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Speaker 1: Welcome our chillins.

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Speaker 2: I'm Joel Webber and I'm Eric Belchernas.

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Speaker 1: It's a new year.

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Speaker 3: Eric, There's going to be some things that will happen

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Speaker 3: this year, no doubt, And I'm wondering what ETFs we

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Speaker 3: should share with our listeners to help them get ahead

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Speaker 3: in the year head.

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Speaker 4: Yeah, this has become an annual tradition. We at Bloomberg

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Speaker 4: Intelligence are tasked with writing outlooks, just like all of

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Speaker 4: our Stock and Bond colleagues, but we also in addition

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Speaker 4: to that do a listical people like listicles Joel.

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Speaker 3: They do you know this numbers seeking to go to

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Speaker 3: all together.

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Speaker 4: So we thought we would do this is about five

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Speaker 4: years ago. I think we started in what eighteen or nineteen.

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Speaker 4: We did nineteen ETFs for twenty nineteen, we did twenty

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Speaker 4: ets for twenty twenty, and today we're going to unveil

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Speaker 4: twenty four ETFs for twenty twenty four.

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Speaker 2: See how that works go by the year.

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Speaker 1: Yeah, do we actually have twenty four?

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Speaker 4: So in our big note we have twenty four because

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Speaker 4: we have Rebecca and Henry contributing from Europe and Asia.

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Speaker 4: But today we're just gonna give you the US version

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Speaker 4: so it's fifteen of the twenty four.

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Speaker 3: Twenty four minus nine for the year ahead, So fifteen

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Speaker 3: ETFs to know.

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Speaker 4: About the US ones, which I think our audience is

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Speaker 4: probably more interested in anyway. So plus some of these

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Speaker 4: are gonna cause a little debate. We just won't have

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Speaker 4: time to get through twenty four.

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Speaker 3: So joining us James Seifert and Athanasius, Sarah Vegas with

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Speaker 3: ETF analysts with OBERG intelligence, this time on trillions ETFs

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Speaker 3: for the year ahead. Okay, Eric, you're gonna kick it off.

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Speaker 3: You have a disclaimer, and then you're gonna give us

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Speaker 3: the first ETF to watch.

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Speaker 4: Yeah, so just real quick, you know, these these are

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Speaker 4: not our picks for what will go up or down.

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Speaker 2: We don't know.

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Speaker 1: We don't make calls.

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Speaker 4: We don't make calls we're not allowed to. And frankly,

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Speaker 4: I think most people in the team admit none of

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Speaker 4: us know the future. In fact, nobody knows the future.

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Speaker 4: If we're we're gonna be really honest, but these are

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Speaker 4: ETFs that catch our attention, that we're thinking about, that

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Speaker 4: have tapped into some trend or some rarity that just

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Speaker 4: you know, gets us as if we're ETF scientists This

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Speaker 4: is something we obsess over a little.

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Speaker 1: Bit ETFs to watch, that's what.

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Speaker 2: That's right to watch.

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Speaker 4: Yeah, okay, My first one is the PACER US Small

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Speaker 4: Cap Cash Cows one hundred ETF.

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Speaker 1: What's that ticker, CALF.

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Speaker 4: So this is the baby brother of cows, which is

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Speaker 4: the large cap cash cow ETF. This ETF made what

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Speaker 4: we do is called an outliers list we do every

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Speaker 4: month which shows ETFs that took in way more that

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Speaker 4: month and flows than their average, their twelve month average.

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Speaker 4: So if it's more than two standard deviations above it,

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Speaker 4: we note it because hey, this is needs something that's happening.

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Speaker 4: Something's happening. CALF has made the list three times this year.

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Speaker 1: Huh.

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Speaker 4: It is really breaking out. If you look at the

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Speaker 4: flow chart, it looks a lot like ARC back in

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Speaker 4: twenty twenty when it was just coming to be. It's

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Speaker 4: a probably the best kind of flow chart you can have.

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Speaker 4: It shows totally organic growth, total grassroots interest, a pure phenomenon,

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Speaker 4: and I would call PACER indy, So I call this

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Speaker 4: the indie feel good hit of the year. And what

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Speaker 4: this does is it looks for cash flow yield in

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Speaker 4: small caps. Now, as you know large caps crushed this

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Speaker 4: past year. Nobody cares about small caps or anything else

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Speaker 4: other than like the Super seven. So this ETF basically

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Speaker 4: double the performance of the Russell two thousand, which is

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Speaker 4: this benchmark for small caps. So, in other words, it

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Speaker 4: picked small caps from within this universe and doubled it.

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Speaker 2: That is so hard to do.

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Speaker 4: If an active manager did, it would be like praising

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Speaker 4: them all day. Not only that, this beat the S

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Speaker 4: and P. So to think about it, a small cap

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Speaker 4: ETF that's picking certain stocks beat the S and P. Shocker, right,

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Speaker 4: That's why the flows are coming in. People are like,

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Speaker 4: holy moly, this thing has something special going on. Part

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Speaker 4: of it is in small caps there's a lot of junk,

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Speaker 4: but looking at cash flow yield is actually a pretty

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Speaker 4: brilliant way to pick out the better quality type of

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Speaker 4: small caps. So it's something got a quality tilt. But

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Speaker 4: listen to these flow numbers. By the way, it's taken

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Speaker 4: in cash flows for forty four months straight. It's taken

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Speaker 4: in flows every week this year but one, and it's

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Speaker 4: on a one hundred day inflow streak. These are Vanguard

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Speaker 4: numbers only Vanguard, and maybe Schwab can can lay numbers

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Speaker 4: down like this and if you look at the holders,

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Speaker 4: it's a lot of the big wirehouses Morgan Stanley, Wells Fargo.

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Speaker 4: It's so hard to get into those places. So this

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Speaker 4: ETF defy the odds. Can it keep it going? You

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Speaker 4: know if small caps come back, like some analysts are saying,

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Speaker 4: because large caps had their year, this thing could have

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Speaker 4: a future.

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Speaker 2: It could keep actually going.

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Speaker 4: So and it could pass Cows, which is its big brother,

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Speaker 4: which is rare.

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Speaker 5: I think that's a great pick. I love what we said.

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Speaker 5: You know, small caps didn't have a great year, so

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Speaker 5: so to beat not having like some of that, you know,

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Speaker 5: large cap exposure one is really like a pretty incredible feat.

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Speaker 1: James, you get the mic. What's your number two?

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Speaker 6: Yeah?

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Speaker 7: So mine is going to be bid Oh the pro

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Speaker 7: shares Bitcoin Future Strategy ETF. I talk about bitcoin every year.

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Speaker 7: I feel like the last I think the last two

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Speaker 7: years I had GBTC on there.

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Speaker 6: But it's finally here.

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Speaker 7: We're probably going to get a spot bitcoin ETF in

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Speaker 7: early January, as Eric and I predicted a few months back.

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Speaker 7: So but the question like, what's going to happen to biddo?

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Speaker 7: This thing is well over a billion dollars, has a

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Speaker 7: couple of billion dollars in assets. Uh, it's done very

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Speaker 7: well as bitcoin has risen, but there's some concerns, Like

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Speaker 7: most people are if they want exposure to Bitcoin, they're

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Speaker 7: going to much prefer a SPOT allocation something like GPTC

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Speaker 7: or these other ets that are going to come to market.

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Speaker 6: So the question is what's going to happen to biddo.

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Speaker 7: I think eventually it will go to the wayside, but

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Speaker 7: likely at least initially it's going to be stick around.

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Speaker 7: But the problem is Biddo since the beginning of the

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Speaker 7: year has underperformed Spot by over fourteen percent because of

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Speaker 7: the role cost. So essentially, when you have a futures

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Speaker 7: etf and you have to you have to maintain exposure

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Speaker 7: to the underlying asset, in this case bitcoin, it's basically

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Speaker 7: selling a futures contract for one month and buying the

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Speaker 7: next month, and if that next month is more expensive,

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Speaker 7: you're losing money every time.

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Speaker 6: And as big coin goes on a bull run like.

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Speaker 7: It has the last couple months, that that cost goes

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Speaker 7: up for every month because basically the curve goes into

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Speaker 7: canentango without getting two into the weeds. But this means

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Speaker 7: that Biddo like for a long term allocation, isn't that

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Speaker 7: great of a strategy? Essentially, not great of as great

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Speaker 7: of a tool, because basically that fourteen percent is this

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Speaker 7: is your cost for owning this ETF as compared to

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Speaker 7: owning the underlying assets.

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Speaker 6: So it'll be interesting to see what happens.

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Speaker 7: I think this thing will be used heavily by the

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Speaker 7: market makers, at least initially when we get those Spot ETFs,

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Speaker 7: because they can use them to hedge positions while they're

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Speaker 7: creating markets in other areas. But it will be fascinating

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Speaker 7: to see, like what happens with the flows. Is money

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Speaker 7: gonna pour out of Biddo and into these Spot products?

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Speaker 7: Who knows, but it'll be interesting to watch.

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Speaker 4: Yeah, And it's ironic that Biddo's getting so much of

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Speaker 4: the attention in the sort of buy the rumor action

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Speaker 4: ahead of the Spot approvals. But when Spot gets approved,

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Speaker 4: Biddo is gonna get ignored, not totally ignored, but people

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Speaker 4: are gonna migrate because any ETF that uses futures, and

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Speaker 4: if there's one that does it physical, people like it physical.

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Speaker 3: So if that's a billion dollars, then we're on here

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Speaker 3: next year where do you guys think that's.

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Speaker 4: At I think biddoh, I mean I think bitcoin. Might

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Speaker 4: you know, after this big run up, maybe let's let's

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Speaker 4: call bitcoin flat. Okay, I would say loses thirty percent

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Speaker 4: of its asset seven hundred million, but then two years

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Speaker 4: were at five hundred million.

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Speaker 2: I think it's down to under one hundred million in five.

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Speaker 3: Great strategy before the spot vehicle finally got approve.

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Speaker 4: Yeah, Proshure has made a nice little coin on this thing,

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Speaker 4: and it served the purpose in the market. But yeah, advisors,

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Speaker 4: if generally speaking, if you put derivatives I mean futures

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Speaker 4: in an ETF, they're not going to buy it. The

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Speaker 4: gold futures ETF that used to exist closed, So you

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Speaker 4: know that tells you all you need to know everybody?

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Speaker 1: What once a physical Athanasios? What's your third?

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Speaker 5: So this one is MDiv, which is the first trust

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Speaker 5: multi asset income ETF. The reason I picked this one

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Speaker 5: is like income was a really high trade this year, right,

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Speaker 5: So like JETPY, everyone's just looking at, well, which ETFs

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Speaker 5: payout the most income, the highest yield. So for if

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Speaker 5: we diversify stocks, we diversify bonds, why not diversify your

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Speaker 5: income sources. And this is why I like it, because

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Speaker 5: it holds all different income sources, holds your hild bonds, reads, preferreds,

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Speaker 5: dividend stocks MLPs. So the risk was sometimes just being

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Speaker 5: so attached to one is obviously you're you're you're depending

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Speaker 5: on that one income source. So I like this approach

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Speaker 5: of diversifying. It has a six percent yield. Jetpy's like

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Speaker 5: eight point six and it's at the same place where

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Speaker 5: jetpy is this year, and jetpy was probably like the

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Speaker 5: hottest trade this year. It's a little bit expensive. It's

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Speaker 5: a first trust product, you know, them being cheap is

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Speaker 5: not really their mL but it's about sixty five basis points,

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Speaker 5: still pretty small ETF, but I like the notion of

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Speaker 5: diversifying your different sources of income.

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Speaker 1: That one is a little bit more boring than the

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Speaker 1: first two.

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Speaker 8: What was it taking MDV.

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Speaker 6: Right?

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Speaker 1: Eric here for it?

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Speaker 2: I don't know that.

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Speaker 1: So let's see what your next round is.

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Speaker 2: Back. I gotta go to the espresso machine.

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Speaker 1: With cash.

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Speaker 8: Companies that have cash, a lot of cash on hand.

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Speaker 4: All right, you know what, I was gonna save this

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Speaker 4: one for a late I gotta bring this now. Okay,

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Speaker 4: I'm gonna go with the global x MSCI Argentina.

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Speaker 1: ETF ooh bringing some heat.

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Speaker 4: Yeah, so they just selected this guy who runs around

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Speaker 4: with a chainsaw and he calls himself an anarcho capitalist,

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Speaker 4: and it's fascinating every time one of these emerging market

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Speaker 4: countries goes from like socialism and then swing so far

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Speaker 4: the other way to like capitalism. The ETFs love it.

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Speaker 4: This thing is up twenty two percent in a month

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Speaker 4: since this guy got elected, the volumes up a lot,

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Speaker 4: and the emerging markets as a whole is flat. So

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Speaker 4: clearly people like this now. I always find it fascinating.

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Speaker 4: Can he pull it off? So there's this excitement that,

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Speaker 4: oh it's a more business friendly leader.

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Speaker 1: By the way, his name is Javier Melat, Yes.

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Speaker 4: And he's a character and he's got a lot of attention.

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Speaker 4: But it's all words right.

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Speaker 1: Now, can he?

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Speaker 3: And he was elected by saying some stuff and is

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Speaker 3: immediately like pivoted in office.

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Speaker 2: This is the thing he what he's saying. You know,

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Speaker 2: I get it.

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Speaker 4: It's a great message, I guess if well, it could

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Speaker 4: be a good message if you live there. But words

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Speaker 4: to action are different. But we'll see if this works.

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Speaker 4: All I know is that when there's any hint of

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Speaker 4: a pro business leader getting elected in one of these

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Speaker 4: single country Emerging market ETFs, the ETF goes wild for

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Speaker 4: a while and we'll see if this. You know, India

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Speaker 4: happened with Moti back when he was there Brazil and

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Speaker 4: so here we're now in Argentina. So I like to

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Speaker 4: watch these because I always call single country ETFs or

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Speaker 4: sort of like the sports book of geopolitics. When you

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Speaker 4: see that, you know, people use him to like bet

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Speaker 4: on that.

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Speaker 2: So so I'm watching.

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Speaker 4: I'll be watching this next year. Can it maintain this

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Speaker 4: sort of excitement or will reality set it?

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Speaker 1: And what was that ticket for this ar GT? So

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Speaker 1: easy to remember it? All right, James, we're starting round two,

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Speaker 1: let's go.

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Speaker 6: Yeah.

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Speaker 7: So I'm gonna go with something that is gonna upset

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Speaker 7: Eric a little bit here. I actually did this one

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Speaker 7: a few years back, but I but I have to

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Speaker 7: bring it back. I'm gonna do the X trackers S

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Speaker 7: and P five hundred ESG ETF E S G E

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Speaker 7: t F s NPE. So this whole thing that the

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Speaker 7: strategy is basically don't rock the boat. So its overall

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Speaker 7: goals are to basically give you a very similar risk

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Speaker 7: return profile the S and P five hundred, but also

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Speaker 7: avoid companies that are doing basically things that are against

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Speaker 7: ESG practices. So basically what it does is it decides

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Speaker 7: what ESG factors are most critical to different sectors and

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Speaker 7: then kicks out the worst performers in each sector by

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Speaker 7: whatever those metrics are. So it's gonna be different metrics

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Speaker 7: for oil and gas companies versus tech companies. Right So,

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Speaker 7: right now it has three hundred and twenty two stocks.

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Speaker 7: The reason I'm covering is because one, I've believed for

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Speaker 7: a long time that these I'm not a huge fan

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Speaker 7: of these esgetfs that are picking bottom up based on

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Speaker 7: ESG fundamental criteria. I think you miss out on a

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Speaker 7: lot of home runs if you do it that way.

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Speaker 7: If you're just picking solely because of some ESG metrics,

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Speaker 7: it makes sense to use ESG as an overall investment

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Speaker 7: decision in my view. But I'm just not a fan

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Speaker 7: of the bottoms up picking solely based on the ESG characteristics.

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Speaker 7: And what has this led to? So if you look

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Speaker 7: at the index, it's beating the S and P five

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Speaker 7: hundred by over thirty five percent since the index was

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Speaker 7: created and back tested in two thousand five, back tested

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Speaker 7: through two thousand and five, and I know what Eric

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Speaker 7: is going to say and what anyone's saying. Well, tell

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Speaker 7: me how it's done since it launched. So since it

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Speaker 7: launched in twenty nineteen, it's beating SPY by eleven percent.

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Speaker 7: It charges a ten basis point fee. It's a great

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Speaker 7: story for advisors. It's not huge tracking error to the

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Speaker 7: underlying asset, which a lot of advisors don't want to

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Speaker 7: talk about, and that ten percent fee is pretty cheap.

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Speaker 6: So, like I said, I don't like.

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Speaker 7: I'm not a huge fan of these ESG ETFs that

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Speaker 7: exclude high returners. A lot of them suffered heavily because

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Speaker 7: they didn't have exposure to oil and gas. They as

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Speaker 7: they went on a run the last couple of years.

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Speaker 6: So yeah, I'm.

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Speaker 7: Picking SMPE just because it's been performing exceptionally well and

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Speaker 7: it's one of the rare ESG cases that's doing well

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Speaker 7: this year.

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Speaker 6: It's almost a billion dollar fund.

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Speaker 2: Yeah, No, you're right.

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Speaker 4: The performance has been good and I have to give

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Speaker 4: that up. And it's a good ATF. You know the

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Speaker 4: problem is if if you're going in and you're you

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Speaker 4: want quote ESG, you look at the holdings here. You've

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Speaker 4: got Amazon potentially like worker issues. You've got Tesla that's

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Speaker 4: got a whole host of issues. You've got Chevron all

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Speaker 4: the top twenty. So I mean, what are we really

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Speaker 4: doing here, James? Why not just buy the stupid s

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Speaker 4: and P five hundred? Like, what what are we really

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Speaker 4: doing here?

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Speaker 6: How changed four hundred? It's not changing the world.

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Speaker 7: I don't agree with any of those practice those ETFs

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Speaker 7: that are bottoms up eat.

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Speaker 4: In other words, you you say by this because you

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Speaker 4: might it's an outperforming potential, you could care less.

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Speaker 7: And it's no because it's kicking out the absolute worst

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Speaker 7: performers from each sector. So like there are people, there

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Speaker 7: are firms in the sectors of communications or technology or

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Speaker 7: consumer discretionary that have way worse ESG scores than the

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Speaker 7: ones you named.

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Speaker 3: So it's like happening like a filtering mechanism that's actually

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Speaker 3: attempting to like isolate.

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Speaker 4: Pepsi and Cola perform the top twenty five. McDonald's doesn't

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Speaker 4: him too much. This is he's just giving you things

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Speaker 4: to watch. I know, I know, yeah, this this is

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Speaker 4: an actual trying to get horse institution.

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Speaker 2: After MD if we got to get get some action here.

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Speaker 3: Well, on that note, as we're on number six terrified,

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Speaker 3: Now are you going to follow Terrified?

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Speaker 8: Okay?

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Speaker 5: I like this ticker. It's a new ETF. It's desk right,

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Speaker 5: so it's the van neck.

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Speaker 1: Office stronger start.

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Speaker 5: Okay, what's coming off better on this one? It's the

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Speaker 5: van office and commercial re ETF?

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Speaker 1: Right?

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Speaker 5: So what a of a contrarian play because it's you know,

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Speaker 5: playing on commercial real estate. But it's a very unique ETF.

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Speaker 5: There's really nothing else like it out there because it's

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Speaker 5: focusing mostly just on the commercial rates in office rates.

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Speaker 8: You know, you can get.

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Speaker 5: This exposure and some of the bigger ETFs, but it

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Speaker 5: won't be as pure as this one. And while the

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Speaker 5: ETF is new, if you look at the index of it,

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Speaker 5: it's below where it was even during COVID, and if

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Speaker 5: you remember, like offices were like done during COVID, So

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Speaker 5: it's like, how is this still at that level? I

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Speaker 5: think if with a change in rates maybe next year.

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Speaker 5: I think it's something to watch. It's very unique, it's small,

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Speaker 5: there's really no other ETF like it, So I like

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Speaker 5: this one as a contrarian play for next year, especially

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Speaker 5: with a push with firms going back to the office

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Speaker 5: more right, we're seeing you know, we're seeing it everywhere.

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Speaker 5: I think this one could be something to watch for

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Speaker 5: next year.

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Speaker 1: I like that that's a little bit of a sleeper. Yeah.

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Speaker 2: I mean it's very small.

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Speaker 4: It just came out as one million, so but yeah,

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Speaker 4: this could be a proxy for what you're talking about.

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Speaker 8: Yeah.

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Speaker 5: We always sort of debate on the team, like getting

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Speaker 5: back to the office or whatnot. And I think you're right,

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Speaker 5: that's a good thing.

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Speaker 4: Ernado is the top holding and a lot of people

356
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Speaker 4: have used that as a proxy for Yeah.

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Speaker 1: Yeah, okay, beginning of round three.

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Speaker 7: Eric, Hey wait wait, I want to add something real quick. Okay,

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Speaker 7: good heah, Yeah, yeah, you talked about Vernado. I also agree,

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Speaker 7: like I love this pick from Athan because commercial real

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Speaker 7: estate has been something that everyone's talking about. I mean

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Speaker 7: your Sister or Sibling podcast at odd Lots talks about

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00:16:26,920 --> 00:16:29,640
Speaker 7: this constantly. So if people are looking for an ETF

364
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Speaker 7: to play this, this looks like a good way to

365
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Speaker 7: do it.

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Speaker 6: And you mentioned Vernado.

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Speaker 7: Fun fact, we're sitting in a Vernado owned building technically speaking,

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Speaker 7: so they're definitely estate.

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Speaker 2: You're in Jersey in your house.

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Speaker 1: I don't know.

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Speaker 4: Maybe Vernardo built your house. By the way, the second

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Speaker 4: company is called kill Roy. Can anybody name the eighty

373
00:16:49,840 --> 00:16:51,920
Speaker 4: song that has the lyric Kilroy?

374
00:16:52,200 --> 00:16:52,720
Speaker 1: Oh Man?

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00:16:52,800 --> 00:16:56,240
Speaker 2: Probably Magnus is my only hope. Yeah, producer Magnus from

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Speaker 2: the booth kill Roy?

377
00:16:58,040 --> 00:16:59,280
Speaker 1: What song? Dix?

378
00:16:59,360 --> 00:16:59,960
Speaker 2: Mister Roboto?

379
00:17:01,840 --> 00:17:02,280
Speaker 1: Very good?

380
00:17:02,320 --> 00:17:02,680
Speaker 2: Anyway?

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00:17:02,960 --> 00:17:05,120
Speaker 1: All right, Round three, Eric.

382
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Speaker 2: I love that song when I was a kid.

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Speaker 3: Okay, Round three, old, Round three, Eric, You got the

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Speaker 3: seventh ETF.

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Speaker 4: To watch, yep, and I think I'll do my most

386
00:17:14,160 --> 00:17:17,479
Speaker 4: boring one just because those last two were really good. Okay,

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00:17:18,000 --> 00:17:19,639
Speaker 4: fbn D, this is the fidelity.

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00:17:19,760 --> 00:17:21,159
Speaker 1: You like how he's trying to sneak that in.

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00:17:21,240 --> 00:17:23,720
Speaker 8: Okay, you can't tell me this is more This is

390
00:17:24,320 --> 00:17:25,399
Speaker 8: more exciting than this.

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Speaker 3: I'm like me, Bond, he is going to try and

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Speaker 3: sneak it past us.

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00:17:31,760 --> 00:17:32,359
Speaker 8: You're one step.

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Speaker 4: I'm like one of those old legacy bands that does shows. Still,

395
00:17:35,920 --> 00:17:38,359
Speaker 4: you do a couple hits early, your new stuff in

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00:17:38,359 --> 00:17:40,280
Speaker 4: the middle, and you close with the headliners. Okay, so

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00:17:40,359 --> 00:17:43,120
Speaker 4: this is the new stuff boring? Okay, all right. Fbn

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Speaker 4: D has six point five billion dollars. This is a

399
00:17:46,560 --> 00:17:49,520
Speaker 4: fidelity bond ETF. This has also made the outliers list

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00:17:49,640 --> 00:17:53,920
Speaker 4: multiple months and I'm looking at this and it's fascinating.

401
00:17:54,000 --> 00:17:57,760
Speaker 4: This is Fidelity at thirty six basis points for an

402
00:17:57,760 --> 00:18:00,159
Speaker 4: active bond and it outperforms the AG so it's doing

403
00:18:00,200 --> 00:18:02,320
Speaker 4: a job. It's cheap, it's under the forty basis point mark,

404
00:18:02,960 --> 00:18:05,400
Speaker 4: and I think this is representative to me of what

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00:18:05,720 --> 00:18:08,840
Speaker 4: the company to watch next year, which is Fidelity. Fidelity

406
00:18:08,840 --> 00:18:11,200
Speaker 4: has done a couple of things. They've converted some ETFs

407
00:18:11,359 --> 00:18:14,800
Speaker 4: mutual funds into ETFs. They are gearing up, I think

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00:18:14,880 --> 00:18:16,960
Speaker 4: for what is going to be a massive year. I

409
00:18:17,040 --> 00:18:20,440
Speaker 4: think they've finally sold upper management that ETFs are the future,

410
00:18:21,080 --> 00:18:23,520
Speaker 4: and the guy working inside there, I think he's going

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00:18:23,560 --> 00:18:25,200
Speaker 4: to be able to do some big moves. I see

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00:18:25,240 --> 00:18:28,439
Speaker 4: Fidelity cracking the top ten in terms of issuer size,

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00:18:28,880 --> 00:18:31,320
Speaker 4: and I see them doing all kinds of thing conversions.

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00:18:31,600 --> 00:18:34,360
Speaker 4: They filed for an ETF share class of their mutual funds,

415
00:18:34,680 --> 00:18:36,560
Speaker 4: so if they get all this going, look out you know,

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00:18:36,600 --> 00:18:39,480
Speaker 4: because Fidelity is a behemoth. So one of our big

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00:18:39,480 --> 00:18:41,600
Speaker 4: themes in the outlook is the many roads to ETF.

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00:18:41,640 --> 00:18:44,040
Speaker 4: So Fidelity is a firm that's going to take every road.

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00:18:44,280 --> 00:18:46,760
Speaker 4: It'll be busy on each road, and each road will

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Speaker 4: have certain reasons. You don't use conversions all the time

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Speaker 4: or share classes. But Fidelity is going to be very

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00:18:53,280 --> 00:18:57,199
Speaker 4: specific in how it approaches ets. But essentially it's going

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00:18:57,280 --> 00:18:59,720
Speaker 4: to slowly start to move all of its existing clients

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00:19:00,080 --> 00:19:02,440
Speaker 4: over from the mutual fund format to the ETF format.

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Speaker 4: And FBND at six point five billion is crazy because

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00:19:05,760 --> 00:19:08,280
Speaker 4: remember bond the Pimpco bill gross fund, that was the

427
00:19:08,320 --> 00:19:10,960
Speaker 4: biggest bond ETF, biggest active bond ETF for a long time.

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00:19:11,440 --> 00:19:14,400
Speaker 4: This is double that size. So that's how fast they

429
00:19:14,440 --> 00:19:16,120
Speaker 4: you know, we have a phrase they grow up so fast.

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Speaker 4: This is a great example of that.

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00:19:17,240 --> 00:19:21,840
Speaker 3: Yeah, I'm curious when they discover how they will do

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00:19:22,000 --> 00:19:28,439
Speaker 3: active ETFs. Fidelity obviously being famous for its active management history.

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00:19:28,680 --> 00:19:31,119
Speaker 4: That's the thing again, if you can be active, have

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00:19:31,359 --> 00:19:34,600
Speaker 4: a good name, and be below forty BIPs, that's a

435
00:19:34,640 --> 00:19:37,280
Speaker 4: good place to be. It's when if this came over

436
00:19:37,320 --> 00:19:39,600
Speaker 4: at ninety I would not be as optimistic, but it's cheap.

437
00:19:39,880 --> 00:19:42,240
Speaker 4: It's made the decision to that. And we had our

438
00:19:42,280 --> 00:19:46,280
Speaker 4: ETFs in Depth event in December and Brian Lake of

439
00:19:46,359 --> 00:19:48,960
Speaker 4: JP Morgan I asked them what they're most excited about,

440
00:19:49,000 --> 00:19:51,119
Speaker 4: and he said active fixed income is probably the biggest

441
00:19:51,160 --> 00:19:54,240
Speaker 4: whitespace still, he said, there's just because that's a space

442
00:19:54,280 --> 00:19:58,800
Speaker 4: where mutual funds have way more market share versus CTFs

443
00:19:58,800 --> 00:20:01,920
Speaker 4: than in the equity side. So there's early early innings

444
00:20:01,960 --> 00:20:03,399
Speaker 4: in the active bond area.

445
00:20:04,040 --> 00:20:07,240
Speaker 3: That was less boring than I thought. James, how are

446
00:20:07,240 --> 00:20:08,679
Speaker 3: you going to follow that with your.

447
00:20:08,640 --> 00:20:13,320
Speaker 7: Eighth Yeah, so I'm gonna go with something that's definitely

448
00:20:13,320 --> 00:20:16,120
Speaker 7: more exciting than fidelity bond fund.

449
00:20:16,160 --> 00:20:16,600
Speaker 6: But I agree.

450
00:20:16,640 --> 00:20:20,119
Speaker 7: I do agree with Eric's pick, like the the actively

451
00:20:20,200 --> 00:20:22,880
Speaker 7: managed fixed income ETF space is going to be very

452
00:20:22,880 --> 00:20:25,199
Speaker 7: interesting just overall because I think that's the way you're

453
00:20:25,240 --> 00:20:27,000
Speaker 7: going to suck assets for the mutual it. We'll come

454
00:20:27,040 --> 00:20:31,680
Speaker 7: back to that, said, my pick is the Round Hill

455
00:20:31,720 --> 00:20:35,240
Speaker 7: Cannabis ETF with ticker weed w E D one.

456
00:20:35,359 --> 00:20:37,440
Speaker 6: I just I love the ticker. You can't not love.

457
00:20:37,760 --> 00:20:40,080
Speaker 7: The ticker is just so perfect for what it's doing.

458
00:20:41,080 --> 00:20:44,320
Speaker 7: This is relatively new, right. We've had marijuana slash cannabis

459
00:20:44,400 --> 00:20:47,120
Speaker 7: ETFs for quite a while now, but for the most

460
00:20:47,160 --> 00:20:50,399
Speaker 7: part they weren't offering the purest form of exposure until

461
00:20:51,160 --> 00:20:54,359
Speaker 7: basically mjus from Advisor shares came out with this idea

462
00:20:54,440 --> 00:20:57,639
Speaker 7: basically offering exposure to what is known as multi state operators.

463
00:20:58,560 --> 00:21:02,600
Speaker 7: They're marijuana compes that operate across state lines, so they're

464
00:21:02,640 --> 00:21:06,520
Speaker 7: in this legal gray zone basically that doesn't allow with

465
00:21:06,560 --> 00:21:07,439
Speaker 7: ETF to invest in them.

466
00:21:07,480 --> 00:21:10,399
Speaker 6: And what Advisors Shares pioneered was using.

467
00:21:10,200 --> 00:21:12,600
Speaker 7: Swaps with banks to get those exposures because technically not

468
00:21:12,640 --> 00:21:15,359
Speaker 7: holding in the lying assets, it's look.

469
00:21:15,000 --> 00:21:16,000
Speaker 6: It's just a gray area.

470
00:21:16,200 --> 00:21:18,240
Speaker 7: But what we does is it takes it a step further.

471
00:21:18,359 --> 00:21:20,560
Speaker 7: Those other ETFs still hold a bunch of other stocks

472
00:21:20,560 --> 00:21:24,960
Speaker 7: that weren't strictly MSOs. They were investing in Canadian firms

473
00:21:24,960 --> 00:21:27,840
Speaker 7: and other international firms. There's a lot of different ways

474
00:21:27,840 --> 00:21:30,000
Speaker 7: to do this, but MSO is I mean, weed is

475
00:21:30,080 --> 00:21:35,280
Speaker 7: just holding strictly MSOs five stocks.

476
00:21:35,320 --> 00:21:35,639
Speaker 6: That's it.

477
00:21:35,760 --> 00:21:39,040
Speaker 7: So it's a super concentrated portfolio. And look, these things

478
00:21:39,080 --> 00:21:41,120
Speaker 7: have done horribly over the last couple of years. It's

479
00:21:41,160 --> 00:21:45,080
Speaker 7: continually making lower and lower highs uh and then sinking again.

480
00:21:45,160 --> 00:21:47,240
Speaker 7: So I love, I know Eric likes this too, to

481
00:21:47,240 --> 00:21:50,040
Speaker 7: look at at ETFs that have been just like pushed

482
00:21:50,080 --> 00:21:52,120
Speaker 7: down into the into the bunker here and see what's

483
00:21:52,119 --> 00:21:52,600
Speaker 7: gonna happen.

484
00:21:52,880 --> 00:21:54,439
Speaker 6: But this obviously would be a play in.

485
00:21:55,640 --> 00:21:58,280
Speaker 7: This would obviously be a play on like some sort

486
00:21:58,320 --> 00:22:02,359
Speaker 7: of federal legalization or further states legalizing marijuana going forward.

487
00:22:02,400 --> 00:22:03,960
Speaker 7: This is this is gonna be a key way to

488
00:22:04,040 --> 00:22:07,639
Speaker 7: do that, and it's super concentrated portfolio a portfolio.

489
00:22:07,640 --> 00:22:09,440
Speaker 6: And the way it gets around it is we've talked

490
00:22:09,480 --> 00:22:10,919
Speaker 6: about the single stock ETFs on here.

491
00:22:10,960 --> 00:22:13,520
Speaker 7: They kind of made this loophole by using those swaps

492
00:22:13,560 --> 00:22:16,840
Speaker 7: and diversifying who who the swap counterparties are to meet

493
00:22:16,880 --> 00:22:19,720
Speaker 7: the diversification requirements. But essentially I need to know is

494
00:22:19,720 --> 00:22:22,040
Speaker 7: that this is really on the cutting edge of like

495
00:22:22,080 --> 00:22:25,320
Speaker 7: what ETFs can do, and they're offering super concentrated exposure

496
00:22:25,359 --> 00:22:29,920
Speaker 7: to those multi multi state operator marijuana firms.

497
00:22:29,960 --> 00:22:33,399
Speaker 3: You have snuck in like so much little like jargon

498
00:22:33,480 --> 00:22:39,120
Speaker 3: in there like concentrates and highs and yeah you weren't

499
00:22:39,160 --> 00:22:42,880
Speaker 3: even trying and yet you like totally you know did

500
00:22:42,920 --> 00:22:45,600
Speaker 3: the cannabis industry is solid there can I.

501
00:22:45,560 --> 00:22:49,639
Speaker 4: Ask you how many times a week do you smell marijuana.

502
00:22:49,400 --> 00:22:51,640
Speaker 1: In New York City all the time? Now like once

503
00:22:51,680 --> 00:22:55,440
Speaker 1: a day? Yeah, But I mean like it, so you know.

504
00:22:55,480 --> 00:22:56,719
Speaker 2: I'm fine with it. I'm fine with it.

505
00:22:56,760 --> 00:22:59,639
Speaker 4: But I'm telling you five six years ago, it was

506
00:22:59,680 --> 00:23:02,479
Speaker 4: once a week. Now it's every day. I smell more

507
00:23:02,480 --> 00:23:03,119
Speaker 4: than cigarettes.

508
00:23:03,160 --> 00:23:04,320
Speaker 1: Yeah, this is the future.

509
00:23:04,800 --> 00:23:09,200
Speaker 3: Okay, uh Athanasios, you can follow that RSP. This is

510
00:23:09,280 --> 00:23:12,040
Speaker 3: number nine, last one for round three RSPT.

511
00:23:11,760 --> 00:23:13,960
Speaker 5: Which is equal Weight, S and P five hundred Tech

512
00:23:14,440 --> 00:23:17,040
Speaker 5: and this is the Mag seven right all this year.

513
00:23:17,200 --> 00:23:19,520
Speaker 5: But remember, like the four hundred or so other companies

514
00:23:19,560 --> 00:23:22,240
Speaker 5: like There's, they're still out there, right, They're still doing stuff.

515
00:23:22,720 --> 00:23:25,320
Speaker 5: I I think Weight could have a year next year.

516
00:23:25,359 --> 00:23:28,040
Speaker 5: It's just a way to detox off the Mag seven.

517
00:23:28,119 --> 00:23:30,280
Speaker 5: You don't want to fully give off the exposure. But

518
00:23:30,640 --> 00:23:33,720
Speaker 5: I think this year showed that, you know, sometimes you know,

519
00:23:33,800 --> 00:23:36,800
Speaker 5: it's a problem with a few stocks just lead everything else.

520
00:23:37,160 --> 00:23:38,920
Speaker 5: I think there could be a little bit of a reversal.

521
00:23:39,160 --> 00:23:43,000
Speaker 5: So I like equal Weight, I'm not I'm not diversify

522
00:23:43,160 --> 00:23:45,439
Speaker 5: divers five and still stay in tech. So you're not

523
00:23:45,480 --> 00:23:48,000
Speaker 5: fully getting off of it, you're just sort of rejiggering it.

524
00:23:48,160 --> 00:23:50,359
Speaker 2: RSPT is like the methadone of the ques.

525
00:23:50,800 --> 00:23:52,320
Speaker 1: Yeah, exactly, gotcha.

526
00:23:53,240 --> 00:23:54,840
Speaker 8: I don't know if I didn't know how far you

527
00:23:54,880 --> 00:23:56,760
Speaker 8: want to be said detox, But.

528
00:23:57,200 --> 00:23:57,800
Speaker 2: No, I get it.

529
00:23:57,880 --> 00:24:00,480
Speaker 4: You're still getting something, so you're not com splitly going

530
00:24:00,480 --> 00:24:01,040
Speaker 4: cold turkeys.

531
00:24:01,200 --> 00:24:01,560
Speaker 2: I get it.

532
00:24:01,600 --> 00:24:04,239
Speaker 8: We had a great fifty percent the cues. You know,

533
00:24:04,640 --> 00:24:06,360
Speaker 8: whoever said that this year.

534
00:24:06,520 --> 00:24:08,240
Speaker 5: Is lying to you. No one had that on, no

535
00:24:08,240 --> 00:24:11,000
Speaker 5: one that share. So we've had a good I think,

536
00:24:11,200 --> 00:24:14,280
Speaker 5: just you know, appreciate it and nothing equal ways.

537
00:24:14,680 --> 00:24:20,080
Speaker 3: Round three unexpectedly became a recreational drug reference colore. Let's

538
00:24:20,080 --> 00:24:22,680
Speaker 3: see what round four does. Eric kick us off?

539
00:24:22,760 --> 00:24:25,000
Speaker 4: All right, I will stick with the cues because this

540
00:24:25,040 --> 00:24:28,480
Speaker 4: one's related. Which this one is called jep Q, so

541
00:24:28,560 --> 00:24:32,000
Speaker 4: this is the little brother of Jepy and jepy.

542
00:24:32,080 --> 00:24:34,080
Speaker 1: Mine. Remind us what JEPU is. Yeah.

543
00:24:34,119 --> 00:24:37,000
Speaker 4: JEFTP is the Equity Premium Income fund that JP Morgan

544
00:24:37,080 --> 00:24:39,760
Speaker 4: put out that became the biggest active ETF hit ever,

545
00:24:40,040 --> 00:24:42,919
Speaker 4: Bigger than ARC, bigger than Pimpco. It's got thirty billion

546
00:24:42,960 --> 00:24:45,800
Speaker 4: dollars and it broke just breaking all the records. It's

547
00:24:45,840 --> 00:24:47,879
Speaker 4: a covered call strategy, so it invests in the SMP,

548
00:24:48,359 --> 00:24:51,439
Speaker 4: although it does some fundamental picking, but it's largely a

549
00:24:51,480 --> 00:24:52,879
Speaker 4: low vall version of the S and P. And then

550
00:24:52,880 --> 00:24:55,280
Speaker 4: it writes call options a little bit out of the money.

551
00:24:55,320 --> 00:24:57,800
Speaker 4: So if you give up your upside because the if

552
00:24:57,800 --> 00:25:00,920
Speaker 4: the SMP goes up a lot, you have to those

553
00:25:00,960 --> 00:25:03,560
Speaker 4: options will get called and you won't get that money,

554
00:25:03,600 --> 00:25:06,480
Speaker 4: but you get premium from selling the options. So it

555
00:25:06,520 --> 00:25:08,600
Speaker 4: has a big yield and the yield connect as a

556
00:25:08,600 --> 00:25:10,960
Speaker 4: buffer on the downside. So we sometimes call this boomer candy.

557
00:25:11,440 --> 00:25:15,440
Speaker 4: Boomers love the protection aspect of some of this because

558
00:25:15,440 --> 00:25:17,600
Speaker 4: they want to be involved in the markets. They're willing

559
00:25:17,600 --> 00:25:20,040
Speaker 4: to give a lot of upside. So jepy has done

560
00:25:20,080 --> 00:25:22,199
Speaker 4: a great job of bringing that. But JEPQ to me

561
00:25:22,760 --> 00:25:25,960
Speaker 4: is like JETPY, but with a little more juice, so

562
00:25:26,080 --> 00:25:29,560
Speaker 4: like it's the cues and it's covered call. So for example,

563
00:25:29,960 --> 00:25:33,000
Speaker 4: you're to date this thing return thirty five percent, you

564
00:25:33,119 --> 00:25:36,080
Speaker 4: still got ten eleven percent yield, and the sharp ratio

565
00:25:36,200 --> 00:25:38,480
Speaker 4: was two point five, which is pretty high if you

566
00:25:38,520 --> 00:25:42,520
Speaker 4: compare that to JETPI in terms of those numbers, JETP

567
00:25:42,720 --> 00:25:46,159
Speaker 4: was only up nine percent nine percent yield and the

568
00:25:46,160 --> 00:25:49,280
Speaker 4: sharp ratio is point five. So JEPQ has kind of

569
00:25:49,359 --> 00:25:52,080
Speaker 4: come along as the little brother and beat JETPY on

570
00:25:52,160 --> 00:25:55,200
Speaker 4: every single metric, and so it's just catching up and

571
00:25:55,240 --> 00:25:58,639
Speaker 4: flows too. Now It'll be interesting because if you're like

572
00:25:58,960 --> 00:26:00,920
Speaker 4: Ethan and you think that the cues might be a

573
00:26:00,960 --> 00:26:04,000
Speaker 4: little out of gas. That yield gives you a little buffer,

574
00:26:04,280 --> 00:26:06,959
Speaker 4: so jep Q I think also acts as a methadonish

575
00:26:07,040 --> 00:26:07,879
Speaker 4: way to play the cues.

576
00:26:08,400 --> 00:26:09,800
Speaker 5: I think that's a good pick. I think this year

577
00:26:09,840 --> 00:26:12,000
Speaker 5: when that was a tough trade, but I think looking

578
00:26:12,040 --> 00:26:13,800
Speaker 5: at it for next year, it could make sense.

579
00:26:14,400 --> 00:26:18,000
Speaker 4: The way you're talking, it's like you, we haven't had

580
00:26:18,000 --> 00:26:19,320
Speaker 4: reviews yet.

581
00:26:21,520 --> 00:26:26,840
Speaker 2: Come give me, I'm ready turn it up. Yeah, come on, man,

582
00:26:27,359 --> 00:26:27,840
Speaker 2: come at me.

583
00:26:27,920 --> 00:26:29,400
Speaker 8: I think it's I think it's a good pick.

584
00:26:29,680 --> 00:26:35,720
Speaker 3: Okay, thanks, Okay, nothing, James, let's hear your number eleven.

585
00:26:36,200 --> 00:26:39,720
Speaker 7: So so this was this I guess, uh, this wasn't

586
00:26:39,720 --> 00:26:40,760
Speaker 7: going to be the one I was going to go with.

587
00:26:40,800 --> 00:26:42,880
Speaker 7: So I'm going out of order here. But it's directly

588
00:26:42,880 --> 00:26:46,159
Speaker 7: in line. I guess great minds think alike. Right. I

589
00:26:46,200 --> 00:26:48,760
Speaker 7: agree with everything that Ethan and Eric said, but I

590
00:26:48,760 --> 00:26:51,720
Speaker 7: think I like a different ETF to look at going forward.

591
00:26:51,800 --> 00:26:55,120
Speaker 6: So one is just uh, it's the arrow reverse cap

592
00:26:55,160 --> 00:26:58,280
Speaker 6: weighted ETF. So it's similar the way.

593
00:26:58,320 --> 00:26:59,919
Speaker 7: The one that gets the most play is more than

594
00:27:00,240 --> 00:27:03,560
Speaker 7: with Athen's RSPT, but just regular RSP. It's taken in

595
00:27:03,600 --> 00:27:05,479
Speaker 7: a lot of money early this year and flows are

596
00:27:05,520 --> 00:27:08,360
Speaker 7: pouring in again late this year. And basically all that

597
00:27:08,440 --> 00:27:10,840
Speaker 7: one does is it equal weights the S and P

598
00:27:10,920 --> 00:27:14,680
Speaker 7: five hundred, whereas YPS, the one i'm picking, actually reverse

599
00:27:14,720 --> 00:27:17,520
Speaker 7: cap weights it. So basically the smallest ones in the

600
00:27:17,600 --> 00:27:19,280
Speaker 7: S and P five hundred you get the highest weight

601
00:27:19,320 --> 00:27:21,639
Speaker 7: in YSP. And that's because of all the stuff that

602
00:27:21,680 --> 00:27:24,080
Speaker 7: they all both just talked about. With the magnificent seven,

603
00:27:24,119 --> 00:27:26,240
Speaker 7: super seven, whatever you want to talk about it, they're

604
00:27:26,320 --> 00:27:27,879
Speaker 7: like making up seventy five percent of.

605
00:27:27,880 --> 00:27:30,199
Speaker 6: The return so far in twenty twenty three. But I

606
00:27:30,400 --> 00:27:31,560
Speaker 6: like YSP to play it.

607
00:27:31,600 --> 00:27:33,560
Speaker 7: Even though it's only a ten million dollar fund, it's

608
00:27:33,560 --> 00:27:36,840
Speaker 7: getting no interest from anyone, but everyone's pouring into RSP instead.

609
00:27:37,240 --> 00:27:38,880
Speaker 7: But in my view, I just think it's a more

610
00:27:38,920 --> 00:27:41,840
Speaker 7: efficient way to kind of make this play. Rather than

611
00:27:41,880 --> 00:27:44,000
Speaker 7: selling out of your S and P five hundred exposure,

612
00:27:44,000 --> 00:27:46,240
Speaker 7: you could only sell a small chunk and then buy

613
00:27:46,280 --> 00:27:48,119
Speaker 7: this thing as a compliment to kind of get that

614
00:27:48,200 --> 00:27:51,320
Speaker 7: sort of similar equal weighted type exposure. You don't need

615
00:27:51,359 --> 00:27:53,520
Speaker 7: to sell the whole thing and move into another product.

616
00:27:53,800 --> 00:27:55,480
Speaker 7: So I just think it's efficient from that way, And

617
00:27:55,520 --> 00:27:58,800
Speaker 7: if you really are betting on the smaller cap stocks

618
00:27:58,840 --> 00:28:01,119
Speaker 7: catching up to the large cap stocks are outperforming the

619
00:28:01,480 --> 00:28:04,240
Speaker 7: larger names in the in the index or ETF in

620
00:28:04,280 --> 00:28:07,080
Speaker 7: this case, every time that there's been a run where

621
00:28:07,080 --> 00:28:11,000
Speaker 7: equal weight outperforms the regular market cap weighted ETFs in

622
00:28:11,040 --> 00:28:14,440
Speaker 7: this space, YSP has outperformed the equal weighted version. So

623
00:28:14,440 --> 00:28:17,600
Speaker 7: it's basically like a leverage version of RSP. I mean,

624
00:28:17,720 --> 00:28:21,520
Speaker 7: obviously past past performance not indicative future return, but by

625
00:28:21,800 --> 00:28:23,960
Speaker 7: reverse cap weighting, it ends up being a more leverage

626
00:28:23,960 --> 00:28:26,120
Speaker 7: probably and equal cap waiting. And I think you can

627
00:28:26,240 --> 00:28:28,280
Speaker 7: use this to make a more efficient exposure if you

628
00:28:28,280 --> 00:28:31,720
Speaker 7: want to dial down your Magnificence seven or Super seven exposures.

629
00:28:31,800 --> 00:28:33,480
Speaker 6: But no one seems to care. No one's buying this.

630
00:28:33,359 --> 00:28:35,880
Speaker 1: Thing, Ethnoxius, would you trade your pick for that pick?

631
00:28:36,119 --> 00:28:40,080
Speaker 8: I'd still stick with mind. Oh it's a good pick.

632
00:28:40,080 --> 00:28:43,960
Speaker 8: But I still like I still like having being still

633
00:28:43,960 --> 00:28:44,360
Speaker 8: in tech.

634
00:28:44,480 --> 00:28:47,360
Speaker 7: Okay, so I'm not saying to get I'm not saying

635
00:28:47,400 --> 00:28:49,160
Speaker 7: to get out of tech. You would just take like

636
00:28:49,240 --> 00:28:51,560
Speaker 7: a chunk of your S and P five hundred exposure

637
00:28:51,960 --> 00:28:53,760
Speaker 7: and put it in this to kind of lower your

638
00:28:53,800 --> 00:28:55,840
Speaker 7: exposure to the Magnificent seven. That's all it would do.

639
00:28:56,160 --> 00:28:57,960
Speaker 7: I would never say, replace your S and P five

640
00:28:58,040 --> 00:28:59,360
Speaker 7: hundred with this thing. But I think it's a good

641
00:28:59,400 --> 00:29:01,280
Speaker 7: compliment to h to kind of get the same thing

642
00:29:01,280 --> 00:29:02,440
Speaker 7: without having to sell anything.

643
00:29:02,680 --> 00:29:04,800
Speaker 8: Yeah, fair, it's a whole positions, just a little bit

644
00:29:04,840 --> 00:29:05,440
Speaker 8: of methadone.

645
00:29:05,680 --> 00:29:08,680
Speaker 1: He's still he's still not sold. All right.

646
00:29:08,760 --> 00:29:11,600
Speaker 5: This is like the most toxic trade ever. I think

647
00:29:12,200 --> 00:29:13,880
Speaker 5: that you want to love it. It never works its

648
00:29:13,960 --> 00:29:16,400
Speaker 5: value right. Every year it's like this is it? Like

649
00:29:16,480 --> 00:29:21,560
Speaker 5: I've changed, you know, And I've talked to Chris Kaney's

650
00:29:21,560 --> 00:29:24,160
Speaker 5: our quant strategist Bloomber Intelligence, and there's a lot of

651
00:29:24,200 --> 00:29:26,960
Speaker 5: stuff that points to value for for next year. And

652
00:29:27,000 --> 00:29:28,680
Speaker 5: if you're gonna do it, you're gonna have to go

653
00:29:28,760 --> 00:29:29,040
Speaker 5: full in.

654
00:29:29,200 --> 00:29:29,840
Speaker 1: So it's q VOW.

655
00:29:29,960 --> 00:29:34,120
Speaker 5: It's the alpha architect us Quantitative value ETF, and it's

656
00:29:34,200 --> 00:29:38,160
Speaker 5: very concentrated. It's got the purest exposure to value. So

657
00:29:38,360 --> 00:29:41,280
Speaker 5: if it's if you're gonna do it, do with QVO.

658
00:29:41,360 --> 00:29:43,320
Speaker 5: I think you can have a pretty interesting year next year.

659
00:29:44,880 --> 00:29:47,200
Speaker 5: I know we've called value in the past before you

660
00:29:47,880 --> 00:29:51,400
Speaker 5: get these little bouts of outperformance, but I think could

661
00:29:51,400 --> 00:29:53,240
Speaker 5: this year be different? I don't know, but I think

662
00:29:53,280 --> 00:29:54,920
Speaker 5: QVOW is something to watch for next year.

663
00:29:55,720 --> 00:30:00,200
Speaker 4: Yeah, this this ETF is in the top five of

664
00:30:00,240 --> 00:30:03,840
Speaker 4: our factor intensity score for value because it's like hot

665
00:30:03,880 --> 00:30:06,600
Speaker 4: sauce value. When value comes back, this thing should be

666
00:30:06,640 --> 00:30:09,040
Speaker 4: at the top of the performers. And I just think

667
00:30:09,080 --> 00:30:10,880
Speaker 4: it makes sense, you know, because you got a lot

668
00:30:10,880 --> 00:30:12,600
Speaker 4: of value already in S and P five hundred or

669
00:30:12,640 --> 00:30:15,240
Speaker 4: your total market. This just gives you a little tilt

670
00:30:15,240 --> 00:30:17,440
Speaker 4: with only a little dose, so you'll need a little

671
00:30:17,440 --> 00:30:19,760
Speaker 4: bit of this puppy to give you some real exposure

672
00:30:19,800 --> 00:30:21,480
Speaker 4: to value. And there's a junk screen in it, so

673
00:30:21,480 --> 00:30:23,680
Speaker 4: it's not that hardcore where it buys total junk.

674
00:30:23,880 --> 00:30:25,160
Speaker 6: Yeah, I mean value.

675
00:30:25,200 --> 00:30:26,960
Speaker 7: I feel like every year I've been hearing the value

676
00:30:27,000 --> 00:30:28,520
Speaker 7: is going to come back, and it has spurts where

677
00:30:28,520 --> 00:30:30,440
Speaker 7: it comes back, and then as Eric likes to say,

678
00:30:30,440 --> 00:30:34,000
Speaker 7: the cues and high tech high cap growth just comes

679
00:30:34,000 --> 00:30:37,959
Speaker 7: and runs it over. So yeah, we'll see what happens.

680
00:30:37,960 --> 00:30:40,480
Speaker 7: But it's it's certainly been Uh it's been hard to

681
00:30:40,880 --> 00:30:43,480
Speaker 7: stick with value for a long term, long term play.

682
00:30:43,520 --> 00:30:44,760
Speaker 6: But it's a good pick.

683
00:30:44,800 --> 00:30:44,960
Speaker 1: You know.

684
00:30:45,040 --> 00:30:48,360
Speaker 4: The last year I did ie val I vow's q

685
00:30:48,560 --> 00:30:51,600
Speaker 4: val but worse because international value. So if you really

686
00:30:51,640 --> 00:30:54,800
Speaker 4: want to go crazy, eye vow you get the pe

687
00:30:55,000 --> 00:30:56,160
Speaker 4: on I val and I want.

688
00:30:56,000 --> 00:30:58,680
Speaker 2: To guess it's like seven lower.

689
00:31:00,320 --> 00:31:02,200
Speaker 4: Just for context, the pe on the S and P

690
00:31:02,280 --> 00:31:05,120
Speaker 4: five hundred is twenty five ish twenty six.

691
00:31:05,640 --> 00:31:07,719
Speaker 2: So what do you think I vow's public? I mean

692
00:31:08,000 --> 00:31:12,320
Speaker 2: price to earning average is five six six, Okay.

693
00:31:12,080 --> 00:31:14,680
Speaker 4: I mean that is like, yeah, at some point right

694
00:31:16,200 --> 00:31:18,880
Speaker 4: would you see this chart in the MSCI world, Apple

695
00:31:18,960 --> 00:31:22,760
Speaker 4: now has a bigger waiting than the UK, bigger than France. Yeah,

696
00:31:23,080 --> 00:31:24,880
Speaker 4: I mean the Super seven make up more than like

697
00:31:24,920 --> 00:31:26,480
Speaker 4: the rest of the world combined pretty.

698
00:31:26,240 --> 00:31:27,200
Speaker 1: Much by Super seven.

699
00:31:27,240 --> 00:31:28,600
Speaker 2: You mean the magnet Magnificent seven.

700
00:31:28,640 --> 00:31:32,360
Speaker 4: I like Super seven because alliteration, and Magnificent seven is

701
00:31:32,400 --> 00:31:32,960
Speaker 4: a movie.

702
00:31:33,760 --> 00:31:36,240
Speaker 7: Maybe it's worth while to say what what the Magnificent

703
00:31:36,280 --> 00:31:37,800
Speaker 7: seven is. Maybe it's worth while to say what the

704
00:31:37,800 --> 00:31:46,640
Speaker 7: Magnificent seven is. So just for anyone, Microsoft's actually say, okay, James, magnificence.

705
00:31:46,600 --> 00:31:47,760
Speaker 6: Since we've said it, like.

706
00:31:47,960 --> 00:31:50,720
Speaker 4: Yeah, listen, by the way, let's say let's say let's

707
00:31:50,720 --> 00:31:53,520
Speaker 4: say they crash and burn next year and there's one

708
00:31:53,520 --> 00:31:54,800
Speaker 4: of those stock we can throw in. We can call

709
00:31:54,840 --> 00:31:55,520
Speaker 4: them the Hateful eight.

710
00:31:55,680 --> 00:31:57,600
Speaker 3: James, let's name the Magnificent seven, just so we have

711
00:31:57,640 --> 00:31:59,040
Speaker 3: it on tape good for.

712
00:31:59,520 --> 00:32:08,280
Speaker 7: Yeah, yeah, so it's it's it's Apple, Microsoft, Alphabet aka Google, Amazon, Nvidia, Tesla,

713
00:32:08,720 --> 00:32:11,960
Speaker 7: and Meta aka Facebook the artist formerly known as So

714
00:32:12,040 --> 00:32:14,360
Speaker 7: those are the sevenies, like we keep talking about as

715
00:32:14,360 --> 00:32:16,040
Speaker 7: though everyone knows, but just to make sure.

716
00:32:15,960 --> 00:32:18,560
Speaker 3: We kept adding as to Fang and then we were like, wait,

717
00:32:18,600 --> 00:32:19,720
Speaker 3: we just needed something new in.

718
00:32:19,680 --> 00:32:22,440
Speaker 2: The video and video crash the party in a good way.

719
00:32:22,520 --> 00:32:24,600
Speaker 1: Yeah yeah, uh Tesla too.

720
00:32:24,760 --> 00:32:30,400
Speaker 4: Yeah.

721
00:32:31,160 --> 00:32:34,160
Speaker 3: Final round, Eric, you're gonna kick us off with number thirteen.

722
00:32:34,440 --> 00:32:35,880
Speaker 2: Okay, number thirteen.

723
00:32:36,760 --> 00:32:40,440
Speaker 4: My last pick is Tua, which it's not the quarterback

724
00:32:40,440 --> 00:32:42,440
Speaker 4: for the Dolphins, although I like him a lot too.

725
00:32:42,760 --> 00:32:46,400
Speaker 4: It's the simplify short Term Treasury Future Strategy ETF. I

726
00:32:46,440 --> 00:32:48,400
Speaker 4: picked this for a few reasons. One, you know, the

727
00:32:48,440 --> 00:32:52,240
Speaker 4: Fed has seemingly said we're, you know, not mission accomplished quite,

728
00:32:52,240 --> 00:32:54,880
Speaker 4: but they're clearly feeling good. So if they were to

729
00:32:54,920 --> 00:32:57,280
Speaker 4: start lowering rates next year, clearly you'd want to be

730
00:32:57,520 --> 00:33:01,440
Speaker 4: long treasury. So this one is like a leveraged it's

731
00:33:01,560 --> 00:33:05,240
Speaker 4: actively managed, uses treasury futures and it's got some leverage

732
00:33:05,240 --> 00:33:07,520
Speaker 4: in it, so if rates fall, this will pop a

733
00:33:07,560 --> 00:33:12,000
Speaker 4: little bit. And futures are a pain to use. A

734
00:33:12,040 --> 00:33:14,440
Speaker 4: lot of institutions do this trade. This is a trade

735
00:33:14,440 --> 00:33:16,760
Speaker 4: that was popular at PIMCO for a while. So I

736
00:33:16,920 --> 00:33:19,640
Speaker 4: like this for a few reasons. One next year again,

737
00:33:19,640 --> 00:33:21,280
Speaker 4: if you think rates are gonna fall, this should be

738
00:33:21,320 --> 00:33:23,959
Speaker 4: in a good position. Number Two, it does a lot

739
00:33:24,000 --> 00:33:25,760
Speaker 4: of legwork for you. It does something to pain in

740
00:33:25,760 --> 00:33:28,720
Speaker 4: the butt. Three you only need a little again, just

741
00:33:28,760 --> 00:33:30,360
Speaker 4: a little bit to get you where you want to

742
00:33:30,360 --> 00:33:33,880
Speaker 4: go in terms of playing the rate fall. And then

743
00:33:33,920 --> 00:33:37,120
Speaker 4: the other reason is this is simplify as a fascinating company.

744
00:33:37,120 --> 00:33:39,320
Speaker 4: But they came along and they've got a lot of

745
00:33:39,520 --> 00:33:41,960
Speaker 4: X hedge fund people there. They're the closest thing to

746
00:33:42,000 --> 00:33:45,520
Speaker 4: an actual real hedge fund in the ETF world. And

747
00:33:45,760 --> 00:33:48,720
Speaker 4: this is proven by the fact that they've gotten multiple

748
00:33:48,760 --> 00:33:52,160
Speaker 4: institutional investors to buy into their funds, like TUA is

749
00:33:52,160 --> 00:33:55,160
Speaker 4: owned by the Michigan retirees, and then they've gotten General

750
00:33:55,200 --> 00:33:57,960
Speaker 4: Electrics Pension. I can't, as a guy who wrote a

751
00:33:57,960 --> 00:34:01,160
Speaker 4: book about institutional usage of ETFs, it is so hard

752
00:34:01,600 --> 00:34:04,400
Speaker 4: to get an institution to buy into an ETF that

753
00:34:04,520 --> 00:34:06,239
Speaker 4: isn't just like one of the liquid ones they use

754
00:34:06,360 --> 00:34:08,799
Speaker 4: quickly for some like you know, short term usage, but

755
00:34:08,920 --> 00:34:11,919
Speaker 4: for them to invest in your fund, it's rare. They

756
00:34:12,080 --> 00:34:14,160
Speaker 4: like to be exclusive, they like to go with the

757
00:34:14,160 --> 00:34:17,000
Speaker 4: best brains the ETF to them, or like the public

758
00:34:17,080 --> 00:34:18,719
Speaker 4: pool that all the plubs use, They're like, I don't,

759
00:34:18,800 --> 00:34:21,879
Speaker 4: I'm better than that. So the fact that institutions are

760
00:34:21,920 --> 00:34:25,839
Speaker 4: going in here is a I think tells you how

761
00:34:25,920 --> 00:34:29,319
Speaker 4: serious people take simplify and the people who work there.

762
00:34:29,880 --> 00:34:33,080
Speaker 4: And I think it's fascinating because these ETFs two is

763
00:34:33,120 --> 00:34:35,759
Speaker 4: fifteen basis points. A hedge fune would charge you two

764
00:34:35,760 --> 00:34:38,399
Speaker 4: to twenty for this potentially, or at least a lot more.

765
00:34:38,840 --> 00:34:42,960
Speaker 4: So we're talking hedge fund style management for van guardian

766
00:34:43,000 --> 00:34:45,800
Speaker 4: fees with people who are from the hedge fund world.

767
00:34:46,400 --> 00:34:49,640
Speaker 4: We're finally seeing that kind of experiment in the alternative

768
00:34:49,640 --> 00:34:51,040
Speaker 4: space and I'm here for it.

769
00:34:51,360 --> 00:34:54,080
Speaker 1: So what's in the portfolio treasury futures?

770
00:34:54,440 --> 00:34:56,520
Speaker 2: So it's actively trading treasury futures.

771
00:34:58,040 --> 00:34:58,279
Speaker 1: Yeah.

772
00:34:58,320 --> 00:35:01,120
Speaker 7: I would say that I love this pick because I

773
00:35:01,120 --> 00:35:04,399
Speaker 7: feel like for years, us and pretty much everyone else

774
00:35:04,480 --> 00:35:06,400
Speaker 7: is like, this might be the year that like alternative

775
00:35:06,480 --> 00:35:08,960
Speaker 7: ETFs take up like more space, they compete more with

776
00:35:09,000 --> 00:35:12,359
Speaker 7: hedge funds. Well, everyone thinks like the alternative ETF space

777
00:35:12,360 --> 00:35:13,120
Speaker 7: should be larger.

778
00:35:13,160 --> 00:35:16,799
Speaker 6: It just isn't. There's been some like good hits.

779
00:35:16,880 --> 00:35:19,560
Speaker 7: Managed Future Strategies in twenty twenty two did very well,

780
00:35:19,880 --> 00:35:21,600
Speaker 7: some other things like that, but for the most part,

781
00:35:21,600 --> 00:35:24,440
Speaker 7: there just isn't a massive demand. But it's growing heavily

782
00:35:24,480 --> 00:35:26,279
Speaker 7: now and a lot of that is being led by

783
00:35:26,440 --> 00:35:27,319
Speaker 7: by simplify here.

784
00:35:28,000 --> 00:35:29,520
Speaker 6: So I love this pick.

785
00:35:29,840 --> 00:35:33,200
Speaker 3: Like that, All right, James, what's your last pick going

786
00:35:33,280 --> 00:35:33,480
Speaker 3: to be?

787
00:35:35,280 --> 00:35:37,960
Speaker 7: Yeah, So I'm kind of breaking the rules here, but

788
00:35:38,000 --> 00:35:40,439
Speaker 7: I think it's for for for a very good reason.

789
00:35:41,120 --> 00:35:42,680
Speaker 6: Probably the judge of picking and et.

790
00:35:45,920 --> 00:35:50,799
Speaker 7: I'm picking a mutual fund ticker swv xx, which is

791
00:35:50,840 --> 00:35:53,400
Speaker 7: a mutual fund and not an ETF, so I apologize

792
00:35:53,440 --> 00:35:55,839
Speaker 7: in advance, but just swab money market fund. This thing

793
00:35:55,880 --> 00:35:58,840
Speaker 7: is yielding five point two six percent, and I'm probably

794
00:35:58,880 --> 00:36:00,960
Speaker 7: putting people to sleep right now hearing this. But when

795
00:36:01,000 --> 00:36:02,960
Speaker 7: I throw these other numbers out there, it'll be interesting

796
00:36:03,040 --> 00:36:05,919
Speaker 7: to see if people realize this. This thing charges thirty

797
00:36:05,920 --> 00:36:09,240
Speaker 7: four basis points, which again not super expensive, but also

798
00:36:09,320 --> 00:36:11,080
Speaker 7: definitely not cheap like if I don't think a lot

799
00:36:11,120 --> 00:36:13,160
Speaker 7: of people realize that these money market funds make a

800
00:36:13,160 --> 00:36:15,719
Speaker 7: lot of money for these companies, even though they were

801
00:36:15,760 --> 00:36:19,040
Speaker 7: basically money losers, as people were putting money into these

802
00:36:19,040 --> 00:36:22,839
Speaker 7: things when rates were zero or basically negative. That said,

803
00:36:23,000 --> 00:36:25,120
Speaker 7: this thing has taken in. At the end of twenty

804
00:36:25,200 --> 00:36:27,360
Speaker 7: twenty two, it at one hundred and sixty one billion dollars.

805
00:36:27,760 --> 00:36:31,240
Speaker 7: Again not nothing, very good. It now has two hundred

806
00:36:31,280 --> 00:36:34,560
Speaker 7: and fifty eight billion dollars. That thing is taken in

807
00:36:34,640 --> 00:36:36,759
Speaker 7: ninety seven billion dollars in one year. If we had

808
00:36:36,800 --> 00:36:38,400
Speaker 7: an ETF that did that, it would have been on

809
00:36:38,400 --> 00:36:41,120
Speaker 7: the front pages of everything. So this, I think is

810
00:36:41,160 --> 00:36:43,360
Speaker 7: the most the most successful fund in the US in

811
00:36:43,440 --> 00:36:46,280
Speaker 7: twenty twenty three. As far as I can tell, money

812
00:36:46,280 --> 00:36:48,719
Speaker 7: market funds as a whole are likely to hit could

813
00:36:48,800 --> 00:36:51,759
Speaker 7: hit a trillion dollars in inflows this year. ETFs have

814
00:36:51,880 --> 00:36:53,839
Speaker 7: never done that. So I feel like we just need

815
00:36:53,880 --> 00:36:55,879
Speaker 7: to kind of point out what's happening here. And part

816
00:36:55,920 --> 00:36:58,440
Speaker 7: of the reason swvxx is at the top of this

817
00:36:58,520 --> 00:37:00,759
Speaker 7: is for like going back into some wonky things. We

818
00:37:00,760 --> 00:37:03,719
Speaker 7: always talk about commissions and freeze and everything's free commission now,

819
00:37:03,960 --> 00:37:06,279
Speaker 7: but that's not the case anymore. So Schwab bought td

820
00:37:06,360 --> 00:37:09,000
Speaker 7: Amerri Trade, So anyone who's on Schwab or td Emmer Trade,

821
00:37:09,280 --> 00:37:11,439
Speaker 7: if you want to buy a money market fund, there's

822
00:37:11,480 --> 00:37:13,840
Speaker 7: a commission to do it. It costs like it's not cheap.

823
00:37:14,160 --> 00:37:15,919
Speaker 7: But what they've done if they said, you can buy

824
00:37:15,960 --> 00:37:18,440
Speaker 7: our ets with no commission and we'll put you in them.

825
00:37:18,440 --> 00:37:20,919
Speaker 7: So people, it looks like anyone with a tdmmer Trade

826
00:37:21,000 --> 00:37:23,399
Speaker 7: or Schwab account is looking for somewhere to put this.

827
00:37:23,400 --> 00:37:25,560
Speaker 7: This is this is the one they're defaulting to. And

828
00:37:25,600 --> 00:37:27,399
Speaker 7: this thing again is it's going to take in over

829
00:37:27,440 --> 00:37:28,799
Speaker 7: one hundred billion dollars.

830
00:37:28,560 --> 00:37:28,960
Speaker 1: In a year.

831
00:37:29,000 --> 00:37:32,240
Speaker 7: So yes, it sounds sleepy, but like it's just mind boggling.

832
00:37:32,280 --> 00:37:34,560
Speaker 2: That is money thinking about it insane.

833
00:37:34,719 --> 00:37:36,279
Speaker 4: I mean, the ETF that's gonna take in the most

834
00:37:36,280 --> 00:37:38,400
Speaker 4: money this year is vou at about forty billion, and

835
00:37:38,440 --> 00:37:41,200
Speaker 4: ETFs are on fire and that's one hundred. Yeah, it's

836
00:37:41,320 --> 00:37:41,800
Speaker 4: it's whacked.

837
00:37:42,360 --> 00:37:42,480
Speaker 1: Uh.

838
00:37:43,320 --> 00:37:45,160
Speaker 3: Eric's gonna have some other comments in your review about

839
00:37:45,160 --> 00:37:47,160
Speaker 3: bringing a mutual fund to an ETF party, but you know,

840
00:37:47,200 --> 00:37:51,200
Speaker 3: we'll keep it at that, oh right, number fifteen, Athanasios.

841
00:37:52,400 --> 00:37:55,520
Speaker 5: That also makes MDV look like stewen Man like money

842
00:37:55,520 --> 00:37:58,040
Speaker 5: market fund. Yeah, true, you know, but it's still a

843
00:37:58,040 --> 00:38:03,640
Speaker 5: good pick. Okay, last one I always like to that. Yeah, well,

844
00:38:04,120 --> 00:38:06,520
Speaker 5: people are gonna your listener is gonna get that reference.

845
00:38:07,360 --> 00:38:08,080
Speaker 1: We're gonna go with it.

846
00:38:08,160 --> 00:38:10,400
Speaker 8: You're just doing it.

847
00:38:09,920 --> 00:38:12,080
Speaker 2: It's I like the reference, but I mean that's going

848
00:38:12,080 --> 00:38:12,520
Speaker 2: way back.

849
00:38:12,600 --> 00:38:15,879
Speaker 3: Yeah, all right, give us the give us the car chase.

850
00:38:15,960 --> 00:38:18,799
Speaker 3: Always like to come on, bring it home. Pick one

851
00:38:18,840 --> 00:38:21,200
Speaker 3: that's like synonymous with closures. Last year I used k Pop,

852
00:38:21,239 --> 00:38:24,640
Speaker 3: which was like closing, you know thematics, we're getting a

853
00:38:24,640 --> 00:38:25,359
Speaker 3: little out of hand.

854
00:38:25,640 --> 00:38:28,600
Speaker 5: This one's gonna be Crypto. I think a E T

855
00:38:28,760 --> 00:38:31,280
Speaker 5: H a F, which is the bit wise Ethereum Futures

856
00:38:31,280 --> 00:38:33,640
Speaker 5: E T F. This has gotta go. I think like

857
00:38:34,160 --> 00:38:36,319
Speaker 5: it's eighty five basis points. It's got to know it

858
00:38:36,400 --> 00:38:40,480
Speaker 5: offers nothing different than the other ones. I think it'll

859
00:38:40,520 --> 00:38:43,840
Speaker 5: go because eventually if ethereum spot is approved, because you

860
00:38:43,880 --> 00:38:46,600
Speaker 5: have a better product. But I think Crypto has gotten

861
00:38:46,600 --> 00:38:48,440
Speaker 5: a little chummy and one of them has got it.

862
00:38:48,880 --> 00:38:50,839
Speaker 5: I can see this closing at some point this year,

863
00:38:51,640 --> 00:38:54,080
Speaker 5: So I think that's wonder what. It might not be

864
00:38:54,200 --> 00:38:56,080
Speaker 5: that one, but I think one of the Ethereum futures

865
00:38:56,080 --> 00:38:56,959
Speaker 5: ones are going to close.

866
00:38:57,200 --> 00:38:59,800
Speaker 4: Yeah, and there's a couple to do bigcoin plus Ethereum Futures.

867
00:39:00,360 --> 00:39:02,440
Speaker 4: I'd say, half the category is probably gonna close. I

868
00:39:02,480 --> 00:39:04,160
Speaker 4: mean even the pro chare is one is only ten

869
00:39:04,160 --> 00:39:08,319
Speaker 4: million bit wise is less than that. Look, I think

870
00:39:08,400 --> 00:39:11,400
Speaker 4: what we learned from the Ether Futures ETF's launching is

871
00:39:11,440 --> 00:39:14,239
Speaker 4: that you know, the mania is over. People aren't gonna

872
00:39:14,239 --> 00:39:16,560
Speaker 4: buy any single coin you put out there.

873
00:39:17,000 --> 00:39:21,319
Speaker 2: Also Ether, it's it's ether and futures.

874
00:39:21,840 --> 00:39:24,400
Speaker 4: But I don't think this necessarily takes away from a

875
00:39:24,440 --> 00:39:27,640
Speaker 4: spot Bitcoin ETF. I think that should be a legitimate hit.

876
00:39:28,440 --> 00:39:32,520
Speaker 4: But this definitely was underwhelming by anybody's standards. Really, these

877
00:39:32,600 --> 00:39:34,160
Speaker 4: launched and like almost nobody cared.

878
00:39:36,320 --> 00:39:38,680
Speaker 6: You know, we cared because we were covering the launch,

879
00:39:38,719 --> 00:39:39,239
Speaker 6: but I.

880
00:39:39,160 --> 00:39:45,040
Speaker 7: Think nobody what everybody yeah that said, I'm I'm I agree.

881
00:39:45,080 --> 00:39:47,280
Speaker 7: I love this pick because I honestly would have picked

882
00:39:47,280 --> 00:39:49,759
Speaker 7: one of these if Ethan hadn't already called DIBs on it.

883
00:39:49,800 --> 00:39:52,600
Speaker 7: Because Eric and I mean we we we haven't put

884
00:39:52,600 --> 00:39:54,440
Speaker 7: officialized out there, but I think it's pretty likely that

885
00:39:54,480 --> 00:39:56,719
Speaker 7: we see a spot ethery in ETF in twenty twenty four.

886
00:39:56,760 --> 00:39:58,640
Speaker 7: We have we have a couple of deadlines coming up

887
00:39:58,640 --> 00:40:00,560
Speaker 7: on May twenty third and twenty four for Ark and

888
00:40:00,640 --> 00:40:03,600
Speaker 7: van k bunch of other filers. I think it's likely

889
00:40:03,640 --> 00:40:05,520
Speaker 7: that we get a spot ethereum ETF, and if we

890
00:40:05,600 --> 00:40:08,440
Speaker 7: do get that, bit Wise is probably going to be

891
00:40:08,480 --> 00:40:09,960
Speaker 7: in that race and launching one of these things. And

892
00:40:10,000 --> 00:40:13,440
Speaker 7: I can't see them keeping the Etheryum futures ETF open,

893
00:40:13,480 --> 00:40:15,680
Speaker 7: particularly if they don't manage the gun or any assets.

894
00:40:15,840 --> 00:40:17,560
Speaker 6: So I'm with you. I think this is a really

895
00:40:17,600 --> 00:40:20,160
Speaker 6: good pick for a potential closure next year, and I

896
00:40:20,160 --> 00:40:21,840
Speaker 6: think multiple, like both of them.

897
00:40:21,680 --> 00:40:25,360
Speaker 7: Has said multiple etherium futures ETFs or crypto Futures gtfs

898
00:40:25,360 --> 00:40:26,600
Speaker 7: are likely to close too.

899
00:40:27,160 --> 00:40:30,360
Speaker 3: All right, that rounds out fifteen ETFs for twenty twenty

900
00:40:30,360 --> 00:40:35,239
Speaker 3: four at then aussios James, thanks for doing that.

901
00:40:35,360 --> 00:40:38,920
Speaker 4: Yeah, yeah, thanks for fifteen for twenty four with us.

902
00:40:38,680 --> 00:40:41,719
Speaker 3: There's nine more on the Bloomberg terminal that you can

903
00:40:41,760 --> 00:40:42,479
Speaker 3: find in.

904
00:40:42,960 --> 00:40:44,360
Speaker 2: The days that peak your interest.

905
00:40:45,440 --> 00:40:46,200
Speaker 8: Thanks for having me on.

906
00:40:46,280 --> 00:40:47,680
Speaker 1: All right, have a great year, everybody.

907
00:40:48,160 --> 00:40:49,000
Speaker 6: Thanks for having me on.

908
00:40:49,080 --> 00:40:57,400
Speaker 3: Guys, thanks for listening to trillions.

909
00:40:57,760 --> 00:40:58,480
Speaker 1: Until next time.

910
00:40:58,640 --> 00:41:01,840
Speaker 3: You can find us on the Bloomberg term Bloomberg dot com,

911
00:41:01,920 --> 00:41:04,359
Speaker 3: Apple Podcasts, Spotify.

912
00:41:04,360 --> 00:41:06,759
Speaker 1: Or wherever else you'd like to listen. We'd love to

913
00:41:06,840 --> 00:41:07,279
Speaker 1: hear from you.

914
00:41:07,719 --> 00:41:10,200
Speaker 3: We're on Twitter I'm at Joel Webbers show.

915
00:41:10,600 --> 00:41:12,600
Speaker 1: He's at Eric Walchunas.

916
00:41:13,480 --> 00:41:19,000
Speaker 3: This episode of Trillions was produced by Magnus Hendrickson. Bye