WEBVTT - 15 ETFs to Watch in '24 0:00:05.840 --> 0:00:06.560 Welcome our chillins. 0:00:06.559 --> 0:00:11.640 I'm Joel Webber and I'm Eric Belchernas. 0:00:12.240 --> 0:00:12.920 It's a new year. 0:00:13.280 --> 0:00:16.880 Eric, There's going to be some things that will happen 0:00:16.960 --> 0:00:20.000 this year, no doubt, And I'm wondering what ETFs we 0:00:20.040 --> 0:00:23.680 should share with our listeners to help them get ahead 0:00:23.800 --> 0:00:24.439 in the year head. 0:00:24.600 --> 0:00:27.920 Yeah, this has become an annual tradition. We at Bloomberg 0:00:27.920 --> 0:00:30.240 Intelligence are tasked with writing outlooks, just like all of 0:00:30.240 --> 0:00:34.400 our Stock and Bond colleagues, but we also in addition 0:00:34.440 --> 0:00:38.559 to that do a listical people like listicles Joel. 0:00:38.400 --> 0:00:42.040 They do you know this numbers seeking to go to 0:00:42.479 --> 0:00:43.000 all together. 0:00:43.200 --> 0:00:46.319 So we thought we would do this is about five 0:00:46.400 --> 0:00:49.479 years ago. I think we started in what eighteen or nineteen. 0:00:49.520 --> 0:00:52.360 We did nineteen ETFs for twenty nineteen, we did twenty 0:00:52.360 --> 0:00:56.040 ets for twenty twenty, and today we're going to unveil 0:00:56.080 --> 0:00:58.800 twenty four ETFs for twenty twenty four. 0:00:58.840 --> 0:01:01.000 See how that works go by the year. 0:01:01.160 --> 0:01:03.400 Yeah, do we actually have twenty four? 0:01:04.560 --> 0:01:07.080 So in our big note we have twenty four because 0:01:07.120 --> 0:01:09.919 we have Rebecca and Henry contributing from Europe and Asia. 0:01:10.520 --> 0:01:12.920 But today we're just gonna give you the US version 0:01:12.959 --> 0:01:14.440 so it's fifteen of the twenty four. 0:01:14.480 --> 0:01:17.640 Twenty four minus nine for the year ahead, So fifteen 0:01:18.160 --> 0:01:19.240 ETFs to know. 0:01:19.200 --> 0:01:21.720 About the US ones, which I think our audience is 0:01:21.720 --> 0:01:24.480 probably more interested in anyway. So plus some of these 0:01:24.520 --> 0:01:26.320 are gonna cause a little debate. We just won't have 0:01:26.360 --> 0:01:27.800 time to get through twenty four. 0:01:27.920 --> 0:01:32.360 So joining us James Seifert and Athanasius, Sarah Vegas with 0:01:32.640 --> 0:01:38.640 ETF analysts with OBERG intelligence, this time on trillions ETFs 0:01:38.920 --> 0:01:42.600 for the year ahead. Okay, Eric, you're gonna kick it off. 0:01:42.840 --> 0:01:45.399 You have a disclaimer, and then you're gonna give us 0:01:45.440 --> 0:01:46.720 the first ETF to watch. 0:01:47.720 --> 0:01:49.760 Yeah, so just real quick, you know, these these are 0:01:49.800 --> 0:01:52.040 not our picks for what will go up or down. 0:01:52.400 --> 0:01:52.920 We don't know. 0:01:53.000 --> 0:01:53.760 We don't make calls. 0:01:53.960 --> 0:01:55.720 We don't make calls we're not allowed to. And frankly, 0:01:55.720 --> 0:01:57.640 I think most people in the team admit none of 0:01:57.720 --> 0:01:59.680 us know the future. In fact, nobody knows the future. 0:01:59.720 --> 0:02:02.520 If we're we're gonna be really honest, but these are 0:02:02.520 --> 0:02:05.560 ETFs that catch our attention, that we're thinking about, that 0:02:05.840 --> 0:02:10.360 have tapped into some trend or some rarity that just 0:02:10.600 --> 0:02:13.160 you know, gets us as if we're ETF scientists This 0:02:13.200 --> 0:02:14.720 is something we obsess over a little. 0:02:14.520 --> 0:02:15.919 Bit ETFs to watch, that's what. 0:02:16.000 --> 0:02:16.840 That's right to watch. 0:02:16.960 --> 0:02:21.160 Yeah, okay, My first one is the PACER US Small 0:02:21.200 --> 0:02:23.360 Cap Cash Cows one hundred ETF. 0:02:23.480 --> 0:02:24.560 What's that ticker, CALF. 0:02:25.560 --> 0:02:28.760 So this is the baby brother of cows, which is 0:02:28.760 --> 0:02:32.760 the large cap cash cow ETF. This ETF made what 0:02:32.800 --> 0:02:35.040 we do is called an outliers list we do every 0:02:35.040 --> 0:02:37.480 month which shows ETFs that took in way more that 0:02:37.560 --> 0:02:40.440 month and flows than their average, their twelve month average. 0:02:40.480 --> 0:02:43.040 So if it's more than two standard deviations above it, 0:02:43.280 --> 0:02:46.080 we note it because hey, this is needs something that's happening. 0:02:46.160 --> 0:02:49.000 Something's happening. CALF has made the list three times this year. 0:02:49.120 --> 0:02:49.440 Huh. 0:02:49.480 --> 0:02:51.720 It is really breaking out. If you look at the 0:02:51.720 --> 0:02:53.760 flow chart, it looks a lot like ARC back in 0:02:53.840 --> 0:02:56.760 twenty twenty when it was just coming to be. It's 0:02:56.800 --> 0:02:59.280 a probably the best kind of flow chart you can have. 0:02:59.320 --> 0:03:03.720 It shows totally organic growth, total grassroots interest, a pure phenomenon, 0:03:04.040 --> 0:03:05.960 and I would call PACER indy, So I call this 0:03:06.000 --> 0:03:08.480 the indie feel good hit of the year. And what 0:03:08.520 --> 0:03:10.800 this does is it looks for cash flow yield in 0:03:10.880 --> 0:03:14.200 small caps. Now, as you know large caps crushed this 0:03:14.280 --> 0:03:16.840 past year. Nobody cares about small caps or anything else 0:03:16.880 --> 0:03:21.240 other than like the Super seven. So this ETF basically 0:03:21.280 --> 0:03:24.160 double the performance of the Russell two thousand, which is 0:03:24.200 --> 0:03:26.960 this benchmark for small caps. So, in other words, it 0:03:27.040 --> 0:03:29.720 picked small caps from within this universe and doubled it. 0:03:30.040 --> 0:03:31.040 That is so hard to do. 0:03:31.120 --> 0:03:32.840 If an active manager did, it would be like praising 0:03:32.840 --> 0:03:35.200 them all day. Not only that, this beat the S 0:03:35.240 --> 0:03:37.880 and P. So to think about it, a small cap 0:03:37.920 --> 0:03:41.680 ETF that's picking certain stocks beat the S and P. Shocker, right, 0:03:41.720 --> 0:03:43.440 That's why the flows are coming in. People are like, 0:03:43.600 --> 0:03:46.760 holy moly, this thing has something special going on. Part 0:03:46.800 --> 0:03:49.080 of it is in small caps there's a lot of junk, 0:03:49.600 --> 0:03:51.800 but looking at cash flow yield is actually a pretty 0:03:51.920 --> 0:03:54.600 brilliant way to pick out the better quality type of 0:03:54.600 --> 0:03:56.960 small caps. So it's something got a quality tilt. But 0:03:57.080 --> 0:03:59.840 listen to these flow numbers. By the way, it's taken 0:03:59.840 --> 0:04:04.200 in cash flows for forty four months straight. It's taken 0:04:04.240 --> 0:04:07.200 in flows every week this year but one, and it's 0:04:07.240 --> 0:04:11.000 on a one hundred day inflow streak. These are Vanguard 0:04:11.120 --> 0:04:14.240 numbers only Vanguard, and maybe Schwab can can lay numbers 0:04:14.360 --> 0:04:16.680 down like this and if you look at the holders, 0:04:16.880 --> 0:04:20.200 it's a lot of the big wirehouses Morgan Stanley, Wells Fargo. 0:04:20.279 --> 0:04:22.600 It's so hard to get into those places. So this 0:04:22.680 --> 0:04:25.839 ETF defy the odds. Can it keep it going? You 0:04:25.839 --> 0:04:28.280 know if small caps come back, like some analysts are saying, 0:04:28.279 --> 0:04:30.800 because large caps had their year, this thing could have 0:04:31.440 --> 0:04:31.960 a future. 0:04:32.040 --> 0:04:33.279 It could keep actually going. 0:04:33.320 --> 0:04:36.159 So and it could pass Cows, which is its big brother, 0:04:36.200 --> 0:04:37.280 which is rare. 0:04:37.360 --> 0:04:39.320 I think that's a great pick. I love what we said. 0:04:39.320 --> 0:04:41.960 You know, small caps didn't have a great year, so 0:04:41.960 --> 0:04:44.840 so to beat not having like some of that, you know, 0:04:44.920 --> 0:04:48.040 large cap exposure one is really like a pretty incredible feat. 0:04:48.240 --> 0:04:51.479 James, you get the mic. What's your number two? 0:04:52.720 --> 0:04:53.040 Yeah? 0:04:53.080 --> 0:04:55.880 So mine is going to be bid Oh the pro 0:04:55.920 --> 0:05:00.720 shares Bitcoin Future Strategy ETF. I talk about bitcoin every year. 0:05:00.720 --> 0:05:02.240 I feel like the last I think the last two 0:05:02.279 --> 0:05:03.800 years I had GBTC on there. 0:05:04.440 --> 0:05:05.360 But it's finally here. 0:05:05.400 --> 0:05:07.640 We're probably going to get a spot bitcoin ETF in 0:05:07.680 --> 0:05:10.680 early January, as Eric and I predicted a few months back. 0:05:11.800 --> 0:05:14.039 So but the question like, what's going to happen to biddo? 0:05:14.120 --> 0:05:16.000 This thing is well over a billion dollars, has a 0:05:16.000 --> 0:05:18.880 couple of billion dollars in assets. Uh, it's done very 0:05:18.880 --> 0:05:22.200 well as bitcoin has risen, but there's some concerns, Like 0:05:22.360 --> 0:05:25.000 most people are if they want exposure to Bitcoin, they're 0:05:25.040 --> 0:05:28.720 going to much prefer a SPOT allocation something like GPTC 0:05:28.880 --> 0:05:30.799 or these other ets that are going to come to market. 0:05:30.920 --> 0:05:32.599 So the question is what's going to happen to biddo. 0:05:33.200 --> 0:05:35.200 I think eventually it will go to the wayside, but 0:05:35.480 --> 0:05:37.640 likely at least initially it's going to be stick around. 0:05:37.839 --> 0:05:40.800 But the problem is Biddo since the beginning of the 0:05:40.880 --> 0:05:44.680 year has underperformed Spot by over fourteen percent because of 0:05:44.680 --> 0:05:47.000 the role cost. So essentially, when you have a futures 0:05:47.000 --> 0:05:49.720 etf and you have to you have to maintain exposure 0:05:50.040 --> 0:05:53.159 to the underlying asset, in this case bitcoin, it's basically 0:05:53.200 --> 0:05:55.560 selling a futures contract for one month and buying the 0:05:55.600 --> 0:05:57.760 next month, and if that next month is more expensive, 0:05:57.760 --> 0:05:59.040 you're losing money every time. 0:05:59.440 --> 0:06:01.240 And as big coin goes on a bull run like. 0:06:01.200 --> 0:06:03.600 It has the last couple months, that that cost goes 0:06:03.680 --> 0:06:06.480 up for every month because basically the curve goes into 0:06:06.560 --> 0:06:09.120 canentango without getting two into the weeds. But this means 0:06:09.120 --> 0:06:12.000 that Biddo like for a long term allocation, isn't that 0:06:12.120 --> 0:06:17.120 great of a strategy? Essentially, not great of as great 0:06:17.120 --> 0:06:19.760 of a tool, because basically that fourteen percent is this 0:06:20.000 --> 0:06:22.760 is your cost for owning this ETF as compared to 0:06:22.800 --> 0:06:23.960 owning the underlying assets. 0:06:24.040 --> 0:06:25.920 So it'll be interesting to see what happens. 0:06:25.920 --> 0:06:27.680 I think this thing will be used heavily by the 0:06:27.720 --> 0:06:30.200 market makers, at least initially when we get those Spot ETFs, 0:06:30.240 --> 0:06:32.400 because they can use them to hedge positions while they're 0:06:32.400 --> 0:06:35.360 creating markets in other areas. But it will be fascinating 0:06:35.360 --> 0:06:37.800 to see, like what happens with the flows. Is money 0:06:37.880 --> 0:06:39.880 gonna pour out of Biddo and into these Spot products? 0:06:39.920 --> 0:06:42.279 Who knows, but it'll be interesting to watch. 0:06:43.000 --> 0:06:45.640 Yeah, And it's ironic that Biddo's getting so much of 0:06:45.680 --> 0:06:48.799 the attention in the sort of buy the rumor action 0:06:49.080 --> 0:06:52.400 ahead of the Spot approvals. But when Spot gets approved, 0:06:52.839 --> 0:06:56.680 Biddo is gonna get ignored, not totally ignored, but people 0:06:56.680 --> 0:07:00.240 are gonna migrate because any ETF that uses futures, and 0:07:00.279 --> 0:07:03.040 if there's one that does it physical, people like it physical. 0:07:04.240 --> 0:07:07.400 So if that's a billion dollars, then we're on here 0:07:07.440 --> 0:07:09.280 next year where do you guys think that's. 0:07:09.080 --> 0:07:12.800 At I think biddoh, I mean I think bitcoin. Might 0:07:12.960 --> 0:07:15.000 you know, after this big run up, maybe let's let's 0:07:15.000 --> 0:07:19.200 call bitcoin flat. Okay, I would say loses thirty percent 0:07:19.200 --> 0:07:21.760 of its asset seven hundred million, but then two years 0:07:21.800 --> 0:07:22.920 were at five hundred million. 0:07:22.960 --> 0:07:25.200 I think it's down to under one hundred million in five. 0:07:25.520 --> 0:07:29.040 Great strategy before the spot vehicle finally got approve. 0:07:29.160 --> 0:07:31.280 Yeah, Proshure has made a nice little coin on this thing, 0:07:31.280 --> 0:07:35.480 and it served the purpose in the market. But yeah, advisors, 0:07:35.640 --> 0:07:39.640 if generally speaking, if you put derivatives I mean futures 0:07:40.240 --> 0:07:42.320 in an ETF, they're not going to buy it. The 0:07:42.360 --> 0:07:46.520 gold futures ETF that used to exist closed, So you 0:07:46.560 --> 0:07:48.080 know that tells you all you need to know everybody? 0:07:48.120 --> 0:07:51.160 What once a physical Athanasios? What's your third? 0:07:52.560 --> 0:07:55.200 So this one is MDiv, which is the first trust 0:07:55.280 --> 0:07:58.280 multi asset income ETF. The reason I picked this one 0:07:58.400 --> 0:08:00.960 is like income was a really high trade this year, right, 0:08:01.040 --> 0:08:05.280 So like JETPY, everyone's just looking at, well, which ETFs 0:08:05.680 --> 0:08:09.160 payout the most income, the highest yield. So for if 0:08:09.200 --> 0:08:12.440 we diversify stocks, we diversify bonds, why not diversify your 0:08:12.480 --> 0:08:14.679 income sources. And this is why I like it, because 0:08:14.720 --> 0:08:19.240 it holds all different income sources, holds your hild bonds, reads, preferreds, 0:08:19.400 --> 0:08:24.000 dividend stocks MLPs. So the risk was sometimes just being 0:08:24.040 --> 0:08:26.920 so attached to one is obviously you're you're you're depending 0:08:26.920 --> 0:08:29.280 on that one income source. So I like this approach 0:08:29.480 --> 0:08:33.040 of diversifying. It has a six percent yield. Jetpy's like 0:08:33.080 --> 0:08:35.480 eight point six and it's at the same place where 0:08:35.559 --> 0:08:37.440 jetpy is this year, and jetpy was probably like the 0:08:37.480 --> 0:08:40.280 hottest trade this year. It's a little bit expensive. It's 0:08:40.280 --> 0:08:42.440 a first trust product, you know, them being cheap is 0:08:42.440 --> 0:08:45.080 not really their mL but it's about sixty five basis points, 0:08:45.920 --> 0:08:49.040 still pretty small ETF, but I like the notion of 0:08:49.160 --> 0:08:51.520 diversifying your different sources of income. 0:08:53.360 --> 0:08:55.719 That one is a little bit more boring than the 0:08:56.120 --> 0:08:56.440 first two. 0:08:56.559 --> 0:08:58.080 What was it taking MDV. 0:09:01.080 --> 0:09:01.240 Right? 0:09:01.679 --> 0:09:02.719 Eric here for it? 0:09:02.800 --> 0:09:04.280 I don't know that. 0:09:04.080 --> 0:09:05.640 So let's see what your next round is. 0:09:06.840 --> 0:09:09.120 Back. I gotta go to the espresso machine. 0:09:10.880 --> 0:09:11.400 With cash. 0:09:11.440 --> 0:09:13.959 Companies that have cash, a lot of cash on hand. 0:09:14.440 --> 0:09:16.240 All right, you know what, I was gonna save this 0:09:16.240 --> 0:09:17.920 one for a late I gotta bring this now. Okay, 0:09:17.960 --> 0:09:21.360 I'm gonna go with the global x MSCI Argentina. 0:09:20.800 --> 0:09:23.480 ETF ooh bringing some heat. 0:09:23.679 --> 0:09:26.120 Yeah, so they just selected this guy who runs around 0:09:26.120 --> 0:09:29.600 with a chainsaw and he calls himself an anarcho capitalist, 0:09:30.240 --> 0:09:32.800 and it's fascinating every time one of these emerging market 0:09:33.200 --> 0:09:37.720 countries goes from like socialism and then swing so far 0:09:37.920 --> 0:09:41.360 the other way to like capitalism. The ETFs love it. 0:09:42.280 --> 0:09:44.440 This thing is up twenty two percent in a month 0:09:44.480 --> 0:09:47.319 since this guy got elected, the volumes up a lot, 0:09:48.120 --> 0:09:51.200 and the emerging markets as a whole is flat. So 0:09:51.400 --> 0:09:54.960 clearly people like this now. I always find it fascinating. 0:09:55.000 --> 0:09:57.640 Can he pull it off? So there's this excitement that, 0:09:57.679 --> 0:09:59.280 oh it's a more business friendly leader. 0:09:59.600 --> 0:10:01.839 By the way, his name is Javier Melat, Yes. 0:10:02.200 --> 0:10:06.360 And he's a character and he's got a lot of attention. 0:10:06.960 --> 0:10:08.720 But it's all words right. 0:10:08.640 --> 0:10:09.440 Now, can he? 0:10:09.760 --> 0:10:12.560 And he was elected by saying some stuff and is 0:10:12.640 --> 0:10:15.480 immediately like pivoted in office. 0:10:15.760 --> 0:10:18.280 This is the thing he what he's saying. You know, 0:10:18.320 --> 0:10:18.839 I get it. 0:10:18.840 --> 0:10:21.080 It's a great message, I guess if well, it could 0:10:21.080 --> 0:10:23.079 be a good message if you live there. But words 0:10:23.080 --> 0:10:25.800 to action are different. But we'll see if this works. 0:10:25.880 --> 0:10:27.800 All I know is that when there's any hint of 0:10:27.840 --> 0:10:29.840 a pro business leader getting elected in one of these 0:10:30.040 --> 0:10:33.680 single country Emerging market ETFs, the ETF goes wild for 0:10:33.720 --> 0:10:36.960 a while and we'll see if this. You know, India 0:10:36.960 --> 0:10:40.520 happened with Moti back when he was there Brazil and 0:10:40.559 --> 0:10:42.280 so here we're now in Argentina. So I like to 0:10:42.320 --> 0:10:45.079 watch these because I always call single country ETFs or 0:10:45.080 --> 0:10:47.560 sort of like the sports book of geopolitics. When you 0:10:47.600 --> 0:10:50.400 see that, you know, people use him to like bet 0:10:50.440 --> 0:10:53.040 on that. 0:10:53.160 --> 0:10:54.960 So so I'm watching. 0:10:55.000 --> 0:10:57.280 I'll be watching this next year. Can it maintain this 0:10:57.360 --> 0:10:59.959 sort of excitement or will reality set it? 0:11:00.000 --> 0:11:03.320 And what was that ticket for this ar GT? So 0:11:03.360 --> 0:11:14.200 easy to remember it? All right, James, we're starting round two, 0:11:14.640 --> 0:11:14.959 let's go. 0:11:15.800 --> 0:11:16.120 Yeah. 0:11:16.200 --> 0:11:20.679 So I'm gonna go with something that is gonna upset 0:11:20.800 --> 0:11:22.520 Eric a little bit here. I actually did this one 0:11:22.559 --> 0:11:24.360 a few years back, but I but I have to 0:11:24.360 --> 0:11:26.520 bring it back. I'm gonna do the X trackers S 0:11:26.559 --> 0:11:28.760 and P five hundred ESG ETF E S G E 0:11:28.840 --> 0:11:32.599 t F s NPE. So this whole thing that the 0:11:32.640 --> 0:11:35.480 strategy is basically don't rock the boat. So its overall 0:11:35.520 --> 0:11:38.280 goals are to basically give you a very similar risk 0:11:38.360 --> 0:11:40.959 return profile the S and P five hundred, but also 0:11:41.040 --> 0:11:45.280 avoid companies that are doing basically things that are against 0:11:45.559 --> 0:11:48.880 ESG practices. So basically what it does is it decides 0:11:48.880 --> 0:11:51.600 what ESG factors are most critical to different sectors and 0:11:51.640 --> 0:11:54.640 then kicks out the worst performers in each sector by 0:11:54.679 --> 0:11:57.000 whatever those metrics are. So it's gonna be different metrics 0:11:57.040 --> 0:12:00.440 for oil and gas companies versus tech companies. Right So, 0:12:00.520 --> 0:12:03.439 right now it has three hundred and twenty two stocks. 0:12:03.080 --> 0:12:05.800 The reason I'm covering is because one, I've believed for 0:12:05.840 --> 0:12:08.120 a long time that these I'm not a huge fan 0:12:08.160 --> 0:12:10.640 of these esgetfs that are picking bottom up based on 0:12:10.880 --> 0:12:13.960 ESG fundamental criteria. I think you miss out on a 0:12:14.000 --> 0:12:16.280 lot of home runs if you do it that way. 0:12:16.280 --> 0:12:19.199 If you're just picking solely because of some ESG metrics, 0:12:19.440 --> 0:12:22.040 it makes sense to use ESG as an overall investment 0:12:22.040 --> 0:12:24.440 decision in my view. But I'm just not a fan 0:12:24.520 --> 0:12:27.719 of the bottoms up picking solely based on the ESG characteristics. 0:12:27.760 --> 0:12:29.360 And what has this led to? So if you look 0:12:29.400 --> 0:12:31.920 at the index, it's beating the S and P five 0:12:32.000 --> 0:12:35.400 hundred by over thirty five percent since the index was 0:12:35.440 --> 0:12:37.640 created and back tested in two thousand five, back tested 0:12:37.640 --> 0:12:39.560 through two thousand and five, and I know what Eric 0:12:39.640 --> 0:12:41.520 is going to say and what anyone's saying. Well, tell 0:12:41.559 --> 0:12:43.800 me how it's done since it launched. So since it 0:12:43.880 --> 0:12:47.199 launched in twenty nineteen, it's beating SPY by eleven percent. 0:12:47.520 --> 0:12:50.760 It charges a ten basis point fee. It's a great 0:12:50.840 --> 0:12:53.559 story for advisors. It's not huge tracking error to the 0:12:53.640 --> 0:12:55.559 underlying asset, which a lot of advisors don't want to 0:12:55.559 --> 0:12:57.440 talk about, and that ten percent fee is pretty cheap. 0:12:57.840 --> 0:12:59.600 So, like I said, I don't like. 0:12:59.640 --> 0:13:02.200 I'm not a huge fan of these ESG ETFs that 0:13:02.320 --> 0:13:06.000 exclude high returners. A lot of them suffered heavily because 0:13:06.040 --> 0:13:08.160 they didn't have exposure to oil and gas. They as 0:13:08.160 --> 0:13:09.800 they went on a run the last couple of years. 0:13:10.640 --> 0:13:11.720 So yeah, I'm. 0:13:11.600 --> 0:13:15.760 Picking SMPE just because it's been performing exceptionally well and 0:13:16.160 --> 0:13:18.720 it's one of the rare ESG cases that's doing well 0:13:18.760 --> 0:13:19.040 this year. 0:13:19.040 --> 0:13:20.280 It's almost a billion dollar fund. 0:13:21.600 --> 0:13:22.320 Yeah, No, you're right. 0:13:22.400 --> 0:13:24.760 The performance has been good and I have to give 0:13:24.760 --> 0:13:27.640 that up. And it's a good ATF. You know the 0:13:27.760 --> 0:13:30.440 problem is if if you're going in and you're you 0:13:30.480 --> 0:13:34.760 want quote ESG, you look at the holdings here. You've 0:13:34.800 --> 0:13:39.880 got Amazon potentially like worker issues. You've got Tesla that's 0:13:39.920 --> 0:13:43.559 got a whole host of issues. You've got Chevron all 0:13:43.640 --> 0:13:45.920 the top twenty. So I mean, what are we really 0:13:45.920 --> 0:13:48.280 doing here, James? Why not just buy the stupid s 0:13:48.320 --> 0:13:50.880 and P five hundred? Like, what what are we really 0:13:51.040 --> 0:13:51.439 doing here? 0:13:51.640 --> 0:13:55.520 How changed four hundred? It's not changing the world. 0:13:55.520 --> 0:13:58.000 I don't agree with any of those practice those ETFs 0:13:58.040 --> 0:13:59.319 that are bottoms up eat. 0:13:59.320 --> 0:14:01.560 In other words, you you say by this because you 0:14:01.640 --> 0:14:05.440 might it's an outperforming potential, you could care less. 0:14:05.440 --> 0:14:08.080 And it's no because it's kicking out the absolute worst 0:14:08.120 --> 0:14:11.040 performers from each sector. So like there are people, there 0:14:11.040 --> 0:14:14.600 are firms in the sectors of communications or technology or 0:14:15.280 --> 0:14:18.520 consumer discretionary that have way worse ESG scores than the 0:14:18.559 --> 0:14:19.120 ones you named. 0:14:19.120 --> 0:14:21.640 So it's like happening like a filtering mechanism that's actually 0:14:21.640 --> 0:14:23.400 attempting to like isolate. 0:14:23.000 --> 0:14:29.080 Pepsi and Cola perform the top twenty five. McDonald's doesn't 0:14:29.120 --> 0:14:31.120 him too much. This is he's just giving you things 0:14:31.120 --> 0:14:33.720 to watch. I know, I know, yeah, this this is 0:14:33.720 --> 0:14:35.920 an actual trying to get horse institution. 0:14:36.040 --> 0:14:38.560 After MD if we got to get get some action here. 0:14:38.600 --> 0:14:43.000 Well, on that note, as we're on number six terrified, 0:14:43.040 --> 0:14:45.520 Now are you going to follow Terrified? 0:14:47.920 --> 0:14:48.520 Okay? 0:14:48.720 --> 0:14:51.600 I like this ticker. It's a new ETF. It's desk right, 0:14:51.640 --> 0:14:52.760 so it's the van neck. 0:14:52.640 --> 0:14:54.280 Office stronger start. 0:14:54.360 --> 0:14:56.720 Okay, what's coming off better on this one? It's the 0:14:56.800 --> 0:14:58.920 van office and commercial re ETF? 0:14:59.120 --> 0:14:59.280 Right? 0:14:59.640 --> 0:15:01.960 So what a of a contrarian play because it's you know, 0:15:02.440 --> 0:15:05.560 playing on commercial real estate. But it's a very unique ETF. 0:15:05.560 --> 0:15:09.120 There's really nothing else like it out there because it's 0:15:09.160 --> 0:15:12.720 focusing mostly just on the commercial rates in office rates. 0:15:13.080 --> 0:15:14.360 You know, you can get. 0:15:14.200 --> 0:15:16.240 This exposure and some of the bigger ETFs, but it 0:15:16.280 --> 0:15:19.080 won't be as pure as this one. And while the 0:15:19.120 --> 0:15:21.600 ETF is new, if you look at the index of it, 0:15:21.600 --> 0:15:23.840 it's below where it was even during COVID, and if 0:15:23.840 --> 0:15:27.080 you remember, like offices were like done during COVID, So 0:15:27.160 --> 0:15:30.160 it's like, how is this still at that level? I 0:15:30.200 --> 0:15:32.600 think if with a change in rates maybe next year. 0:15:32.640 --> 0:15:35.640 I think it's something to watch. It's very unique, it's small, 0:15:36.280 --> 0:15:39.080 there's really no other ETF like it, So I like 0:15:39.160 --> 0:15:42.080 this one as a contrarian play for next year, especially 0:15:42.120 --> 0:15:44.680 with a push with firms going back to the office 0:15:44.720 --> 0:15:47.040 more right, we're seeing you know, we're seeing it everywhere. 0:15:47.400 --> 0:15:49.240 I think this one could be something to watch for 0:15:49.320 --> 0:15:49.720 next year. 0:15:51.120 --> 0:15:53.160 I like that that's a little bit of a sleeper. Yeah. 0:15:53.200 --> 0:15:54.280 I mean it's very small. 0:15:54.320 --> 0:15:58.240 It just came out as one million, so but yeah, 0:15:58.320 --> 0:16:00.760 this could be a proxy for what you're talking about. 0:16:01.120 --> 0:16:01.320 Yeah. 0:16:01.360 --> 0:16:03.280 We always sort of debate on the team, like getting 0:16:03.280 --> 0:16:05.280 back to the office or whatnot. And I think you're right, 0:16:05.320 --> 0:16:05.840 that's a good thing. 0:16:06.520 --> 0:16:08.400 Ernado is the top holding and a lot of people 0:16:08.440 --> 0:16:10.320 have used that as a proxy for Yeah. 0:16:10.440 --> 0:16:11.960 Yeah, okay, beginning of round three. 0:16:12.120 --> 0:16:14.880 Eric, Hey wait wait, I want to add something real quick. Okay, 0:16:14.920 --> 0:16:18.280 good heah, Yeah, yeah, you talked about Vernado. I also agree, 0:16:18.320 --> 0:16:20.400 like I love this pick from Athan because commercial real 0:16:20.520 --> 0:16:22.640 estate has been something that everyone's talking about. I mean 0:16:23.160 --> 0:16:26.920 your Sister or Sibling podcast at odd Lots talks about 0:16:26.920 --> 0:16:29.640 this constantly. So if people are looking for an ETF 0:16:29.720 --> 0:16:31.480 to play this, this looks like a good way to 0:16:31.520 --> 0:16:31.680 do it. 0:16:31.720 --> 0:16:32.680 And you mentioned Vernado. 0:16:33.040 --> 0:16:36.880 Fun fact, we're sitting in a Vernado owned building technically speaking, 0:16:36.920 --> 0:16:39.360 so they're definitely estate. 0:16:40.200 --> 0:16:41.520 You're in Jersey in your house. 0:16:43.000 --> 0:16:43.360 I don't know. 0:16:43.400 --> 0:16:46.520 Maybe Vernardo built your house. By the way, the second 0:16:46.560 --> 0:16:49.680 company is called kill Roy. Can anybody name the eighty 0:16:49.840 --> 0:16:51.920 song that has the lyric Kilroy? 0:16:52.200 --> 0:16:52.720 Oh Man? 0:16:52.800 --> 0:16:56.240 Probably Magnus is my only hope. Yeah, producer Magnus from 0:16:56.280 --> 0:16:57.760 the booth kill Roy? 0:16:58.040 --> 0:16:59.280 What song? Dix? 0:16:59.360 --> 0:16:59.960 Mister Roboto? 0:17:01.840 --> 0:17:02.280 Very good? 0:17:02.320 --> 0:17:02.680 Anyway? 0:17:02.960 --> 0:17:05.120 All right, Round three, Eric. 0:17:05.000 --> 0:17:06.520 I love that song when I was a kid. 0:17:07.440 --> 0:17:10.600 Okay, Round three, old, Round three, Eric, You got the 0:17:10.720 --> 0:17:12.119 seventh ETF. 0:17:11.760 --> 0:17:14.120 To watch, yep, and I think I'll do my most 0:17:14.160 --> 0:17:17.479 boring one just because those last two were really good. Okay, 0:17:18.000 --> 0:17:19.639 fbn D, this is the fidelity. 0:17:19.760 --> 0:17:21.159 You like how he's trying to sneak that in. 0:17:21.240 --> 0:17:23.720 Okay, you can't tell me this is more This is 0:17:24.320 --> 0:17:25.399 more exciting than this. 0:17:26.600 --> 0:17:29.359 I'm like me, Bond, he is going to try and 0:17:29.400 --> 0:17:31.680 sneak it past us. 0:17:31.760 --> 0:17:32.359 You're one step. 0:17:32.720 --> 0:17:35.440 I'm like one of those old legacy bands that does shows. Still, 0:17:35.920 --> 0:17:38.359 you do a couple hits early, your new stuff in 0:17:38.359 --> 0:17:40.280 the middle, and you close with the headliners. Okay, so 0:17:40.359 --> 0:17:43.120 this is the new stuff boring? Okay, all right. Fbn 0:17:43.240 --> 0:17:46.560 D has six point five billion dollars. This is a 0:17:46.560 --> 0:17:49.520 fidelity bond ETF. This has also made the outliers list 0:17:49.640 --> 0:17:53.920 multiple months and I'm looking at this and it's fascinating. 0:17:54.000 --> 0:17:57.760