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Welcome to Trillions.

I'm Joel Webber and I'm Eric Belchunis Eric.

We have not had a big group episode of Trillions for a long time, but we're going to do it today.

We are, Yeah, we were due.

We're going to.

Talk about the best new launch ETF launch of twenty twenty five.

And we brought a ton of colleagues from within Bloomberg News and Bloomberg Intelligence, each of whom are going to pick their candidate and then in a battle royale, we're going to decide which one is the best pitch.

Yeah.

This was something that Exchange Slash inside ETFs used to do back in the day, and I participated in many times.

Member, I'm still salty over not winning for the Urini ETF about four years ago.

Still carrying that grudge.

Yeah, but they stopped doing it, so I feel like it's a we're gonna get time and let me throw that up for years, gol.

There's nine hundred and twenty launches this year in the US alone so far.

So far, they'll get a little bit to daylight and two hundred or two thy four hundred worldwide.

That's ten ETFs.

Every day, Every forty five minutes, a new ETF is born.

Somewhere in the world easily.

Yeah.

Yeah, it may almost double the old record.

That's how many ETFs are hitting the market.

Okay, we have, like I said, a large group of people here.

We've got Phil, Donna Hirich, Dniza Sikova, andre yap Isabelle Lee, maybe me, Athanasio, Sarah Vegas, maybe you, and judging it all David Papadopolos, an executive editor with Bloomberg News, this time on Trillions, the Best ETF Launch twenty twenty five.

Okay, so first of all, we have to bring David Papadopolos back in.

David, welcome back to Trillions.

Thanks Joel.

It's been a while, it's been it's been a second, but we're really excited to have you back.

This is also that awkward moment where we kind of give you the mic and yeah, like we're a sidekicks my show now to your show.

Now, So how are you going to be judging the pitches?

So I think a few criteria.

I mean, obviously it feels like it should be an ETF.

That's like of this moment, right, like of the current trend sort of thematic that way, hopefully an ETF that's got some stake, by the way, for those you know, for the members that there, you guys, don't don't go tweaking your changing your pitches as you as you hear this, uh, something with a little bit of staying power.

And obviously marketability is super important.

I guess, like listen, maybe performance so far, but it's presumably it's a it's a fairly short period of time to be judging that way.

So you're the market, You're the market.

I am the market.

Okay, so it would appear all right, let's let's uh, let's get down to it.

Who's gonna go first?

First up, we have isabel Lee Cross, asset reporter here with Bloomberg.

Isabelle, you have one minute, and then I will ask perhaps a follow up.

Question, and Eric and I might have some commentary, might have.

A snide co two which is by the way, which is a little sketch because they're also going to be pitching themselves.

Don't let them get in your head.

The snyder the better.

Here we are, okay, okay, you are on the clock.

So do you guys believe that everyone deserves a second chance, from your ex, from your enemies, from your boss.

So this ETF gets point.

One for that.

I'm talking about the round hell Meme ETF tick Meme stock ETF ticker is meme emmy round two for that.

So they're making a comeback.

They closed in twenty twenty three because they didn't get enough assets and they weren't performing well basically, and then this year they relaunch and now that they're in the market.

The difference is last year, last seconds, it was passive.

Now it's active plus one point.

Now I'm totally three.

It's it's active now and they're going to use a series of quantitative and proprietary data.

But basically it talked about meme and we know that meme socks entered the lexicon during the pandemic.

It died on a little, but now it's back.

Think open Door, krispy Kreme, think all of the recent figures that are meme ified today.

So I really think that this and the basis points is sixty nine, which is not inexpensive four points for me.

Yeah, all right, Meme interesting, certainly certainly topical meme stocks are indeed back open Door, krispy Kreme and a company founded by an old college buddy of mine by the name of Beyond Me.

Wow.

Yeah, true story over both bad basketball players on a bad college team.

It's true.

So lots of impact there, Yes, I know.

Yourself.

It's interesting about that.

There's little like asterisks there that I like that you called that like it is a new launch this year, but it has been here before.

Yeah.

By the way, meme has a great I almost think it's an inverse indicator because it closed at the actual bottom, and then since it's launched, the market's gone down, like it might be like kind of kramer esque in its ability picked.

Yeah, and bottom ticked.

When it first closed, it bottom ticked, And it's interesting.

That they reserved the ticker almost like they knew it was gonna make a comeback, all right.

Yeah.

Also, this is one of the only self lazaruses.

Yeah.

What I mean by that is a lot of times the ETF dies and another issue goes, ooh, let's let me try that.

This is the first time where the same issuer killed the ETF and said, let's resurrect our own ETF.

I've never seen that, So let's.

End this podcast because I clearly went.

Thank you, thank you, so I guess questions from me is uh aum so far?

And I guess is about so like, just tell me your vision for this thing, giving its rocky past.

Is this like a a one year ETF play, a five year ETF play, a tenure?

Like?

What what's what's your time horizon for this thing?

What does success look like for this ETF?

I feel like assets is always a success.

But the past one it was just a passive ETF.

It just trapped an index.

Now it's active and they will rebalance every two weeks, as opposed to in the past where they rebalance every month.

Because, as we know, meme sentiments change within a day or something.

If you just find yourself in Reddit, which I've been using a lot more.

By the way, I best hair straightener, I read it, best restaurant reddit.

It.

No, I don't do that.

She's like playing into the meme vibes.

Yes, all right, uh Eric Joel, any final comments?

Let's keep it moving?

Who's next?

Thank you?

Will next stop?

Another cross said superstar for us here it's you are on the clock.

Just to say, not that I'm competitive, but Isabelle's ETF was down ten percent last week.

My ETF everyone cares about dividends.

Everyone is asking about dividends.

But there are two big problems about dividends.

That they underperformed the index, uh, and that they have a tax track.

And I have a proposal to fix that.

Allto cobbets in ETFs, it's all the buzz.

Uh.

When it comes to banks, everyone has been doing it for a.

Very long time, but now you can see it in an ETF is based off commos.

It's seventy four basis point, which for kind of a sophisticated trait, I would say it's relatively cheap.

Of course, it's index base, which is important.

There are a lot of single stock ones that are very voatile, come with a lot of issues, but index base obviously is much more balanced, less likely to get big losses.

Uh.

Then we have yields all.

For fourteen percent and coupon which is one of the highest in that divident category.

And at the same time we're talking about performance, there is.

A time is up.

Yeah, okay, well there, yeah, I think we.

C a I E okay, and I'm sure we have more questions.

It's a I E that doesn't exactly like like it almost it almost it almost looks like.

I think they call it kaya ya.

That's you'd have to be the parent of.

We had the guy on last week, actually did we had the issue we're on?

Well what was his this?

But we had thirty he had forty five minutes.

She tried to squeeze what might be, in my opinion, the most complicated ETF I've ever seen in my life up in a minute.

I know it was worth it.

Clock management did get you a point of super ambitious, so.

You weren't even focused so much on winning yourself as you were taking down.

That's why strategy.

That's strategy, all right.

I think we could probably help her pitch out a little bit which was divd in.

ETFs were a hot topic this year.

This one distinguishes itself in that space.

That would have been my the TLDR.

I didn't even mention tax efficiency.

I would have gone, will going do you like fourteen percent yield?

There you go?

I mean, that's is it like anytime I hear fourteen percent yield, immediately go to bullsh But is it like, is it a real fourteen percent?

Well it's not my ATF, that's all they say.

It's fourteen but you're selling it for the purpose.

Of selling it.

Yes, it's real.

All right, then it seems like a good deal, right, I mean yeah, but I also got I got some land to sell you in buld area.

That has a high yield.

All right, thank you, dinny.

Thank you.

This ETF, by the way, I got to say, has had inflows every week since it's launched, since June.

That's really really rare.

What is uh?

What's to tell you?

I'm up to about half a billion, okay in six months?

Yeah, so it is?

Is it a bit of a juggernaut?

I bet you what is me?

I bet your mime has like nineteen million dollars.

It doesn't have a lot.

Yeah, all right.

Next up on the mic, one of our crack ETF research associates, Andre, Yeah, Andre, welcome, you are on the clock, sir.

Okay.

My pitch is a round hill Humanoid Robotics ETF.

Human I picked this ETF because basically, I'm just a disillusioned millennial and this one just fits with my theme perfectly.

Well.

So we have the AI bubble and everybody has an AI e TF.

This one right here is going to give us robots.

It's gonna arm sky nets with the terminators, it's going to bring to an end.

And that's why I like this ETF.

So it has companies like Tesla, Ubi Robotics and Video, has eight sorry about thirty million in assets with an expense ratio of zero point seventy five percent.

I like it just because it's something different.

It's a new twist on the AI bubble.

So that's basically it for me.

That's my pitch.

Wow fast, Yeah that was that was fast, by the way, walking to trillions first time on.

But but there's a little bit of it might be a little bit of a tell Andre when you say at the end it's a new twist on a on an E t F bubble.

So I think he said ay AI.

Bubble, I misad that's what I actually meant.

I remember I'm jet lag.

I have a question, which is why this one and not cooid, which is the other human.

Ticker counts for a lot.

If the ticker doesn't make it pop, you're not gonna remember it.

And this one just said I.

Think you just stole Joel's I talked about it and.

Human human is good.

That is a good ticker.

What's the exact.

But why is it human?

Why isn't it robot.

I don't understand, because it's going to replace humans essentially, humanoids, not ex so they're building humanoid robots essentially to take the place in the labor.

But is this just because this is like their helpers, their helpers childhood, like galactic fantasy of yours or you really believe in the atf oh.

I wasn't joking when I said I'm a disillusioned millennial.

Let's just give the terminators their time to shine.

Okay, all right?

I mean to be fair, you've ever seen that Boston Dynamics video once every six months with a robot like does a somersault grabs a gun and start shooting?

And you're like, holy, I think those are the videos that if you extrapolate that ten twenty years is where I think this videos Like they're doing new stuff now, That's what I'm saying, and they now they sometimes the robot can fall over, get back up and like break dance.

It's just an interesting moment to pitch us.

You know, you know the AI, you know the whole way.

This is like the thing after the AI thing.

Though, this is like it's gonna it's gonna survive that I mean they're.

Like cockroaches, these robots, like I mean, they just need a charge.

If we think about it, like terminator AI sky in it, we need the actual terminators to actually complete the circles.

So we have That's where I'm going with it.

We got this go to the natural conclusion.

This is as far as I've seen anybody take a theme.

Yeah that's pretty I mean, but it's all dust.

Yeah, and all the money being thrown at AI.

I mean, something's gonna happen.

Well, they're gonn to be thrown AI, including thirty million, just got started to six months than you, sir.

Okay, So next up a man who needs no introduction, just the.

Co host of the podcast, Joel Weber.

Okay, So maybe you've heard of K pop Demon Hunters and the song Takedown.

My role is to provide an ETF that I feel like is going to be taken down by the competition here.

But I've picked the ticker texan te x in, which is an I shares ETF that launched over the summer.

It does not have a whole lot of assets, but if you know anything about Texas, it's larger than life.

And this is a bet on Texas.

So biggest holding is Tesla, followed by Exxon Mobile.

It's kind of a great one, like get oracle As number three so really Chevron number four, Caterpillar number five, all of these companies have huge presences in Texas.

We know that Texas is the future of business, and you're like Texas, you're either with us or against us.

I gotta say, I'm surprised.

That was kind of cool.

I mean, you don't read into that.

I mean, I don't know when he first came with Texan, I was and I was I was looking.

Uh, I was thinking I was going to be disappointed, but that was kind of fun.

I mean I could.

Uh.

I don't know it goes anywhere.

You know.

I gotta tell you.

Bloomberg News has not written about it once.

I don't think the I has written about it at all.

It's kind of a little sleeper.

I think it might have made Katie's newsletter.

Yeah, right it Okay.

The other thing is you get that okay minus one a little bit of a.

Tax tailwind, right, because when you move there, you pay less taxes.

Right.

This is a play for the future.

Yeah, there was a Nashville ETF that had the same pitch, but it closed.

Phil Phil Donna has a criticue But but you can.

It doesn't matter.

It's a political play totally for the moment.

That's the story of the But see, I could see Texan working out in Nashville.

That's not Texas.

That's not Texas, that's Tennessee.

You know what, you know what the Nashville ETF.

All the hospitals are there, So it ended up being like this ipso facto hospital ETF.

But it is too specific.

But they also had an Oklahoma ETF back in the day.

And this is the second attempt to Texas.

So they've tried these, so that this one by I Shares is I think probably the biggest reason it might succeed.

But when you said at some point here I believe you said, it doesn't have a whole lot of money under management.

It does not.

Million you know, like we have not we have not seen a lot of investors pile into this.

But you know, keep in mind it's a big state.

I think Texans will invest in Texas.

All right, It all come around, all.

Right, that's cool.

I like it.

Joel, Thank you sir.

You're welcome.

Next up is our cross asset team leader here at Bloomberg Mail Donna Hirich.

Wow, we're just.

Uh on the clock.

First of all, everything is bigger in Texas except for Joel's ETF.

Second of all, Andre chose human even though there was an ETF that launched before it based on humanoid robotics, and he didn't even know that humanoids are already in existence.

What's your I'm just poking holes in everybody else's argument.

The best and most innovative ETF of the year goes to xdiv XTIV.

It's another round hill ETF and this one will invest in other s and p five hundred ETFs for you.

So it's going to be tracking the market, except it jumps out of those ETFs before the ex dividend date, and that way you can avoid a big tax hit.

I see, that's it.

It's so simple, it's genius, it's innovative.

Nothing like this existed.

Tax avoidant tax awareness has been a huge theme in ETFs since the birth of ETFs.

You're in a time pal.

This brings it to a whole new level.

Okay, so my question for you is it's a whole new strategy.

First of all, you just dig, you know, drag everyone else and then like exactly by the.

Way at the end my pitches, I can't remember everybody else sucks.

I could have kept going about how everyone else sucks.

Yeah, So again, the name x div's a little bit like hi, whatever the other one was.

It's not like, doesn't exactly like roll off the tongue.

But what does history tell us about how avoiding taxation?

And this little tax avoiding scheme?

How much does it juice returns?

What is the data tell us?

Pal juice returns the data.

You want returns of this versus what.

I think Winkler used to call this show up and throw up.

You're allowed one terminal lifeline?

Okay?

Can I call it?

Friend?

Is this also a roundhill?

Yes, it's a third round hill?

My god?

Are they paying us?

Okay?

This year XTIV is beating VU by thirty four basis points and it's only been a couple months, so annualized, that would be an extra forty basis No, annualize, that's an extra two percent a year.

Eric might win for this.

I wish I was lying because I am also in this competition.

But again, I'm just looking at a small window.

But so far, something's working.

And history though will tell us that in general, this kind of this kind of scheme works, is that.

Right, generally speaking, I also think advisors are real concerned with after tax returns.

I mean, in the end, your returns are after inflation, after tax, that's like your real return.

And so this is why it's important.

But it's tough to get people off.

Of VU and S and P.

Just to be clear here, the strategy was flamethrower, and it works.

I know.

I happen to be in the end zone just standing there.

You're wide open.

This is for retail investors, this is for institutions, this is for international institutions, this is for everybody.

Okay, excellent, wil Donna, thanks for playing.

All right, Well, we just had an addition.

James Safert, who's a senior research ETF analyst at Bloombergan Intelligence, was caught on some terrible public transit woes and then amazingly just charged through security literally walked in and we're just going to make him do his pitch.

He's not hurt any of the other pitches.

If you don't win, no you no, it's bad.

It's yeah, I think you're gonna win.

So whatever you're going to pitch.

It may help him because you won't spend thirty seconds trashing everything.

You have one minute to pitch, James.

You are on the clock now.

Okay, So anyone who knows me is not going to be surprised that I'm going to pitch a crypto ETF.

So the one I'm gonna go with.

There's a few that you go with, but I'm gonna go with the bitwise b Soul or Bitcoin bit Wise.

Solana ETF first full spot crypto staking ETF.

Uh.

It launched into when people were kind of I mean, right now, it's not a great time to be in crypto.

It's down pretty bad.

Uh, and it's still one of the best launches of the year.

If you look at volumes the easiest way to see how good of a launch and ETF has had.

It's second only to another crypto ETF.

But Solana itself is a much smaller market cap than the one that I'm I just referenced.

So XRP is a is a bigger product in the crypto world.

But uh, Solana is a little more interesting to me just because of the staking aspect.

It's something that is brand new.

It's taken in.

It took in over two hundred.

Million dollars in day one ten seconds.

And it's just it just proves that.

Despite even when the market is going bad and against you, in the crypto world, these ETFs the top two are crypto assets.

Okay, you're out a time.

That was good.

Interesting, Well, of course somebody, somebody, Joel had to pitch we.

Needed crypto to be on the list, and James delivered.

At the risk of you saying this is Papa Opples making it about Papa Apples again, I will just say, my brother, and this helps your pitch is obsessed with Solona.

There you go, which makes me extremely dubious.

Uh ten million on day one you said it taking no so.

Day one trading was fifty seven million at its launch last month it was the largest.

We just had an extra PETF to pass it.

So now it's the second largest launch as far as volume goes.

And it took an over two hundred million dollars in day one.

So what's the what's the fee you have?

I think it's point two, but I actually I'll tell you, hold on, I'm the life doctor, bel this is going to be I think it's point two two.

All right, Trenz.

Anything for I.

Think is to just you know, walk out of here on the high like, go get some ice water.

Well I have a question for him.

Well you know that, and it's still to be clear, you know.

Yeah, Well, crypto it's a tricky.

Moment pitching anything crypto current going down.

I think that's why I would say I think you have to sell everybody in twenty seconds on why salon a long term.

Yeah, I mean it's it's if you look at crypto, right, if you're looking at blockchain technology, these crypto technologies you have on one end of the spectrum Bitcoin super decentralized, super secure, it's a little slow, it does a few things extremely well, and then there's this whole other spectrum of like less decentralization, maybe a little bit less secure, more open, can do a lot more things than just transfer money.

Solana is competing on that other end of the spectrum without being a completely centralized entity.

So it's competing with ethereum.

It's a little more centralized in ethereum.

Some people listening to this will jump out of their screens at me saying that, but it basically is trying to compete with things in the traditional financial world, traditional technology world, while also taking aspects that made bitcoin as successful as it was.

Good stuff, James, thank you.

Next up, we have a fellow Greek eighth and Sarah Vegas, research associate here at Bloomberg eighth.

Then hit us.

Yeah, I don't even need a minute because this is so easy.

But just based on the picks, we have Crypto that's down thirty percent, the most complicated etf ever and a bunch of other ETFs have like no assets.

Right, did I get it right?

Just what's so easy?

It's v bill, which is the Vanguard zero to three year Treasury etf It's got four billion dollars.

What is so great about this is Vanguard never launches ETFs.

It's like an oxy moron to have new launches and have Vanguard in there.

So it's their first launch in about eight years.

It's bonds.

They never competed in this space.

It's got four billion in assets, it's only seven basis points.

It's up three percent this year.

Uh, it's they're competing with you know, the likes of some other cash like ETFs.

But I think they don't launch products lightly, and when they do, they make a really big slash in it.

So yeah, I think simplicity wins in this year of like crazy launches.

I'm gonna go the complete other way and just go with like bonds, which I think is just like bill bill Yeah, so just like short term treasuries.

Got it?

Wow?

Okay, I mean hard to argue some of that.

I mean, as do you like shiny objects or or super.

Super basic foundation.

The crypto guy like as but al right, not right enough?

So as not only the Greek connection, but also as someone who's been a little comfortable in cash for a while, in Vanguard cash for all.

I mean, I don't know, it's kind of I kind of speaking to me seven BIPs now, right.

The thing is, what these guys are going to say is sure, pal three percent so far, four percent at the end of the year.

But how how how do you like that when I'm when I make up two thousand percent score in a couple of years.

What's your response to that?

Yeah, I mean, you're not going to be one hundred percent in it, right, So I feel like these are the this is going to be the position.

That bails you out of like the big draw downs that we have.

Like, yeah, obviously cash is never going to be as good as three X and video or two X and video.

But I think it's a nice ballast compared to other bonds, right, like the AG and things like that.

I think that that stuff has let you down.

Cash has actually been pretty reliable as like a hedge recently.

What are the chattering class?

I just think everybody else is you know, pitching, uh, you know, new fangled objects and you know the voice of sanity is entered the room.

Yeah, I mean four cent yield in basically no risk is pretty attractive, especially with market really high and people nervous.

And I agree, I would almost rather own this than the agriabond index because this won't go down like the AG goes down a lot with stocks.

The only thing here is if the Fed starts cutting, this will be less attractive obviously.

Yeah, I mean, I just think in general, I mean my two cents is what was it was to sell off in the bomb market in late twenty twenty two, where.

The AG went down thirteen percent?

Cash did nothing, So you did better in cash.

Like it sort of blew up the whole bond proposition at that moment, and as I saw it, and so yeah, bills are bills?

Are bills?

Is it really the first and eight years from Vanguard?

Yeah?

No, no, well they've done active though, maybe the first passive.

Yes that I should say you only had per minute that.

Actually that's like a.

Great they've actually looked like wait, actually launched Wait a second, no, no, no, no.

No, no, bactual mistakes.

He's got to come up total.

This year he've launched this year of ETFs this year?

Yep, this was v buil was their first launch this year?

It's any of this stuff their first this year?

No, within the last like what was their last launch was like twenty fourteen.

When they lost last year?

Bust his chops?

Are you what active did they they launched?

That was this year or last year?

I think they're all this year launches.

Yeah, so it is a slight Actually.

You're saying this was the first of many launches they launched.

Show me what they launched last year?

Okay, give me, it's gonna take a second.

I want my life all right, here we go.

Okay, here's that actually should have been established?

You get one terminal.

We got a lot of nerds in here.

How many ETFs you think van cards launched this year?

Let's get some guesses here.

James was close.

It's like ten or eleven.

Seven or ten?

Not I go eight then seven to.

One, two, three, four, five, six, seven, eight nine ten eleven.

Wow, So what are you talking about that?

Because they haven't?

Bill, wasn't their first one launch this year?

We'll launched the same day as Vegas.

Okay, so these two but by.

The way, twenty four.

Here's the other problem.

They launched one in November of twenty twenty four and another one in January of twenty twenty four.

Two of them.

What wasn't they've launched multiple et like, like I should have said, all right, you had.

You were you were?

I was going so well, I should have for the kids listening at like.

The bond Lance Armstrong doping, it's like it's all ruined.

It was their first bond, first bond launch.

Don't worry, I got your back with mine.

Do you want to you want to try that again?

No?

I want to stay with the doping allegations.

Okay, So if I win, is this going to come back?

Probably?

Bro?

He did?

I love that.

He took the whole like moral high horse.

He's like they never launched any ETF and so for them to launch.

It came down from the heavens and they said there shall be an ETF today, And it's like, oh, actually there's been twenty in like two years.

I think before that they didn't have a launch for like seven.

At some point there was a year or two at some point here.

The more yeah, he won't give it up.

Yeah yeah, the more you talk together.

All right, I got one final pitch.

Eric, You've got a mess on your hands.

Intelligence.

You're gonna mop that up.

Your guys are uh yeah, the least by the way, Eric, I'll say you so far.

I feel like the least factual pitch is so far I've come from your crew.

Okay, Leric, you got a pitch I do?

All right, Eric, you are on the clock, sir.

All right, this one is just as boring as Athanasio says.

I know you thought I was gonna pick like a two x quantum ETF, but this really stuck out to me this year global x.

Us five hundred ETF.

Okay, well, who cares?

Right, Here's why this is interesting.

First of all, it's only two basis porta picker g x LC two basis points.

Really, the ticker on an s and P five hundred should mean nothing.

Okay, anyway, the reason this is.

Interesting, respond to the crowd, Yeah.

This tracks the five hundred biggest thoughts in America.

You may be like, well, so does the SMP.

No, it doesn't.

The S and P is an active fund.

That index you need to have four quarters of positive earnings.

Then there's this secret committee that meets in a smoky room somewhere and decides what can go in route.

Remember when they wouldn't let Tesla in.

Well, over the last ten years, the index this GXLC tracks is beating the S and P by seven percentage points.

Why mostly because they didn't let Tesla in.

This one did same with Strategy, and there's been many others where this will have all the stocks when they're big enough and you're not relying on a secret committee of who knows who?

Okay, how do.

You respond to here?

What are the assets there?

Let's just hear Eric admit it.

I gotta get then abound a battery.

Yes, there's only four million now.

Because global x is not known for beta, it'd be like Vanguard launching like a humanoid ETF.

It probably would take a minute, but still, I'm just going on the idea and the launch and the novelty.

And it's a fact.

It is.

And also this is truly passive.

If you're in the S and PIF hundred, you're not really passive.

You are again, you're giving that you're close to passive.

So you're saying that essentially all of us out there, all of us who think we're passive investors, were actually investing in active fund.

Yeah, there's a committee of like nine people who you don't know, nobody knows.

It's like remember see the Mob documentaries, where like the committee meets and like decides like who's gonna die that year.

It's a sectually who's going to vote on this?

Uh?

Yes, pitch if actually does.

That's what this does.

That's why like Strategy did again they caught they checked every box.

Tesla checked every box.

Microsoft was famously not let in when they checked every box.

So it's interesting, But is there is there a company or two or five right now that you could think of it that is unfairly being left out as a result.

Wait a minute, the crowd has a thought.

Erics twenty stocks that are that are eligible but not in there, and there's over sixty stocks in the index that are technically wouldn't be eligible today.

At that So this is interesting.

This is a backdoor crypto pitch for her strategy, that's what, because he wants strategy to be in the index.

So what's the methodology here?

The five hundred biggest stocks in five hundred biggest done?

Okay, ask someone to ask somebody on the street to describe the S and P five hundred.

They can.

Now I'm going to say, as an investor who does own the S and P five hundred in my four one K, I'm fine owning it.

I'm just saying this is a little potentially tighter and more passive, and it's even cheap than two BIPs.

Do you own this one?

No?

It just came that four million dollars your.

I'm not allowed to give investment.

Okay, speaking of mysterious processes, and uh, you know, smoke filled the rooms with heavy curtains, h David Pappadopolis.

Uh you then, can I have a minute.

Looking gars and considering your options you take, We're going to give you one minute with your thoughts.

Yeah, so we'll be back in a minute.

Welcome back, David.

Thanks?

How is that smoke filled room two?

Cigars later, Yeah, some more stting, right, yeah, I uh I no, no, there's no horse, no no no.

And after after great thought, I have I have a verdict.

Do you want to start with that or do you want to?

I want to.

I've graded everyone and we'll go from worst or last to best least best, right, and.

There is I do feel like there's some millennials in the room.

Okay, I know you guys can't handle just pure worst.

Okay, so least best to best best.

Least best a k biggest flop our pal bill Donna, damn, it was the shade.

It was just basically it was just just too angry.

Your pitch was just too angry.

I couldn't It was just too angry, too angry, all right, you know you're trying to sell me on something.

You can't be that angry.

But you're in good.

Company because your pal and it's just too just too much of.

A mouthful, the whole cop kind of like a.

Fish, a fish called Wanda, Like I just couldn't get it out.

And it's the dividend, the whole dividen fourteen percent.

Obviously, right, what you beat your pals?

Uh?

Next?

Uh uh, mister bell cheernis what four million dollars?

I crushed it like I legit, objectively crushed it.

Okay, okay, well listen listen here.

You can't you can't beat all the one last time.

Don't know.

All I want is I want to see a copy of his trading report in the next year.

He's gonna legit buy the ticker I went over.

I'm just saying, all right, now, we're starting to get up towards the top.

I got James next, right off the right, off the bus or the subway, right in solid pitch Crypto though, as the crowd, you know, as the crowd was pointing out, though it was simultaneously greatly courageous and a little kind of reckless to pitch Crypto at a moment like this when it's puke and its guts out.

But that was all right, mister humanoid himself.

Andre's up next.

Kind of fun sal But you know, I'm still maybe just me being stupid.

I just don't know about the human ticker for a robot.

Have you seen the terminator?

I don't know, have youator.

Even like the ones?

But you see what I'm saying.

She remains She remains salty.

And angry.

This is what you know.

You just have to I gotta say, though, the idea of disqualifying him because human is a bad ticker.

It is.

They are called humanoids.

I'm still name the industry gave them.

I'm aware of the he's not.

I'm just not feeling.

I mean, there's a lot of stuff that the industry pitches.

Private credit will also tell you a lot of things about private credit.

But I noticed Prove did not have a have a cameo.

Joel comes in third.

I think the bronze just because Textan Now Textan is kind of I feel like that was fun, unlike human.

I just thought Textan was good.

It's gonna go nowhere.

To be clear, thea's got no chance, but it's fine.

Black Rock says otherwise.

But okay, Isabelle Lee runner up?

No?

You would?

You know, we're only down to two people, so you propose.

You you give it to Lance Armstrong.

The cast their negative don't.

Well, here's another final thing.

You know.

That was what put it over the top of the lancing because Lance and I actually share the exact same birthday month.

No v Bill, I mean, come on, what's wet?

Yeah, it's what wait a minute, it's one of many factors.

Right listen, I bet you their favorite actor is John Stamos.

That's how messed up they both are.

But we will we will be getting lunch together at at uh.

Yes, clearly, well, I like, I mean at a time all the I mean you no, basically, among other things, you could take the au m of all these other a TF combined and it would not even order.

Oh okay, so it was an a competition.

Okay, all right, Ethan, Uh, do you have anything else you'd like to say?

Any final word?

I'm clear of the doping allegations.

And let me ask, let me ask the trillion's host, who would you not choosing your own, who would you have chosen for this one?

Me?

I probably would have chosen Andres because because I think this is a thematic etf.

When I'm out in my regular life, a lot of people are like, what's a good stock pick?

And I'm like, I don't cover stocks.

But when I eventually say I cover the markets or whatever, They're.

Like, I want AI exposure.

That's what everybody says.

That's the thing this I like because it's going, it is even going further, and there's so much money being poured into it, and it doesn't have a lot of overlap.

You add like one percent of a humanoid ETF to your otherwise boring vanilla, it's a nice little spice.

So I just I just think that's a and human is a good ticker.

That's why I would have given it to him.

And the whole Terminator thing.

I think about that constantly when I see these videos.

I think about Terminator, and I think about Minority Report.

Remember when they sent the spider robots and to get the guy.

I'm like, the futures gonna be a combination of Minority Report in idiocracy.

That's my theory.

I know it's a weird mashup, but.

So for posterity.

If Paulus was the judge, Yeah, Winter Joel.

You know, I kind of liked Meme.

I thought that was you know, of all the things that you could have thought would have happened this year, like the resurrection of a meme stock ETF, Like that's just kind of you know, bonkers.

But I mean, like Texan, it's also gonna puke it scots out.

But that's the point.

It's like, you know, there's there's a there's an indicator there.

The other thing for meme is uh, if you again, if you're a boring investor, you add a little meme.

You have to worry about what these whack job traders are doing.

It just covers the stocks they're into and you get a little taste of it.

Which of these ets are you most likely to invest in?

Oh?

He knew, he gave it to it already.

Besides, besides g x LC do.

You like g XLC?

All right, so the dividends will no?

Man, basically just say so we can all leave, maybe maybe yours.

Eric, meme, not a chance in hell.

The bell I already got plenty of best new lunch text texting is fun, but no, like I mean, actually no, this I should ask.

Eric's gonna be like, I really want And that's.

Why he's like, I really want that.

What about some of the venezuela and bolvars are hand I hand you just cut edit.

We're just gonna turn the volume down.

Hold on one other question.

Yeah, Let's say I know you're a horse track guy and you like gambling.

Let's say you had a ten thousand dollars of your money right and you had to place it right now, even money on all these Which of these were the best performance?

Twelve months from now, twelve months from now, just twelve.

Yeah, this is an investment advice.

Yo.

Oh you think cash is gonna win over the next Wow?

He No, you could be right.

That's that's just a barish call basics.

So that's why it's taking months.

If you alread to give me a longer period, I wouldn't go be your bill.

But yeah, twelve months, Okay, you might be right.

Maybe we'll come back in twelve months.

Clock starts now.

David, thank you very much for joining us.

Everybody else thank you as well.

Thanks for listening to Trillions until next time.

You can find us on the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify, or wherever else you'd like to listen.

We'd love to hear from you.

Hit us up on social I'm at Joe Weber Show, He's at Eric Balcina's.

Trillions is produced by Magnus Hendrickson.

Brendan Newman is our executive producer.

Sage Bauman is the head of Bloomberg Podcasts.