WEBVTT - ETFs to Watch From Morgan Stanley, Vanguard and ... Pzena?

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<v Speaker 1>Looking on trillions.

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

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<v Speaker 1>Eric, we're going to try something new.

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<v Speaker 3>Every month, We're going to do an episode that is

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<v Speaker 3>about three new stickers.

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<v Speaker 1>Yeah.

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<v Speaker 4>People love tickers and we're going to give them what

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<v Speaker 4>they want. Okay, people want to know what's going on,

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<v Speaker 4>what are the tickers to invest in? So this particular

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<v Speaker 4>mini episode, which will be once a month, will look

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<v Speaker 4>at the new launches. There's four ETFs to launch a day,

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<v Speaker 4>and in there there's going to be some really interesting launches,

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<v Speaker 4>both ones that got our attention, ones that might be

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<v Speaker 4>you know, kind of wild kardish, and then ones that

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<v Speaker 4>were like scratching our head, why did that even get

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<v Speaker 4>filed and launch?

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<v Speaker 2>Because it's hard out there.

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<v Speaker 4>So these are just for investors to know all the

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<v Speaker 4>new stuff coming out. There's so much to look through.

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<v Speaker 4>And when I travel around troll and I give presentations,

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<v Speaker 4>when I go to the retail direct events, they love tickers.

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<v Speaker 4>They really just want to know the ETFs what there

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<v Speaker 4>is a vail to them because they're always just looking

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<v Speaker 4>for ideas.

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<v Speaker 2>So this is a way to get more tickers out

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<v Speaker 2>to the people.

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<v Speaker 3>Joining us on this episode is Isabelle Lee, who's a

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<v Speaker 3>cross asset reporter from Bloomberg News. She's got one that

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<v Speaker 3>she wanted to talk about.

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<v Speaker 5>So excited. Of course it's big. Should I say it

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<v Speaker 5>now or now let's hear it MSBT Okay, that's.

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<v Speaker 1>The Morgan Stanley bitcoin ETF.

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<v Speaker 3>Seems like a little bit late to be launching an

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<v Speaker 3>ETF that's about bitcoin.

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<v Speaker 1>Yes, like there's a few of these others. Why why

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<v Speaker 1>is Marian Sane sound.

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<v Speaker 5>So excited because I wrote about it. Yeah, that's why

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<v Speaker 5>there's that bias. It's interesting because they are indeed two

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<v Speaker 5>years late, but then they came in strong with the

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<v Speaker 5>lowest fee ever. It's fourteen basis points the gray scale

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<v Speaker 5>meaning bitcoin ETF, it's fifteen basis points, and I bit

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<v Speaker 5>black rocks bitcoin ETF, which comprises around sixty percent of

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<v Speaker 5>total assets, is around twenty five basis points. So for them, yes,

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<v Speaker 5>we may not be the first player, but we're going

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<v Speaker 5>to come in strong and be the cheapest. And why

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<v Speaker 5>is that Because Morgan Stanley has such a strong financial

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<v Speaker 5>advisor base around sixteen thousand. So Eric actually gave a

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<v Speaker 5>great quote for him. He said, eliminate all conflict of

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<v Speaker 5>interest We're going to be the cheapest. Do that when

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<v Speaker 5>our advisors choose to use us, you know, you can't

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<v Speaker 5>say anything. It's the cheapest.

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<v Speaker 1>So is that going to be enough to make this

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<v Speaker 1>product a success? Yeah?

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<v Speaker 4>If you have sixteen thousand advisors that manage seven trillion,

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<v Speaker 4>it's a pretty good target market. I mean it's like, yes,

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<v Speaker 4>it's good to be the king, Joel.

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<v Speaker 2>I mean, Morgan stand so long?

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<v Speaker 4>Well, okay, I'll tell you what took These big banks

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<v Speaker 4>like Morgan Stanley, they've tiptoed into ETFs. They haven't gone

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<v Speaker 4>full mad Max yet, but they hired someone from Blackrock

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<v Speaker 4>Ali Wallace, So she's kind of mixing it up internally.

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<v Speaker 4>And I guarantee it wasn't easy getting the fourteen BIPs

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<v Speaker 4>passed by our management because again they haven't gone to

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<v Speaker 4>that full terrodome point like other firms have usually take

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<v Speaker 4>three or four years. But the fourteen BIPs is very

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<v Speaker 4>important because what she how she probably sold management was like, look,

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<v Speaker 4>you've just had the advisors be okay with bitcoin, Like

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<v Speaker 4>the advisors put a memo out saying you can now

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<v Speaker 4>invest in bitcoin one to four percent, be careful. Thanks,

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<v Speaker 4>and they probably said okay, well, if we can do it,

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<v Speaker 4>why don't we just keep the money instead of paying

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<v Speaker 4>black Rock, you know, and that it's an easy selling point.

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<v Speaker 2>I was looking for new.

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<v Speaker 4>White shirts at the Nordstrum the other day and actually

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<v Speaker 4>stumbled upon Nordstrum Brandy and they're pretty good, and I

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<v Speaker 4>bought one and I was like, that's MSBT right there.

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<v Speaker 5>Yeah, it's Eric says b y OA is better than

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<v Speaker 5>p t og.

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<v Speaker 1>Okay, the first one is.

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<v Speaker 5>Bring your own assis and the second better than pay

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<v Speaker 5>the other guy. But Eric's right. They did release a

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<v Speaker 5>note they advised that's.

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<v Speaker 2>Like next other guy physics.

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<v Speaker 5>I try to insert it in this story, but I'm

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<v Speaker 5>just a humble reporter here.

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<v Speaker 1>Also, I kind of want to know did he buy

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<v Speaker 1>the north From shirt like I did?

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<v Speaker 5>Yeah, you bought it, yeah, okay.

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<v Speaker 1>Along with other ones or not?

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<v Speaker 2>Yeah, I mixed it up.

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<v Speaker 4>But the north Trum was I mean it was Honestly,

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<v Speaker 4>it was one hundred. I was looking for a very

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<v Speaker 4>high quality shirt and it was one hundred, whereas other

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<v Speaker 4>similar qualities were like one fifteen. I was like, this

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<v Speaker 4>is this is exactly what Morgan Stanley advisor must feel like.

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<v Speaker 3>Interesting, this is what's in my brain on Saturday afternoon.

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<v Speaker 2>Don't you don't want any part of it?

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<v Speaker 1>Okay.

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<v Speaker 5>Also in November, the OCC allowed national banks to hold

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<v Speaker 5>crypto assets on their balance so that was a keyte legislature.

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<v Speaker 1>Now that's a huge chance.

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<v Speaker 5>Yes, it's not as if, oh they just thought about it.

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<v Speaker 5>They were waiting for the Wheels degree. So my question

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<v Speaker 5>actually is why did other banks? Why have they not

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<v Speaker 5>done it?

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<v Speaker 4>They Well, Goldman just filed for a Premium Bitcoin Income ETF,

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<v Speaker 4>which would use call options to generate yield. That's pretty

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<v Speaker 4>major too. Goldman probably saw Morgan Stanley. So there's not

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<v Speaker 4>a whole lot of people left. Schwab is doing direct trading.

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<v Speaker 4>I mean it reminds me of ETS. You said, the

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<v Speaker 4>list of the top thirty asset managers and whether they

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<v Speaker 4>had ETFs or not, and we would just cross them

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<v Speaker 4>off the list slowly. Now it's it's even MFS was

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<v Speaker 4>the last holdout. I feel like we're finding the same

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<v Speaker 4>thing with bitcoin. All these firms are like, we need

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<v Speaker 4>to have something at least. So I would look for

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<v Speaker 4>more action on this, especially again, if Morgan Stanley starts

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<v Speaker 4>to see flows, they already have one hundred and thirty

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<v Speaker 4>two million in like a week. Look out, you could

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<v Speaker 4>see some of these other big banks for the same reason.

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<v Speaker 4>Might as well have our own better than giving black

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<v Speaker 4>Rock the money.

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<v Speaker 3>Other fun fact that Eric mentioned to me was that

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<v Speaker 3>Vanguard now allows bitcoin ETF tickers on their platform.

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<v Speaker 1>What happened when that change went into effect, Eric.

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<v Speaker 4>The bitcoin price a bitcoin went up like six thousand

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<v Speaker 4>dollars that day. There was clearly some pent up demand.

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<v Speaker 4>I don't know how much more there would be. I

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<v Speaker 4>can't have the numbers from Vanguard, but I'd imagine there's

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<v Speaker 4>a sliver of Vanguard investors who have a little degen

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<v Speaker 4>in them and or one crypto long term. I mean,

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<v Speaker 4>I think some of the investors that use Vanguard, they're

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<v Speaker 4>not all like boy scouts, you know.

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<v Speaker 2>I mean there's some who want.

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<v Speaker 4>To have speculative assets, and so I think those probably

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<v Speaker 4>got served early because they were just waiting and waiting. Well,

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<v Speaker 4>I don't I wouldnt Seevanguard platform being a huge demand driver,

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<v Speaker 4>but it was pent up for a minute there.

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<v Speaker 1>Speaking of Vanguard, we have a wild card ETF pick.

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<v Speaker 2>Yeah, this is it is.

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<v Speaker 4>Yeah, it's a Vanguard ETF and it's not what Vanguard

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<v Speaker 4>being wildcard is unusual, but it's the Vanguard Developed Market's

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<v Speaker 4>x US Growth Index.

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<v Speaker 1>What's that ticker, it's VDG.

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<v Speaker 2>This is interesting for a couple reasons.

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<v Speaker 4>A there has been this cell America or let me

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<v Speaker 4>diversify out of America trade.

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<v Speaker 2>This gives you everything but the US.

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<v Speaker 4>This is different than a lot of stuff on the

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<v Speaker 4>market which actually might be just developed which includes the US,

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<v Speaker 4>or global which includes the US.

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<v Speaker 2>This is like strictly everything but the US.

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<v Speaker 1>And only developed.

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<v Speaker 4>Yes, only developed, So Vanguard investors probably prefer developed over em.

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<v Speaker 2>The fee is eight pips. That's really good.

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<v Speaker 4>Already has fifteen million dollars, so it's not necessarily a wildcard,

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<v Speaker 4>but it is Vanguard kind of really going deeper and

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<v Speaker 4>deeper into these places that they think they can make

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<v Speaker 4>impact in. And this will obviously be a hit. How

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<v Speaker 4>big we'll see, but it was just I just thought

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<v Speaker 4>it was interesting, notable launch, and they do not put

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<v Speaker 4>out that many ets, so if they do, it matters

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<v Speaker 4>and it's interesting.

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<v Speaker 5>It doesn't seem though that it will be a core

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<v Speaker 5>holding by itself. I guess if you want to actively

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<v Speaker 5>controlled growth and your value exposure internationally, it will be good,

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<v Speaker 5>but yeah, so cheap point zero eight okay.

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<v Speaker 4>Last category, Eric, Yeah, we're gonna affectionately call this, and

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<v Speaker 4>we mean this with all due respect.

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<v Speaker 1>Good luck with that.

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<v Speaker 4>There's sometimes we'll see filings and we'll throw it in

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<v Speaker 4>the chat group and everybody's like, oh man, good luck

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<v Speaker 4>with that. And look, no, sometimes we say that and the.

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<v Speaker 5>ETF does well and it proves is wrong and we

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<v Speaker 5>have to eat our.

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<v Speaker 1>Words, which we will do here.

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<v Speaker 2>If we will do, we promise.

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<v Speaker 4>But here's an ETF that came out. Pizenna US Large

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<v Speaker 4>Cap Value pz l V is the ticker. It's okay, fine,

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<v Speaker 4>large cat value. It's probably the one hundred and eightieth

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<v Speaker 4>large cap value ETF. The fee is sixty basis points.

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<v Speaker 4>The manager will go try to identify undervalued stocks, blah

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<v Speaker 4>blah blah, and like fine, it's it's just it's very

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<v Speaker 4>like nineteen ninety five feeling, you know, and it's tough

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<v Speaker 4>to make an impact in such a crowded space if

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<v Speaker 4>you're not dirt, cheap or shiny, and so again, like,

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<v Speaker 4>how will this get money? I don't know.

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<v Speaker 1>How's that going? So far?

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<v Speaker 4>To be fair, it has fifty eight million, which is

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<v Speaker 4>pretty good now my guess is some of these good

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<v Speaker 4>luck with that ETFs are people who have money somewhere

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<v Speaker 4>else SMAs or vitual funds, and their investors are telling them,

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<v Speaker 4>we want the ETF format better for taxes, YadA, YadA,

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<v Speaker 4>So some of that money could be coming over. In

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<v Speaker 4>that case, it's a smart launch because hey, better to

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<v Speaker 4>save that investor than lose them. But in the organic

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<v Speaker 4>open market, it's just tough to see something that is

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<v Speaker 4>so kind of just facing the crowd at this point,

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<v Speaker 4>and you know, well again it's called the terodome.

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<v Speaker 2>We call it for a reason. It's hard market.

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<v Speaker 4>But if this thing gets over a billion, I again,

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<v Speaker 4>I will come on and eat my words.

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<v Speaker 5>It's pretty expensive. The expense ratio is sixty bases points.

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<v Speaker 5>So for a large cap active.

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<v Speaker 4>You can get I mean like alf Architect I believe

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<v Speaker 4>had high high concentrated active for way less than this

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<v Speaker 4>Vanguard value is like three basis points or four. That's

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<v Speaker 4>like the index attracts value stocks. So again sixty isn't

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<v Speaker 4>like crazy expensive. But these days, typically like dfa capital group,

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<v Speaker 4>they can they'll serve up value for under forty, under

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<v Speaker 4>thirty in some cases of under twenty and again, So

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<v Speaker 4>it's not just like it's competing against passive.

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<v Speaker 2>It's all these big active.

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<v Speaker 4>Managers come in with large cap value for like half

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<v Speaker 4>or a third of the cost. So again, like sometimes

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<v Speaker 4>I wonder like did this person fall asleep in a

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<v Speaker 4>cave like Britt van Winkle and then walk out and

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<v Speaker 4>be like, Wow, what year is it?

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<v Speaker 5>What are the top holdings as of today? I think

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<v Speaker 5>it's not what you would expect when we were looking

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<v Speaker 5>just ten minutes ago.

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<v Speaker 4>The good news is I don't recognize a ton of

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<v Speaker 4>these firms Baxter well CVS. I know they keep closing

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<v Speaker 4>them in Philly.

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<v Speaker 2>It's a shame.

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<v Speaker 4>Capital One City Group, Dollar, General, Wells, Fargo.

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<v Speaker 5>Okay, it's a.

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<v Speaker 4>Basket of value stocks. The one thing it's only forty

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<v Speaker 4>one stocks. That means it has a chance to actually

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<v Speaker 4>succeed over the benchmarket's pretty concentrated.

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<v Speaker 2>Because it's pretty concentrated.

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<v Speaker 4>I mean it's only been out for a minute, but

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<v Speaker 4>it is up seven point seven percent. Wow, that is

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<v Speaker 4>pretty good in a couple of weeks changing already.

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<v Speaker 1>Good luck truly, good luck with that.

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<v Speaker 5>Good luck with that.

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<v Speaker 1>Eric.

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<v Speaker 5>I think also it's active, and that's maybe the selling

0:10:25.200 --> 0:10:26.960
<v Speaker 5>proposition but it's active.

0:10:27.240 --> 0:10:29.000
<v Speaker 2>But there's you can get high.

0:10:29.200 --> 0:10:32.120
<v Speaker 4>You can get Capitol Group is the highest brand t

0:10:32.360 --> 0:10:36.480
<v Speaker 4>row DFA, JP Morgan. You can get top shelf brand

0:10:36.559 --> 0:10:38.920
<v Speaker 4>name active value for a half of this cost.

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<v Speaker 5>Maybe they know something we don't.

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<v Speaker 2>That's right, maybe they do.

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<v Speaker 5>Good luck with that, Eric, good luck with that?

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<v Speaker 1>Okay? Is Itelle? Thanks for joining us?

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<v Speaker 3>Thank you, Thanks for listening to Trillions until next time.

0:10:58.240 --> 0:11:01.000
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0:11:01.040 --> 0:11:04.760
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0:11:05.360 --> 0:11:07.320
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<v Speaker 3>Trillions is produced by Magnus Hendrickson and Kishav Pandia Bye