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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, bokom Our Trains.

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

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Speaker 1: Happy New Year, Happy New Year, buddy, twenty twenty six.

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Speaker 1: We're here. We made it, but we're recording this in

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Speaker 1: advance so that you know we can sleep in on

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Speaker 1: the holiday.

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Speaker 2: Yeah, that was that was me pretending to be in

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Speaker 2: the future.

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Speaker 1: Yes, good job, thank you. So as we looked at

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Speaker 1: twenty twenty six, as always when we do this on Trillions,

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Speaker 1: we try and enter the new year with some spotlights

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Speaker 1: on some tickers.

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Speaker 2: Yeah.

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Speaker 3: This is really born out of me doing the Money Show,

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Speaker 3: which is a direct to retail conference that they have

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Speaker 3: like in Florida, and it's a lot of like investors

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Speaker 3: who are just looking for cool investments. And I used

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Speaker 3: to do my like like top down Trends PowerPoint and

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Speaker 3: I could tell like they weren't that into it, but

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Speaker 3: every time I brought up a ticker, they come up

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Speaker 3: after what was the ticker?

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Speaker 1: You said?

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Speaker 2: So I realized they just like tickers.

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Speaker 3: So I did any show presentation called like twenty three

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Speaker 3: ets for twenty twenty three.

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Speaker 2: I was like, this should be a note.

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Speaker 3: So you started writing that every year, and I got

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Speaker 3: really good feedback on it. People just like tickers stroll

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Speaker 3: at the end of the day, you can tell them

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Speaker 3: all the cool trends. But this is like the Silicon

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Speaker 3: Valley of the investing world, and so we know all

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Speaker 3: the gadgets and here we are going to unearth some

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Speaker 3: stuff that we find interesting and people like that.

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Speaker 2: But twenty two.

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Speaker 1: Twenty six for twenty six seem like maybe a little

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Speaker 1: too much, So we're gonna pair it back just a

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Speaker 1: little bit and do sixteen ish for twenty six.

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Speaker 3: Yeah, we just we just don't have enough time to

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Speaker 3: do all of them. Sixteen seems like a good number.

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Speaker 3: But if you want to see the full list, happy

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Speaker 3: to just email me and I'll send you the report

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Speaker 3: we did on it.

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Speaker 1: Also joining us Athanasio, Sarah Vegas, and James Seffert ETF

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Speaker 1: analysts with Bloomberg Intelligence, this time on trillions tickers for

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Speaker 1: twenty twenty six. Athanasios, James, welcome back to Trillions.

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Speaker 4: Thanks for having me, glad to be back.

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Speaker 1: Okay, who's gonna go first. We're gonna go kind of

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Speaker 1: round robin. Eric, you want to kick us.

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Speaker 2: Off, I will because I have six they have five.

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Speaker 1: Okay, well, so you're gonna give one and then we'll

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Speaker 1: transition to the other guys. Yep, okay.

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Speaker 3: My first one is bank the I Shares Flexible Income

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Speaker 3: ETF E I n K no B I n C

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Speaker 3: B I n Z yep I guess for income I

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Speaker 3: n C. Here's what's interesting. So this is the fund

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Speaker 3: managed by Rick Reader, who is actually one of the

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Speaker 3: people in consideration to be the new FED chair. So

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Speaker 3: he's a pretty big deal. He got into the ETF game.

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Speaker 3: A lot of big names got in in the past

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Speaker 3: couple of years. And this ETF is amazing. It's got

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Speaker 3: fifteen billion. That means it's the fastest growing active etf ever,

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Speaker 3: faster than JEFPI, faster than JPST, which are the kings

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Speaker 3: of each of those categories. So this is a juggernaut.

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Speaker 3: It's forty BIPs and I looked at the returns. It's

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Speaker 3: beating the aggregate bond index pretty easily with half the volatility.

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Speaker 3: That means what I'm not it's real. That's why it's

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Speaker 3: got all the money. Honestly, that's kind of the holy

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Speaker 3: grail to be able to outperform with less vol And

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Speaker 3: how long has it been around since May of twenty

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Speaker 3: twenty three. So I'm watching it because a it's it's

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Speaker 3: the fastest growing active ETF right now. It's going to

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Speaker 3: challenge JPST for the king of active bond and it

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Speaker 3: may even challenge someday JEPPI. And the other thing that

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Speaker 3: is interesting about this is when we look at mutual

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Speaker 3: funds flows this year, the equity side want over one

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Speaker 3: trillion out flows, like nobody wants stock pickers anymore. However,

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Speaker 3: on the fixed income side, active bond mutual funds have

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Speaker 3: taken in money.

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Speaker 2: So I think for.

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Speaker 3: People out there when they think of their bond allocation,

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Speaker 3: like the AG is a bit dull full of treasuries,

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Speaker 3: people really are much more open to active So I

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Speaker 3: think that's why this is really checking a lot of

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Speaker 3: boxes for people. And at forty BIPs it feels like

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Speaker 3: a good deal.

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Speaker 2: So look out for this thing.

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Speaker 3: This thing is you know, total juggernaut and one that

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Speaker 3: I will watch the next year.

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Speaker 1: Anoxious.

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Speaker 4: Well, I think that's a good pick, and I think,

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Speaker 4: like you said, it gives a lot of hope to

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Speaker 4: active right to active bonds. If you can outperform do

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Speaker 4: with lower vowel, you have a chance, So I guess

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Speaker 4: you know that's a good pick.

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Speaker 1: Nice name drop for twenty twenty six too. Okay, that's Anosios.

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Speaker 4: In your next let's go, I'll start with L R

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Speaker 4: and D. So it basically just stands for a large

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Speaker 4: cap R and D spending. So this is from New

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Speaker 4: York Life. You know, we talk a lot about dividends,

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Speaker 4: we talk a lot about buybacks, but we don't talk

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Speaker 4: about companies that are investing in R and D or

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Speaker 4: in like Capex and things like that. And we've actually

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Speaker 4: brought this idea up in the past about well what

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Speaker 4: about companies that are investing in things? In twenty twenty five,

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Speaker 4: it's actually beating the S and P five hundred. And

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Speaker 4: the reason this I picked this is it came out

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Speaker 4: of some research from our quant analyst, Chris Kane, and

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Speaker 4: he was saying that companies that were actually spending more

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Speaker 4: in R and D were beating those that weren't. And actually,

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Speaker 4: this product is really cheap. It's twenty fourteen bases points,

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Speaker 4: it's pretty launch in twenty twenty two. It doesn't have

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Speaker 4: a whole lot of assets, but I think it's very unique.

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Speaker 4: There's no other product out there that is actually investing

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Speaker 4: in companies that are spending money on R and D.

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Speaker 4: So that's something that I'm looking at for next year.

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Speaker 1: So is it waited by what the spind is?

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Speaker 4: It is, so you'll get and it's also market cap weighted,

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Speaker 4: so you do get some Nvidia, some Apple in there,

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Speaker 4: but then you get some unique names like a lot

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Speaker 4: of healthcare. You get Philip Morris. That's in there too, right,

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Speaker 4: regardless of how you feel about cigarettes and vaping. But

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Speaker 4: you do get some non obvious names in there, so

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Speaker 4: it's pretty diversified, is pretty concentrated.

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Speaker 1: Interesting, all right, James.

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Speaker 5: I love the R and D play. I think it's great, fascinating.

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Speaker 3: Yeah, well, thedn't they tried Capex, right, that was one

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Speaker 3: they did, and I think it liquidated, but maybe this

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Speaker 3: won't work.

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Speaker 4: It did, but actually Capex performs really well over like

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Speaker 4: buybacks and total shareholder yields, so I think it's something

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Speaker 4: that kind of gets overlooked.

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Speaker 1: All right, James, take us around the around the circle.

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Speaker 1: What's your first pick? All right?

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Speaker 6: My pick is VXUS, which is the Vanguard Total International

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Speaker 6: Stock Index Fund, which, yeah, sounds pretty boring, but I

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Speaker 6: mean in twenty twenty five it outperformed the S and

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Speaker 6: P five hundred by about thirteen percent A few years ago.

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Speaker 3: I picked VXUS. Yeah, and I should have picked it

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Speaker 3: last year. I was gonna say, I'm getting deja vu, Like,

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Speaker 3: don't you pick this every year?

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Speaker 5: No, I didn't pick it. I haven't been.

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Speaker 3: This is like the word fetch from mean Girls. He's

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Speaker 3: trying to make international happen.

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Speaker 1: It hap.

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Speaker 2: I mean it did happen, to be fair, but it happened.

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Speaker 2: I mean, we're gonna find probably not gonna happen again.

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Speaker 2: We're gonna find you one one year is like all

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Speaker 2: you get for like ten years. We'll see.

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Speaker 6: I mean there's I mean, it's had a record inflow year.

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Speaker 6: It's taken in about seventeen seventeen billion. Right. The question

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Speaker 6: is are people one going to rebalance out of this

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Speaker 6: thing and going back into their domestic if because it's

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Speaker 6: outperformed domestic, or are they going to pile in because

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Speaker 6: they think it's going to outperform going forward. I mean, valuation,

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Speaker 6: If you look at valuations, international stocks look pretty appetizing.

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Speaker 6: But then again, we have the best companies in the

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Speaker 6: world here in the US. So it's a hard debate

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Speaker 6: to have, so, yeah, I'm just watching this and the

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Speaker 6: other thing I would point out, which this is going

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Speaker 6: to give you real djavu. This thing had launched in

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Speaker 6: twenty eleven, it's had like four days of outflows. Like

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Speaker 6: in total, it's had four days where it had an outflow.

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Speaker 6: So this thing just pulls in money hand over fist

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Speaker 6: and rain or shine for the most part. It'll be

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Speaker 6: interesting to see if that flips a little bit after

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Speaker 6: this outperformance.

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Speaker 1: Now, Eric, howo'd Jack Bogo feel about that product?

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Speaker 3: He would say, you don't need it? And he started it.

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Speaker 3: That's what's so great about Bogel. He would he actually

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Speaker 3: dumped on his own creations because over time as he

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Speaker 3: got older, he just he didn't see the need for it.

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Speaker 3: He you know, he would he was pretty savage, and

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Speaker 3: he would take shots at some of these foreign countries

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Speaker 3: for having no like not a lot of work ethic.

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Speaker 3: France in particular. He's like, they tried to pass a

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Speaker 3: law that you can only work thirty five hours.

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Speaker 2: What's the point investing there? You know?

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Speaker 3: Like, and he also thought that with the global nature

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Speaker 3: of this economy, that the US would reflect a lot

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Speaker 3: of the overseas markets. Anyway, and you also have all

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Speaker 3: your investments in the same currency, so why take currency

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Speaker 3: risk one, which is what you do with international investing,

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Speaker 3: So he had those reasons. I will say this, if

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Speaker 3: you're an investor who can't stay in volatility, like if

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Speaker 3: you can't stand in the US having two off years,

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Speaker 3: then you might want international because that will go up

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Speaker 3: sometimes when US is like struggling, and that will lower

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Speaker 3: your overall if that makes you feel better, like, hey,

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Speaker 3: at least this part of my portfolio is up because

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Speaker 3: this one's down, you may need international. So for behaviorally,

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Speaker 3: international can help advisors calm clients down because it diversifies. However,

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Speaker 3: Bogel did not need behavioral help. He was going to

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Speaker 3: buy the S and P and wait fifty years, and

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Speaker 3: you were going to get him out of there with

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Speaker 3: like a crowbar. If you're that committed, like a Buffet

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Speaker 3: or Bogel, and you're like, I don't care if it's

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Speaker 3: down three years in a row the US rules, I'm

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Speaker 3: sticking to it, then you don't need international probably, So

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Speaker 3: I think it depends on your own behavior that that

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Speaker 3: would be my take on it.

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Speaker 2: But I'm with you.

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Speaker 3: This year International outperformed and we all have to acknowledge that.

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Speaker 1: I think, well, it took him a second to get there,

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Speaker 1: but yeah, yeah, there was a yeah.

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Speaker 3: Well but ironically you picked it three years ago and

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Speaker 3: it didn't and now you're picking it this year when

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Speaker 3: it probably won't.

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Speaker 6: So well, I'm picking it more because it's interesting to see.

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Speaker 6: Is it going to are we going to see it continue?

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Speaker 6: And what are flows going to do?

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Speaker 5: Are people gonna bet on it continuing or not?

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Speaker 1: Real question won't be if he's back next year. Okay,

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Speaker 1: let's go to round two. Eric.

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Speaker 3: Okay, I'm actually sticking international, believe it or not.

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Speaker 2: But it's not exactly. It's not this like.

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Speaker 5: What is this it's time for international thing?

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Speaker 2: It's not that.

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Speaker 3: Okay, It's not like that columnist telling me, oh, you

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Speaker 3: have to sell America thing. Okay, this is an ETF

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Speaker 3: that you guys will not know.

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Speaker 2: Watch this.

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Speaker 3: These guys like live and eat and breathe this stuff.

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Speaker 3: Have you guys even heard of OTGL?

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Speaker 5: No? No, no, what is it?

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Speaker 2: Okay, it's the OTG.

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Speaker 3: I haven't heard of that either, Latin America ETF And

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Speaker 3: the reason that I even found it, I didn't even

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Speaker 3: know it existed. But there's been a couple elections in

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Speaker 3: South America that have gone far right, which usually means

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Speaker 3: pro business, which usually means big returns. You start with Argentina,

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Speaker 3: obviously that thing's up like two hundred percent, and then

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Speaker 3: Chile just went to the right, and that was anticipating that,

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Speaker 3: and that's up like sixty percent on that anticipation. Now

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Speaker 3: Brazil they might have somebody elected who's on the right

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Speaker 3: side in next year, and that's already got that thing

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Speaker 3: starting to move. So here's a continent that's going from

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Speaker 3: like socialism to capitalism pretty quickly. And so if you

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Speaker 3: wanted to try to play that or at least own it,

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Speaker 3: you don't own a lot in your international Latin America

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Speaker 3: is pretty tiny waiting.

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Speaker 1: So it's in it.

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Speaker 3: The reason I found it is because I was looking

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Speaker 3: for ETFs that had both Argentina and Chile. There's not many.

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Speaker 3: Argentina is tough, it's not in a lot of equitytfs.

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Speaker 3: This one has two percent to Argentina, eleven percent to Chile,

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Speaker 3: and forty three percent in Brazil. So it really does

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Speaker 3: a good job of getting you all of Latin America,

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Speaker 3: whereas the I Shares one doesn't have a lot of that,

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Speaker 3: especially it does no Argentina really, So anyway, this is

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Speaker 3: one that captures I think the best of this sort

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Speaker 3: of shift to more pro business leaders in that continent.

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Speaker 3: And it's for that reason that I'm watching it, because

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Speaker 3: I'm telling you, traders like nothing more, especially emerging markets,

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Speaker 3: than to see an election shift that way. I've seen

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Speaker 3: it my whole career. So it looks like it's spreading

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Speaker 3: across the continent, and if it does, I would stand

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Speaker 3: I would think this would benefit from that. That said,

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Speaker 3: this isn't the one I'm gonna watch for like volume

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Speaker 3: and flows. The other ones will probably see more of

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Speaker 3: the single ticker ones, but this one captures the all

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Speaker 3: those countries the best.

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Speaker 2: But this is why we do ETFs.

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Speaker 3: There is always an ETF out there that gets you

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Speaker 3: the closest to something, and sometimes it's not the one

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Speaker 3: you think, mister.

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Speaker 1: International over here.

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Speaker 4: I mean, I still hate International, but if I had

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Speaker 4: to pick, I think South America. I like these countries

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Speaker 4: that are going through massive shifts versus like Europe, so

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Speaker 4: I probably would be more inclined to buy like not

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Speaker 4: America over something like Europe.

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Speaker 3: And this is not like saying sell America and like

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Speaker 3: rotate to international like this guy. It's basically saying it's

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Speaker 3: a little hot sauce. This is like, oh, maybe sell

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Speaker 3: your AI E t F and put this one on.

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Speaker 3: This is like a hot sauce bucket.

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Speaker 1: Play okay, Ethan your what's your second? Okay?

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Speaker 4: I got a question. Have you heard of this company?

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Speaker 4: You pexy? Don't know what they do?

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Speaker 1: Run twos where you trying and stump each other?

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Speaker 4: Yeah, because I don't know either. But there's a two

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Speaker 4: x ETF on this company and it's only got one

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Speaker 4: hundred and thirty six million dollar market cap.

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Speaker 1: What the letters in the ticker.

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Speaker 4: So the ticker is p XIU, which is tx TX

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Speaker 4: you PIXI. I think this is the year something blows up.

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Speaker 4: I think we got a little crazy with these two

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Speaker 4: X levered products. We've gone really far down the market cap.

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Speaker 4: Like I mentioned this one, he got one hundred and

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Speaker 4: thirty six million dollar market cap. Especially like a small

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Speaker 4: slash microcap company, we have a two x leveraged version

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Speaker 4: of it. I don't know if this might be the

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Speaker 4: one that actually like liquidates in a single day, but

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Speaker 4: I think we're going to have an event this year

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Speaker 4: on one of these single stock ones. So I'm just

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Speaker 4: throwing this ticker out to keep an eye on its

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Speaker 4: more like category. Yeah, exactly, it is fine. Hey, stuff

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Speaker 4: blows up. You know, we had XIV a couple of

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Speaker 4: years ago. I think we're due for one.

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Speaker 1: Maybe just don't want to be there when it happens.

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Speaker 4: Yeah. Yeah, it might not have any assets in it,

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Speaker 4: but I think it just might be symbolic of just

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Speaker 4: how far we've pushed it into some of these products.

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Speaker 3: I mean, the vall is two hundred and fifteen percent,

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Speaker 3: which is a lot. That's like, what is that like

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Speaker 3: fifteen times the SMP. There's some a little more volatile,

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Speaker 3: but the stock would only need to move obviously what

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Speaker 3: fifty percent, But that vall indicates that fifty percent isn't

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Speaker 3: that outrageous? What you need is if one of these

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Speaker 3: little quantum stocks like has A goes bust, then the

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Speaker 3: two X will obviously terminate because it will go down

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Speaker 3: more than fifty percent.

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Speaker 1: In a day.

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Speaker 6: I mean the other part is like the sec stop

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Speaker 6: those three X and five X number one, I think, yeah,

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Speaker 6: but full endorse. I think we're going to see some

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Speaker 6: sort of liquidation of that this year.

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Speaker 2: Yeah, but one or two a year, no big deal.

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Speaker 2: If you had three x, you'd have them every other week.

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Speaker 2: So yeah, we can handle one once in a while, exactly.

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Speaker 1: All right, James, you got it one that's gonna stump.

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Speaker 6: Them, Yes, actually, but it's it's more a category one.

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Speaker 6: It's I think it has the lowest assets.

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Speaker 5: Of anything that anyone's gonna pick here today TXBC ever

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Speaker 5: hear of it?

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Speaker 6: No, all right, so twenty one shares foot see crypto

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Speaker 6: ten x, BTC etshot.

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Speaker 2: Oh he's discussed looking them over there. Ethen's the anti

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Speaker 2: crypto gus the team. But it's good. We need that.

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Speaker 3: Yeah, because just in case, like everything goes to hell,

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Speaker 3: Athen will have been quarantined from all this.

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Speaker 2: We definitely have the cryptovirus.

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Speaker 6: So this is more just I think that these crypto

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Speaker 6: index type products are really going to take off. I

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Speaker 6: think there's gonna be a lot of band We have

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00:14:38,240 --> 00:14:40,680
Speaker 6: one from bitwise that has over a billion gray scalees

337
00:14:40,720 --> 00:14:43,000
Speaker 6: one hashtecks coin shares, they all have them. There's a

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Speaker 6: lot of been filed. I like this one because it's

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Speaker 6: it gives you the crypto market cap without Bitcoin. A

340
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Speaker 6: lot of people are ready probably have exposure to bitcoin.

341
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Speaker 6: If you want to add more diversified exposure to crypto,

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Speaker 6: this does it without doubling up on your bitcoin because

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Speaker 6: in those other market cap oided ones, bitcoin seventy five

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Speaker 6: eighty percent, So.

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Speaker 1: It's crypto x bitcoin correct.

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Speaker 6: And then and then I think longer term we're going

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Speaker 6: to see like fundamental weighted stuff. Kai Wu friend of

348
00:15:05,680 --> 00:15:08,360
Speaker 6: the show who park Line, he has SMAs where he

349
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Speaker 6: does fundamental trading and waiting of these ald coin ETFs.

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Speaker 6: I think a year from now we're going to see

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Speaker 6: a lot of that. But I just think this whole

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Speaker 6: category is going to be huge.

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Speaker 2: Yeah, I'm with him.

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Speaker 3: I think an index will be because who can pay

355
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Speaker 3: attention all this stuff?

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Speaker 2: You know?

357
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Speaker 3: The question is if you already own bitcoin, do you

358
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Speaker 3: use a big an index with bitcoin in it? That

359
00:15:26,120 --> 00:15:28,440
Speaker 3: has to be worked out. But yeah, long term, I

360
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Speaker 3: see some value here. Okay, Round three, Okay, I'm going

361
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Speaker 3: to go with one that I might have picked this

362
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Speaker 3: last year.

363
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Speaker 2: I can't remember, but I was watching it all year. XOVR.

364
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Speaker 3: This is uh the Public Privates Crossover ETF, which was

365
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Speaker 3: a nobody ETF that did I think value stocks like

366
00:15:53,240 --> 00:15:55,880
Speaker 3: nobody cared. It was an oblivion probably about to die,

367
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Speaker 3: and it switched this category to add some private equity.

368
00:15:58,920 --> 00:16:00,800
Speaker 3: You can add up to fifteen per cent of liquid

369
00:16:01,080 --> 00:16:04,160
Speaker 3: investments in added SpaceX. Once it added SpaceX, it like

370
00:16:04,200 --> 00:16:05,840
Speaker 3: immediately got three hundred million flows.

371
00:16:05,880 --> 00:16:07,920
Speaker 2: Like it was like build it and they will come.

372
00:16:08,560 --> 00:16:10,440
Speaker 3: And this was happening the same time the private credit

373
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Speaker 3: ETFs launch, which really underwhelmed, and to me, it showed

374
00:16:14,120 --> 00:16:15,800
Speaker 3: me that there was a huge unmet demand to get

375
00:16:15,800 --> 00:16:19,200
Speaker 3: private equity in an ETF, not private credit. And then

376
00:16:19,240 --> 00:16:21,360
Speaker 3: when SpaceX got root in the rumor to go IPO,

377
00:16:21,680 --> 00:16:23,760
Speaker 3: it took in another three hundred million over the past

378
00:16:24,400 --> 00:16:28,560
Speaker 3: couple weeks, and this again tells me that there is

379
00:16:29,160 --> 00:16:30,680
Speaker 3: a huge demand out there.

380
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Speaker 2: Now.

381
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Speaker 3: I don't know why the ETF industry has filed so

382
00:16:34,640 --> 00:16:37,800
Speaker 3: many private credit and heartland really no private equity. There's

383
00:16:37,840 --> 00:16:39,720
Speaker 3: been a couple to try to do synthetic private equity

384
00:16:39,720 --> 00:16:42,240
Speaker 3: with using public stocks, but not that. I just think

385
00:16:42,240 --> 00:16:44,280
Speaker 3: they should really try to push the envelope with putting

386
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Speaker 3: literal private equity in here, maybe not one hundred percent,

387
00:16:46,960 --> 00:16:49,440
Speaker 3: but like the way priv did with putting more than

388
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Speaker 3: fifty percent private credit. XOVR at seven hundred million again

389
00:16:54,080 --> 00:16:57,080
Speaker 3: total ind I think it's a one man show. That's

390
00:16:57,080 --> 00:16:59,680
Speaker 3: an enormous sign right there. So I think we're going

391
00:16:59,760 --> 00:17:01,880
Speaker 3: to see a lot with this next year. And this

392
00:17:01,960 --> 00:17:03,880
Speaker 3: ETF to me is like the guinea pig.

393
00:17:04,040 --> 00:17:08,480
Speaker 1: If you're looking at IPOs for next year, SpaceX atop

394
00:17:08,560 --> 00:17:12,200
Speaker 1: that list. Is this your preferred way to get exposure

395
00:17:12,240 --> 00:17:13,960
Speaker 1: to that or is it more.

396
00:17:13,800 --> 00:17:14,320
Speaker 3: Like ARC.

397
00:17:15,800 --> 00:17:16,280
Speaker 2: Right now?

398
00:17:16,400 --> 00:17:18,800
Speaker 3: Yes, because it owns it like it will definitely feel

399
00:17:18,840 --> 00:17:21,800
Speaker 3: some of that. That said, there's also the IPO ETF,

400
00:17:22,160 --> 00:17:24,680
Speaker 3: which would own SpaceX a couple of days after the IPO,

401
00:17:24,800 --> 00:17:26,359
Speaker 3: so you have to like ask yourself, like when do

402
00:17:26,440 --> 00:17:28,560
Speaker 3: you want it? But this gets it before, which is

403
00:17:28,600 --> 00:17:32,080
Speaker 3: really cool, So I'd assume this would be the better play. Still,

404
00:17:32,080 --> 00:17:34,000
Speaker 3: though it's only five to ten percent, I think right

405
00:17:34,000 --> 00:17:37,480
Speaker 3: now that's not a ton, but that's enough to move

406
00:17:37,520 --> 00:17:39,639
Speaker 3: the needle if SpaceX were to go, If if you

407
00:17:39,680 --> 00:17:42,280
Speaker 3: were to get, like I don't know, an eighty percent return,

408
00:17:42,520 --> 00:17:45,120
Speaker 3: that would definitely lift the returns of xovr.

409
00:17:45,720 --> 00:17:49,480
Speaker 4: Athanasius, I love this ticker. This ETF is pending, but

410
00:17:49,520 --> 00:17:53,399
Speaker 4: it's grift GRFT. It's from Tuttle. It's the Tuttle Capital

411
00:17:53,440 --> 00:17:56,919
Speaker 4: Government Grift etf. So it does two things. Want it

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00:17:57,000 --> 00:18:02,480
Speaker 4: kind of I know, I know, but you know, you

413
00:18:02,560 --> 00:18:05,440
Speaker 4: have to admire the opportunistic nature of the industry right

414
00:18:05,520 --> 00:18:07,800
Speaker 4: sometimes to a fault. But they think this one could

415
00:18:07,800 --> 00:18:11,320
Speaker 4: be really interesting. Obviously you've seen the government buying stake

416
00:18:11,400 --> 00:18:13,960
Speaker 4: in companies right and promoting these companies. So it does

417
00:18:14,119 --> 00:18:18,239
Speaker 4: two things. One it actually kind of follows insider not

418
00:18:18,280 --> 00:18:21,840
Speaker 4: insider but trading of what politicians are doing. But it

419
00:18:21,880 --> 00:18:25,439
Speaker 4: also is investing in companies that have political ties. So

420
00:18:25,480 --> 00:18:28,000
Speaker 4: something like Intel is a perfect example. So would pick

421
00:18:28,080 --> 00:18:31,640
Speaker 4: up these companies. The thing is they're gonna be really

422
00:18:31,640 --> 00:18:34,480
Speaker 4: interesting companies to watch. I think if there's money being

423
00:18:34,560 --> 00:18:37,359
Speaker 4: pumped into a lot of these companies, follow them. I

424
00:18:37,400 --> 00:18:40,320
Speaker 4: think it could be an interesting strategy. You know, even Nance,

425
00:18:40,400 --> 00:18:45,240
Speaker 4: the the kind of Nancy Pelosi one has done really

426
00:18:45,280 --> 00:18:47,919
Speaker 4: well performance wise. It's got a couple hundred million in assets.

427
00:18:47,960 --> 00:18:50,080
Speaker 4: It's actually like a pretty decent size. I think this

428
00:18:50,119 --> 00:18:53,040
Speaker 4: one can probably have some similar success. I don't know

429
00:18:53,040 --> 00:18:55,040
Speaker 4: if the expense ratio is because it's pending, but I

430
00:18:55,040 --> 00:18:56,639
Speaker 4: think this is definitely one I want to watch for

431
00:18:56,720 --> 00:18:57,160
Speaker 4: next year.

432
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Speaker 2: I think that the cynicism alone is funny. And interest thing.

433
00:19:00,640 --> 00:19:03,520
Speaker 1: Is it being ironic or is it actually like, well.

434
00:19:04,000 --> 00:19:05,800
Speaker 3: There's been there a couple attempts to do like here

435
00:19:05,800 --> 00:19:08,359
Speaker 3: and invest in these stocks that are democrat leaning or

436
00:19:08,560 --> 00:19:11,000
Speaker 3: republic leaning. Those never took off. This is just like

437
00:19:11,080 --> 00:19:14,560
Speaker 3: let's make money on the corruption, which I think is

438
00:19:14,560 --> 00:19:17,840
Speaker 3: a more honest way to try to play this. There's

439
00:19:17,840 --> 00:19:20,320
Speaker 3: also one that's coming out called the Roundhill USA Government

440
00:19:20,320 --> 00:19:22,359
Speaker 3: Portfolio ETF, which was supposed to be called I think

441
00:19:22,760 --> 00:19:26,480
Speaker 3: the White House Sovereign Wealth Fund, and it's it's basically

442
00:19:26,480 --> 00:19:29,040
Speaker 3: trying to it's going to own all the stuff that

443
00:19:29,040 --> 00:19:33,080
Speaker 3: the White House likes and buys, basically, so semiconductors, Bitcoin,

444
00:19:33,160 --> 00:19:36,800
Speaker 3: stuff like that. So we're going to see some ETFs

445
00:19:36,840 --> 00:19:40,960
Speaker 3: trying to ride the sort of you know, government connection

446
00:19:41,240 --> 00:19:42,600
Speaker 3: with business and capitalism.

447
00:19:43,440 --> 00:19:46,400
Speaker 6: James, all right, this is a ticker that both these

448
00:19:46,400 --> 00:19:48,080
Speaker 6: guys know pretty well. I think this might have been

449
00:19:48,119 --> 00:19:51,119
Speaker 6: selected in years past. But I'm picking box b O

450
00:19:51,480 --> 00:19:54,240
Speaker 6: x X from Alpha Architect. It's the Alpha Architect one

451
00:19:54,280 --> 00:19:58,880
Speaker 6: to three month box ETF. Basically, what it does is

452
00:19:59,000 --> 00:20:01,439
Speaker 6: we we talk about a lot of those products that

453
00:20:01,720 --> 00:20:04,879
Speaker 6: offer tons of yield. Right, they do things cover derivatives

454
00:20:04,880 --> 00:20:07,120
Speaker 6: to offer tons of yield. This is almost like the inverse.

455
00:20:07,160 --> 00:20:09,439
Speaker 6: It's taking the return stream of like your treasury bills

456
00:20:09,800 --> 00:20:12,800
Speaker 6: and not actually distributing any income. So you get the

457
00:20:12,840 --> 00:20:15,760
Speaker 6: same return stream as though you're getting income, but you

458
00:20:15,800 --> 00:20:17,120
Speaker 6: don't have to pay it out. So if you hold

459
00:20:17,160 --> 00:20:19,399
Speaker 6: it for longer than a year, all of a sudden,

460
00:20:19,440 --> 00:20:21,639
Speaker 6: you're in the long term capital gains rate, which if

461
00:20:21,640 --> 00:20:24,280
Speaker 6: your income is taxed at thirty five, thirty seven percent,

462
00:20:24,359 --> 00:20:26,080
Speaker 6: even higher than that, and you can get it down

463
00:20:26,119 --> 00:20:28,440
Speaker 6: to the fifteen percent range, whatever it may be, that's

464
00:20:28,480 --> 00:20:31,320
Speaker 6: a huge tax savings. So there's two reasons I picked

465
00:20:31,320 --> 00:20:33,359
Speaker 6: at one. It's fascinating because the FED, we don't know

466
00:20:33,359 --> 00:20:34,800
Speaker 6: what's going to happen with the FEDNIXTU, we're gonna get

467
00:20:34,800 --> 00:20:36,119
Speaker 6: new FED share, what are they can do the rates?

468
00:20:36,200 --> 00:20:38,639
Speaker 6: Are people going to leave if the yields are down

469
00:20:38,680 --> 00:20:40,840
Speaker 6: in treasuries? The other part of it is like this

470
00:20:40,960 --> 00:20:43,560
Speaker 6: is kind of like it's like changing the way the

471
00:20:43,560 --> 00:20:45,320
Speaker 6: tax structure is set up, and there's some people that

472
00:20:45,359 --> 00:20:47,480
Speaker 6: have concerns around whether or not this should be allowed

473
00:20:47,760 --> 00:20:49,480
Speaker 6: and is this something they're going to look into doing

474
00:20:49,520 --> 00:20:51,480
Speaker 6: so I just think it's fascinating. This thing is taken

475
00:20:51,480 --> 00:20:53,280
Speaker 6: in money hand or a fist. Every month, it takes

476
00:20:53,280 --> 00:20:56,080
Speaker 6: in a couple hundred million dollars and it's almost a

477
00:20:56,119 --> 00:20:58,840
Speaker 6: ten billion dollar product from an arguably in the issuer.

478
00:20:58,920 --> 00:21:00,720
Speaker 6: So I think it's just a true success story.

479
00:21:01,080 --> 00:21:01,840
Speaker 2: Highly creative.

480
00:21:02,160 --> 00:21:03,880
Speaker 3: You know, you can be creative on all different ways

481
00:21:03,880 --> 00:21:05,600
Speaker 3: in ETF LAN So there's a bunch of ETF's work

482
00:21:05,600 --> 00:21:07,960
Speaker 3: and looking to innovate on taxes.

483
00:21:08,480 --> 00:21:09,720
Speaker 2: Interesting though, what you said.

484
00:21:10,080 --> 00:21:12,560
Speaker 3: The price return of this is fifteen percent, and so

485
00:21:12,760 --> 00:21:16,919
Speaker 3: is the total return for SHV, which actually holds short

486
00:21:17,040 --> 00:21:19,800
Speaker 3: term debt that doesn't have any price return. I mean

487
00:21:19,840 --> 00:21:22,639
Speaker 3: it's basically zero. Fifteen percent is a total return, but

488
00:21:22,680 --> 00:21:25,640
Speaker 3: that's all from income, so that is a huge swing.

489
00:21:25,720 --> 00:21:28,120
Speaker 3: It's not like even a little And I can see

490
00:21:28,160 --> 00:21:30,960
Speaker 3: why people like this. I mean, it's fairly, really creative,

491
00:21:30,960 --> 00:21:34,240
Speaker 3: and really I think it almost kicked off a whole category.

492
00:21:34,520 --> 00:21:36,240
Speaker 6: Yeah, I think it did kick off a whole category.

493
00:21:36,280 --> 00:21:37,359
Speaker 6: We're gonna see more of this stuff.

494
00:21:38,160 --> 00:21:43,840
Speaker 3: Okay, run four, Okay, I'm gonna go with buff b

495
00:21:43,840 --> 00:21:44,760
Speaker 3: buh buff B.

496
00:21:47,040 --> 00:21:49,200
Speaker 2: I love that ticker. By the way, there's also one buff.

497
00:21:48,960 --> 00:21:54,240
Speaker 3: Buff but buff B is a laddered buffer, so a

498
00:21:54,320 --> 00:21:56,640
Speaker 3: couple of weeks ago, my mom, who like rarely comes

499
00:21:56,640 --> 00:21:58,840
Speaker 3: to me with ETF questions, He's like, I'm thinking of

500
00:21:58,840 --> 00:22:01,480
Speaker 3: buying one of these buffery, but I want the ladder

501
00:22:01,560 --> 00:22:03,600
Speaker 3: ones off to worry about it. So it's like, okay,

502
00:22:03,640 --> 00:22:06,480
Speaker 3: if she's getting wind of this, you know, it's like

503
00:22:06,960 --> 00:22:08,600
Speaker 3: you's got to be in Time magazine at this point

504
00:22:08,680 --> 00:22:09,200
Speaker 3: or something like.

505
00:22:09,160 --> 00:22:10,040
Speaker 2: That USA today.

506
00:22:10,080 --> 00:22:13,680
Speaker 3: Like it's like, how popular are buffers that she even

507
00:22:13,720 --> 00:22:16,399
Speaker 3: knows about it, right, and she's thinking, I don't want

508
00:22:16,440 --> 00:22:18,560
Speaker 3: to worry about it. I'm like, then I looked. The

509
00:22:18,640 --> 00:22:21,600
Speaker 3: ladder buffer from First Trust is the most popular buffer ETF.

510
00:22:21,920 --> 00:22:24,679
Speaker 3: I get it. It's a little more costly, but it

511
00:22:24,840 --> 00:22:26,439
Speaker 3: just does all the work of like having to go

512
00:22:26,480 --> 00:22:27,280
Speaker 3: to the new ladder.

513
00:22:27,480 --> 00:22:30,200
Speaker 1: So there's the new five picks and one pick from

514
00:22:30,280 --> 00:22:30,680
Speaker 1: your mom.

515
00:22:31,000 --> 00:22:31,200
Speaker 2: Yeah.

516
00:22:31,240 --> 00:22:35,320
Speaker 3: Basically, well, because this is another reason I picked it

517
00:22:35,359 --> 00:22:39,760
Speaker 3: is so a it's Innovator's ladder buffer that challenges BUFR,

518
00:22:39,800 --> 00:22:42,880
Speaker 3: which is First Trust number one buffer ETF on the planet.

519
00:22:43,440 --> 00:22:46,360
Speaker 2: But this one doesn't have nearly as much assets. This one.

520
00:22:46,400 --> 00:22:51,640
Speaker 3: Basically, like BUFR is nine percent buffered, right, so that's

521
00:22:51,680 --> 00:22:53,120
Speaker 3: how much the market would go down that it would

522
00:22:53,160 --> 00:22:57,080
Speaker 3: protect you from. So anyway, these two products, the first

523
00:22:57,080 --> 00:22:58,920
Speaker 3: trust is huge, this one not so huge. But guess

524
00:22:58,920 --> 00:23:02,919
Speaker 3: who just bought innovator goal now Brian Lake runs Goldman.

525
00:23:03,280 --> 00:23:05,520
Speaker 3: You saw what he did with JEPY and JPST, So

526
00:23:05,800 --> 00:23:10,280
Speaker 3: if he's listening, I am almost challenging him. This thing

527
00:23:10,400 --> 00:23:13,040
Speaker 3: probably should have ten times the assets given it does

528
00:23:13,440 --> 00:23:16,960
Speaker 3: the same thing as BUFR pretty much and has a

529
00:23:17,200 --> 00:23:20,000
Speaker 3: minuscule amount of the assets. An innovator put buffers on

530
00:23:20,000 --> 00:23:23,240
Speaker 3: the map. So this is a product that I could

531
00:23:23,320 --> 00:23:26,920
Speaker 3: see if it got you know, the Goldman firepower behind it,

532
00:23:26,920 --> 00:23:28,920
Speaker 3: it could really take off, especially if you have people

533
00:23:28,920 --> 00:23:30,960
Speaker 3: like my mom who want buffers but don't want to

534
00:23:30,960 --> 00:23:33,040
Speaker 3: have to like put the new buffer in every year.

535
00:23:33,960 --> 00:23:35,359
Speaker 1: Ethan run foth.

536
00:23:35,840 --> 00:23:37,760
Speaker 4: Can I pick one that what you shouldn't do?

537
00:23:38,119 --> 00:23:38,520
Speaker 1: Yeah?

538
00:23:38,560 --> 00:23:41,800
Speaker 4: Okay, yeah, this one annoyed me from the second at launch.

539
00:23:41,800 --> 00:23:44,240
Speaker 1: Just think about these to watch it's.

540
00:23:44,240 --> 00:23:47,560
Speaker 3: Well, I mean, honestly, would you say more ETFs annoy

541
00:23:47,560 --> 00:23:48,119
Speaker 3: you than don't?

542
00:23:48,320 --> 00:23:48,800
Speaker 4: Probably?

543
00:23:49,000 --> 00:23:51,240
Speaker 3: Yeah, yeah, he's the old man, the only clouds on

544
00:23:51,280 --> 00:23:52,880
Speaker 3: the teams like, but it's good.

545
00:23:53,160 --> 00:23:55,920
Speaker 4: This one's a peak clean, it's a PCL and it's

546
00:23:55,920 --> 00:23:59,440
Speaker 4: the pictet cleaner plane at ETF And it's nothing against them,

547
00:23:59,440 --> 00:24:02,280
Speaker 4: it's just about reading the room of the industry. And

548
00:24:02,320 --> 00:24:05,000
Speaker 4: you've seen the tickers that we've mentioned. It's intense. This

549
00:24:05,080 --> 00:24:07,760
Speaker 4: is a really competitive industry. You need to come either

550
00:24:07,840 --> 00:24:12,040
Speaker 4: with some sort of really differentiated strategy or we look

551
00:24:12,080 --> 00:24:14,120
Speaker 4: at most successful launches this year, a lot of them

552
00:24:14,160 --> 00:24:17,400
Speaker 4: had their a lot of b YOB sorry b YOA

553
00:24:18,000 --> 00:24:20,320
Speaker 4: just bring your own assets. This one is just a

554
00:24:20,320 --> 00:24:23,400
Speaker 4: firm that I think is not really reading the TF industry.

555
00:24:23,480 --> 00:24:25,320
Speaker 4: But it's not just about them. It's about if you're

556
00:24:25,320 --> 00:24:27,359
Speaker 4: going to enter the industry, you need to have a plan.

557
00:24:27,960 --> 00:24:30,960
Speaker 4: You know, this is seventy basis points, it's an ESG product,

558
00:24:31,280 --> 00:24:33,840
Speaker 4: So not only is it expensive, it's a strategy that

559
00:24:33,880 --> 00:24:36,760
Speaker 4: no one is really looking for. So this year is

560
00:24:36,760 --> 00:24:39,760
Speaker 4: going to be interesting with share class potential. You're gonna

561
00:24:39,760 --> 00:24:42,240
Speaker 4: have a lot of issue, a lot of asset managers

562
00:24:42,560 --> 00:24:44,959
Speaker 4: trying to come into the industry. It's about, you know,

563
00:24:45,040 --> 00:24:47,080
Speaker 4: you got to be aggressive, you got to be all in,

564
00:24:47,119 --> 00:24:49,520
Speaker 4: and I think this is an example of not being

565
00:24:49,560 --> 00:24:52,800
Speaker 4: all in. Honestly, I want to be surprised if this

566
00:24:52,880 --> 00:24:55,240
Speaker 4: closes in a couple of years, but just sort of

567
00:24:55,280 --> 00:24:57,960
Speaker 4: you know, Yeah, there's stuff that we're watching, but also

568
00:24:58,000 --> 00:25:00,439
Speaker 4: there's kind of stuff that you should, you know, maybe

569
00:25:00,480 --> 00:25:01,440
Speaker 4: not necessarily do.

570
00:25:02,160 --> 00:25:05,400
Speaker 3: Also, they are coming from the European mutual fund world,

571
00:25:05,480 --> 00:25:08,200
Speaker 3: and they are big in themes there. But European mutual

572
00:25:08,240 --> 00:25:11,040
Speaker 3: funds is pretty cush. It's a cush lifestyle. This is

573
00:25:11,080 --> 00:25:14,199
Speaker 3: the Deterredeme. It's interesting they skipped the ETF market in

574
00:25:14,200 --> 00:25:15,879
Speaker 3: Europe and went right to the US, which is like,

575
00:25:16,400 --> 00:25:19,639
Speaker 3: I mean, that's like a real crazy swing going from

576
00:25:19,680 --> 00:25:23,280
Speaker 3: europe mutual funds to US ETFs seventy BIPs.

577
00:25:23,200 --> 00:25:24,720
Speaker 2: The whole cleaner planet thing.

578
00:25:24,800 --> 00:25:27,560
Speaker 3: Like remember like Gabelli tried that it's out of vogue,

579
00:25:27,680 --> 00:25:30,639
Speaker 3: it'll be tough. You're right, this one is. I'd be

580
00:25:30,680 --> 00:25:33,239
Speaker 3: surprised if it if it gets organic. I think it

581
00:25:33,280 --> 00:25:35,600
Speaker 3: needs to get some BYO or something to get going.

582
00:25:36,160 --> 00:25:38,000
Speaker 3: Not to say they won't have no successes, but this

583
00:25:38,000 --> 00:25:39,520
Speaker 3: one in particular, I don't know.

584
00:25:39,600 --> 00:25:43,800
Speaker 6: I don't see it, but James run for Yeah. I mean,

585
00:25:44,040 --> 00:25:47,480
Speaker 6: one quick note I would say is like I don't understand.

586
00:25:48,800 --> 00:25:50,399
Speaker 6: I'm with them, one hundred percent with them.

587
00:25:51,000 --> 00:25:51,399
Speaker 1: I don't know.

588
00:25:51,480 --> 00:25:54,159
Speaker 6: It just it's not they need an institution to come

589
00:25:54,200 --> 00:25:56,159
Speaker 6: in and back them up. It doesn't make any sense.

590
00:25:56,240 --> 00:26:00,359
Speaker 6: All right, I'm gonna pick one that I think you

591
00:26:00,400 --> 00:26:02,400
Speaker 6: guys know it. You guys definitely do know it, Joe,

592
00:26:02,520 --> 00:26:05,320
Speaker 6: you might not. So this is actually the fourth largest

593
00:26:05,320 --> 00:26:09,600
Speaker 6: flow getter in twenty twenty five, and the ticker is SPY.

594
00:26:09,960 --> 00:26:11,600
Speaker 1: M don't know it.

595
00:26:11,600 --> 00:26:13,800
Speaker 5: It's basically SPI's Mini shares. It used to be. I

596
00:26:13,800 --> 00:26:15,240
Speaker 5: think they had a different SPLG.

597
00:26:15,280 --> 00:26:16,720
Speaker 2: I think SPLG.

598
00:26:16,800 --> 00:26:19,439
Speaker 6: Yes ticker it's State Street Spider Portfolio S and P

599
00:26:19,480 --> 00:26:22,280
Speaker 6: five hundred ETF. This thing has one hundred and one

600
00:26:22,480 --> 00:26:28,440
Speaker 6: billion dollars. That is a massive product. It's done exceptionally well.

601
00:26:28,600 --> 00:26:31,840
Speaker 6: The reason it's done exceptionally well is it charges two

602
00:26:31,920 --> 00:26:33,520
Speaker 6: basis points to get exposure to the S and P

603
00:26:33,560 --> 00:26:35,800
Speaker 6: five hundred, So it's cheaper than IVV. It's cheaper than VUU,

604
00:26:35,840 --> 00:26:40,040
Speaker 6: the number one flow getter this this past year. So yeah,

605
00:26:40,080 --> 00:26:43,080
Speaker 6: it's taken in thirty five billion. So I'm interested to

606
00:26:43,080 --> 00:26:45,639
Speaker 6: see one. How are they going to do going forward?

607
00:26:45,800 --> 00:26:48,399
Speaker 6: It seems to be ciphering assets off of SPY the

608
00:26:48,840 --> 00:26:53,200
Speaker 6: legacy asset, the legacy product. And will Vanguard or I

609
00:26:53,359 --> 00:26:55,320
Speaker 6: Shares decide maybe we should compete with this because these

610
00:26:55,320 --> 00:26:55,960
Speaker 6: things are doing well.

611
00:26:55,960 --> 00:26:57,040
Speaker 5: I guess Vanguard doesn't have to.

612
00:26:57,040 --> 00:26:59,040
Speaker 6: They're the flow leader, but it'll be interesting to see

613
00:26:59,119 --> 00:26:59,840
Speaker 6: how the shakes out.

614
00:27:00,320 --> 00:27:02,000
Speaker 1: Is it actually showing up on a day to day

615
00:27:02,000 --> 00:27:05,000
Speaker 1: basis in a way. That's like Spy is no longer

616
00:27:05,080 --> 00:27:08,440
Speaker 1: the preferred trading vehicle, So Spy I don't think.

617
00:27:08,480 --> 00:27:10,159
Speaker 6: I don't know if Spy will ever get dethroned as

618
00:27:10,160 --> 00:27:12,119
Speaker 6: the preferred trading vehicle. This is like you want S

619
00:27:12,160 --> 00:27:14,400
Speaker 6: and P five hundred, you want the cheapest exposure. Ironically,

620
00:27:14,400 --> 00:27:16,520
Speaker 6: there were some products that offered free exposure to the

621
00:27:16,600 --> 00:27:18,520
Speaker 6: S and P five hundred or a large cap. Specifically,

622
00:27:18,640 --> 00:27:21,239
Speaker 6: it wasn't the SMP. Yeah, but people one want the

623
00:27:21,280 --> 00:27:23,200
Speaker 6: S and P and two. I think there's people skeptical

624
00:27:23,240 --> 00:27:24,679
Speaker 6: of free. So if you could get as close to

625
00:27:24,720 --> 00:27:26,840
Speaker 6: free without actually getting there, you can probably get a

626
00:27:26,840 --> 00:27:27,320
Speaker 6: lot of assets.

627
00:27:27,320 --> 00:27:29,040
Speaker 5: And that's what I'm seeing here as far as I'm concerned.

628
00:27:29,200 --> 00:27:30,560
Speaker 2: Yeah, no, it's true that one.

629
00:27:30,640 --> 00:27:32,760
Speaker 3: You know, I had a section in my first book

630
00:27:32,800 --> 00:27:35,320
Speaker 3: called the Power of one Dot dot dot basis point

631
00:27:35,480 --> 00:27:38,560
Speaker 3: and because IVYV and VU went from like five to four,

632
00:27:38,600 --> 00:27:40,720
Speaker 3: four to three, and it actually moved the needle. That's

633
00:27:40,720 --> 00:27:44,160
Speaker 3: how cost obsessed people are, so yeah, that's a good one.

634
00:27:44,240 --> 00:27:47,000
Speaker 3: It's already the twentieth biggest ETF and climbing I called

635
00:27:47,000 --> 00:27:49,000
Speaker 3: the fourth Amigo because he used to call the other

636
00:27:49,040 --> 00:27:51,200
Speaker 3: three the three Amigos. I don't know who the fourth

637
00:27:51,200 --> 00:27:53,159
Speaker 3: amigo would be in that movie, but El Guapo.

638
00:27:53,480 --> 00:28:05,400
Speaker 7: Anyway, it's sym Yeah, Okay.

639
00:28:05,359 --> 00:28:08,600
Speaker 3: Round five, Okay, so I'm picking one. I like to

640
00:28:08,600 --> 00:28:11,280
Speaker 3: pick one of a theme or sector that's just totally

641
00:28:11,320 --> 00:28:14,080
Speaker 3: shot to hell, because you remember pick uranium that one

642
00:28:14,160 --> 00:28:16,760
Speaker 3: year and I nailed that. This is the Advisor Shares

643
00:28:16,800 --> 00:28:21,240
Speaker 3: pure Us Cannabis CTFMSOS. This thing is a billion dollars,

644
00:28:21,640 --> 00:28:23,600
Speaker 3: but it's the most US centric of all of them,

645
00:28:23,600 --> 00:28:26,480
Speaker 3: and it holds mss's, which are state operators. Anyway, anytime

646
00:28:26,480 --> 00:28:29,480
Speaker 3: there's any like legislative win, this thing goes up. So

647
00:28:30,000 --> 00:28:32,359
Speaker 3: there was recently where there was a rumor that they

648
00:28:32,400 --> 00:28:36,280
Speaker 3: were going to reclassify it marijuana and Trump was going

649
00:28:36,359 --> 00:28:38,040
Speaker 3: to sign this thing, and it went up fifty percent

650
00:28:38,080 --> 00:28:40,920
Speaker 3: in a day. It's still down like over eighty percent.

651
00:28:41,320 --> 00:28:44,160
Speaker 3: Even with that bump. That tells you that like this

652
00:28:44,200 --> 00:28:46,720
Speaker 3: thing could run if it gets the right environment. And

653
00:28:46,800 --> 00:28:49,040
Speaker 3: I talked to Ken shay Over in BI who covers

654
00:28:49,080 --> 00:28:51,880
Speaker 3: this area, and basically there's like all these baby steps.

655
00:28:51,920 --> 00:28:52,920
Speaker 3: It gets reclassified.

656
00:28:53,240 --> 00:28:56,240
Speaker 2: That means the taxes are way better for these state operators.

657
00:28:56,320 --> 00:28:56,920
Speaker 2: That's one win.

658
00:28:57,320 --> 00:28:59,240
Speaker 3: But then it's like, Okay, well maybe it should be

659
00:28:59,480 --> 00:29:02,480
Speaker 3: inside the banking system because if it's reclassified, then it's like, well,

660
00:29:02,520 --> 00:29:04,400
Speaker 3: why aren't we even making this legal? He just thinks

661
00:29:04,440 --> 00:29:07,240
Speaker 3: these this is like the road to federal legalization, which

662
00:29:07,280 --> 00:29:10,640
Speaker 3: is the ultimate holy grail. And so there's a lot

663
00:29:10,640 --> 00:29:14,360
Speaker 3: of potential here given that this stuff usually happens in

664
00:29:14,400 --> 00:29:17,000
Speaker 3: a chain reaction. I'm not saying it will happen, but

665
00:29:17,640 --> 00:29:20,520
Speaker 3: with how much it's beat up, its certainly any little

666
00:29:20,520 --> 00:29:23,440
Speaker 3: news should move it. And MSOs I think is the

667
00:29:23,440 --> 00:29:25,160
Speaker 3: one that captures the US market the best.

668
00:29:25,240 --> 00:29:27,600
Speaker 2: So that's one I'll be watching interesting.

669
00:29:28,040 --> 00:29:28,400
Speaker 1: Ethan.

670
00:29:29,280 --> 00:29:31,440
Speaker 4: Yeah, that's a good pick, and I'm gonna go deep

671
00:29:31,480 --> 00:29:35,400
Speaker 4: in the pull up a classic here from two thousand

672
00:29:35,440 --> 00:29:38,520
Speaker 4: and six Housing ITV, which is the I Shares Home

673
00:29:38,560 --> 00:29:41,680
Speaker 4: Construction ETF. Obviously, Housing comes up a lot. You know,

674
00:29:41,760 --> 00:29:45,800
Speaker 4: it's been a big political platform everywhere. It didn't have

675
00:29:45,840 --> 00:29:47,960
Speaker 4: a great year. It was pretty much flat this year

676
00:29:48,080 --> 00:29:51,120
Speaker 4: versus s seventeen percent for the SMP. But I think

677
00:29:51,160 --> 00:29:54,840
Speaker 4: it's a really interesting sentiment barometer. Obviously, we might have

678
00:29:54,920 --> 00:29:58,640
Speaker 4: rates coming down next year, you have some regulatory support

679
00:29:58,760 --> 00:30:02,400
Speaker 4: of a home builders. I think it's something that you know,

680
00:30:02,640 --> 00:30:04,600
Speaker 4: and usually what happens with home builders it either has

681
00:30:04,640 --> 00:30:07,320
Speaker 4: a really bad year or a really good year, and

682
00:30:07,360 --> 00:30:09,080
Speaker 4: it's coming off of, like not of a great year.

683
00:30:09,160 --> 00:30:11,880
Speaker 4: So I think it's just something to watch, obviously just

684
00:30:11,880 --> 00:30:14,840
Speaker 4: being just because it's how much affordability is such a

685
00:30:15,040 --> 00:30:18,520
Speaker 4: something that's talked about a lot recently, A political.

686
00:30:18,080 --> 00:30:20,760
Speaker 3: Word that, by the way, that is a I like

687
00:30:20,840 --> 00:30:24,840
Speaker 3: this because I believe that the new FED share one

688
00:30:24,880 --> 00:30:26,960
Speaker 3: of their goals is to get rates lower so people

689
00:30:27,120 --> 00:30:30,040
Speaker 3: start buying more houses, because that's been a problem for years.

690
00:30:30,920 --> 00:30:34,800
Speaker 3: I mean, honestly, low rates are really good for housing.

691
00:30:35,240 --> 00:30:36,960
Speaker 3: It seems like a no brainer, honestly.

692
00:30:36,720 --> 00:30:37,880
Speaker 4: Yeah, And I think they want to help some of

693
00:30:37,880 --> 00:30:38,560
Speaker 4: the home builders.

694
00:30:38,800 --> 00:30:42,080
Speaker 2: Famous I don't see am I don't see a bair case.

695
00:30:42,080 --> 00:30:43,920
Speaker 3: We don't make a T shirt that says that, because

696
00:30:43,920 --> 00:30:46,560
Speaker 3: sometimes we're like we get all hot about something. We're like,

697
00:30:46,600 --> 00:30:48,200
Speaker 3: I don't see a bare case, and it's like that's

698
00:30:48,200 --> 00:30:49,960
Speaker 3: when you know you got to like be worried.

699
00:30:50,040 --> 00:30:53,600
Speaker 1: Not not that, James, your final pick, all right, my

700
00:30:53,720 --> 00:30:54,640
Speaker 1: final pick.

701
00:30:56,280 --> 00:30:59,240
Speaker 6: At our annual conference a few weeks back, erica A

702
00:30:59,280 --> 00:31:02,760
Speaker 6: presentation is this as good as it gets. And I

703
00:31:02,800 --> 00:31:05,360
Speaker 6: think that's something that people should be worried about. And

704
00:31:05,360 --> 00:31:07,600
Speaker 6: a lot of times what we see with these alternative

705
00:31:07,640 --> 00:31:10,560
Speaker 6: ETFs is people pile in like after they should have

706
00:31:10,560 --> 00:31:12,320
Speaker 6: already been in them. So the one I'm picking is

707
00:31:12,360 --> 00:31:16,680
Speaker 6: the IMDBI Managed Future Strategy ETF DBMF, and it's basically

708
00:31:16,800 --> 00:31:17,880
Speaker 6: managed future strategy.

709
00:31:18,040 --> 00:31:19,720
Speaker 5: What they do is it's more tactical.

710
00:31:19,760 --> 00:31:22,640
Speaker 6: It's kind of like CTA Trading, not exactly so what

711
00:31:22,840 --> 00:31:25,400
Speaker 6: they had a stellar year in twenty twenty two. There

712
00:31:25,400 --> 00:31:28,479
Speaker 6: it's now a two billion dollar product. But honestly, if

713
00:31:28,520 --> 00:31:31,000
Speaker 6: you want to have this as a diversifier in your portfolio,

714
00:31:31,280 --> 00:31:33,560
Speaker 6: you should have it before you know, you know what

715
00:31:33,680 --> 00:31:35,720
Speaker 6: hits the fan. So if you're looking at this will

716
00:31:35,720 --> 00:31:37,360
Speaker 6: be interesting to see how this product does. And I

717
00:31:37,400 --> 00:31:39,000
Speaker 6: also like I'm gonna throw out another tick or a

718
00:31:39,000 --> 00:31:42,280
Speaker 6: bonus ticker RSST, which is a return stacked version which

719
00:31:42,280 --> 00:31:44,280
Speaker 6: will basically, instead of having to sell your S and

720
00:31:44,320 --> 00:31:46,680
Speaker 6: P five hundred product, you can add this on and

721
00:31:46,760 --> 00:31:49,280
Speaker 6: will give you kind of leverage exposure to this managed

722
00:31:49,320 --> 00:31:51,400
Speaker 6: future strategy alongside the S and P five hundred.

723
00:31:51,520 --> 00:31:53,280
Speaker 5: I just think some sort of all exposure.

724
00:31:53,280 --> 00:31:55,240
Speaker 6: If you're trying to have a diversified portfolio and you

725
00:31:55,240 --> 00:31:57,200
Speaker 6: don't want just sm P five hundred, like Eric or

726
00:31:57,280 --> 00:31:59,400
Speaker 6: Jack Bogel, this might be a good idea to have

727
00:32:00,280 --> 00:32:01,520
Speaker 6: so much to unpack.

728
00:32:01,240 --> 00:32:04,400
Speaker 1: There that we're, uh, we're gonna let it ride. What

729
00:32:04,520 --> 00:32:06,520
Speaker 1: is dB MF home.

730
00:32:06,440 --> 00:32:10,080
Speaker 6: So it goes across futures products, So it could be rates,

731
00:32:10,080 --> 00:32:12,880
Speaker 6: it could be equities, it could be commodities, and basically

732
00:32:12,920 --> 00:32:16,120
Speaker 6: it should have an uncorrelated exposure to the S and

733
00:32:16,120 --> 00:32:17,960
Speaker 6: B five hundred or the broad equity markets.

734
00:32:17,960 --> 00:32:21,200
Speaker 3: For the most part, when everything's awful, this thing will

735
00:32:21,240 --> 00:32:22,880
Speaker 3: do really well. In twenty twenty two, this thing had

736
00:32:22,920 --> 00:32:24,560
Speaker 3: a billion dollars because it generally goes up.

737
00:32:24,560 --> 00:32:26,080
Speaker 2: It has short positions, so.

738
00:32:26,040 --> 00:32:30,160
Speaker 3: DBMF it won't go up a ton, but relative to

739
00:32:30,200 --> 00:32:34,480
Speaker 3: everything else in the crapper, it'll be up pop probably,

740
00:32:35,080 --> 00:32:36,880
Speaker 3: and so that's when alts will finally get their day

741
00:32:36,920 --> 00:32:37,320
Speaker 3: in the sun.

742
00:32:37,360 --> 00:32:38,440
Speaker 2: But it's rare.

743
00:32:38,840 --> 00:32:41,600
Speaker 3: The equities are so good that these tickers just like

744
00:32:41,640 --> 00:32:42,960
Speaker 3: they have a year now and then.

745
00:32:43,640 --> 00:32:44,560
Speaker 2: But I see what you mean.

746
00:32:45,200 --> 00:32:46,840
Speaker 3: This is if you if you're like one of these,

747
00:32:46,920 --> 00:32:49,920
Speaker 3: like something's gonna go wrong, that one would be a

748
00:32:49,960 --> 00:32:50,640
Speaker 3: good one to look at.

749
00:32:51,320 --> 00:32:52,720
Speaker 1: All, right, Eric, your final one.

750
00:32:52,880 --> 00:32:54,880
Speaker 3: This is going to close. This is a good finale.

751
00:32:55,040 --> 00:32:57,000
Speaker 3: I thought about how to close this.

752
00:32:57,280 --> 00:32:59,280
Speaker 4: If it's crypto, I'm just gonna it's not.

753
00:32:59,360 --> 00:33:02,560
Speaker 3: But it's equally annoying to you because if this ETF

754
00:33:02,600 --> 00:33:05,600
Speaker 3: is a hit, I think he will retire from the industry.

755
00:33:05,680 --> 00:33:07,640
Speaker 3: He's always says that he's like, because always is it,

756
00:33:07,720 --> 00:33:09,680
Speaker 3: mister Beest follows from ETF, I'm retiring.

757
00:33:09,960 --> 00:33:10,840
Speaker 2: This is close to that.

758
00:33:11,360 --> 00:33:18,320
Speaker 3: Okay, ufod this is the tuttle Capital UFO disclosure AI

759
00:33:18,440 --> 00:33:22,040
Speaker 3: powered ETF. Okay, what does this do? Okay, I'm gonna

760
00:33:22,040 --> 00:33:24,200
Speaker 3: read straight from the perspectus here. That hasn't launched yet,

761
00:33:24,200 --> 00:33:27,680
Speaker 3: but it will probably twenty twenty six or Q one.

762
00:33:28,240 --> 00:33:30,600
Speaker 3: It has a basket of companies that the advisor believes

763
00:33:31,080 --> 00:33:35,840
Speaker 3: have potential exposure to advanced or reverse engineered alien technology,

764
00:33:36,280 --> 00:33:41,480
Speaker 3: spurred by government disclosures about UFOs and alleged advanced technology.

765
00:33:41,600 --> 00:33:44,239
Speaker 3: So basically, if you look at polymarket, there's all these

766
00:33:44,240 --> 00:33:47,400
Speaker 3: odds going up that the Trump Administration's gonna release information

767
00:33:47,480 --> 00:33:50,520
Speaker 3: on UFOs very soon, and this is going to take

768
00:33:50,560 --> 00:33:54,120
Speaker 3: that information that they got from aliens and it's gonna say,

769
00:33:54,120 --> 00:33:57,240
Speaker 3: we're gonna buy the companies that take that tech and

770
00:33:57,320 --> 00:34:00,360
Speaker 3: like build stuff here with the alien tech. So it's

771
00:34:00,360 --> 00:34:04,880
Speaker 3: an alien tech tech etf okay, and it uses AI

772
00:34:04,960 --> 00:34:09,040
Speaker 3: to pick the stocks. So it's like, I mean, honestly,

773
00:34:09,120 --> 00:34:11,560
Speaker 3: if this thing is over a billion dollars this time

774
00:34:11,600 --> 00:34:13,400
Speaker 3: next year, I think I think that this will be

775
00:34:13,400 --> 00:34:14,759
Speaker 3: curtains for Ethan oh Man.

776
00:34:14,760 --> 00:34:17,200
Speaker 4: But this is such an Eric pick.

777
00:34:17,920 --> 00:34:20,200
Speaker 3: I just think this is like that, this is this

778
00:34:20,280 --> 00:34:22,680
Speaker 3: is I always say, the tent keeps expanding. This is

779
00:34:22,719 --> 00:34:25,239
Speaker 3: like pushing this head far out on one wing of

780
00:34:25,280 --> 00:34:25,640
Speaker 3: the tent.

781
00:34:26,000 --> 00:34:27,560
Speaker 1: I don't know even how to respond to that.

782
00:34:27,680 --> 00:34:29,800
Speaker 6: I mean, there is a lot of rumbling about Congress.

783
00:34:29,800 --> 00:34:31,479
Speaker 6: They're doing a bunch of stuff, like trying to figure

784
00:34:31,480 --> 00:34:34,080
Speaker 6: out what's going on. But these you know, aircraft of

785
00:34:34,120 --> 00:34:35,800
Speaker 6: unknown origins, sof.

786
00:34:35,320 --> 00:34:37,200
Speaker 1: So you can invest in anything. So what has to

787
00:34:37,239 --> 00:34:38,360
Speaker 1: happen for this to launch?

788
00:34:38,680 --> 00:34:41,239
Speaker 3: I mean, it's only equity. So really, Matt just has

789
00:34:41,239 --> 00:34:43,160
Speaker 3: to Matt Tuttle has to explain the prospectives.

790
00:34:43,160 --> 00:34:43,960
Speaker 2: Here's why I picked them.

791
00:34:43,960 --> 00:34:47,759
Speaker 3: So it could launch even if there isn't any disclosure,

792
00:34:47,840 --> 00:34:49,600
Speaker 3: like it can just say, you know, it can figure

793
00:34:49,640 --> 00:34:51,920
Speaker 3: it out. So I think that it will launch regardless.

794
00:34:52,400 --> 00:34:55,640
Speaker 3: But if if polymarket is onto something, the odds spike

795
00:34:55,680 --> 00:34:57,920
Speaker 3: because I thought someone in the Trump administration was actually

796
00:34:57,920 --> 00:35:03,640
Speaker 3: buying the about whether Trump will release something in twenty

797
00:35:03,680 --> 00:35:07,280
Speaker 3: twenty five. We'll see if that worked out. But basically

798
00:35:08,680 --> 00:35:11,600
Speaker 3: it's the information coming out that the tech companies will

799
00:35:11,600 --> 00:35:13,719
Speaker 3: then use. Now I'm going to tell you right now,

800
00:35:14,080 --> 00:35:14,680
Speaker 3: I actually.

801
00:35:14,400 --> 00:35:17,000
Speaker 2: Don't think there's anything such thing as aliens like I don't.

802
00:35:17,040 --> 00:35:19,080
Speaker 3: I just don't think it exists. That doesn't mean the

803
00:35:19,080 --> 00:35:21,680
Speaker 3: ETF shouldn't exist. I'm a very free market capitalist, but

804
00:35:22,400 --> 00:35:25,960
Speaker 3: I just think it's interesting that the thematic area in particular,

805
00:35:26,040 --> 00:35:28,800
Speaker 3: you know, this is really pushing the envelope. I remember

806
00:35:28,880 --> 00:35:31,960
Speaker 3: when people mocked. I remember tweeting out the filing for

807
00:35:32,000 --> 00:35:34,160
Speaker 3: the video game ETF, and I remember everyone was like

808
00:35:34,239 --> 00:35:35,920
Speaker 3: dumping on it, like oh, this is the top and

809
00:35:35,920 --> 00:35:38,759
Speaker 3: they were just crapping on it. That's pretty normal sounding now,

810
00:35:38,880 --> 00:35:43,240
Speaker 3: like so we would say today's sattire is tomorrow's ETF,

811
00:35:43,640 --> 00:35:44,560
Speaker 3: and this is an example.

812
00:35:44,600 --> 00:35:45,640
Speaker 1: Welcome to twenty six.

813
00:35:45,760 --> 00:35:47,480
Speaker 2: Now one real quick thing. This is a fun this

814
00:35:47,520 --> 00:35:48,560
Speaker 2: is a really interesting notjel.

815
00:35:48,920 --> 00:35:51,440
Speaker 3: Matt Tuttle may not actually launch this. He may actually

816
00:35:51,440 --> 00:35:54,040
Speaker 3: be on his own island somewhere because he has the

817
00:35:54,080 --> 00:35:58,919
Speaker 3: ticker SPCX for this back etf he launched, he may

818
00:35:59,080 --> 00:36:02,799
Speaker 3: sell that to Elon for SpaceX, the way Matt will

819
00:36:02,840 --> 00:36:07,040
Speaker 3: Hershey sold Meta to Mark Zuckerberg for an unders allegedly allegedly,

820
00:36:07,880 --> 00:36:11,080
Speaker 3: And so if Matt Tuttle quits the business randomly, he

821
00:36:11,160 --> 00:36:13,040
Speaker 3: might quit before this even launches if he gets enough

822
00:36:13,080 --> 00:36:13,800
Speaker 3: pyday from Elon.

823
00:36:14,160 --> 00:36:14,879
Speaker 2: You heard it here first.

824
00:36:14,920 --> 00:36:20,080
Speaker 1: All plenty to watch in twenty twenty six. Athanasios James,

825
00:36:20,160 --> 00:36:22,120
Speaker 1: thanks so much for joining us on Trillions. Thanks for

826
00:36:22,160 --> 00:36:30,239
Speaker 1: having me Yeah, thanks for having me on. Thanks for

827
00:36:30,280 --> 00:36:32,719
Speaker 1: listening to Trillions. Until next time. You can find us

828
00:36:32,760 --> 00:36:36,680
Speaker 1: on the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify,

829
00:36:37,000 --> 00:36:39,279
Speaker 1: or wherever else you like to listen. We'd love to

830
00:36:39,320 --> 00:36:42,640
Speaker 1: hear from you. Hit us up on social. Trillions is

831
00:36:42,680 --> 00:36:46,560
Speaker 1: produced by Magnus Hendrickson and Ryan Kessler. Amy Keane is

832
00:36:46,600 --> 00:36:51,440
Speaker 1: our executive producer. Sage Bomman is ahead of Bloomberg Podcast Bye,