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Speaker 1: Welcome to Trilliance. I'm Joel Webber and I'm Eric bel Tunis.

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Speaker 1: I'm really looking forward to this episode. Eric, we this

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Speaker 1: is all you. You You were the one that was like,

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Speaker 1: we've got to talk about white label issuers. What is that? Yeah,

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Speaker 1: so a white label issuer. Um. I'm not sure if

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Speaker 1: there's a perfect metaphor, but say you have an idea

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Speaker 1: for an ETF, but you don't really have a big

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Speaker 1: company a lot of infrastructure, um, nor do you want

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Speaker 1: to spend the time on that or the money. But

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Speaker 1: you want an e t F out there. That is

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Speaker 1: your idea. There are some companies now that you can

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Speaker 1: go to. They have all everything taken care of for you.

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Speaker 1: All you do is give them some money. They do

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Speaker 1: all the sort of infrastructure work on on your fund.

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Speaker 1: They hook you up with even lead market makers and

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Speaker 1: the whole nine yards. A lot going on beneath the surface,

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Speaker 1: which we should We're going to explore in this episode.

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Speaker 1: At the end of the day, boom, you have an

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Speaker 1: e t F is treading on all these changes, and

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Speaker 1: then your main job is to market it right and

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Speaker 1: if it's active, I guess you have to pick the

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Speaker 1: stocks and do your strategy, but they take care of

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Speaker 1: everything else. So this is called the white label business

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Speaker 1: and it's it's big, it's growing quickly. Um, there's the

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Speaker 1: three big ones we have on today, who I'm calling

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Speaker 1: the big three in their own regard. But the reason

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Speaker 1: I wanted to explore this is Goldman just mentioned they're

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Speaker 1: going to start a white label business themselves. This was major.

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Speaker 1: This is the first massive firm that saw this as

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Speaker 1: a potential. And if Goldman has their own clients saying, hey,

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Speaker 1: I wanna launch an e t F can you help me?

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Speaker 1: That is such a good sign for the E t

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Speaker 1: F industry if Goldman sees this. So but these the

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Speaker 1: people we have on today have been doing this for

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Speaker 1: a long time, and they're also people who they know

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Speaker 1: everything going on the e t F business Like they're

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Speaker 1: they're they just have a lot of an interesting seat

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Speaker 1: to the e t F game. Joining us for this

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Speaker 1: episode West Gray of Alpha Architect, Mike Venudo Title Financial Group,

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Speaker 1: and Garrett Stevens of Exchange Treated Concepts, this time on

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Speaker 1: Trillions White Label et F s WES Mike Garrett woken

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Speaker 1: to Trillions than awesome to be here again, likewise, appreciate

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Speaker 1: it Okay, Mike, I've got an idea for an e

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Speaker 1: t F. I come to you, You give me an

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Speaker 1: e t F in a box, and then I get

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Speaker 1: to wrap it. This is like perfect for the holidays, right,

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Speaker 1: I just put Goldman wrapping paper on it. Yeah, let's

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Speaker 1: not put Goldman wrapping paper on it. Let's put title

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Speaker 1: wrapping paper on it. Um. But yeah, it's a chassis,

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Speaker 1: it's a wrapper, it's a structure, right, And it's just

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Speaker 1: a better way to deliver things. And the most successful

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Speaker 1: ETFs we've seen are ones that already have a successful

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Speaker 1: idea and a less successful wrapper. And if we can

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Speaker 1: just enhance the return to the end investor by putting

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Speaker 1: it in ETF, it's a win win for everybody. Um,

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Speaker 1: let's let's rewind the clock here a little bit and um.

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Speaker 1: You know, er, I want to talk to you because

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Speaker 1: in my mind I could be wrong, but you were

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Speaker 1: the first white label issue I believe. I remember once

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Speaker 1: writing it might even been my first book. I wrote

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Speaker 1: How Faith Shares that you had a company called faith

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Speaker 1: Shares and it didn't work out, so you used your

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Speaker 1: exempt of relief to help others launch their funds. And

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Speaker 1: you had this huge success and I, UM, I wanted

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Speaker 1: to use the word resurrected because of the sort of

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Speaker 1: I was like, they resurrected themselves into this new entity.

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Speaker 1: And it's you know, a great story of when one

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Speaker 1: door closes, another one opens. Can you talk about that

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Speaker 1: process and how you sort of got the idea for this? Yeah,

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Speaker 1: so that's exactly what happened. You know, we launched the

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Speaker 1: five faith shares funds. They were just not successful and

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Speaker 1: gathering assets, and you know, it was a classic story

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Speaker 1: of starting a new business and it you know, taking

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Speaker 1: twice as long and costing twice as much as it

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Speaker 1: was supposed to Originally. When when we launched the business,

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Speaker 1: you know, you still had to get exempt of relief

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Speaker 1: back in those days. So this was two thousand eight,

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Speaker 1: two thousand nine. Um. If you remember the market environment

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Speaker 1: in two thousand and eight when we were trying to

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Speaker 1: raise startup capital to launch a new financial services company,

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Speaker 1: was really terrible timing for that, but we got it done.

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Speaker 1: Two thousand nine, we finally got our exemptive relief. It

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Speaker 1: took about a year from the SEC to grant that.

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Speaker 1: We spent nearly a million dollars in legal fees alone

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Speaker 1: to get the exemptive relief. Back in those days, you know,

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Speaker 1: those added expenses and added time took away from, frankly,

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Speaker 1: the viability of the products once they got to market.

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Speaker 1: And you know, we ended up closing three of the

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Speaker 1: five funds after about eighteen months. When we did that,

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Speaker 1: we had other firms start calling us basically to say, look,

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Speaker 1: can we buy you We just want your exemptive relief right.

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Speaker 1: We don't want to wait a year with the SEC.

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Speaker 1: We want to get to market faster because once you

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Speaker 1: had that exemptive relief, you can launch funds in seventy

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Speaker 1: five days and that's the statutory review period the SEC

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Speaker 1: staff has to review a new prospective filing, so it's

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Speaker 1: much faster, and we had all the infrastructure there. You know,

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Speaker 1: the multiple series trust model had been around in the

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Speaker 1: mutual fund world for a long time, but no one

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Speaker 1: had done anything like it in the E t F

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Speaker 1: business at that point. So you know, once we had

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Speaker 1: people call and saying, hey, can we just buy your infrastructure,

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Speaker 1: that's really where you know, I had the idea like, look,

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Speaker 1: why don't we use what we have here launch funds

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Speaker 1: for other people? Because if someone had had this out

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Speaker 1: and available when we launched ours. We could have saved

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Speaker 1: a ton of time, a ton of startup capital, and

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Speaker 1: been to market you know, a lot faster and probably

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Speaker 1: had a much higher chance of success than than what

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Speaker 1: we ended up with. So that's how we got here.

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Speaker 1: And to just talk about real quick, your first couple clients.

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Speaker 1: I when I think of you, I think of robo

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Speaker 1: um and when I think of white label et f

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Speaker 1: that are hits. Robot again is one of them that

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Speaker 1: comes to mind. There's been a couple of pretty big hits.

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Speaker 1: Was that the first one? Or how did the first

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Speaker 1: couple come about? And did did they come to you

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Speaker 1: have the idea for robot or were you like, hey,

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Speaker 1: I got this thing. Yeah, no, No, they came to us.

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Speaker 1: So UM, they were not the first. They actually very

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Speaker 1: first fund we launched was y mlp UM an MLP

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Speaker 1: e t F for firm called Yorkville at the time. UM.

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Speaker 1: That one actually did very well. It ended up with

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Speaker 1: something like four hundred million something like that before they

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Speaker 1: ended up selling that to Vannack after a few years

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Speaker 1: had a successful exit there. UM Alpha Clone was one

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Speaker 1: of the other ones we launched early. That one ended

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Speaker 1: up doing doing well also a few hundred million dollars

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Speaker 1: in that fund. Um. And then and then of course

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Speaker 1: Robo was the biggest success. You know, it's typical of

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Speaker 1: the E. T F business right in in that fund.

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Speaker 1: So it you know, organically picked up. I think it

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Speaker 1: was ninety or a hundred million dollars within the first

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Speaker 1: sixty or ninety days. But then it's set there, you know,

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Speaker 1: for three or four years at that level, just kind

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Speaker 1: of churning, waiting, building a track record. And then its

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Speaker 1: theme hit right, it came into vogue. People started hearing

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Speaker 1: on the news about drones and about robotics, you know,

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Speaker 1: ruling warehouses and taking factory jobs, and everything was about

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Speaker 1: that on the nightly news and everything. That fund picked

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Speaker 1: up two billion dollars the next year after sitting at

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Speaker 1: a hundred million for three or four and so that's there. Oh,

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Speaker 1: you love to see it. I love when I love

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Speaker 1: it's I called the indie feel good hit of the year.

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Speaker 1: Robo was definitely that one year. Um, every year there's

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Speaker 1: a couple and uh, it's fun to watch because it's

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Speaker 1: hard to be an indie independent issuer or somebody using

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Speaker 1: a white label. Um, you need a little luck, you

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Speaker 1: need the stars to align and um, it's nice when

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Speaker 1: it happens because I want that part of the industry

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Speaker 1: to thrive, so others want to take chances because of

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Speaker 1: the India is where you see the innovation in my opinion, Yeah, no,

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Speaker 1: I agreed. And you know what's interesting about our our

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Speaker 1: business and the funds that we launched, It's launched by

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Speaker 1: experts in the field. Right. It's not very often someone

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Speaker 1: comes to us with an idea that they have, you know,

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Speaker 1: they've never done before, which is different than a lote

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Speaker 1: of the major issuers. You know, you're I Shares or

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Speaker 1: some of these big firms. They're looking to launch products

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Speaker 1: that they can market and sell. The people who come

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Speaker 1: to us, you know, our our experts and what they do.

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Speaker 1: Our MLP fund was done by people who have been

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Speaker 1: investing in m LPs for many years. The robo guys

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Speaker 1: were investors in the space and knew it and not

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Speaker 1: find an E t F that fit what they wanted

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Speaker 1: to do. The uranium fund we launched, you know, again,

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Speaker 1: somebody who's intimately familiar with that industry had been in

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Speaker 1: it for many years, so you come up with better products.

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Speaker 1: In my opinion, when you have experts working on it

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Speaker 1: and wanting to launch it and coming through someone like

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Speaker 1: us rather than a marketing team trying to decide, you know,

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Speaker 1: what product they think they can sell and trying to

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Speaker 1: you know, throw stuff against the wall and see what sticks. Okay, well,

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Speaker 1: I'm gonna bring you in here. I've got a big idea.

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Speaker 1: Maybe no expert, but I got ideas. Um and uh

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Speaker 1: so I'm gonna give you a call. What happens next?

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Speaker 1: And what do you look for to bring successful products

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Speaker 1: to market? Yeah? So, unfortunately we've been surviving in this

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Speaker 1: terrible business called e t F for you know, mist

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Speaker 1: ten years now. So usually on our first call, my

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Speaker 1: job is to anti sell going into the ETF business.

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Speaker 1: Right Like, this is so expensive. You gotta have five

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Speaker 1: years ready to go. You gotta light money on fire.

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Speaker 1: If you don't, if you're not ready for war, just

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Speaker 1: go back home. Yes, I am the cold shower because

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Speaker 1: we don't want people, uh to get into something that

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Speaker 1: they're not really ready for. Right. Um And and even

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Speaker 1: though obviously our objective of our et F hit level

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Speaker 1: platform is to lower bears entry to allow a lot

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Speaker 1: more people to you know, access this great rapper, it's

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Speaker 1: I just feel It's very important to make sure people

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Speaker 1: understand that. You know, it's not a panacea. It's a

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Speaker 1: lot of work, a lot of effort. But the good

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Speaker 1: news is when you segment into people that you know,

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Speaker 1: they listen to your pain trains story and they're they're

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Speaker 1: still standing there, that means they're probably pretty well fit

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Speaker 1: to be successful in the et F industry. I feel

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Speaker 1: I know you were in the military. I feel like

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Speaker 1: this is the basic training. If you can make it

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Speaker 1: through those couple of weeks, maybe you're good. Um, quick question,

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Speaker 1: explain to us again. We'll stick with West on this one.

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Speaker 1: What do you do? Um? So I have the idea.

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Speaker 1: Let's say my idea is, um, Philadelphia based companies. You

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Speaker 1: probably tell me to go away. You'd probably colder. Let's

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Speaker 1: just assume I'm standing after your whole speech, Um, what

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Speaker 1: are you going to do for me? Exactly? Yeah, so

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Speaker 1: you really There's there's kind of three areas of e

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Speaker 1: t F needs. Right, there's legal compliance and just broad

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Speaker 1: based brain damage I call it. Uh, there's portfolio management

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Speaker 1: and train execution, and then there's marketing and distribution. Right,

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Speaker 1: those are kind of like the three big levels you

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Speaker 1: can pull. So different white labels are different. We what

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Speaker 1: we do is we deal with all the brain damage,

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Speaker 1: so the legal compliance, regulatory component, we do, all the

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Speaker 1: portfolio manager train execution component. But the marketing and distribution

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Speaker 1: we keep that open architecture, and I think the gentleman

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Speaker 1: on the call have have actually offer those services. But

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Speaker 1: that's our core focus is how the heck do we

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Speaker 1: get you to market as cheap as humanly possible with

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Speaker 1: full transparency and totally ran key from operational standpoint. But

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Speaker 1: you've got to do the selling and distribution and everything. Okay,

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Speaker 1: So Mike, when West gives someone a cold shower, um,

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Speaker 1: maybe they come running to you. What do you do

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Speaker 1: that's different than than what West does? That's a great question.

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Speaker 1: You know. It's funny because all three of us share

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Speaker 1: leads and put people back to each other. Um, you

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Speaker 1: know for some of these cold showers and for some

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Speaker 1: of the things that different people want. Uh, you know,

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Speaker 1: for for Eric, I just reserved the tickers C S,

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Speaker 1: t K for cheese steak, so we can do it. Yep. Um,

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Speaker 1: So uh, what do we really do? So our our

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Speaker 1: process includes more of an assessment. We do kind of

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Speaker 1: that McKenzie style report and we do come back with

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Speaker 1: the same kind of thing that Wes or Garrett will saying, hey,

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Speaker 1: you're not ready, or you are ready, or you need

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Speaker 1: this to be ready. A right, So we we go

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Speaker 1: through all four kind of buckets. We do strategy, product, uh, sales,

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Speaker 1: and marketing, and we score everybody against everyone else we've

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Speaker 1: ever done this too, um, and then we come back

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Speaker 1: and say, here's your ProForma, here's your your assessment score,

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Speaker 1: and yes we want to work with you, or no,

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Speaker 1: we think you should either go back to the drawing

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Speaker 1: board or call West or called Garrett. And you know,

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Speaker 1: I guess the question for all you guys, are you

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Speaker 1: what you obviously do all this work for them? Is

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Speaker 1: this an upfront cost or do you get like a

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Speaker 1: percentage of the expense ratio? I guess I'll just all

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Speaker 1: three of you start with Garrett. Yeah. So you know,

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Speaker 1: we do a lot of consultation with them upfront. Right,

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Speaker 1: there's a lot of education that goes into it. Let's

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Speaker 1: figure out your product, let's help you get the idea

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Speaker 1: kind of nailed down here, make sure we all like it,

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Speaker 1: make sure we can do it. Frankly, right with all

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Speaker 1: the forty Act regulations, involved. Once we're all comfortable with

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Speaker 1: that and everyone's agreed, we're ready to get going. They

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Speaker 1: do pay a set up fee to get the product

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Speaker 1: to markets, so that covers the legal that covers in

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Speaker 1: the exchange listing fees. You know, we build custom websites,

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Speaker 1: marketing materials, you know, all of those things to get

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Speaker 1: to market. That's a fixed fee for all of that.

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Speaker 1: Once you get to market. Then what we charge at etc.

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Speaker 1: For our portion of it is a number of basis

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Speaker 1: points with an annual minimum, and then all of the

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Speaker 1: other expenses to run the fund or just direct pass

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Speaker 1: throughs from the service providers, and so we break it

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Speaker 1: all out provide transparency on it. Um. But we've just

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Speaker 1: basically done a cost plus model is how we operate.

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Speaker 1: And well, Mike, you guys are similar, Yeah, very similar.

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Speaker 1: Set up fee and then a fixed costs and then

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Speaker 1: declining BIPs costs as you get bigger, with the objective

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Speaker 1: of of allowing the operators to basically leverage our operating

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Speaker 1: leverage as much as possible. Yeah, so again same model.

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Speaker 1: UM are slight differences are we do have ad on

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Speaker 1: services the marketing and sales that you can pay hard

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Speaker 1: dollars for and uh. We also offer fun financing right

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Speaker 1: if somebody comes to us and has a great idea

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Speaker 1: and wants to launch it but doesn't have the full

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Speaker 1: financial backing. Uh. In cases where we really like the idea,

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Speaker 1: we'll put up our own economics and you know, own

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Speaker 1: a part of the profit. I think the key thing though,

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Speaker 1: for all three of us is none of us really

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Speaker 1: make any money on the minimums. Right. That's the brain

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Speaker 1: damages West likes to call it, or I call it

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Speaker 1: the headache business. The minimums are just there to pay

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Speaker 1: for the the you know, the day to day. The

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Speaker 1: real way we make money is when our clients make money,

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Speaker 1: right Like, Um, we are not interested in having a

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Speaker 1: fund that stays at million for six years. Like. That's

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Speaker 1: not gonna make us money or make the client happy.

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Speaker 1: It's not gonna make etc. Happy. It's not gonna make

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Speaker 1: et f architect happy or alf architect happy. Um. So

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Speaker 1: we're really partners with our clients at the end of

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Speaker 1: the day, all three of us. You know, Joel, they're

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Speaker 1: talking about this. I just went through the process of

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Speaker 1: writing a book. They're like publishers. This reminds me a

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Speaker 1: lot of the publishing business or there you want hits man. Yeah,

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Speaker 1: And one thing the publishers look for, and I've learned

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Speaker 1: this over with the two books I wrote, is a platform.

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Speaker 1: Do you have reach? You know, are you in the media,

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Speaker 1: do you go to conferences? Like basically can you sell

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Speaker 1: the book? It seems like there's a similar vibe here.

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Speaker 1: I guess, um, let me go back to Mike, because

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Speaker 1: somebody you just took on is this guy, Um meet

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Speaker 1: Kevin and he's a YouTuber with two million subscribers, but

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Speaker 1: he's not in the financial business. How much do you

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Speaker 1: look for, say, can you bring your own assets like

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Speaker 1: b y O A versus Hey, you've got this huge

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Speaker 1: platform and we're we'll roll the dice with you because

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Speaker 1: you've got reached. Yeah. So the number one determining success

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Speaker 1: of an et F is seed capital, right, Like if

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Speaker 1: you go through the list of all the hits, I mean,

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Speaker 1: Robo as a hit, like yes, but it's because they

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Speaker 1: had like ninety million in seed capital and they waited

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Speaker 1: for the market to come to them. And they're all great,

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Speaker 1: awesome people with great knowledge and that's ace, but the

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Speaker 1: market had to come to him and they had to

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Speaker 1: survive through seed capital. So an absence of seed capital

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Speaker 1: call it we We pretty much tell anyone who doesn't

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Speaker 1: have twenty million, you probably don't want to do this, right, Um,

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Speaker 1: the in absence you have network or platform, right, so

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Speaker 1: fis on our platform, we're on their platform. Meet Kevin

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Speaker 1: George Noble with what he does on Twitter spaces, um,

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Speaker 1: Adam Curran with his radio show for y'all, like a

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Speaker 1: platform is the closest substitute for seed capital. I do

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Speaker 1: want to talk about greatest hits because that's the fun part,

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Speaker 1: right So, West, if you had one hit that you

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Speaker 1: were the most proud of, what would it be. I'm

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Speaker 1: gonna say the fund that started our et F white

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Speaker 1: label business, which would be per Tolls Freedom Fund um

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Speaker 1: F R d M. And it's you know, just it's

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Speaker 1: just her literally, uh and she's already got two in

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Speaker 1: her seventy mill and that fund maybe it's higher at

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Speaker 1: this point. And and you can kind of see the

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Speaker 1: writing on the wall just based on number emails and

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Speaker 1: crates and activity that comes with that. The pitch when

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Speaker 1: she came to you, How how formed was it? It

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Speaker 1: was very well formed and and long story short, you know,

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Speaker 1: we've been in the et F business for a long

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Speaker 1: long time, and we're we're running asset management business called

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Speaker 1: alf Architect, and we had no interest in ever opening

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Speaker 1: our infrastructure to anybody because you know, we just say, hey,

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Speaker 1: we're low cost infrastructure provider. Why would we want to

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Speaker 1: give us other people? And then Perth, who I known

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Speaker 1: for probably five six years prior. You know, she's always

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Speaker 1: pitched me on freedom and you know, obviously used to

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Speaker 1: be in the Marine Corps and I'm a huge fan

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Speaker 1: of you know, go America, Freedom, all that kind of stuff,

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Speaker 1: and so I was obviously amiable to her idea at

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Speaker 1: the outset. And then finally, uh, you know, after enough

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Speaker 1: strong arm and and twisted my elbow, uh, we said, fine, part,

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Speaker 1: We're we're gonna do it. You're gonna be our guinea

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Speaker 1: pig into you know, doing et F servicing for someone else.

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Speaker 1: And so we kind of started it basically with her

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Speaker 1: um and so once we made that decision to engage

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Speaker 1: in the business, you know, there was no looking back.

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Speaker 1: You know, now the rest is history. But I've always

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Speaker 1: liked her idea. It was always very well baked. It's

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Speaker 1: just like anything when you launch a fund, you know,

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Speaker 1: it's a long game thing. And she's been playing the

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Speaker 1: long game and she's finally winning it. Mike, I'm gonna

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Speaker 1: ask you the same question, what what's the what's the

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Speaker 1: greatest hit that you're most proud of? I mean, we've

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Speaker 1: had some awesome hits, and I think I normally would

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Speaker 1: just go with the biggest one, like our part, But

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Speaker 1: I'm gonna bring out a real in d one. Um.

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Speaker 1: There's this company sp Funds. They were at eighty million

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Speaker 1: dollar r i A focused on Sharia compliant. They are

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Speaker 1: are sleeper hit, right, Nobody would ever think that this

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Speaker 1: was gonna hit. Now it's like three million, three different funds.

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Speaker 1: They have the only secook fund. They have a Sharia

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Speaker 1: real estate fund with US Sharia SMP five hundred with

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Speaker 1: the full license, and their little eighty million dollar r

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Speaker 1: a A is now almost four hundred million all in

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Speaker 1: because they embraced the et f rapper to get the distribution,

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Speaker 1: to get the access, like the wire houses call us

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Speaker 1: about it, like West and J can tell you, Uh,

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Speaker 1: Garrett can tell you, like it's freaking hard to to

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Speaker 1: get the uh the wirehouses to call you. So that's

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Speaker 1: my sleeper hit. That's the one that was out there

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Speaker 1: for six seven months and then uh College radio made

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Speaker 1: it a hit awesome and Garrett, what about you, Well,

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Speaker 1: Robo is certainly the one, you know, that we're most

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Speaker 1: known for. One of our biggest you know, individual funds

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Speaker 1: UM e m q Q was another one that was

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Speaker 1: really kind of the first of its kind. When when

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Speaker 1: we did that, it's it's the you know, the Amazons

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Speaker 1: and UM those kind of companies of the emerging markets,

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Speaker 1: and so it's really an interesting thesis there that really

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Speaker 1: took off and and was interesting. You know, say, one

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Speaker 1: of our other, you know, bigger clients that has turned

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Speaker 1: out to be a really interesting model is Cabana, and

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Speaker 1: so they've got eight funds with us at this point.

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Speaker 1: But they're an s M A manager and what they

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Speaker 1: did was converted those s M A s into E

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Speaker 1: t F s and so they're running the same strategies

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Speaker 1: they ran as s M A s in e t fs.

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Speaker 1: So what they're able to do is give their clients

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Speaker 1: a much more tax efficient vehicle, a lot lower trading

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Speaker 1: costs when they're just trading you know, the E t

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Speaker 1: F s themselves, and they're underlying our our other E

401
00:20:30,200 --> 00:20:33,040
Speaker 1: t F s UM same strategy just a lot more

402
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Speaker 1: tax efficient vehicle. And it's been a really interesting thing

403
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Speaker 1: to be a part of, and it's been a big

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Speaker 1: kind of success story. We're seeing a lot of interest

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Speaker 1: in that space. And uh, my question for you, just

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Speaker 1: to pick you as a proxy amongst the three, what

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Speaker 1: percent of the pitches you here end up becoming an

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Speaker 1: E t F? Roughly, I would say under maybe, Um, look,

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Speaker 1: there's this the era of field of dreams is over right.

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Speaker 1: You can't just build it and they'll come. I've tried that,

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Speaker 1: like I tried it with Garrett right, and he was

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Speaker 1: a great person to work with. Right before we were

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Speaker 1: a white labeler. We used a white labeler and um,

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Speaker 1: had I listened to Eric, I'd be quite a bit

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Speaker 1: more richer. You know. We did the t E t F,

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Speaker 1: which was the E t F that tracked the whole

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Speaker 1: et F industry. And Eric said, you should have kept

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Speaker 1: that to you should have got the ticker meta. Um.

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Speaker 1: I really wish I would have. But by the way,

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Speaker 1: hold on, Joel, Joel, Joel needs to know this. I

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Speaker 1: advised him to use Meta. Mark Zuckerberg paid Will Hershey Roundhill,

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Speaker 1: the equivalent of a small Caribbean island for that ticker.

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Speaker 1: We would Mike wouldn't even be on this call right

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Speaker 1: now if he had done that and listened to me. Joel,

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Speaker 1: what do you think of that? I mean, I'm gonna

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Speaker 1: say that there are ten percent of things that come

427
00:21:54,760 --> 00:21:57,679
Speaker 1: out of your mouth that that broken flock is right.

428
00:21:58,320 --> 00:21:59,800
Speaker 1: I'll take it at least I'm right a little bit.

429
00:21:59,800 --> 00:22:02,320
Speaker 1: All right, Um, go ahead, you were so, you were

430
00:22:02,400 --> 00:22:05,159
Speaker 1: so right, Um, but you know my problem was I

431
00:22:05,240 --> 00:22:08,119
Speaker 1: had the wrong product for the wrong time, right, and

432
00:22:08,440 --> 00:22:11,440
Speaker 1: and you gotta be honest with people about it. Um.

433
00:22:11,800 --> 00:22:13,840
Speaker 1: It all sounded great at the right at that time,

434
00:22:13,960 --> 00:22:16,920
Speaker 1: but you know I didn't have the runway. I didn't

435
00:22:16,960 --> 00:22:21,960
Speaker 1: have those things. I learned all the mistakes. And the

436
00:22:22,040 --> 00:22:24,879
Speaker 1: beauty of what the three of us do nowadays is

437
00:22:25,280 --> 00:22:29,320
Speaker 1: because we've made all the mistakes ourselves, we help prevent

438
00:22:29,480 --> 00:22:32,720
Speaker 1: others from making them. We can guide people through to

439
00:22:32,960 --> 00:22:38,359
Speaker 1: the all the necessary conditions that can allow for you

440
00:22:38,480 --> 00:22:41,359
Speaker 1: to be successful. Um, West, I want to ask you

441
00:22:41,440 --> 00:22:43,920
Speaker 1: that question. You know, what percent do you take on?

442
00:22:44,040 --> 00:22:46,800
Speaker 1: And I guess of the ones you don't take gone?

443
00:22:47,680 --> 00:22:51,440
Speaker 1: Are they mostly like one man shows or one person

444
00:22:51,520 --> 00:22:55,080
Speaker 1: shows where they're just some guy or girl out there

445
00:22:55,200 --> 00:22:57,600
Speaker 1: just looking to launch an e t F or are

446
00:22:57,680 --> 00:23:01,760
Speaker 1: they like big companies active managers let's say that just

447
00:23:01,920 --> 00:23:07,439
Speaker 1: severely overestimate the demand for their stuff. Well, I mean

448
00:23:07,760 --> 00:23:10,040
Speaker 1: the other guys could probably tell you you see everything

449
00:23:10,160 --> 00:23:13,119
Speaker 1: under the sun when you're in this business. And we

450
00:23:13,359 --> 00:23:16,760
Speaker 1: we've gotten much better at just putting out information and

451
00:23:16,920 --> 00:23:20,040
Speaker 1: segmenting to the buyers that we actually want and and

452
00:23:20,160 --> 00:23:22,679
Speaker 1: really are number one thing that we're looking for as culture. Right,

453
00:23:22,720 --> 00:23:24,919
Speaker 1: So if you're coming in, we call them et f innovators,

454
00:23:25,000 --> 00:23:27,879
Speaker 1: like the Perth Tolls of the world. You know, just

455
00:23:28,040 --> 00:23:31,359
Speaker 1: for karma's sake, I don't care if you're damned near broke.

456
00:23:31,840 --> 00:23:33,840
Speaker 1: But if you have a great idea, you have the passion,

457
00:23:33,880 --> 00:23:36,040
Speaker 1: you have the culture, you've got a long game mentality,

458
00:23:36,560 --> 00:23:39,720
Speaker 1: you know, we're gonna probably help you out. Um. And

459
00:23:39,880 --> 00:23:41,520
Speaker 1: then on the flip side, like you could be the

460
00:23:41,600 --> 00:23:44,480
Speaker 1: greatest thing since sliced bread, have billions of dollars, but

461
00:23:44,760 --> 00:23:48,520
Speaker 1: you know, your compliance nightmare, your culturally just it's not

462
00:23:49,080 --> 00:23:51,080
Speaker 1: like somebody I want to deal with or your jerk.

463
00:23:51,760 --> 00:23:53,399
Speaker 1: We don't care. We're not going to do business with

464
00:23:53,480 --> 00:23:55,879
Speaker 1: that person, right. Um, So for us that there's a

465
00:23:56,000 --> 00:23:59,720
Speaker 1: huge aspect of like cultural fit and mentality to win,

466
00:24:00,320 --> 00:24:03,840
Speaker 1: and it's it's really not um as tied into like

467
00:24:04,160 --> 00:24:05,920
Speaker 1: you know, how rich you are, how much au M

468
00:24:05,920 --> 00:24:08,920
Speaker 1: you are, it's just because we think culture wins in

469
00:24:09,000 --> 00:24:11,320
Speaker 1: the end. And just to follow up UM West and

470
00:24:11,359 --> 00:24:13,040
Speaker 1: then if if anybody else wants to come into this,

471
00:24:13,920 --> 00:24:16,440
Speaker 1: we've talked and I know you and I've talked about conversion.

472
00:24:16,520 --> 00:24:18,760
Speaker 1: So there's launching a new e t F for a company,

473
00:24:18,760 --> 00:24:21,800
Speaker 1: and then there's converting something right into an e t F.

474
00:24:21,920 --> 00:24:25,800
Speaker 1: And are you seeing more request for conversions of say

475
00:24:25,920 --> 00:24:29,200
Speaker 1: mutual funds or separate accounts and is that something you

476
00:24:29,320 --> 00:24:34,000
Speaker 1: guys are also doing. Yes, I mean that's pretty much

477
00:24:34,080 --> 00:24:37,760
Speaker 1: exclusively what we're doing right now. So so next year

478
00:24:37,800 --> 00:24:40,960
Speaker 1: we're gonna probably launch another thirty funds, and I'd say

479
00:24:41,080 --> 00:24:43,600
Speaker 1: nine of them we're gonna be tied to either mutual fund,

480
00:24:43,640 --> 00:24:46,520
Speaker 1: hedge fund, or sim a conversions because that's really what

481
00:24:46,720 --> 00:24:49,159
Speaker 1: we're focused on. Like I said, we'll always do the

482
00:24:49,200 --> 00:24:52,439
Speaker 1: E t F entrepreneur that shows up with passion desire

483
00:24:52,520 --> 00:24:55,840
Speaker 1: to win, but that's not frankly our focus. Uh, we're

484
00:24:56,119 --> 00:24:58,359
Speaker 1: kind of all in on the conversion game at this point.

485
00:24:58,440 --> 00:25:00,920
Speaker 1: How about you, Mike. I wanted to chime in on

486
00:25:01,000 --> 00:25:03,680
Speaker 1: this one too, So Um, I was on with a

487
00:25:04,000 --> 00:25:06,680
Speaker 1: twenty billion dollar mutual fund shop yesterday talking through the

488
00:25:06,720 --> 00:25:10,480
Speaker 1: conversion stuff. Where in the process of doing one right now,

489
00:25:11,000 --> 00:25:13,359
Speaker 1: and I'm excited about that. I would say the first

490
00:25:13,520 --> 00:25:16,920
Speaker 1: wave for all of us the last couple of years

491
00:25:17,000 --> 00:25:21,840
Speaker 1: has been s m A and hedge funds converting. You know,

492
00:25:22,000 --> 00:25:24,720
Speaker 1: doing that that one's a lot easier. The mutual fund

493
00:25:24,760 --> 00:25:27,960
Speaker 1: conversion takes more time and effort, and it's not the

494
00:25:28,040 --> 00:25:31,600
Speaker 1: playbook isn't as cookie cutter because there's all kinds of

495
00:25:31,640 --> 00:25:33,880
Speaker 1: aspects to it. Like some people still have mutual funds

496
00:25:33,920 --> 00:25:37,359
Speaker 1: where individuals have subscribed directly, meaning they don't even have

497
00:25:37,400 --> 00:25:40,240
Speaker 1: a brokerage account. So when you convert, where do you

498
00:25:40,280 --> 00:25:42,760
Speaker 1: send those shares? Right? So there's and then you have

499
00:25:42,880 --> 00:25:45,439
Speaker 1: the issues of if it's a wire house, are they

500
00:25:45,480 --> 00:25:47,200
Speaker 1: gonna let the E t F stay on if they're

501
00:25:47,200 --> 00:25:50,760
Speaker 1: no longer getting there? Um, there's a proper word for it,

502
00:25:50,840 --> 00:25:54,080
Speaker 1: but I'm just gonna call it kickback. Uh. And So

503
00:25:54,960 --> 00:25:57,760
Speaker 1: I've seen a lot of interesting things happening here, some

504
00:25:57,920 --> 00:26:00,840
Speaker 1: really cool things that have come up though lately there's

505
00:26:00,880 --> 00:26:03,400
Speaker 1: one that we're talking to that's a mutual fund that's

506
00:26:03,760 --> 00:26:06,639
Speaker 1: uh kind of short biased and it's the type of

507
00:26:06,680 --> 00:26:10,159
Speaker 1: thing that people want to trade. But since the mid

508
00:26:10,240 --> 00:26:12,600
Speaker 1: two thousands where we had all those issues with mutual funds,

509
00:26:12,640 --> 00:26:14,440
Speaker 1: people can't trade them anymore. If you buy him, you

510
00:26:14,520 --> 00:26:16,639
Speaker 1: have to hold them thirty days. That's not true. It

511
00:26:16,720 --> 00:26:19,880
Speaker 1: inn e t F. So it like totally makes sense

512
00:26:19,960 --> 00:26:22,280
Speaker 1: that they would convert that mutual fund to an e

513
00:26:22,359 --> 00:26:24,520
Speaker 1: t F because the e t F allows for trading,

514
00:26:24,600 --> 00:26:26,520
Speaker 1: like allows you to get in and get out, an

515
00:26:26,520 --> 00:26:29,840
Speaker 1: optionality and all that. We've also seen like the success

516
00:26:29,920 --> 00:26:33,359
Speaker 1: we had with Gotham Joel green Blott's company, he created

517
00:26:33,359 --> 00:26:37,080
Speaker 1: an e t F that was the core equity holdings

518
00:26:37,200 --> 00:26:39,240
Speaker 1: in his mutual funds. So he's got five or six

519
00:26:39,320 --> 00:26:42,280
Speaker 1: mutual funds, all of them have the same core equity holdings,

520
00:26:42,680 --> 00:26:45,240
Speaker 1: and then they have options on the edges for different

521
00:26:45,240 --> 00:26:48,320
Speaker 1: buffers within those mutual funds. Now by having an e

522
00:26:48,440 --> 00:26:50,320
Speaker 1: t F that he just holds in the mutual fund,

523
00:26:50,680 --> 00:26:54,920
Speaker 1: he's literally passing on the benefits the tax benefits of

524
00:26:54,960 --> 00:26:57,600
Speaker 1: the e t F to the mutual fund holders. Um.

525
00:26:58,160 --> 00:27:01,880
Speaker 1: So there's more than one to skin. The conversion game

526
00:27:02,119 --> 00:27:04,880
Speaker 1: is kind of the point, right, there's there's different aspects

527
00:27:04,920 --> 00:27:08,000
Speaker 1: to it in different benefits. And Garrett, how about you,

528
00:27:08,040 --> 00:27:10,200
Speaker 1: what are you what are you seeing in this conversion

529
00:27:10,280 --> 00:27:14,560
Speaker 1: conversation that that's of note? Now, it's exactly the same, right,

530
00:27:14,600 --> 00:27:16,680
Speaker 1: I think we're all having the same conversations, you know,

531
00:27:17,080 --> 00:27:20,320
Speaker 1: probably with the same people in some cases. But you

532
00:27:20,400 --> 00:27:22,879
Speaker 1: know that's what we're seeing as well, right, people they

533
00:27:22,920 --> 00:27:25,679
Speaker 1: have to make conversions the hedge funds and then lately,

534
00:27:25,960 --> 00:27:28,480
Speaker 1: more recently, it has been the mutual fund aspect as well,

535
00:27:28,880 --> 00:27:30,560
Speaker 1: where you know, it's just a better rapper. I think

536
00:27:30,600 --> 00:27:33,440
Speaker 1: we're all obviously believers in the t F rapper and

537
00:27:33,760 --> 00:27:36,280
Speaker 1: you know, the mutual fund industry as a whole continues

538
00:27:36,320 --> 00:27:38,879
Speaker 1: to see outflows and those are those are coming to

539
00:27:38,920 --> 00:27:41,600
Speaker 1: the E t F world, and so you know, we're

540
00:27:42,080 --> 00:27:44,000
Speaker 1: kind of on the front lines of that, I would say,

541
00:27:44,480 --> 00:27:46,800
Speaker 1: and um, seeing the exact same thing that these guys are.

542
00:27:46,840 --> 00:27:48,880
Speaker 1: We We've got a lot of conversations going on right now,

543
00:27:49,320 --> 00:27:53,080
Speaker 1: a couple of filings coming with with some conversions for

544
00:27:53,200 --> 00:27:55,840
Speaker 1: next year. That it's just going to be the way

545
00:27:55,960 --> 00:28:05,920
Speaker 1: the way it is going forward. Okay, So how big

546
00:28:06,600 --> 00:28:08,600
Speaker 1: is this conversion way of going to get Derek. So

547
00:28:09,080 --> 00:28:11,520
Speaker 1: everything you guys are saying is music to my ears

548
00:28:11,600 --> 00:28:14,840
Speaker 1: because we went out eighteen months ago after d f A.

549
00:28:15,480 --> 00:28:18,560
Speaker 1: This was like, this was a huge moment in my opinion.

550
00:28:18,680 --> 00:28:21,520
Speaker 1: D f A huge name converted in e T F

551
00:28:22,160 --> 00:28:23,879
Speaker 1: UM Guinness was the first, but d f A was

552
00:28:23,920 --> 00:28:26,640
Speaker 1: the first big boy. And we wrote a note saying

553
00:28:26,680 --> 00:28:29,000
Speaker 1: that this is going to be over a trillion dollars

554
00:28:29,040 --> 00:28:31,679
Speaker 1: converted in the next ten years, and they'll be hundreds

555
00:28:31,720 --> 00:28:34,400
Speaker 1: of funds. Right now, we're about I want to say,

556
00:28:34,600 --> 00:28:38,920
Speaker 1: thirty five conversions at about sixty three billion. So I guess,

557
00:28:38,960 --> 00:28:41,320
Speaker 1: Garrett Um, you know you think we might hit a

558
00:28:41,400 --> 00:28:45,240
Speaker 1: trillion in ten years. I do think that, Yeah, I

559
00:28:45,360 --> 00:28:47,360
Speaker 1: do that. The E T F Rapper is just such

560
00:28:47,400 --> 00:28:50,040
Speaker 1: a better vehicle that it really cannot be ignored. And

561
00:28:50,080 --> 00:28:52,440
Speaker 1: if you're a mutual one company and you're not thinking

562
00:28:52,480 --> 00:28:56,000
Speaker 1: about this right now, you're you're behind the curve. UM,

563
00:28:57,080 --> 00:29:01,080
Speaker 1: your shareholders, um and investors you know, need this, need

564
00:29:01,160 --> 00:29:04,360
Speaker 1: this rapper. And so I think that's you know, really

565
00:29:04,400 --> 00:29:06,600
Speaker 1: going to be a huge driver of this and these

566
00:29:06,680 --> 00:29:09,800
Speaker 1: assets coming out of the big fun complexes and into

567
00:29:09,840 --> 00:29:13,280
Speaker 1: their own ets. Okay, well, I'm gonna bring it back

568
00:29:13,280 --> 00:29:15,360
Speaker 1: to you, and I want to ask we we talked

569
00:29:15,400 --> 00:29:18,920
Speaker 1: about um indies there um and you know you you

570
00:29:19,000 --> 00:29:21,680
Speaker 1: mentioned Perth. I want to talk about the dynamic of

571
00:29:21,840 --> 00:29:24,760
Speaker 1: like the indies like her and some of the others

572
00:29:24,840 --> 00:29:28,000
Speaker 1: that we mentioned versus the more institutional players like the

573
00:29:28,080 --> 00:29:31,120
Speaker 1: Goldman How is that going to play out in the

574
00:29:31,200 --> 00:29:34,120
Speaker 1: white label stuff? Because if the the Goldman's and the

575
00:29:34,200 --> 00:29:37,440
Speaker 1: JP Morgan's of the world just keep coming and asking

576
00:29:37,520 --> 00:29:40,240
Speaker 1: for more boxes, like, how much room will there be

577
00:29:40,400 --> 00:29:43,760
Speaker 1: for for indies going forward when when those institutional names

578
00:29:43,920 --> 00:29:45,960
Speaker 1: throw around so much money and have the platforms they have.

579
00:29:47,200 --> 00:29:49,960
Speaker 1: So I always tell people that with boutiques, they live

580
00:29:50,080 --> 00:29:53,720
Speaker 1: on being fast, which is an acronym because I'm from

581
00:29:53,760 --> 00:29:57,440
Speaker 1: the military, and that's basically being flat authentic, social savvy

582
00:29:57,520 --> 00:30:00,560
Speaker 1: and a thought leader. And so I do not think

583
00:30:00,960 --> 00:30:03,400
Speaker 1: that like, let's say Larry Fink is like, hey, I'm

584
00:30:03,400 --> 00:30:07,640
Speaker 1: gonna go launch a freedom fund. Does anyone believe Larry

585
00:30:07,720 --> 00:30:12,200
Speaker 1: Fink cares about freedom? Of course not everyone knows per

586
00:30:12,400 --> 00:30:16,560
Speaker 1: Toll lives and dies on freedom, right, And do you

587
00:30:16,680 --> 00:30:19,400
Speaker 1: want to invest with the person who wrote the book

588
00:30:19,880 --> 00:30:21,560
Speaker 1: or do you want to invest with the person that

589
00:30:21,920 --> 00:30:24,120
Speaker 1: you know talked about the author who wrote the book.

590
00:30:24,280 --> 00:30:27,760
Speaker 1: Like most people, if the book is reasonably price, are

591
00:30:27,760 --> 00:30:29,800
Speaker 1: gonna want to buy the book from the actual author.

592
00:30:29,960 --> 00:30:35,920
Speaker 1: So I'm always evergreen bullish on authentic people who do

593
00:30:36,080 --> 00:30:39,120
Speaker 1: what they say, They do things right, and they price

594
00:30:39,240 --> 00:30:42,720
Speaker 1: their products affordably and reasonably. I don't see how the

595
00:30:42,800 --> 00:30:47,240
Speaker 1: big monster firms can ever break that right. Boutique survived

596
00:30:47,320 --> 00:30:51,160
Speaker 1: for a reason. They're better at their job than monster

597
00:30:51,800 --> 00:30:55,680
Speaker 1: product manufacturers. Mike, you wanna you want to fight back

598
00:30:55,720 --> 00:30:59,640
Speaker 1: on that? Uh, I want to say I'm not scared

599
00:30:59,640 --> 00:31:03,280
Speaker 1: of Golden And at all. Honestly, I think they're gonna

600
00:31:03,360 --> 00:31:06,080
Speaker 1: have a tough time with this. UM. This is a

601
00:31:06,200 --> 00:31:09,760
Speaker 1: headache business. This is the type of thing where you've

602
00:31:09,800 --> 00:31:13,280
Speaker 1: got to have really great people. There's only so much

603
00:31:13,360 --> 00:31:16,880
Speaker 1: automation any of us can do because we are fiduciaries

604
00:31:16,880 --> 00:31:18,560
Speaker 1: at the end of the day. Like, this is not

605
00:31:19,400 --> 00:31:22,560
Speaker 1: this is not UM some retail widget business. This is

606
00:31:22,680 --> 00:31:26,400
Speaker 1: a forty Act or thirty three act fiduciary business where

607
00:31:26,960 --> 00:31:29,240
Speaker 1: you can automate a lot of things, but you can't

608
00:31:29,280 --> 00:31:33,320
Speaker 1: automate out that compliance component and you can't automate out

609
00:31:33,760 --> 00:31:38,880
Speaker 1: that people component. So I don't see any threat to

610
00:31:39,920 --> 00:31:43,840
Speaker 1: the kinds of people that we're talking about being sold

611
00:31:44,000 --> 00:31:46,960
Speaker 1: Goldman instead of US. I think Goldman did this because

612
00:31:46,960 --> 00:31:50,520
Speaker 1: they see the wave. They know they know that the

613
00:31:50,640 --> 00:31:54,240
Speaker 1: average investor under thirty can't even buy a mutual fund

614
00:31:54,360 --> 00:31:56,960
Speaker 1: because their money is at robin Hood or so FI

615
00:31:57,200 --> 00:32:01,680
Speaker 1: or public Um or whatever. And those places aren't even

616
00:32:01,720 --> 00:32:04,000
Speaker 1: set up for mutual funds. You can't you can't even

617
00:32:04,040 --> 00:32:07,000
Speaker 1: put in five letter tickers. Their their systems don't even

618
00:32:07,000 --> 00:32:09,880
Speaker 1: allow for it, right, they don't have these contracts with

619
00:32:10,000 --> 00:32:15,840
Speaker 1: all this fat and and extra money to be thrown around. Um. Honestly,

620
00:32:16,000 --> 00:32:19,440
Speaker 1: I think in uh three to five years, Goldman is

621
00:32:19,440 --> 00:32:24,840
Speaker 1: going to have to come by one or all of us. Okay,

622
00:32:24,920 --> 00:32:31,320
Speaker 1: well that's a that's a good transition to Puerto Rico. Yeah. Um,

623
00:32:34,160 --> 00:32:35,520
Speaker 1: you guys are all over the place. West is in

624
00:32:35,560 --> 00:32:38,000
Speaker 1: Puerto Rico. Mike, you're in Long Island with Billy Joel

625
00:32:38,520 --> 00:32:42,600
Speaker 1: and uh, Garrett, you're in Oklahoma, right, Garrett, let's end

626
00:32:42,640 --> 00:32:45,480
Speaker 1: with you. We'll close this out. You know, you kind

627
00:32:45,560 --> 00:32:48,280
Speaker 1: of kicked all this off back in the day putting

628
00:32:48,320 --> 00:32:52,280
Speaker 1: out those funds. Um, is this business grown like you

629
00:32:52,360 --> 00:32:54,520
Speaker 1: thought it would or more so, and where do you

630
00:32:54,560 --> 00:32:58,400
Speaker 1: see it going? You know, it has grown more so

631
00:32:58,600 --> 00:33:02,000
Speaker 1: than than actually I thought would have originally. It's um,

632
00:33:02,160 --> 00:33:05,360
Speaker 1: it's really not a niche kind of business anymore. Originally,

633
00:33:05,480 --> 00:33:07,560
Speaker 1: that's how we thought about it, was launching niche or

634
00:33:07,680 --> 00:33:10,680
Speaker 1: thematic funds, and the acceptance of the e t f

635
00:33:11,080 --> 00:33:14,600
Speaker 1: UM has really just grown so dramatically that you know,

636
00:33:14,720 --> 00:33:17,120
Speaker 1: we launched funds for all kinds of issuers. You know,

637
00:33:17,160 --> 00:33:20,640
Speaker 1: we launched funds for ubs, we launched funds for Alliance Bernstein,

638
00:33:21,040 --> 00:33:23,760
Speaker 1: we launched a physical gold fund for the Government of

639
00:33:23,840 --> 00:33:26,200
Speaker 1: Western Australia. You know, we had half a billion dollars

640
00:33:26,240 --> 00:33:29,560
Speaker 1: in gold bars stored underground in the Perth Mint in Australia.

641
00:33:30,200 --> 00:33:33,040
Speaker 1: So it's really this huge spectrum of players in this

642
00:33:33,520 --> 00:33:35,320
Speaker 1: and that's only going to get bigger, you know. And

643
00:33:35,400 --> 00:33:37,520
Speaker 1: to the point about Goldman, you know, jumping into this

644
00:33:37,640 --> 00:33:40,080
Speaker 1: as well. You know, our view on that is that

645
00:33:40,160 --> 00:33:43,240
Speaker 1: it's really Goldman looking probably more for trading revenue right there.

646
00:33:43,520 --> 00:33:45,520
Speaker 1: I don't think anyone's convinced they really want to be

647
00:33:45,600 --> 00:33:47,880
Speaker 1: a white label issuer. I think they're looking for a

648
00:33:47,920 --> 00:33:50,360
Speaker 1: way to get a piece of the trading business out

649
00:33:50,400 --> 00:33:52,560
Speaker 1: of this. If you try on their website, it all

650
00:33:52,640 --> 00:33:55,120
Speaker 1: it says is to contact your Goldman representative, so you

651
00:33:55,120 --> 00:33:56,760
Speaker 1: can't even do it if you're not a Goldman client

652
00:33:56,880 --> 00:33:58,920
Speaker 1: with them at the moment. So to Mike's point, we

653
00:33:58,960 --> 00:34:00,760
Speaker 1: really don't see them as at We see it as

654
00:34:00,800 --> 00:34:04,080
Speaker 1: just another validation of people wanting to get into this industry.

655
00:34:04,600 --> 00:34:07,640
Speaker 1: So I think it it's really only going to grow significantly.

656
00:34:08,040 --> 00:34:10,720
Speaker 1: You know, the world continues to shrink, trading products continue

657
00:34:10,719 --> 00:34:12,799
Speaker 1: to be able to be spread around the world, lots

658
00:34:12,840 --> 00:34:16,440
Speaker 1: of different areas and avenues. You know, you've got folks

659
00:34:16,480 --> 00:34:19,160
Speaker 1: in Europe doing similar things. Now you've got was Stone

660
00:34:19,320 --> 00:34:21,919
Speaker 1: is just gotten into this in Europe, obviously a huge

661
00:34:22,040 --> 00:34:25,680
Speaker 1: name over there and and doing interesting things. Han is

662
00:34:25,760 --> 00:34:28,640
Speaker 1: over there. So it's really um you know, I think

663
00:34:28,680 --> 00:34:33,920
Speaker 1: the growth potential is still just massive for all of us. Okay,

664
00:34:34,280 --> 00:34:36,440
Speaker 1: I'm gonna ask a question of each of you. Mike

665
00:34:36,520 --> 00:34:39,160
Speaker 1: knows what's coming. It's our favorite kicker question that we

666
00:34:39,239 --> 00:34:42,160
Speaker 1: ask on each episode of Trillions. Mike, I'm going to

667
00:34:42,280 --> 00:34:44,680
Speaker 1: kick it off with you your favorite et F ticker

668
00:34:44,800 --> 00:34:47,400
Speaker 1: other than your own, and I gotta I gotta admit

669
00:34:47,480 --> 00:34:50,680
Speaker 1: that you've had a great one before. I can't remember it,

670
00:34:50,760 --> 00:34:52,800
Speaker 1: but you can't repeat it, and you can't use anyone

671
00:34:52,960 --> 00:34:56,640
Speaker 1: in your stable of white label ETF either. I totally

672
00:34:56,680 --> 00:35:03,720
Speaker 1: get it. Oh man, favorite ticker, now, Man, I should

673
00:35:03,719 --> 00:35:06,239
Speaker 1: have remembered that this was coming, so you, magnus, you

674
00:35:06,280 --> 00:35:08,960
Speaker 1: can edit out me floundering here trying to think on

675
00:35:09,680 --> 00:35:12,440
Speaker 1: uh you know, And I'm gonna go with the original

676
00:35:12,520 --> 00:35:15,879
Speaker 1: one that my partner Giermo did, which was lit. That's

677
00:35:15,920 --> 00:35:19,160
Speaker 1: a global X one right, It's very clear what it is,

678
00:35:19,440 --> 00:35:21,000
Speaker 1: and it was ahead of its time, and it was

679
00:35:21,040 --> 00:35:23,920
Speaker 1: one of the first the Mattox and it always reminds

680
00:35:23,960 --> 00:35:26,879
Speaker 1: me of how I got to build this company because

681
00:35:27,080 --> 00:35:30,280
Speaker 1: both Guerremo and I came from the outside this industry

682
00:35:30,920 --> 00:35:33,200
Speaker 1: and we met at Global X and build titled together.

683
00:35:33,719 --> 00:35:36,759
Speaker 1: Wes uh. You know, I have to give shout out

684
00:35:36,800 --> 00:35:40,520
Speaker 1: to meb probably and his marijuana fun toke Ye. I

685
00:35:40,520 --> 00:35:43,040
Speaker 1: always found that one to be pretty entertained. So the

686
00:35:43,120 --> 00:35:46,719
Speaker 1: field that is point for two. Oh, I wonder where

687
00:35:46,760 --> 00:35:49,920
Speaker 1: that came from. That that et F was seriously inspired

688
00:35:50,680 --> 00:35:56,040
Speaker 1: Garrett Um. You know, I think um one of my

689
00:35:56,200 --> 00:36:00,120
Speaker 1: favorite just tickers as Jet Super easy to remember. Our

690
00:36:00,560 --> 00:36:05,360
Speaker 1: descriptive um pretty good. We do have some that we

691
00:36:05,520 --> 00:36:07,720
Speaker 1: sub advise that we didn't launch, but we sub advice

692
00:36:07,800 --> 00:36:10,600
Speaker 1: for Round Hill and those guys have great tickers. You know,

693
00:36:10,680 --> 00:36:14,600
Speaker 1: they've got weed, they've had, they did have meta. They

694
00:36:14,640 --> 00:36:17,840
Speaker 1: do a really good job with theirs. Mike Garrett West,

695
00:36:17,880 --> 00:36:20,800
Speaker 1: thanks for joining us on Trillions. Thank you, thank you.

696
00:36:21,120 --> 00:36:30,000
Speaker 1: I appreciate it. Thanks for listening to Trillions until next time.

697
00:36:30,040 --> 00:36:32,520
Speaker 1: You can find us on the Bloomberg Terminal, Bloomberg dot com,

698
00:36:32,880 --> 00:36:36,000
Speaker 1: Apple Podcast, Spotify, and wherever else you like to listen.

699
00:36:36,680 --> 00:36:39,000
Speaker 1: We'd love to hear from you. We're on Twitter. I'm

700
00:36:39,120 --> 00:36:43,440
Speaker 1: at Joel Weaker Show. He's at Eric Falcunos. This episode

701
00:36:43,440 --> 00:36:46,480
Speaker 1: of Trillions was produced by Magnets and Drew Ye