WEBVTT - ETFs to Watch in 2026 0:00:02.480 --> 0:00:13.640 Bloomberg Audio Studios, podcasts, radio news, bokom Our Trains. 0:00:13.640 --> 0:00:15.880 I'm Joel Webber and I'm Eric Belchernas. 0:00:18.480 --> 0:00:20.840 Happy New Year, Happy New Year, buddy, twenty twenty six. 0:00:20.920 --> 0:00:24.360 We're here. We made it, but we're recording this in 0:00:24.440 --> 0:00:26.520 advance so that you know we can sleep in on 0:00:26.560 --> 0:00:27.080 the holiday. 0:00:27.280 --> 0:00:29.360 Yeah, that was that was me pretending to be in 0:00:29.360 --> 0:00:29.760 the future. 0:00:29.880 --> 0:00:32.640 Yes, good job, thank you. So as we looked at 0:00:32.680 --> 0:00:36.520 twenty twenty six, as always when we do this on Trillions, 0:00:36.720 --> 0:00:39.520 we try and enter the new year with some spotlights 0:00:39.520 --> 0:00:40.120 on some tickers. 0:00:40.440 --> 0:00:40.680 Yeah. 0:00:40.680 --> 0:00:42.600 This is really born out of me doing the Money Show, 0:00:42.600 --> 0:00:44.920 which is a direct to retail conference that they have 0:00:45.080 --> 0:00:47.240 like in Florida, and it's a lot of like investors 0:00:47.280 --> 0:00:49.400 who are just looking for cool investments. And I used 0:00:49.400 --> 0:00:52.640 to do my like like top down Trends PowerPoint and 0:00:52.640 --> 0:00:54.480 I could tell like they weren't that into it, but 0:00:54.560 --> 0:00:55.960 every time I brought up a ticker, they come up 0:00:55.960 --> 0:00:56.880 after what was the ticker? 0:00:56.920 --> 0:00:57.320 You said? 0:00:57.480 --> 0:00:59.000 So I realized they just like tickers. 0:00:59.400 --> 0:01:01.840 So I did any show presentation called like twenty three 0:01:01.880 --> 0:01:03.320 ets for twenty twenty three. 0:01:03.480 --> 0:01:04.559 I was like, this should be a note. 0:01:04.720 --> 0:01:07.000 So you started writing that every year, and I got 0:01:07.120 --> 0:01:09.360 really good feedback on it. People just like tickers stroll 0:01:09.880 --> 0:01:11.160 at the end of the day, you can tell them 0:01:11.160 --> 0:01:14.440 all the cool trends. But this is like the Silicon 0:01:14.520 --> 0:01:16.400 Valley of the investing world, and so we know all 0:01:16.440 --> 0:01:18.679 the gadgets and here we are going to unearth some 0:01:18.720 --> 0:01:21.960 stuff that we find interesting and people like that. 0:01:22.080 --> 0:01:23.080 But twenty two. 0:01:23.160 --> 0:01:25.680 Twenty six for twenty six seem like maybe a little 0:01:25.680 --> 0:01:28.640 too much, So we're gonna pair it back just a 0:01:28.640 --> 0:01:31.920 little bit and do sixteen ish for twenty six. 0:01:32.319 --> 0:01:34.560 Yeah, we just we just don't have enough time to 0:01:34.600 --> 0:01:36.600 do all of them. Sixteen seems like a good number. 0:01:36.760 --> 0:01:38.680 But if you want to see the full list, happy 0:01:38.720 --> 0:01:40.280 to just email me and I'll send you the report 0:01:40.319 --> 0:01:40.760 we did on it. 0:01:40.880 --> 0:01:45.360 Also joining us Athanasio, Sarah Vegas, and James Seffert ETF 0:01:45.400 --> 0:01:50.120 analysts with Bloomberg Intelligence, this time on trillions tickers for 0:01:50.240 --> 0:01:55.360 twenty twenty six. Athanasios, James, welcome back to Trillions. 0:01:55.040 --> 0:01:56.840 Thanks for having me, glad to be back. 0:01:56.880 --> 0:01:58.720 Okay, who's gonna go first. We're gonna go kind of 0:01:58.800 --> 0:02:00.960 round robin. Eric, you want to kick us. 0:02:00.880 --> 0:02:03.200 Off, I will because I have six they have five. 0:02:03.280 --> 0:02:05.520 Okay, well, so you're gonna give one and then we'll 0:02:05.520 --> 0:02:07.440 transition to the other guys. Yep, okay. 0:02:07.560 --> 0:02:13.280 My first one is bank the I Shares Flexible Income 0:02:13.320 --> 0:02:15.519 ETF E I n K no B I n C 0:02:16.000 --> 0:02:18.400 B I n Z yep I guess for income I 0:02:18.520 --> 0:02:21.240 n C. Here's what's interesting. So this is the fund 0:02:21.440 --> 0:02:24.040 managed by Rick Reader, who is actually one of the 0:02:24.040 --> 0:02:26.560 people in consideration to be the new FED chair. So 0:02:26.600 --> 0:02:29.280 he's a pretty big deal. He got into the ETF game. 0:02:29.320 --> 0:02:31.040 A lot of big names got in in the past 0:02:31.040 --> 0:02:35.079 couple of years. And this ETF is amazing. It's got 0:02:35.120 --> 0:02:39.320 fifteen billion. That means it's the fastest growing active etf ever, 0:02:40.000 --> 0:02:42.519 faster than JEFPI, faster than JPST, which are the kings 0:02:42.520 --> 0:02:45.680 of each of those categories. So this is a juggernaut. 0:02:46.280 --> 0:02:49.919 It's forty BIPs and I looked at the returns. It's 0:02:50.000 --> 0:02:55.639 beating the aggregate bond index pretty easily with half the volatility. 0:02:56.520 --> 0:02:59.320 That means what I'm not it's real. That's why it's 0:02:59.320 --> 0:03:01.720 got all the money. Honestly, that's kind of the holy 0:03:01.760 --> 0:03:04.600 grail to be able to outperform with less vol And 0:03:04.680 --> 0:03:07.360 how long has it been around since May of twenty 0:03:07.440 --> 0:03:11.720 twenty three. So I'm watching it because a it's it's 0:03:11.760 --> 0:03:14.760 the fastest growing active ETF right now. It's going to 0:03:14.880 --> 0:03:19.760 challenge JPST for the king of active bond and it 0:03:19.760 --> 0:03:23.720 may even challenge someday JEPPI. And the other thing that 0:03:23.880 --> 0:03:26.040 is interesting about this is when we look at mutual 0:03:26.040 --> 0:03:29.520 funds flows this year, the equity side want over one 0:03:29.600 --> 0:03:33.160 trillion out flows, like nobody wants stock pickers anymore. However, 0:03:34.120 --> 0:03:37.680 on the fixed income side, active bond mutual funds have 0:03:37.720 --> 0:03:38.360 taken in money. 0:03:38.720 --> 0:03:39.240 So I think for. 0:03:39.200 --> 0:03:41.040 People out there when they think of their bond allocation, 0:03:41.200 --> 0:03:44.200 like the AG is a bit dull full of treasuries, 0:03:44.520 --> 0:03:48.240 people really are much more open to active So I 0:03:48.280 --> 0:03:50.760 think that's why this is really checking a lot of 0:03:50.760 --> 0:03:53.280 boxes for people. And at forty BIPs it feels like 0:03:53.320 --> 0:03:53.800 a good deal. 0:03:54.560 --> 0:03:55.600 So look out for this thing. 0:03:55.680 --> 0:03:58.480 This thing is you know, total juggernaut and one that 0:03:58.520 --> 0:03:59.560 I will watch the next year. 0:04:00.000 --> 0:04:00.520 Anoxious. 0:04:00.840 --> 0:04:02.440 Well, I think that's a good pick, and I think, 0:04:02.520 --> 0:04:03.640 like you said, it gives a lot of hope to 0:04:03.720 --> 0:04:07.920 active right to active bonds. If you can outperform do 0:04:08.040 --> 0:04:11.280 with lower vowel, you have a chance, So I guess 0:04:11.320 --> 0:04:13.040 you know that's a good pick. 0:04:13.200 --> 0:04:16.200 Nice name drop for twenty twenty six too. Okay, that's Anosios. 0:04:16.240 --> 0:04:19.160 In your next let's go, I'll start with L R 0:04:19.240 --> 0:04:21.440 and D. So it basically just stands for a large 0:04:21.480 --> 0:04:23.159 cap R and D spending. So this is from New 0:04:23.240 --> 0:04:26.320 York Life. You know, we talk a lot about dividends, 0:04:26.320 --> 0:04:28.320 we talk a lot about buybacks, but we don't talk 0:04:28.320 --> 0:04:31.120 about companies that are investing in R and D or 0:04:31.160 --> 0:04:33.720 in like Capex and things like that. And we've actually 0:04:33.760 --> 0:04:35.640 brought this idea up in the past about well what 0:04:35.680 --> 0:04:39.000 about companies that are investing in things? In twenty twenty five, 0:04:39.040 --> 0:04:41.000 it's actually beating the S and P five hundred. And 0:04:41.440 --> 0:04:43.720 the reason this I picked this is it came out 0:04:43.720 --> 0:04:46.520 of some research from our quant analyst, Chris Kane, and 0:04:46.600 --> 0:04:48.920 he was saying that companies that were actually spending more 0:04:48.920 --> 0:04:52.679 in R and D were beating those that weren't. And actually, 0:04:52.720 --> 0:04:55.400 this product is really cheap. It's twenty fourteen bases points, 0:04:56.320 --> 0:05:00.479 it's pretty launch in twenty twenty two. It doesn't have 0:05:00.520 --> 0:05:02.480 a whole lot of assets, but I think it's very unique. 0:05:02.520 --> 0:05:04.520 There's no other product out there that is actually investing 0:05:04.560 --> 0:05:06.960 in companies that are spending money on R and D. 0:05:07.120 --> 0:05:10.200 So that's something that I'm looking at for next year. 0:05:10.680 --> 0:05:12.520 So is it waited by what the spind is? 0:05:12.800 --> 0:05:16.719 It is, so you'll get and it's also market cap weighted, 0:05:16.760 --> 0:05:18.720 so you do get some Nvidia, some Apple in there, 0:05:18.760 --> 0:05:21.560 but then you get some unique names like a lot 0:05:21.560 --> 0:05:24.800 of healthcare. You get Philip Morris. That's in there too, right, 0:05:25.000 --> 0:05:27.120 regardless of how you feel about cigarettes and vaping. But 0:05:27.360 --> 0:05:30.040 you do get some non obvious names in there, so 0:05:30.080 --> 0:05:32.240 it's pretty diversified, is pretty concentrated. 0:05:33.279 --> 0:05:35.080 Interesting, all right, James. 0:05:35.279 --> 0:05:38.200 I love the R and D play. I think it's great, fascinating. 0:05:38.560 --> 0:05:41.240 Yeah, well, thedn't they tried Capex, right, that was one 0:05:41.320 --> 0:05:43.560 they did, and I think it liquidated, but maybe this 0:05:43.680 --> 0:05:44.200 won't work. 0:05:44.320 --> 0:05:47.479 It did, but actually Capex performs really well over like 0:05:47.520 --> 0:05:50.599 buybacks and total shareholder yields, so I think it's something 0:05:50.640 --> 0:05:52.320 that kind of gets overlooked. 0:05:52.600 --> 0:05:55.159 All right, James, take us around the around the circle. 0:05:55.200 --> 0:05:56.400 What's your first pick? All right? 0:05:56.520 --> 0:06:00.000 My pick is VXUS, which is the Vanguard Total International 0:06:00.120 --> 0:06:03.159 Stock Index Fund, which, yeah, sounds pretty boring, but I 0:06:03.160 --> 0:06:05.479 mean in twenty twenty five it outperformed the S and 0:06:05.480 --> 0:06:08.880 P five hundred by about thirteen percent A few years ago. 0:06:08.920 --> 0:06:10.960 I picked VXUS. Yeah, and I should have picked it 0:06:11.040 --> 0:06:13.640 last year. I was gonna say, I'm getting deja vu, Like, 0:06:13.680 --> 0:06:14.760 don't you pick this every year? 0:06:15.000 --> 0:06:16.320 No, I didn't pick it. I haven't been. 0:06:16.360 --> 0:06:18.800 This is like the word fetch from mean Girls. He's 0:06:18.839 --> 0:06:20.279 trying to make international happen. 0:06:20.839 --> 0:06:21.039 It hap. 0:06:21.160 --> 0:06:23.560 I mean it did happen, to be fair, but it happened. 0:06:23.800 --> 0:06:25.760 I mean, we're gonna find probably not gonna happen again. 0:06:25.839 --> 0:06:28.400 We're gonna find you one one year is like all 0:06:28.440 --> 0:06:30.679 you get for like ten years. We'll see. 0:06:30.760 --> 0:06:33.320 I mean there's I mean, it's had a record inflow year. 0:06:33.440 --> 0:06:37.880 It's taken in about seventeen seventeen billion. Right. The question 0:06:38.000 --> 0:06:39.960 is are people one going to rebalance out of this 0:06:40.000 --> 0:06:42.160 thing and going back into their domestic if because it's 0:06:42.160 --> 0:06:45.120 outperformed domestic, or are they going to pile in because 0:06:45.120 --> 0:06:47.320 they think it's going to outperform going forward. I mean, valuation, 0:06:47.400 --> 0:06:50.800 If you look at valuations, international stocks look pretty appetizing. 0:06:50.960 --> 0:06:52.919 But then again, we have the best companies in the 0:06:52.920 --> 0:06:54.760 world here in the US. So it's a hard debate 0:06:54.800 --> 0:06:58.440 to have, so, yeah, I'm just watching this and the 0:06:58.440 --> 0:07:00.200 other thing I would point out, which this is going 0:07:00.200 --> 0:07:02.400 to give you real djavu. This thing had launched in 0:07:02.440 --> 0:07:05.000 twenty eleven, it's had like four days of outflows. Like 0:07:05.120 --> 0:07:07.679 in total, it's had four days where it had an outflow. 0:07:07.760 --> 0:07:10.160 So this thing just pulls in money hand over fist 0:07:11.120 --> 0:07:13.200 and rain or shine for the most part. It'll be 0:07:13.200 --> 0:07:15.320 interesting to see if that flips a little bit after 0:07:15.360 --> 0:07:16.400 this outperformance. 0:07:16.440 --> 0:07:20.000 Now, Eric, howo'd Jack Bogo feel about that product? 0:07:19.800 --> 0:07:22.920 He would say, you don't need it? And he started it. 0:07:23.000 --> 0:07:25.760 That's what's so great about Bogel. He would he actually 0:07:25.840 --> 0:07:28.960 dumped on his own creations because over time as he 0:07:29.000 --> 0:07:31.480 got older, he just he didn't see the need for it. 0:07:31.720 --> 0:07:34.360 He you know, he would he was pretty savage, and 0:07:34.400 --> 0:07:36.920 he would take shots at some of these foreign countries 0:07:36.920 --> 0:07:38.920 for having no like not a lot of work ethic. 0:07:39.360 --> 0:07:41.960 France in particular. He's like, they tried to pass a 0:07:42.080 --> 0:07:44.200 law that you can only work thirty five hours. 0:07:44.760 --> 0:07:46.400 What's the point investing there? You know? 0:07:46.520 --> 0:07:48.960 Like, and he also thought that with the global nature 0:07:49.160 --> 0:07:53.200 of this economy, that the US would reflect a lot 0:07:53.240 --> 0:07:56.520 of the overseas markets. Anyway, and you also have all 0:07:56.560 --> 0:07:59.000 your investments in the same currency, so why take currency 0:07:59.120 --> 0:08:01.560 risk one, which is what you do with international investing, 0:08:01.960 --> 0:08:04.480 So he had those reasons. I will say this, if 0:08:04.520 --> 0:08:07.880 you're an investor who can't stay in volatility, like if 0:08:07.920 --> 0:08:09.920 you can't stand in the US having two off years, 0:08:10.320 --> 0:08:13.120 then you might want international because that will go up 0:08:13.160 --> 0:08:16.120 sometimes when US is like struggling, and that will lower 0:08:16.160 --> 0:08:18.280 your overall if that makes you feel better, like, hey, 0:08:18.280 --> 0:08:19.960 at least this part of my portfolio is up because 0:08:20.000 --> 0:08:23.160 this one's down, you may need international. So for behaviorally, 0:08:23.200 --> 0:08:28.120 international can help advisors calm clients down because it diversifies. However, 0:08:28.200 --> 0:08:31.200 Bogel did not need behavioral help. He was going to 0:08:31.240 --> 0:08:32.680 buy the S and P and wait fifty years, and 0:08:32.679 --> 0:08:34.160 you were going to get him out of there with 0:08:34.240 --> 0:08:37.480 like a crowbar. If you're that committed, like a Buffet 0:08:37.559 --> 0:08:39.199 or Bogel, and you're like, I don't care if it's 0:08:39.200 --> 0:08:40.679 down three years in a row the US rules, I'm 0:08:40.679 --> 0:08:43.680 sticking to it, then you don't need international probably, So 0:08:43.720 --> 0:08:45.920 I think it depends on your own behavior that that 0:08:45.920 --> 0:08:47.120 would be my take on it. 0:08:47.160 --> 0:08:48.679 But I'm with you. 0:08:48.720 --> 0:08:52.480 This year International outperformed and we all have to acknowledge that. 0:08:52.840 --> 0:08:54.560 I think, well, it took him a second to get there, 0:08:54.559 --> 0:08:57.080 but yeah, yeah, there was a yeah. 0:08:57.120 --> 0:09:00.120 Well but ironically you picked it three years ago and 0:09:00.160 --> 0:09:01.839 it didn't and now you're picking it this year when 0:09:01.840 --> 0:09:02.440 it probably won't. 0:09:02.520 --> 0:09:04.800 So well, I'm picking it more because it's interesting to see. 0:09:04.880 --> 0:09:06.800 Is it going to are we going to see it continue? 0:09:07.120 --> 0:09:08.400 And what are flows going to do? 0:09:08.440 --> 0:09:10.320 Are people gonna bet on it continuing or not? 0:09:10.720 --> 0:09:12.880 Real question won't be if he's back next year. Okay, 0:09:12.960 --> 0:09:15.200 let's go to round two. Eric. 0:09:15.600 --> 0:09:20.240 Okay, I'm actually sticking international, believe it or not. 0:09:20.360 --> 0:09:22.719 But it's not exactly. It's not this like. 0:09:22.840 --> 0:09:25.360 What is this it's time for international thing? 0:09:25.440 --> 0:09:25.880 It's not that. 0:09:26.040 --> 0:09:28.960 Okay, It's not like that columnist telling me, oh, you 0:09:28.960 --> 0:09:31.760 have to sell America thing. Okay, this is an ETF 0:09:31.760 --> 0:09:32.600 that you guys will not know. 0:09:32.640 --> 0:09:32.960 Watch this. 0:09:33.080 --> 0:09:35.400 These guys like live and eat and breathe this stuff. 0:09:35.559 --> 0:09:37.160 Have you guys even heard of OTGL? 0:09:37.320 --> 0:09:39.920 No? No, no, what is it? 0:09:40.040 --> 0:09:41.359 Okay, it's the OTG. 0:09:41.920 --> 0:09:45.400 I haven't heard of that either, Latin America ETF And 0:09:45.440 --> 0:09:47.360 the reason that I even found it, I didn't even 0:09:47.400 --> 0:09:50.959 know it existed. But there's been a couple elections in 0:09:51.000 --> 0:09:53.720 South America that have gone far right, which usually means 0:09:53.760 --> 0:09:57.760 pro business, which usually means big returns. You start with Argentina, 0:09:57.800 --> 0:10:00.240 obviously that thing's up like two hundred percent, and then 0:10:00.480 --> 0:10:03.520 Chile just went to the right, and that was anticipating that, 0:10:03.800 --> 0:10:07.200 and that's up like sixty percent on that anticipation. Now 0:10:07.240 --> 0:10:10.480 Brazil they might have somebody elected who's on the right 0:10:10.520 --> 0:10:12.959 side in next year, and that's already got that thing 0:10:13.000 --> 0:10:15.559 starting to move. So here's a continent that's going from 0:10:15.600 --> 0:10:19.120 like socialism to capitalism pretty quickly. And so if you 0:10:19.200 --> 0:10:22.360 wanted to try to play that or at least own it, 0:10:22.840 --> 0:10:25.600 you don't own a lot in your international Latin America 0:10:25.679 --> 0:10:26.959 is pretty tiny waiting. 0:10:27.120 --> 0:10:27.800 So it's in it. 0:10:28.920 --> 0:10:30.400 The reason I found it is because I was looking 0:10:30.400 --> 0:10:33.840 for ETFs that had both Argentina and Chile. There's not many. 0:10:34.000 --> 0:10:36.160 Argentina is tough, it's not in a lot of equitytfs. 0:10:36.280 --> 0:10:39.680 This one has two percent to Argentina, eleven percent to Chile, 0:10:39.840 --> 0:10:42.200 and forty three percent in Brazil. So it really does 0:10:42.200 --> 0:10:45.040 a good job of getting you all of Latin America, 0:10:45.320 --> 0:10:47.720 whereas the I Shares one doesn't have a lot of that, 0:10:48.120 --> 0:10:50.920 especially it does no Argentina really, So anyway, this is 0:10:50.960 --> 0:10:54.160 one that captures I think the best of this sort 0:10:54.160 --> 0:10:57.240 of shift to more pro business leaders in that continent. 0:10:57.320 --> 0:10:59.840 And it's for that reason that I'm watching it, because 0:11:00.400 --> 0:11:06.120 I'm telling you, traders like nothing more, especially emerging markets, 0:11:06.160 --> 0:11:09.120 than to see an election shift that way. I've seen 0:11:09.160 --> 0:11:12.280 it my whole career. So it looks like it's spreading 0:11:12.400 --> 0:11:15.080 across the continent, and if it does, I would stand 0:11:15.080 --> 0:11:18.840 I would think this would benefit from that. That said, 0:11:18.880 --> 0:11:20.560 this isn't the one I'm gonna watch for like volume 0:11:20.559 --> 0:11:22.280 and flows. The other ones will probably see more of 0:11:22.280 --> 0:11:26.040 the single ticker ones, but this one captures the all 0:11:26.080 --> 0:11:27.080 those countries the best. 0:11:27.559 --> 0:11:29.000 But this is why we do ETFs. 0:11:29.120 --> 0:11:32.640 There is always an ETF out there that gets you 0:11:32.800 --> 0:11:34.880 the closest to something, and sometimes it's not the one 0:11:34.920 --> 0:11:35.959 you think, mister. 0:11:35.760 --> 0:11:36.719 International over here. 0:11:38.360 --> 0:11:41.320 I mean, I still hate International, but if I had 0:11:41.320 --> 0:11:43.640 to pick, I think South America. I like these countries 0:11:43.640 --> 0:11:46.440 that are going through massive shifts versus like Europe, so 0:11:46.480 --> 0:11:49.280 I probably would be more inclined to buy like not 0:11:49.440 --> 0:11:51.079 America over something like Europe. 0:11:51.280 --> 0:11:54.600 And this is not like saying sell America and like 0:11:54.720 --> 0:11:57.800 rotate to international like this guy. It's basically saying it's 0:11:58.240 --> 0:12:00.439 a little hot sauce. This is like, oh, maybe sell 0:12:00.480 --> 0:12:01.960 your AI E t F and put this one on. 0:12:02.040 --> 0:12:03.120 This is like a hot sauce bucket. 0:12:03.120 --> 0:12:07.120 Play okay, Ethan your what's your second? Okay? 0:12:07.160 --> 0:12:09.240 I got a question. Have you heard of this company? 0:12:09.320 --> 0:12:11.520 You pexy? Don't know what they do? 0:12:12.600 --> 0:12:14.280 Run twos where you trying and stump each other? 0:12:14.440 --> 0:12:16.800 Yeah, because I don't know either. But there's a two 0:12:16.960 --> 0:12:20.200 x ETF on this company and it's only got one 0:12:20.280 --> 0:12:22.079 hundred and thirty six million dollar market cap. 0:12:22.200 --> 0:12:23.479 What the letters in the ticker. 0:12:23.480 --> 0:12:26.240 So the ticker is p XIU, which is tx TX 0:12:26.280 --> 0:12:29.440 you PIXI. I think this is the year something blows up. 0:12:29.559 --> 0:12:31.880 I think we got a little crazy with these two 0:12:32.040 --> 0:12:35.640 X levered products. We've gone really far down the market cap. 0:12:36.280 --> 0:12:37.679 Like I mentioned this one, he got one hundred and 0:12:37.720 --> 0:12:40.640 thirty six million dollar market cap. Especially like a small 0:12:40.679 --> 0:12:44.080 slash microcap company, we have a two x leveraged version 0:12:44.160 --> 0:12:46.160 of it. I don't know if this might be the 0:12:46.200 --> 0:12:49.600 one that actually like liquidates in a single day, but 0:12:49.640 --> 0:12:51.400 I think we're going to have an event this year 0:12:51.440 --> 0:12:53.440 on one of these single stock ones. So I'm just 0:12:53.480 --> 0:12:55.679 throwing this ticker out to keep an eye on its 0:12:55.720 --> 0:12:58.760 more like category. Yeah, exactly, it is fine. Hey, stuff 0:12:58.760 --> 0:13:01.760 blows up. You know, we had XIV a couple of 0:13:01.840 --> 0:13:03.560 years ago. I think we're due for one. 0:13:03.640 --> 0:13:05.160 Maybe just don't want to be there when it happens. 0:13:05.400 --> 0:13:07.440 Yeah. Yeah, it might not have any assets in it, 0:13:07.480 --> 0:13:09.559 but I think it just might be symbolic of just 0:13:09.840 --> 0:13:13.520 how far we've pushed it into some of these products. 0:13:13.640 --> 0:13:16.760 I mean, the vall is two hundred and fifteen percent, 0:13:16.760 --> 0:13:19.040 which is a lot. That's like, what is that like 0:13:19.080 --> 0:13:22.319 fifteen times the SMP. There's some a little more volatile, 0:13:22.320 --> 0:13:25.080 but the stock would only need to move obviously what 0:13:25.240 --> 0:13:29.000 fifty percent, But that vall indicates that fifty percent isn't 0:13:29.040 --> 0:13:32.200 that outrageous? What you need is if one of these 0:13:32.200 --> 0:13:36.480 little quantum stocks like has A goes bust, then the 0:13:36.640 --> 0:13:39.000 two X will obviously terminate because it will go down 0:13:39.040 --> 0:13:39.920 more than fifty percent. 0:13:39.760 --> 0:13:40.120 In a day. 0:13:41.240 --> 0:13:43.760 I mean the other part is like the sec stop 0:13:43.800 --> 0:13:45.640 those three X and five X number one, I think, yeah, 0:13:45.720 --> 0:13:47.640 but full endorse. I think we're going to see some 0:13:47.679 --> 0:13:48.959 sort of liquidation of that this year. 0:13:49.000 --> 0:13:51.360 Yeah, but one or two a year, no big deal. 0:13:51.520 --> 0:13:53.440 If you had three x, you'd have them every other week. 0:13:53.679 --> 0:13:56.640 So yeah, we can handle one once in a while, exactly. 0:13:56.800 --> 0:13:59.239 All right, James, you got it one that's gonna stump. 0:13:59.000 --> 0:14:03.000 Them, Yes, actually, but it's it's more a category one. 0:14:03.080 --> 0:14:05.359 It's I think it has the lowest assets. 0:14:04.960 --> 0:14:08.600 Of anything that anyone's gonna pick here today TXBC ever 0:14:08.640 --> 0:14:08.960 hear of it? 0:14:09.440 --> 0:14:12.400 No, all right, so twenty one shares foot see crypto 0:14:12.440 --> 0:14:15.080 ten x, BTC etshot. 0:14:17.360 --> 0:14:20.000 Oh he's discussed looking them over there. Ethen's the anti 0:14:20.000 --> 0:14:21.840 crypto gus the team. But it's good. We need that. 0:14:22.160 --> 0:14:25.720 Yeah, because just in case, like everything goes to hell, 0:14:25.720 --> 0:14:27.400 Athen will have been quarantined from all this. 0:14:28.080 --> 0:14:29.920 We definitely have the cryptovirus. 0:14:30.720 --> 0:14:34.240 So this is more just I think that these crypto 0:14:34.320 --> 0:14:37.000 index type products are really going to take off. I 0:14:37.000 --> 0:14:38.240 think there's gonna be a lot of band We have 0:14:38.240 --> 0:14:40.680 one from bitwise that has over a billion gray scalees 0:14:40.720 --> 0:14:43.000 one hashtecks coin shares, they all have them. There's a 0:14:43.000 --> 0:14:45.160 lot of been filed. I like this one because it's 0:14:45.240 --> 0:14:48.800 it gives you the crypto market cap without Bitcoin. A 0:14:48.800 --> 0:14:50.880 lot of people are ready probably have exposure to bitcoin. 0:14:50.920 --> 0:14:53.360 If you want to add more diversified exposure to crypto, 0:14:53.640 --> 0:14:55.720 this does it without doubling up on your bitcoin because 0:14:55.720 --> 0:14:58.000 in those other market cap oided ones, bitcoin seventy five 0:14:58.080 --> 0:14:59.000 eighty percent, So. 0:14:58.880 --> 0:15:01.120 It's crypto x bitcoin correct. 0:15:01.400 --> 0:15:03.400 And then and then I think longer term we're going 0:15:03.440 --> 0:15:05.680 to see like fundamental weighted stuff. Kai Wu friend of 0:15:05.680 --> 0:15:08.360 the show who park Line, he has SMAs where he 0:15:08.400 --> 0:15:11.200 does fundamental trading and waiting of these ald coin ETFs. 0:15:11.400 --> 0:15:13.080 I think a year from now we're going to see 0:15:13.080 --> 0:15:14.280 a lot of that. But I just think this whole 0:15:14.320 --> 0:15:15.560 category is going to be huge. 0:15:16.800 --> 0:15:17.800 Yeah, I'm with him. 0:15:17.800 --> 0:15:19.920 I think an index will be because who can pay 0:15:19.920 --> 0:15:20.920 attention all this stuff? 0:15:21.960 --> 0:15:22.160 You know? 0:15:22.200 --> 0:15:23.840 The question is if you already own bitcoin, do you 0:15:23.960 --> 0:15:26.040 use a big an index with bitcoin in it? That 0:15:26.120 --> 0:15:28.440 has to be worked out. But yeah, long term, I 0:15:28.440 --> 0:15:39.400 see some value here. Okay, Round three, Okay, I'm going 0:15:39.480 --> 0:15:42.080 to go with one that I might have picked this 0:15:42.160 --> 0:15:42.560 last year. 0:15:42.560 --> 0:15:44.960 I can't remember, but I was watching it all year. XOVR. 0:15:45.600 --> 0:15:50.360 This is uh the Public Privates Crossover ETF, which was 0:15:50.360 --> 0:15:53.200 a nobody ETF that did I think value stocks like 0:15:53.240 --> 0:15:55.880 nobody cared. It was an oblivion probably about to die, 0:15:56.360 --> 0:15:58.880 and it switched this category to add some private equity. 0:15:58.920 --> 0:16:00.800 You can add up to fifteen per cent of liquid 0:16:01.080 --> 0:16:04.160 investments in added SpaceX. Once it added SpaceX, it like 0:16:04.200 --> 0:16:05.840 immediately got three hundred million flows. 0:16:05.880 --> 0:16:07.920 Like it was like build it and they will come. 0:16:08.560 --> 0:16:10.440 And this was happening the same time the private credit 0:16:10.480 --> 0:16:14.120 ETFs launch, which really underwhelmed, and to me, it showed 0:16:14.120 --> 0:16:15.800 me that there was a huge unmet demand to get 0:16:15.800 --> 0:16:19.200 private equity in an ETF, not private credit. And then 0:16:19.240 --> 0:16:21.360 when SpaceX got root in the rumor to go IPO, 0:16:21.680 --> 0:16:23.760 it took in another three hundred million over the past 0:16:24.400 --> 0:16:28.560 couple weeks, and this again tells me that there is 0:16:29.160 --> 0:16:30.680 a huge demand out there. 0:16:30.840 --> 0:16:31.120 Now. 0:16:31.720 --> 0:16:34.640 I don't know why the ETF industry has filed so 0:16:34.640 --> 0:16:37.800 many private credit and heartland really no private equity. There's 0:16:37.840 --> 0:16:39.720 been a couple to try to do synthetic private equity 0:16:39.720 --> 0:16:42.240 with using public stocks, but not that. I just think 0:16:42.240 --> 0:16:44.280 they should really try to push the envelope with putting 0:16:44.280 --> 0:16:46.920 literal private equity in here, maybe not one hundred percent, 0:16:46.960 --> 0:16:49.440 but like the way priv did with putting more than 0:16:49.440 --> 0:16:54.000 fifty percent private credit. XOVR at seven hundred million again 0:16:54.080 --> 0:16:57.080 total ind I think it's a one man show. That's 0:16:57.080 --> 0:16:59.680 an enormous sign right there. So I think we're going 0:16:59.760 --> 0:17:01.880 to see a lot with this next year. And this 0:17:01.960 --> 0:17:03.880 ETF to me is like the guinea pig. 0:17:04.040 --> 0:17:08.480 If you're looking at IPOs for next year, SpaceX atop 0:17:08.560 --> 0:17:12.200 that list. Is this your preferred way to get exposure 0:17:12.240 --> 0:17:13.960 to that or is it more. 0:17:13.800 --> 0:17:14.320 Like ARC. 0:17:15.800 --> 0:17:16.280 Right now? 0:17:16.400 --> 0:17:18.800 Yes, because it owns it like it will definitely feel 0:17:18.840 --> 0:17:21.800 some of that. That said, there's also the IPO ETF, 0:17:22.160 --> 0:17:24.680 which would own SpaceX a couple of days after the IPO, 0:17:24.800 --> 0:17:26.359