WELCOME TO BLOOMBERG ETF IQ. WE SAW 10 YR YIELDS RISE OVER 5%, AND BITCOIN UP OVER $31,000. YEILDS WENT BACK DOWN, I HAVEN'T LOOKED AT BITCOIN I DON'T WHY I JUST DID THAT.
MORE VOLATILITY IN THE BOND MARKET AS THE 10-YEAR YIELD HITS 5% FOR THE FIRST TIME SINCE 2007. SOME PEOPLE ARE BLAMING BILL ACKMAN BECAUSE HE COVERED HIS SHORT AND HE TOLD US ALL ABOUT IT. KATIE: LET US TALK ABOUT BLACKROCK, THEY ARE GOING BACK IN TIME, WATCHING A BASKET OF OF ETF'S INTENDED FOR RETIREES. MATT: THE CRYPTO INDUSTRY WEIGHTS WITH BATED BREATH FOR A SPOT BITCOIN ETF APPROVAL. KATIE: WE GOT A FAKE OUT, A GREAT 20 MINUTES, MATT IS WITH US, HE IS LOOKING AT THE FLOWS, ERIC, WHAT HAVE YOU GOT? IT LOOKS LIKE IT IS GOOD AT THE TOP, IVV AND OEF. THAT IS THE S&P 100. THAT IS PRETTY GOOD. THE NUMBERS ARE NOT THAT BIG. ADD UP TO A NEGATIVE TWO POINT 5 BILLION FOR THE WEEK AND YOU SEE TREASURIES IN THERE. PEOPLE CANNOT RESIST. AMEX SEASON. THEY HAVE TAKEN A TON OF MONEY. IT HAS TAKEN MONEY IN THE X CHINA TRADE. SPECIFIC IN EARNING MARKETS. LOOK AT THE OUTFLOWS, WHILE WE ARE CALLING THIS A LITTLE BIT MORE BEARISH. RARELY, YOU SEE BTI, VANGUARD WITH THREE OR 4 BILLION IN OUTFLOWS. HYG. A LOT OF RETAIL OUTFLOWS. I THINK IT IS A GOOD TIME TO LOOK AT ARBITRATORS VERSUS RETAIL WHEN WE TRACK FLOWS INTO ETF'S USED BY THE BUY AND HOLD CROWD VERSUS ETF'S USED BY TRADERS. YOU CAN SEE THAT THEY HAVE BEEN BEARISH FOR A COUPLE OF WEEKS, BUT LOOK AT THIS LINE HERE, THEY ARE GETTING OUT AND FLOWS. IT IS DOWN. YOU WANT THIS TO BE UP. IF THIS GOES DOWN WE ARE IN TROUBLE. TRADERS ARE FICKLE. VANGUARD, YOU CAN COUNT ON. THIS IS INTERESTING. THE VANGUARD BID IS DYING DOWN, THE FIRST TIME WE HAVE SEEN THIS IN A COUPLE OF YEARS. THE TRADING CROWD COMING OUT, IT DOES NOT SET UP VERY WELL. MATT: THAT DOVETAILS WITH THE ACTIVE DIVESTMENT STORY THAT WE HAVE ON THE BLOOMBERG TERMINAL WHICH IS PRETTY SHOCKING. IN ANY CASE, THANK YOU FOR THAT. 20 OUR CONVERSATION IS A GLOBAL HEAD OF ETF'S AND INDEX STRATEGIES AT INVESCO. I DO NOT KNOW IF YOU SAW THE STORY, PEOPLE ARE PULLING MONEY OUT IN THE HUNDREDS OF BILLIONS OF DOLLARS FROM ACTIVE NEUTRAL FUND SHOPS. WHAT DO YOU THINK THE ETF SITUATION IN TERMS OF BUYING VERSUS INVESTMENT TRADERS? YOU ALWAYS HAVE TO LOOK BEHIND THE STUDY. YOU NEED TO SEPARATE THE CONTENT THROUGH OUR ALPHA, IS IT ACTIVE? ACTIVE IS NOT DYING. THEY ARE TRANSITIONING AND WE ARE SEEING IT TODAY. WE ARE TRANSITIONING INTO THE AREA THAT IS MUCH MORE EFFICIENT? MATT: THAT WAS MY TAKE AS WELL! YOU SAW ME THIS MORNING! KATIE: THAT IS ON THE RECORD! OF COURSE, ONE OF THE BIG STORIES THIS YEAR, THE BIT INTO ACTIVE. ONE OF THE OTHER BIG STORIES IS THE BIT INTO BOND ETF'S EVEN IF YOU LOOK AT THE PRICE RETURNS THAT HAVE BEEN PRETTY BRUTAL. INVESCO HAS BULLET SHARES FUNDS WHICH BASICALLY INVESTS ALONG SPECIFIC MATURITY DATES. I BELIEVE YOU HAVE SOMETHING 131 ETF'S? THEY HAVE TAKEN ONE BILLION YEAR TO DATE. TALK US THROUGH THE DEMAND FOR THIS TYPE OF SPECIFIC PRODUCT. WHO IS BUYING THIS? WHAT IS OLD IS NEW AGAIN. LOOK AT THE UNCERTAINTY WE HAVE SEEN, THE FED, INTEREST RATE HIKES, WE BODY IS WANTING THE FED WILL DO NEXT. LATHERING IS AN OLD TECHNIQUE. IF YOU WANT TO MAKE INTEREST RATES AND VISIBLE -- INTEREST RATES INVISIBLE, YOU LATHER. OR IF THEY ARE GOING THROUGH A LATHER AS TO MAKE IT INVISIBLE FOR THEM. WE HAVE SEEN AN UPTICK IN THE BULLET SHARES. IN THE LAST 24 MONTHS, THAT LOAN BY $10 BILLION, IT IS ALSO BECOMING THE GO TO EXPOSURE FOR A SINGLE SHOT INVESTOR. IT IS SOMETHING THAT IS NEW IN THE INDUSTRY. KATIE: I BELIEVE THERE HAS BEEN SOME INTERESTING BAR CHANGES IN TERMS OF HOW INSURERS CAN ACTUALLY TREAT FIXED INCOME ETF'S? THEY USE TO HAVE TO TREAT THEM IN NEW YORK AS EQUITIES? THEY CAN BE TREATED AS FIXED INCOME INC ETF'S -- ETF'S? YOU HAVE SEEN IT IN YOUR LINEUP? THE REGULATORY CHANGES BEING A CATALYST FOR SOME OF THE EXHILARATION OF FLOWS. THE TREATMENT OF ETF'S AS AN EQUITY OR FIXED INCOME IS HAVING A BIG AWAKENING IN THE BALANCE SHEET OF THESE INVESTORS. MATT: AND A SHIFT GEARS, WE HAVE TO GO ETF'S IN YOUR NOTES THAT ARE INTERESTING. THEQ'S HAS HAD AN -- THE Q'S HAS HAD AN INTERESTING YEAR ON. UP MANY NOTCHES. WHAT ARE YOU DOING GOING FORWARD? THE Q'S COME BACK OUT DESTROY EVERYTHING! NO MATTER HEAD FAKES, BY THEN YOU GO INTO EQUAL WEIGHT AND YOU ARE UP? WHAT ARE YOU HEARING FROM CLIENTS? ARE THE LOOKING TO BEEF UP THE EQUAL SEVEN? YOU NEED TO SEPARATE THE CUES FROM THE S&P 500, ONE WAY IS TO ASK THE CONCENTRATION ESPECIALLY IN THE 3500, IT IS REAL. IF YOU WANT TO BE EXPOSED TO 500 COMPANIES, HEADING CONCENTRATION, IT IS NOT GOOD. IF YOU THINK ABOUT THE NUMBERS IN THE TOP 10 HOLDINGS OF THE S&P 500 THAT COUNT, THEY FALL TO 30% OF THE INDEX WHICH IS A CONCENTRATION WE HAVE NOT SEEN SINCE THE 70'S. FOR US, THEY 7500, THEY MAKE THE MONEY. WHEN THEY DO NOT MAKE THE MONEY, YOUR ENTIRE PORTFOLIO IS REALLY NOTHING LIKE YOUR EXPECTATIONS. IT IS EXPOSURE. WHAT YOU WANT WHEN YOU BUY THE Q IS THE START OF INNOVATION, TECHNOLOGY, HEALTH CARE GROWTH AND CONCENTRATION. IT IS NOT BECAUSE OF A CONCERN AS YOU WOULD HAVE WITH THE S&P 500. MATT: I'M LOOKING AT THE NASDAQ 100 AND THEY ARE WORTH A LOT MORE. IN THE INDEX, IS THAT A BETTER PLACE TO PUT AN EQUAL WEIGHT OPPORTUNITY INTO AN ETF? YOU CAN DO THAT. MATT: YOU CAN DO THAT? WHY DO YOU NOT DO THAT? I CAN DO ANYTHING! I DO NOT DO THAT BECAUSE IT IS INTENTIONAL! THE POWER OF THE NASDAQ 100 IS IN THOSE MEGACAP'S. WE CREATED ANOTHER FUND WHICH IS QQJ TO TAKE AWAY THE MEGACAP'S FOR THOSE INVESTORS WHO WANT TO HAVE A BEGINNER EXPOSURE TO THE MID-CAP SEGMENT OF THE NASDAQ LIST OF COMPANIES. THE PURITY OF THE Q'S IS UNDENIABLE. LOOK AT THE NUMBERS AND PERFORMANCE. PEOPLE LIE, BUT FIGURES DON'T. KATIE: THE Q'S ARE A MONSTER IN A GOOD WAY. WHAT SHOULD WE BE LOOKING FOR FROM INVESCO? WHAT IS TOP OF MIND FROM YOU? TOP OF MIND IS DIGITAL ASSETS. AND FOR EVERYBODY! WE ARE -- WE KEEP WATCHING THE DEVELOPMENTS THAT ARE HAPPENING IN WASHINGTON. IT IS ALSO BLOCKCHAIN TECHNOLOGY AND HOW CAN YOU GIVE EQUITY EXPOSURE THAT ATTRACTS THE PERFORMANCE OF THE SEGMENTS? WATCH THIS SPACE, INNOVATION GROWTH, IT IS TOP OF MIND FOR US. MATT: WE COULD SPEND AN HOUR WITH YOU. PLEASE COME BACK! THAT IS AN OF INVESCO. SPEAKING OF, A SPOT BETWEEN ETF SPECULATION PERSISTS IN THE RALLY OF BITCOIN. BETWEEN $31,000 A PIECE. THIS IS ETF IQ. ♪ KATIE: WELCOME BACK TO ETF IQ. I WALK YOU THROUGH THE TRENDS AND STORIES THAT CAUGHT MY EYE IN THE ETF INDUSTRY AND WE START WITH PREFECTS. IT HAS BEEN -- SIMPLIFY HAS BEEN CRUNCHING IT, 39% UP THIS YEAR. IT IS UP OVER 200% SINCE THE END OF 2021. THE REASON WHY IS IT EMPLOYS OPTIONS AND WHAT YOU NEED TO KNOW, THAT IS LIKE A CONTRACT ON THE 30 YEAR TREASURY YIELD. AS THE YIELD GOES UP, SO DOES THIS ETF. LET US TALK ABOUT EXCHANGE TRADED NOTES. I SOMETHING WE TALK ABOUT TOO OFTEN BUT CREDIT SUISSE MAKING INTERESTING CHANGES TO ITS LINEUP. THEY USED TO BE ONE OF THE BIGGEST ISSUERS OF THE ETF. THEY HAVE 12 OUTSTANDING. THEY ANNOUNCE THEY WILL CLOSE NINE OF THE ETF'S. THEY ARE NOT RETREATING FROMALTOGETHER. THOUGH STICKERS YOU SEE ON THEIR SCREEN -- THOSE TICKERS YOU SEE ON THE SCREEN IS KEEPING THEM IN BUSINESS. A LOT OF SPECULATION OVER WHEN WE WILL GET A SPOT BETWEEN ETF APPROVAL AND ALL THE WHILE YOU SEE THIS DISCOUNT TO THE NET ASSET VALUE. WE ARE LOOKING AT CLOSE TO -50 AT THE END OF 2022. MATT: HUGE COMEBACK IN TERMS OF THE DISCOUNT TO NAV. THE COIN PASSING $31,000 IN THE LAST HOUR OF SEPARATE BUT SIMILAR SPECULATION. LET US TALK ABOUT THIS. THERE ARE A COUPLE OF DIFFERENT STORIES IN TERMS OF DIGITAL ASSETS, ONE IS G-V TC, LEGAL TUSSLES WITH THE SEC ABOUT WHETHER OR NOT I CAN CONVERT TO AN ETF. ONE MILLION IS THE CORRECT NUMBER? MATT: WHAT DO WE THINK WILL HAPPEN FIRST? WE ARE WAITING, I THINK PART OF THE REASON WE ARE SEEING THE RALLY IN CRYPTO ASSETS IS THAT THE PEOPLE ARE WAITING FOR A NEW MANDATE, A NEW INFORMATION ABOUT THE GDC CONVERSION PROCESS. WE ARE WAITING FOR COURTS TO BASICALLY TELL GRAYSCALE THIS IS HOW THE PROCESS MIGHT PLAY OUT. THAT COULD HAPPEN FIRST. MAYBE, SOME OF THE OTHER ISSUERS COULD GET APPROVAL FIRST. THE THING THAT IS UNCERTAIN 'S WE HAVE NOT SEEN SOMETHING LIKE THIS HAPPEN BEFORE. WE DO NOT SEE ASSET MANAGER SUING THE FCC AND CONVERT THIS TO AN ETF. WE DO NOT HAVE THE BITCOIN ETF. IT IS A BIT OF A GUESSING GAME AND A LOT OF THIS COULD BE THIS OR THIS COULD BE THAT. KATIE: THINGS HAPPENING IN PARALLEL, CRISCO VERSUS THE FCC AND THIS RACE AMONG EVERYONE ELSE WHICH INCLUDES BLACKROCK, INVESCO, ETC.. WHEN WE THINK ABOUT THE RACE SPECIFICALLY, THE OTHER ISSUERS WHO ARE NOT IN THE FCC BUT STILL HAVE SPOT BITCOIN ETF APPLICATIONS, WHAT IS THE LATEST TIMETABLE THAT WE KNOW OF? WE ARE VERY LIKELY TO SEE UPDATED FILINGS FROM THE ISSUERS THAT TELL US WHAT TICKER FOR EXAMPLE THEY WOULD LIKE TO LIST UNDER, THE FEES, A BIG POINT OF INTEREST FOR THE INDUSTRY BECAUSE THIS PRODUCT HAS BEEN SO HYPED UP. WE DO HAVE SOME INTERMEDIATE DEADLINES COMING UP OVER THE NEXT COUPLE OF WEEKS LIKE IN NOVEMBER FOR EXAMPLE. THE BIG ONE A LOT OF PEOPLE ARE LOOKING FOR TO IS IN JANUARY WHICH IS WHEN THE ARK 21 SHARES APPLICATION HAS HAS ITS FINAL DEADLINE. MATT: WHAT WILL WE SEE IN TERMS OF FEES? ETF FEES ARE VERY LOW AND GBTC GETS TO CHARGE MONSTROUS FEES NEXT TO THAT? AND MAKES MORE THAN $300 MILLION A YEAR BASED ON ITS MANAGEMENT FEE THAT IS ACCORDING TO CALCULATIONS BASED ON ITS ASSETS. THAT IS WHY IT IS SUCH AN INTERESTING POINT BECAUSE THE AVERAGE ETF WILL CHARGE SOMETHING LIKE 0.5 OF 5.4 AND COMPARE THAT TO 1% OR 2% IS MUCH HIGHER. IT IS A POINT OF INTEREST IN THAT A LOT OF THESE COMPANIES OUGHT TO BE ISSUERS, THEY WILL MAKE THE ARGUMENT THAT BITCOIN ETF IS A MUCH MORE COMPLEX COMPLICATED PRODUCT AND THAT IS WHY IN MY HAVE A HIGHER FEE ATTACHED TO IT -- IT MIGHT HAVE A HIGHER FEE ATTACHED TO IT. KATIE: WE HAVE A LOT TO KEEP US BUSY. WE APPRECIATE YOUR TIME, STILL AHEAD WE DRILL DOWN INTO BLACKROCK'S ETF'S WITH THE HEAD OF RETIREMENT SOLUTIONS. ♪ MATT: THIS IS BLOOMBERG ETF IQ. KATIE: ERIC FROM BLOOMBERG INTELLIGENCE IS BACK WITH US FOR THE DRILL DOWN WHAT WE FOCUS ON ONE ETF. WE ARE LOOKING AT AN INTERESTING ETF, I HAVE NEVER DONE ONE OF THESE, THE LIFE PATH TARGET DATE, 2045 ETF, THIS IS AN ETF THAT INVESTED A BUNCH OF ASSET CLASSES AT ONCE, YOU ARE LOOKING AT AN ETF THAT IS USEFUL RETIREMENT. A SAID IT AND FORGET IT. YOU GO FROM 100% STOCKS AND AS A GAY CLOSE TO RETIREMENT IT SHIFTS MORE TO BONDS AND 2045, HOPE TO BE RETIRED AROUND THEN, THIS IS FOR A GEN XER ON MYSELF. PRETTY AGGRESSIVE, BONDS WILL INCREASE AS WE GET CLOSER TO MY TARGET RETIREMENT DATE. IT IS 64% U.S.. A GOOD CHUNK OF INTERNATIONAL. EVERYTHING ELSE IS PRETTY NORMAL. EVEN GROUP OF SECTORS. LOOK AT WHAT IT DOES TO DO THIS. THE ANSWER IS IN THE HOLDINGS INVESTED IN A BUNCH OF OTHER SHARES, YOU HAVE A LOT OF THEM THAT PEOPLE KNOW, HERE IS DEVELOPED MARKETS, EMERGING MARKETS, A BOND ETF, I LIKE THESE BECAUSE OF THESE WERE THE CHEAPER CORE SERIES. YOU ARE PAYING VERY LITTLE IN FEES. THESE ARE THE REGULAR MARKET, THE TARGET DATE ETF HAVE NOT WORKED IN THE ETF WRAPPER. WE WILL SEE, IT IS BLACKROCK, WE WILL SEE IF THEY CAN MAKE THIS WORK, IT HAS BEEN A CHALLENGE IN THE PAST. KATIE: I AM IN THE TARGET DATE, 2025. I HAVE A LITTLE OVER A YEAR LEFT. TO EACH THEIR OWN! JOINING US IS NICK NEFOUSE, HEAD OF RETIREMENT SOLUTIONS OVER AT BLACKROCK. IT IS GREAT TO HAVE YOU WITH US. THIS IS AN INTERESTING LAUNCH FROM BLACKROCK. THEY HAD A DIFFERENT SUITE OF ETF'S SHUT DOWN IN 2014? WHAT IS DIFFERENT ABOUT 2014 AND 2023? I THINK THE BIGGEST DIFFERENCE WE HAVE SEEN IS PEOPLE WHO HAVE ACCESS TO THE 401(K) PLAN DO NOT HAVE ACTS. WE HAVE SEEN THIS CONTINUED DIVERGENCE BETWEEN THE AMERICANS WHO DO HAVE THE 401(K) PLAN. MUCH MORE OF THEM ARE ON TRACK FOR A STABLE AND STEADY RETIREMENT. THE DEMOGRAPHICS HAVE CHANGED AND PEOPLE ARE GETTING OLDER AND ASKING MORE QUESTIONS ABOUT RETIREMENT. THE NUMBERS WE THINK ABOUT, MILLIONS OF AMERICANS LACK ACCESS TO A 401(K) PLAN. THEY ARE MORE STRESSED OUT ABOUT 401(K) PLANNING. IF YOU THINK ABOUT THE ACTUAL PRODUCT, 2014 YOU SEE THE MAJOR ADVANCEMENTS IN THE USAGE OF ETF'S. PARTICULARLY IN THE INDIVIDUAL MARKET ENVIRONMENT. WE THINK ABOUT THIS BEFORE 401(K) USERS, MOST OF THEM WOULD USE THIS TYPE OF PRODUCT. THIS IS FOR THE INDIVIDUAL INVESTOR. THE LAST POINT IS WHAT HAS CHANGED, THIS IS AN ACTIVE ETF. WE DO NOT ANTICIPATE A LOT OF TRADING IN THE PORTFOLIO. THIS IMPLEMENTS A LOT OF OUR THINKING ON A MORE REGULAR BASIS THAT WHAT WE WERE DOING PREVIOUSLY. MATT: I HAVE BEEN TALKING A LOT ABOUT THE BLOOMBERG STORY SHOWING A STAMPEDE OUT OF ACTIVE NEUTRAL FUNDS. IT HAS HIT SOME OF THE BIGGEST IN THE PAST FEW YEARS. HOW YOU CONCERNED ABOUT THAT? YOU THINK THIS IS BECAUSE AN ETF WRAPPER IT IS DIFFERENT? I THINK WE ARE FOCUSED ON THE ACCESS FOR THE INDIVIDUAL. THE INDIVIDUALS TRYING TO GET EXPOSURE FOR RETIREMENT AND WHAT THIS ALLOWS THEM TO DO IS GET A SINGLE TICKER PORTFOLIO FOR THEIR RETIREMENT PLANNING. THIS IS TECHNICALLY AN ACTIVE ETF. WE NOT EXPECT A LOT OF ACTIVE IN THE TRADITIONAL SENSE. THIS OUTDATED RESEARCH WILL COME IN EVERY YEAR AND A HALF OR SO. A PRODUCT LIKE THIS HELPS PEOPLE , INDIVIDUAL INVESTORS GET CLOSER TO RETIREMENT GOALS. MATT: I WANT TO ASK ABOUT THIS PRODUCT, ACCESS, WE KNOW THAT HALF OF AMERICANS DO NOT HAVE ANY EQUITY EXPOSURE AT ALL. THE CHALLENGE IS HOW DO YOU GET TO THAT. THERE HAVE BEEN IDEAS, GOVERNMENTS GIVING PEOPLE INDEX FUNDS FROM BIRTH. THIS IS A TOUGHER SELL BECAUSE THE ADVISORS LIKE TO DESIGN THE ALLOCATIONS. HOW DO YOU REACH ABOUT 50% OF AMERICANS? THIS IS THE FIRST STEP IN REACHING THOSE AMERICANS. YOU SET A RIGHT, HALF OF AMERICANS HAVE ACCESS TO 401(K) PLANS. THEY ARE ON THE WAY WITH AUTO FEATURES BUILT IN 401(K) PLANS. ANOTHER 50% WE ARE TRYING TO HELP. I AM NOT SURE ADVISORS WILL USE THIS AS MUCH AS I SEE INDIVIDUAL PEOPLE USE THIS. DEPENDING ON THE NUMBERS WE LOOK AT, SOMETHING LIKE 47% OF INDEPENDENT SAVERS SAY CASH AS THEIR RETIREMENT SAVINGS TOOL. A LOT OF THEM WANT ACCESS TO FINANCIAL ADVISORS WHO DO NOT HAVE IT OR CANNOT ACCESS IT. SOMETHING LIKE THIS ALLOWS THEM TO MOVE OUT OF CASH AND GET THE SAME TYPES OF RETURNS WE ARE SEEING IN 401(K) PLANS. KATIE: WHAT IS THE PITCH TO GO INTO A TARGET DATE ETF OVER A MUTUAL FUND OR COLLECTIVE INVESTMENT TRUST? WHEN YOU LOOK AT THE LATTER TWO, THERE ARE TRILLIONS OF DOLLARS IN FUNDS? THOSE ARE CAPTIVE PRIMARILY IN 401(K) PLANS. THE ETF WRAPPER HELPS WITH THE TAXABLE INVESTORS. THOSE INDIVIDUAL INVESTORS LIKE TO USE THE ETF. YOU REPORTED IT ON THE SHOW. THE REAL DEMAND FOR ETF AS THE PRIMARY VEHICLE THAT PEOPLE HAVE PURCHASED. WE WANT TO MEET OUR INVESTORS WHERE THEY ARE AND WHERE THEY ARE RIGHT NOW IN THIS SPACE IS WITH THE ETF'S. THAT TAXES ON ETF'S ARE UP TO HER THIS SPACE. WE KNOW THAT THERE WILL BE TRADING OVER TIME AND ETF WRAPPER ALLOWS US TO HAVE A TAXABLE ENVIRONMENT WE HAVE SEEN. MATT: THANK YOU FOR JOINING US. THAT IS FROM BLACKROCK -- THAT IS NICK NEFOUSE FROM BLACKROCK. YOU CAN LISTEN TO ERIC AND JOEL WEBER ON TRILLIONS, THAT IS THEIR BIWEEKLY PODCAST THAT COVERS THE INDUSTRY. KATIE: IT COMES OUT EVERY TWO WEEKS! MATT: I WISH THEY WOULD SAY THEY ARE A FORTNITE WITH A PODCAST! THEY REFUSED TO CHANGE THE COPY! GREAT PODCAST. THAT DOES IT FOR THE NUMBER ETF IQ PROGRAM. THIS IS A BLOOMBERG. ♪
