:02:03.720 --> 0:02:06.920 and quantum meaning quantum computer into a headline, that's like 0:02:07.240 --> 0:02:10.359 the trifecta and you immediately like, we have an automated 0:02:10.400 --> 0:02:12.280 email that goes out and invites you on trillion. So 0:02:12.360 --> 0:02:14.880 really excited to talk to you about this today. As 0:02:15.040 --> 0:02:18.480 Eric mentioned, ARC is sort of the poster child for 0:02:18.520 --> 0:02:21.119 this style of investing, which is like we're gonna put 0:02:21.120 --> 0:02:23.760 together a bunch of stuff in a portfolio that is 0:02:23.800 --> 0:02:26.639 all supposed to be five to ten years in the future, 0:02:27.880 --> 0:02:30.120 but now it's sort of like that's not even good 0:02:30.200 --> 0:02:33.320 enough anymore. We have to get super narrow. How is 0:02:33.360 --> 0:02:36.239 this manifesting in the market right, or maybe. 0:02:36.040 --> 0:02:38.680 A way to think about it is that issuers etf 0:02:38.720 --> 0:02:43.560 fishers are starting to think about like the post ARC world, 0:02:43.639 --> 0:02:46.560 like the post AI world, and they're thinking about these 0:02:46.560 --> 0:02:49.560 themes like UFOs, like they're actually is a filing. 0:02:49.280 --> 0:02:51.600 For UFO to stick with the AI think because AI 0:02:51.720 --> 0:02:54.359 was sort of like a super concentrated bet and there's 0:02:54.400 --> 0:02:56.920 like forty products or something on the market. 0:02:57.120 --> 0:02:59.400 I think there's more than slightly more than forty, and 0:02:59.680 --> 0:03:01.760 not all of them are attracting cash. Not all of 0:03:01.800 --> 0:03:05.720 them are doing you know, up performing their benchmarks are 0:03:05.720 --> 0:03:09.680 outperforming the SMP even so it's sort of like a 0:03:09.720 --> 0:03:12.440 struggle there to attract attention and assets. 0:03:12.600 --> 0:03:17.679 But it's like move on already sold space literally so 0:03:18.440 --> 0:03:21.640 or not even outer space, like humanoids is one of 0:03:21.680 --> 0:03:23.960 the ones that you talk about, what's this? What's that? 0:03:24.000 --> 0:03:24.360 Look like? 0:03:24.720 --> 0:03:29.239 Humanoids is so fun? I think. So when we're talking 0:03:29.240 --> 0:03:33.240 about humanoids, we're talking about robots that Elon Musks is 0:03:33.480 --> 0:03:35.240 hoping to put in your home to help you with 0:03:35.280 --> 0:03:35.800 your chores. 0:03:35.880 --> 0:03:37.680 Is Tesla Optimus. 0:03:37.280 --> 0:03:39.760 Robot I think he even said at one point that 0:03:40.240 --> 0:03:43.160 the robots will be expected to babysit, which. 0:03:43.120 --> 0:03:45.640 Well, you have you're a kid, like not even two 0:03:45.720 --> 0:03:48.520 years ago, would you leave a kid? Not a chance, Eric. 0:03:48.520 --> 0:03:50.600 Would you let a humanoid do some babysitting? 0:03:51.640 --> 0:03:54.280 Not yet? I mean it would take time for me 0:03:54.320 --> 0:03:54.960 to come around that. 0:03:54.960 --> 0:03:59.280 Would you let it watch your parents? It depends how 0:03:59.440 --> 0:04:02.600 what shape my parents were in. But I will say 0:04:03.440 --> 0:04:07.640 I saw this movie after Yang with Colin Ferrell, which 0:04:07.800 --> 0:04:11.720 really is I think a glimpse into living with a humanoid. 0:04:11.800 --> 0:04:14.400 It's basically like what thirty years from now, and the 0:04:14.520 --> 0:04:19.000 younger sister of the robot actually develops an emotional bond 0:04:19.080 --> 0:04:20.120 and it's a whole thing. 0:04:20.200 --> 0:04:21.000 It's a great movie. 0:04:21.320 --> 0:04:21.520 To me. 0:04:21.600 --> 0:04:25.000 It feels like the closest that we're gonna get to 0:04:25.080 --> 0:04:27.360 what will exist in that front. But it will take 0:04:27.360 --> 0:04:30.159 twenty thirty years. I think my kids will be the 0:04:30.200 --> 0:04:34.880 first to really adopt and you know, trust a robot 0:04:34.920 --> 0:04:36.200 walking around the house and stuff. 0:04:36.240 --> 0:04:39.279 I mean, it's just getting out there. Yeah, real quick. 0:04:39.279 --> 0:04:42.159 Though on the humanoid one part of this though, you 0:04:42.200 --> 0:04:44.719 said like AI and robotics, like it's still a hot theme. 0:04:44.760 --> 0:04:46.320 I mean there's like, I don't know. 0:04:47.080 --> 0:04:49.080 I think it might be the first or second biggest 0:04:49.080 --> 0:04:51.600 theme out there at this point, but there are like 0:04:51.720 --> 0:04:55.479 well over a dozen now, and so now it's like, Okay, 0:04:55.520 --> 0:04:59.119 if you put robotics in AI out now, you're probably dead. 0:04:59.240 --> 0:05:03.920 I mean unless you get lucky with performance. So humanoid 0:05:03.920 --> 0:05:05.599 to me is sort of like, Okay, let's take the 0:05:05.640 --> 0:05:08.640 AI robotics and actually like make it more narrow and 0:05:08.640 --> 0:05:10.960 see if there's a market for that. But I will 0:05:10.960 --> 0:05:14.159 say robotics and AI is such an impressive theme to 0:05:14.200 --> 0:05:17.440 me because it's gotten a third bite at the apple, 0:05:17.520 --> 0:05:20.760 let alone a second like it's hard to take in 0:05:20.800 --> 0:05:23.120 a bunch of money. Robotics was huge like ten years ago. 0:05:23.360 --> 0:05:26.360 Then it fell from grace normally that's it. The theme 0:05:26.480 --> 0:05:30.359 kind of like lives in semi oblivion after that. But 0:05:30.400 --> 0:05:32.560 then it came back and people bought it again. Then 0:05:32.600 --> 0:05:34.719 it went down, and then it came back again and 0:05:34.800 --> 0:05:38.279 people bought it, with Navidia in particular ushering in the 0:05:38.320 --> 0:05:41.680 AI concept. And so I think this is one of 0:05:41.720 --> 0:05:45.479 the most durable, long lasting themes is AI robotics. I 0:05:45.480 --> 0:05:49.040 put humanoids in there as well, and there's money there. 0:05:49.080 --> 0:05:51.680 I mean, there's a lot of potential still, but it's 0:05:51.680 --> 0:05:53.440 getting more and more saturated. 0:05:53.680 --> 0:05:58.560 Okay, So the humanoid products, because there's now two ETFs, 0:05:58.680 --> 0:06:00.880 what are they and how are they investing? 0:06:01.200 --> 0:06:04.279 There's one from Crane Shares and one from round Hill, 0:06:04.720 --> 0:06:10.040 and they're investing it. They have slightly different investment thesis. 0:06:10.120 --> 0:06:13.040 But the Crane Chairs one, for example, has like three 0:06:13.040 --> 0:06:16.080 different things that it's looking for, like the brain for example. 0:06:16.200 --> 0:06:20.240 Of the actual humanoids, like who's building those components and 0:06:20.680 --> 0:06:25.000 the companies behind the robotics revolution. I guess we can 0:06:25.000 --> 0:06:28.360 try to call it. I think it's there's a slight 0:06:28.440 --> 0:06:32.919 tension here in that. You know, Eric said maybe in 0:06:33.080 --> 0:06:36.120 thirty years will he'll have a robot in his home 0:06:36.160 --> 0:06:40.159 to help with chores or whatever. Issuers want you to 0:06:40.200 --> 0:06:44.080 get in on this now, expecting it to continue to 0:06:44.160 --> 0:06:46.960 grow and grow. So Morgan Stanley for one, is expecting 0:06:46.960 --> 0:06:50.520 it to be a five trillion industry by twenty thirty, 0:06:50.560 --> 0:06:54.479 which is pretty soon. You know. Elon Musk says, robots 0:06:54.520 --> 0:06:57.279 will be in your home sometime soon. Maybe they'll be 0:06:57.279 --> 0:07:01.160 in Tesla factories supposedly over in the next six months 0:07:01.240 --> 0:07:05.400 or so. These things definitely exist. The robots are helping 0:07:05.880 --> 0:07:09.360 run different factories in Asia and other places, and so 0:07:09.880 --> 0:07:12.000 it's here. It's just a matter of how much will 0:07:12.000 --> 0:07:14.040 it grow and whether or not you want to be 0:07:14.120 --> 0:07:16.560 in on the ground level, which is basically now. 0:07:16.640 --> 0:07:18.560 So the Crane Shares when you mentioned the ticker is 0:07:18.640 --> 0:07:21.760 Coyd ko i D that came out in early June. 0:07:22.520 --> 0:07:24.640 There's some companies that I've kind of never heard of, 0:07:25.080 --> 0:07:30.560 jab El Inc, Linus, Rare Earths Limited, Amphenol Corp, Malexis. 0:07:31.400 --> 0:07:33.240 And then you've got the navideos and the Tesla's in 0:07:33.280 --> 0:07:35.920 the world, Like so many of these things are like, 0:07:36.040 --> 0:07:38.120 you know, they're really trying to identify what a supply 0:07:38.240 --> 0:07:41.240 chain for this stuff looks like, how do you get 0:07:41.240 --> 0:07:45.360 exposure to it? So what the new one is human 0:07:46.160 --> 0:07:49.600 hu m n from from Round Hill, from Roundhill, So 0:07:49.680 --> 0:07:51.520 what's the approach that Roundho's. 0:07:51.120 --> 0:07:56.400 Taking round Hills is, Well, they're both actively managed. So 0:07:56.440 --> 0:08:00.440 the roundhoer one is is focused solely on companies designing 0:08:00.440 --> 0:08:05.280 and building humanoids. It's actively managed. It just launched, so 0:08:05.480 --> 0:08:09.840 we'll see how those end up performing. I think actually 0:08:09.880 --> 0:08:12.560 there's very little overlap between some of these companies and 0:08:12.600 --> 0:08:17.640 some already existing robotics and other AI ETFs, which I 0:08:17.680 --> 0:08:21.520 think is impressive. Like I spoke with Dave Nadig, who 0:08:21.520 --> 0:08:24.400 we know is an ETF industry veteran, and even he said, 0:08:24.400 --> 0:08:27.280 you know, it's pretty impressive that there's very little overlap 0:08:27.320 --> 0:08:30.000 between some of these because you would have thought, maybe 0:08:30.480 --> 0:08:34.480 on the outset, that the investible universe would have been small. 0:08:34.760 --> 0:08:36.920 But there's quite a number of companies that you can 0:08:37.480 --> 0:08:40.880 add into these ETFs that are internationally based, for example, 0:08:40.880 --> 0:08:42.600 that are working on some of these things, whether it's 0:08:42.720 --> 0:08:46.240 rare earth or chips or something in the supply chain. 0:08:46.280 --> 0:08:51.520 It's worth mentioning that some China humanoids are already in effect, 0:08:51.559 --> 0:08:55.200 and like the YouTube videos are insane for those Eric, 0:08:55.280 --> 0:08:59.800 what do you how many humanoid ETFs can the market sustain? 0:09:01.679 --> 0:09:03.840 Well, we got to see how popular these are. Probably 0:09:04.520 --> 0:09:06.200 if I had to ballpark it three. 0:09:06.679 --> 0:09:10.160 But that's assuming. Yeah. 0:09:10.200 --> 0:09:13.199 I mean, one thing about the two ETFs that have launched, 0:09:13.240 --> 0:09:16.080 Coid and human is that you got to look at 0:09:16.080 --> 0:09:18.560 the holdings. You opened up Koid Jol and you said, 0:09:18.559 --> 0:09:19.920 I don't recognize any of these names. 0:09:20.440 --> 0:09:23.640 I'm just the Yeah. 0:09:23.960 --> 0:09:27.600 I love that reaction when I open a theme ETF. 0:09:27.640 --> 0:09:29.520 To me, that's what I want to see. I don't 0:09:29.559 --> 0:09:32.760 want to recognize the names, and KOID looks like it's 0:09:32.920 --> 0:09:36.080 mostly equal weighted, so you take all the names. That's why, 0:09:36.120 --> 0:09:39.360 like Navidia is like just in there with all these 0:09:39.400 --> 0:09:40.480 other names you never heard of. 0:09:41.200 --> 0:09:42.400 It's like a face in the crowd. 0:09:42.880 --> 0:09:45.040 The reason that's good, in my opinion, for these themes 0:09:45.160 --> 0:09:48.800 is that you want bigger bets on the smaller pure 0:09:48.840 --> 0:09:51.960 plays because they tend to get bought by the Navidias 0:09:51.960 --> 0:09:53.640 of the world, and you get a ton of money 0:09:53.640 --> 0:09:56.640 on that acquisition, a ton of return. So COID to 0:09:56.720 --> 0:09:59.920 me would be more probably more volatile, but you get 0:10:00.080 --> 0:10:02.679 more m and a pop potentially and then human If 0:10:02.720 --> 0:10:04.839 you look at the holdings, it's Tesla and Navidia top 0:10:04.880 --> 0:10:07.800 two make up twenty percent of the portfolio right there. Well, 0:10:07.840 --> 0:10:10.679 a lot of people already own those two companies in 0:10:10.800 --> 0:10:13.520 other funds, so you can have a lot of overlap. 0:10:13.600 --> 0:10:17.360 So that's something to consider when you're investing in these 0:10:17.440 --> 0:10:20.640 But if you have Tesla Navidia at the top, it 0:10:20.679 --> 0:10:24.199 will mean probably less volatility, so it'll be a slightly 0:10:24.240 --> 0:10:27.640 calmer ride probably, But that's just these are the things 0:10:27.679 --> 0:10:29.600 you have to weigh when you're buying a thematic ETF. 0:10:29.640 --> 0:10:31.560 But I do like that there's two choices. 0:10:32.040 --> 0:10:34.560 One's a little more market cap weighted and you know, 0:10:35.320 --> 0:10:37.800 popular seeming, and the other one's a little more far 0:10:37.840 --> 0:10:40.760 out there with equal weighting, and then people can decide 0:10:40.880 --> 0:10:48.200 what's better best for them. 0:10:48.280 --> 0:10:51.760 Okay, we've talked about the humanoid space. What other spaces 0:10:51.800 --> 0:10:53.040 do we want to talk about? With Loldana. 0:10:53.240 --> 0:10:57.079 Quantum is definitely a hot one. There's a pretty big 0:10:57.200 --> 0:11:04.160 quantum etfqtum. So far this year it's already gathered more 0:11:04.200 --> 0:11:07.439 than six hundred million in inflows. So it's definitely something 0:11:07.440 --> 0:11:10.640 that I think people are just awakening too much, much 0:11:10.679 --> 0:11:12.560 more because the ETF has been around for a couple 0:11:12.559 --> 0:11:15.319 of years already, but so far this year it's already 0:11:15.360 --> 0:11:17.679 on pace for a record year of inflows. 0:11:18.000 --> 0:11:20.600 Eric, how does that stack up for sort of a 0:11:20.840 --> 0:11:25.320 cutting edge ETF that's you know, a pure thematic play. 0:11:25.800 --> 0:11:26.360 It's great. 0:11:26.440 --> 0:11:30.680 I mean, Quantum the ETF is a total hit. It's 0:11:30.679 --> 0:11:35.400 the Defiance's number one best selling ETF. And you know 0:11:35.480 --> 0:11:39.000 what's interesting about quantum the ETF also is it is 0:11:39.120 --> 0:11:42.040 also equal weight. It might not be totally sometimes they 0:11:42.080 --> 0:11:43.439 do just thing called modified equal weight. 0:11:43.480 --> 0:11:45.040 But either way, it's. 0:11:44.840 --> 0:11:47.080 More like KOID in that you're getting a lot of 0:11:47.160 --> 0:11:49.520 more exposure to some of the more smaller peer plays, 0:11:50.720 --> 0:11:53.960 and it's got looks like one point five billion. There's 0:11:54.000 --> 0:11:55.880 a couple other ones on the market and they don't 0:11:55.920 --> 0:11:59.480 really have much, so the one et from Defiance is 0:11:59.520 --> 0:12:02.920 just basically like raked in the lion's share of assets here. 0:12:03.280 --> 0:12:06.600 But another interesting thing on the quantum world, Joel, is 0:12:06.640 --> 0:12:11.000 that if you remember the episode we did a little 0:12:11.000 --> 0:12:13.920 while back on all of these hot sauce two x 0:12:14.400 --> 0:12:17.960 stock ETFs, Oh, there's this huge trend in putting two 0:12:18.200 --> 0:12:21.080 x on top of small quantum computing. 0:12:20.640 --> 0:12:23.400 Stocks and their hits. 0:12:24.160 --> 0:12:27.280 So there's the quantum theme, but there's also a huge 0:12:27.960 --> 0:12:33.240 interest in really gambling on these juggernaut small quantum stocks. 0:12:33.640 --> 0:12:36.160 One of them went up one hundred percent in one day, 0:12:36.200 --> 0:12:38.000 so the stock went up fifty percent, the ETF went 0:12:38.080 --> 0:12:41.400 up one hundred and that's the most pop and ETF 0:12:41.520 --> 0:12:42.600 has ever had in a day. 0:12:42.640 --> 0:12:43.280 So there wow. 0:12:43.360 --> 0:12:46.719 And they're they're they're volatile, but that's part of that. 0:12:46.760 --> 0:12:48.760 That's a feature, not a bug for the degend crowd 0:12:48.760 --> 0:12:51.240 that trades these. I think the quantum theme would be 0:12:51.240 --> 0:12:55.600 for a more like normalized long term play because you're diversifying, 0:12:55.600 --> 0:12:59.079 you're actually taking volatively off the table. So again with ETFs, 0:12:59.240 --> 0:13:01.920 there's something for buddy, as. 0:13:01.800 --> 0:13:04.480 Long as you're talking about super future stuff because quantum 0:13:04.559 --> 0:13:08.280 is like, I mean, super speculative, like it's out there. 0:13:08.440 --> 0:13:12.679 Maybe sometimes what the real world applications look like big 0:13:12.720 --> 0:13:16.280 time tbd Uh. Can we talk about UFOs because I 0:13:16.400 --> 0:13:18.719 love cheesse that it's like, you got to come back 0:13:18.760 --> 0:13:18.880 to it. 0:13:19.080 --> 0:13:19.840 I know, I love this. 0:13:19.920 --> 0:13:21.440 So what's going on with UFOs? 0:13:22.000 --> 0:13:25.520 Matt Tuttle filed for of Tuttle Capital Management filed for 0:13:26.240 --> 0:13:28.079 UFO based ETF. 0:13:28.200 --> 0:13:31.040 So it's UFOD yes. 0:13:30.880 --> 0:13:33.720 And it's pure conjecture at this point, just to be 0:13:34.280 --> 0:13:38.240 very clear. But the idea is that there is potentially 0:13:38.400 --> 0:13:46.120 some sort of alien tech that maybe revealed in filings 0:13:46.360 --> 0:13:50.200 in you know, if the government releases records that type 0:13:50.200 --> 0:13:53.200 of thing, where you might discover that there's something tied 0:13:53.240 --> 0:13:55.959 to aliens there with R and D companies for example, 0:13:56.040 --> 0:13:59.559 or defense contractors or those types of companies. And so 0:13:59.679 --> 0:14:03.840 this tf would purportedly invest in those types of firms. 0:14:04.000 --> 0:14:07.280 I think Eric exhaled right when we pitched this. You 0:14:07.320 --> 0:14:08.959 want to go ahead and take the micro in talk 0:14:08.960 --> 0:14:09.360 about it. 0:14:09.679 --> 0:14:10.439 Did I get it right? 0:14:10.559 --> 0:14:10.760 Eric? 0:14:11.960 --> 0:14:15.320 Well, it's there's actually even more of an level here. 0:14:15.360 --> 0:14:20.360 It's that the new administration is going to open up 0:14:19.960 --> 0:14:23.720 the Area fifty one. Right, They're going to be real 0:14:23.760 --> 0:14:26.360 liberal about letting all of this into the public domain, 0:14:26.680 --> 0:14:28.920 sort of like the JFK, fils whatever. So they're going 0:14:28.960 --> 0:14:31.280 to open up Area fifty one and all the research there, 0:14:31.840 --> 0:14:34.479 and they think they're going to talk about the UFOs 0:14:34.520 --> 0:14:37.680 they have there, and they're gonna like let the tech 0:14:37.960 --> 0:14:43.280 where the I guess the architecture of these spaceships, and 0:14:43.320 --> 0:14:46.360 that the big tech companies are going to steal the 0:14:46.440 --> 0:14:50.640 alien tech and make money off of like applying the 0:14:50.680 --> 0:14:53.600 alien tech and this ETS can attract all that. 0:14:54.760 --> 0:14:57.040 Have you read this filing? Have you read this via? 0:14:57.880 --> 0:14:58.320 I read it? 0:14:58.360 --> 0:15:01.920 I talked to Tuttle too before you laugh, and like, 0:15:02.000 --> 0:15:07.120 you know, change the channel or whatever. Tuttle just hit 0:15:07.200 --> 0:15:11.360 a home run with the europe Defense ETF. Remember this 0:15:11.400 --> 0:15:14.040 is on our episode last time, which is it has 0:15:14.080 --> 0:15:16.760 a billion dollars. He was the only one who foresaw this. 0:15:16.840 --> 0:15:20.240 He launched it in October before the election, so he 0:15:20.360 --> 0:15:24.920 kind of foresaw the election and then that pull out 0:15:24.920 --> 0:15:27.680 from NATO or at least some threat of it, and 0:15:27.720 --> 0:15:31.240 that increase spending from Europe, and boom, this theme has 0:15:31.320 --> 0:15:33.600 taken off and he's the only one in this market. 0:15:34.080 --> 0:15:34.160 Now. 0:15:34.200 --> 0:15:37.040 I'm not saying this saw the same thing, but Tuttle 0:15:37.080 --> 0:15:41.240 definitely is one of the probably the most experimental issueer 0:15:41.320 --> 0:15:41.720 out there. 0:15:42.040 --> 0:15:43.280 But sometimes it works. 0:15:43.800 --> 0:15:47.240 And again, if it does work, it works big because 0:15:47.240 --> 0:15:49.480 he's had the market to himself for months now too. 0:15:49.840 --> 0:15:52.080 In Europe, they've got like a dozen of European defense 0:15:52.120 --> 0:15:55.360 here's just one still and he has all the market. 0:15:56.000 --> 0:15:59.440 Okay, what happens if this doesn't work out? 0:16:00.480 --> 0:16:03.920 Nothing, he'll just we just close it and we're never going. 0:16:03.840 --> 0:16:07.240 To talk about it again. Okay, it hasn't launched yet, 0:16:07.320 --> 0:16:11.000 so Eric, what has to happen for this to launch? 0:16:11.440 --> 0:16:14.800 Well, you know, the SEC may give him a little 0:16:14.840 --> 0:16:17.040 pushback on the name and whether it's appropriate. 0:16:17.080 --> 0:16:17.360 Member. 0:16:17.720 --> 0:16:19.640 Every now and then, the SEC has issues with names. 0:16:19.680 --> 0:16:22.200 They didn't want blockchain in the name when the blockchain 0:16:22.240 --> 0:16:24.920 technology was early, so people had to make up different names. 0:16:24.960 --> 0:16:27.880 They didn't want cannabis and marijuana in names, so they 0:16:27.880 --> 0:16:30.880 had to work around that. And also, by the way, 0:16:30.920 --> 0:16:34.440 Tuttle just filed for a government grift ETF, which is 0:16:34.480 --> 0:16:37.600 a which is one that's trying to make money off 0:16:37.640 --> 0:16:41.200 of like insider trading in Congress, and so that is 0:16:41.240 --> 0:16:41.680 another one. 0:16:41.680 --> 0:16:43.120 Will they let that name through? 0:16:43.560 --> 0:16:46.520 Considering the SEC is part of the government anyway, Tuttle 0:16:46.600 --> 0:16:49.680 is always pushing the bounds. I'm sure when his filings 0:16:49.720 --> 0:16:52.240 come through, it's like a whole thing inside the SEC. 0:16:52.320 --> 0:16:54.440 I'm sure, but oh, here's this guy again. 0:16:54.560 --> 0:16:57.800 Legally, I think as long as the ETF does what 0:16:57.840 --> 0:16:59.280 it says is going to do, they have to let 0:16:59.320 --> 0:16:59.560 it out. 0:16:59.720 --> 0:17:02.760 And does it say anything about the kind of holdings 0:17:02.760 --> 0:17:03.960 that would aspire to have. 0:17:04.600 --> 0:17:07.639 I think it's defense contractors R and D was mentioned 0:17:07.640 --> 0:17:10.280 definitely in the filing. I just love the idea of 0:17:10.359 --> 0:17:14.200 US finding about finding out about alien tech. 0:17:14.440 --> 0:17:16.920 We might talk about this one again, We'll see, I 0:17:17.560 --> 0:17:23.360 really hope. Okay, so is the perfect segue into thematic 0:17:23.359 --> 0:17:26.920 doesn't always work out, right, Like, let's talk about the metaverse, 0:17:27.000 --> 0:17:32.080 that whole thing that Mark Zuckerberg get Facebook then meta 0:17:32.760 --> 0:17:36.919 try to basically own and there were there were meta ETFs, 0:17:37.200 --> 0:17:40.720 and those we don't talk about anymore, right, so what's 0:17:40.760 --> 0:17:48.560 the risk of really speculative, niche thematic ETFs. 0:17:48.760 --> 0:17:51.840 I think we're the first people to utter the words 0:17:51.920 --> 0:17:56.600 metaverse in like three years, which just goes to show 0:17:56.600 --> 0:17:59.240 how much that fizzled out. Like I remember a couple 0:17:59.280 --> 0:18:01.520 of years ago when when Facebook changed its name and 0:18:01.560 --> 0:18:04.280 everybody it's all about the metaverse. But it was highly 0:18:04.320 --> 0:18:07.560 speculative and you really needed people's buy in, and it 0:18:07.720 --> 0:18:12.040 just didn't happen, and metaverse tied ETFs ended up closing, 0:18:12.200 --> 0:18:16.600 So that fizzled pretty quickly. Nobody talks about it, and 0:18:16.600 --> 0:18:17.840 nobody mentioned amazing. 0:18:17.520 --> 0:18:22.040 How quickly meta just pivoted to aire right too. Sorry. 0:18:22.200 --> 0:18:25.960 I will say that the metaverse ETF is outperforming the 0:18:26.040 --> 0:18:28.159 S and P since launching, so it has been a 0:18:28.200 --> 0:18:32.280 pretty good but it's kind of accidental. I mean, Apple's 0:18:32.320 --> 0:18:35.439 the second biggest holding. It has Ethereum and Solana in it, 0:18:35.480 --> 0:18:37.919 so it's got a crypto kick. Meta has had a 0:18:37.920 --> 0:18:40.200 good run. I mean it's a lot of mag seven 0:18:40.240 --> 0:18:44.200 plus Crypto, so and which has done pane AI. Sometimes 0:18:44.400 --> 0:18:47.640 a theme goes up even if the theme sucks, which 0:18:47.680 --> 0:18:51.280 tells you again, let's go back to the human ETF. 0:18:51.800 --> 0:18:54.640 If you hold mostly mag Seven's thoughts, it doesn't really 0:18:54.720 --> 0:18:55.560 matter what the hell. 0:18:55.480 --> 0:18:57.040 You call it. 0:18:57.040 --> 0:18:59.720 It's gonna move like the Mag seven And so this 0:18:59.800 --> 0:19:02.120 to me is like kind of lucky. But by the way, 0:19:02.640 --> 0:19:05.320 we had I think, do we have round hill on 0:19:05.520 --> 0:19:08.240 or we just were speculating that they used to have 0:19:08.280 --> 0:19:11.480 the ticker meta and they sold it to Mark Zuckerberg 0:19:11.520 --> 0:19:14.480 and they for an amount that was undisclosed. So it 0:19:14.520 --> 0:19:16.639 doesn't even matter if this ctf's a hit. They totally 0:19:16.640 --> 0:19:19.960 got paid already. But I agree with you, the metaverse 0:19:20.040 --> 0:19:23.320 just went away. Man, it's crazy almost like ESG, not 0:19:23.400 --> 0:19:24.439 as bad, but close. 0:19:24.800 --> 0:19:30.200 Yeah, what other thematic plays are on either of your radars? 0:19:31.160 --> 0:19:34.800 There's mega trends, which Lazard is taking advantage of. They 0:19:34.880 --> 0:19:39.199 launched a couple of ETFs in April. THMZ is one 0:19:39.240 --> 0:19:41.760 of them. It's a mega trends ETF. So again, think 0:19:41.760 --> 0:19:44.040 about like the way that they described it to me 0:19:44.240 --> 0:19:46.600 is it's not stuff that's on page one of the newspapers, 0:19:46.640 --> 0:19:50.200 stuff that's like on page thirty two, section C for example, 0:19:50.240 --> 0:19:53.440 that's slowly making its way to the front. So again 0:19:53.520 --> 0:19:56.560 you're getting in on the ground level, you're getting in early. 0:19:56.960 --> 0:19:57.640 That type of thing. 0:19:57.720 --> 0:20:00.720 The stuff you haven't heard of, Yeah, exactly yet. Is 0:20:00.760 --> 0:20:04.520 that just trying to capture everything across sort of this 0:20:04.680 --> 0:20:06.120 kind of thematic universe. 0:20:06.280 --> 0:20:07.960 No, they also break it down into a couple of 0:20:07.960 --> 0:20:11.959 different themes that they like, like software, apps and agents, 0:20:12.280 --> 0:20:15.040 data and AI that type of thing. Future Health is 0:20:15.040 --> 0:20:19.280 one of them. But THCHMZ is up twenty percent since 0:20:19.320 --> 0:20:21.800 it's launched, so over the past two months, up twenty percent, 0:20:21.920 --> 0:20:24.600 not bad, Eric, any on your radar. 0:20:25.240 --> 0:20:27.639 One that I'm actually we're looking at because it was 0:20:27.680 --> 0:20:32.320 part of the May launches was the third Joal Monopoly ETF, 0:20:32.359 --> 0:20:35.960 which basically invest in companies that like have somewhat of 0:20:35.960 --> 0:20:38.919 a monopoly on their industry, sort of like the wide 0:20:38.920 --> 0:20:39.600 mode ETF. 0:20:39.640 --> 0:20:43.400 It's not that novel, but I just. 0:20:43.520 --> 0:20:46.600 You know, there is the first monopoly ETF has fifty million, 0:20:46.880 --> 0:20:48.840 the second one has nothing, and so here comes a 0:20:48.880 --> 0:20:52.280 third one. And so this is where this becomes tough, 0:20:52.320 --> 0:20:54.880 and the third one has a higher cost. I mean, 0:20:54.960 --> 0:20:57.840