The ETF Quiz Show

Welcome to Trillian's.

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

Okay, Eric, We on occasion have done special episodes, and we've been thinking about this one for a while. We're going to do a trivia episode.

Yeah, we've been thinking about this for like years literally, and we were there we're gonna do it at one of the ETF conferences, but then COVID hit and canceled it, and so it was going to be on stage and then I heard nature Aci of ETF Prime is going to do it. I didn't hear anything about that. So look, we're just going to do it, and we're excited. This is going to be a very fun episode. I hope,

So we have four guests on two teams. Who are they?

So we have Laura Krieger from Vetaphi who's teamed up with Athanasio, Sarah Fagas from Bloomberg Intelligence, so VETAFI Bloomberg Combo, and then we have Katie Greifeld from the News and Todd Rosenbluth, also from Vetefy, So we sort of have mixed up Vetefy and Bloomberg here. I don't know if you guys thought of a team name, but I'll say Team A and Team B. Weow okay, winning team Oh no, no, winning the arbitrage.

Okay, So Team A, Team B. Twenty one questions divided into three parts.

Yes, first round the question is worth one point, Second round two, third round three points. So the questions get harder. Then there's gonna be like a final Jeopardy type question at the end where you can risk as many of your points as you want. You'll hear the question first, and then the contest will be over and the winner get sushi lunch, which is one of my more favorite things to let us. Yes, so there is something at stake here, and if you miss the question, you lose

Let's hear that button actually all right? This time on trillions ETF Trivia r Athanasios, Katie Todd, Welcome to Trillian's.

Good to be here.

I'm thrilled to be here.

Nice to see you guys.

Thanks for having us.

Okay, I want to let everybody hear your voices. Team A, Laura Athanasios, let's hear your voice. This is my voice.

This is my voice too.

And Team B Katie Todd.

My name is Katie Gryfeld and.

I'm Todd Rosenblue.

All right, here we go. One point questions? What is the biggest bond e t F buy assets?

Okay, Team B, It's Vanguard Total Bond INDEXTF and.

The ticker is b n D.

There we go. Nice.

Correct on the board.

What ETF did it overtake? No, that's that's just so. That's not a point question correct, Good job, Thank you crushing you guys.

Okay, question question two, we got a bonus point for that? Or no? No, we'll tell you when there's a bonus point. That's just him being opportunistic. Question two. In twenty eighteen, Volmageddon caused Twitch Exchange traded notes to go bust.

Look at it over?

Question? Is it like Jeopardy.

One syllable hit? I don't care?

What is x I V? There we go direct Team A, Congratulations, you're on the board. Were tied up?

Wow, it's a horse race all the sudden. I told these are one point questions, so you should get them. I would hope.

Question three four ETFs track the S and P five hundred index. Can you name all four? Team B?

So we have Spy, s p Y, I, V V v O O and s P l G.

Congratulations.

SPLG is the tricky one that's sort of like the fourth of ego. It just doesn't fit.

There's only four.

Well equal weighted. There's additional Yeah, doesn't count. We didn't say that.

Okay, I'm glad no one like Needle us for that. Thank you.

Question for one of the biggest names and ETFs. Holly Framstead runs Capital Group's ETF business. Which from did she come from? Question Jeam B who was hovering and kept getting closer and closer to the B Blackrock.

Yes, wow, three tom one, you want to test it?

I mean I feel like that answer is true of so many people you have industry.

Yea, many people have come from black Rock. I mean you probably could have just said Blackrock.

Question five. Spy was the first e TF ever launched. What was the second team? A M d Y very good.

That was the hardest for a round. It's the mid cap one, which, by the way, his to this day, I'll performed Spy and the small caps. Who knew you did? I did? I did that?

Okay? Question six, Schwab has the lowest cost junk bond etf. What is the fee?

Team B The fee is three basis points.

There we go.

Actually just wrote that up ce y b is a ticker.

There we go.

You don't get extra credits. And by the way, Schwab at three basis points, I mean that is it's crazy. It's a non vanguardian category with like dirt cheap feet.

Can I give you a headline? All of Schwab's bond ETFs cost three basis points?

There we go, Thanking, Katie Grand You're welcome. Question seven, this will be the last one of our first round. After this, it's much more difficult. Who famously said ETFs are like handing an arsonist a match Eric teammate John Bogel, Jack.

Jack somebody. Yeah he was not a fan. Yeah, yeah, somebody should write a book about him.

Yeah.

He also said the plug marketing invention of the twenty first century. So yeah, his language Round ets was hilarious. Okay, here what we got the end of round one, where do we ad eric? Team B has four, teammate has three? Nice? Nice being closer than I expect. I know, I'm it's good.

Who did you expect to do better?

No comment? In round two? These are going to be two point questions. You only lose one if you get it wrong though, Okay, So question number eight, can you name two of the top three ETFs by year to date? Flows?

Wait, didn't work?

No, you gotta make the noise hit it, but it didn't go off?

Ahead, you may have a chance. He yes, view, that's right, very good. Can anyone name the third?

Not for points?

I know?

No? Close? You're good that you did though too, that you did it's another flow getter, constant guy I V V Yeah, there you go.

Nice work. Okay.

Okay, so that means Team A got to there?

Okay, brutal, are you going to get it right?

Yes? Yes, Now it's.

Definitely gonna go T L T right and then we were going to confer.

Okay, Question number nine, which country is home to the biggest e t F outside of North America?

Mm hmm, you guys are so u eccentric?

Need a shot clock? It gets kind of awkward here, Dead air at some point. Okay, question or Team A is going to go for it. It's got to be China. Oh wrong.

A noise for the wrong. It is Japan, but you didn't just.

Thinking it's Japan. Here's Japan.

Here's the ticker in case you're curious. It's one of those Asia tickers one three zero six. JP somehow has awful one hundred and thirty eight billion dollars. Japan loves that guy. It's like number seven if you go all globals assets.

Pretty igh stumped them Japan in question China. Question number ten?

Hold on, who just missed it? Do I got to subtract you?

See?

Okay, you lose a point on It's tied up.

Now we wanted to give them a fight. Wait, what are we fighting for?

Sushi? Lunch?

Right right?

Joel and Eric?

Question ten? Which company stock is owned by the largest number of US domiciled ETFs?

Team B Apple.

I'm going to go Tesla wrong. Wow, double strikes.

The answer is Microsoft. This is so fun.

I'm learning.

Let me give you the.

Numbers so my audience can attle from here on out if I have.

Some humiliating our Microsoft is owned by five hundred and thirty three US ETF that seventeen percent of the total. Apple is for sixty six, so it wasn't even that close. Tesla is a lot lower. Actually, wow, I thought it was Apple too, to be honest. So you both lost the point.

Cool, so we're still tied.

Yep, there's three to three.

As long as we're a brush negative, I think will be considered that a victory.

All right. Question eleven. Black Rock has the most ETFs with four hundred and nineteen. Who has the second most team in Pasco? Correct? Wow? Do you know how many?

It's two hundred and six?

Well, seventeen, that is.

I thought you all would miss that. I wouldn't get State Street. But Invesco is right. But guess what First Trust is only two behind him? Did you just look at that number? Now?

All?

Yeah?

I like that.

That is it's almost a three pointer.

Very good? Okay, okay. Question twelve, which three E t F brands are now part of Invesco GM it's new strategy buzz then figure it out power shares?

Yes, uh, uh, Oppenheimer and Gugenheim. Correct, yes, nice, we need to sugar. He worked at Oppenheimer, so it's a little bit of an edge there. But I think that's a doable one. Todd knew it also, I was gonna go with right X is a fourth one? Yeah? Extra credit? Right X is part of the is it extra credit for him on the side? Okay, feel good? Extra credit psychic psychic point yeah?

Okay, so hold on.

So that's two more for a So that's seven to three.

I think the power goes out or something, okay.

Question thirteen. Who was Nate mose right hand man when creating the first ETF spy team?

Jim Ross?

I can't think of his name?

Now?

Who were the I can't think? Can you describe him?

No's they talk about me but I don't want.

To do Sorry, I got I got cocky. I don't know.

Will you be answering tm B?

We're passing you guys need to read my first book, Shameless Plug. Again it's Steve Bloom. Yeah, I wouldn't so he's out of the industry now, but he worked at AMEX with Now Jim Ross came along and he did the first creation for spy.

Even he was the coffee guy at first.

He was a little down the road. Wait, how many points you lose with that one?

Just one? Just one?

In fact, No, we didn't lose any points. No, you got sixty three hose clever.

Okay, okay, okay. This would be the last question of round two. What was the last ETF to win the annual flow crown that wasn't a Vanguard or black Rock ETF? Team a figure buzzing to figure it out.

I don't want to wait till they get it wrong.

You might have to start penalizing this move.

Come on, you go for it for you.

I think it's d x J correct correct. Which is can you get the year two thousand and fifteen.

Thirteen ten years ago? It's been a ten year run for Vanguard and black Rock.

That's a good headline. Thank you.

There's a lot of temptation.

It will make my year endpiece slightly more interesting.

So team has eight and Team B has three. But now every question is worth three points.

Okay.

So this is where two of these come on.

Is where it gets really serious and the questions get a little bit harder. I know, I know. How do you guys feel? How do you feel good?

Keep in mind, by the way, keep in mind, if you miss a three point question, you still lose one point. As the stakes get hired, almost gets.

There's something in your interest to have some strategy to consider here, t B, how do you feel not great? How do you feel great? Strategy of buzzing and then figuring it out.

It seems like it's working for two.

Do you have to learn from that? Yeah? Yeah, Shoot, first ask questions.

No, then you talk for ten minutes, and then you then answer the question. All right from now on, only like three to four seconds of conference.

Okay, okay. Question fifteen, what is the largest ETF of ETFs?

Oh, that's a good question, and I don't know the answer, TMB.

I think it's V thinks focus.

That sounds great, let's do it.

I think it's f V very good. Right back in the game. Yeah, wow, Daniel Jones throwing an eighty yard touchdown pass.

I was about to say that. No, it wasn't.

Eight to six.

That's good.

That was a tough one.

Okay. Question sixteen, which firm today has the most active ETF assets?

Team B dimentional?

Yes, wow, nice, look at you guys now you're in the lead.

Wow.

I like that because you guys probably thought it was a trick question because you thought we'd say JP Morgan.

But that's whose number two.

I know, I know, no, yeah, you do know?

Okay, Well, teammate, what does it feel like to have that leads away on you like that? And two questions around I'm.

Kind of falling apart here.

Runs. Don't let team be in your head.

Whatever?

Yeah, you know, I was just warming up, honestly.

Okay. Question seventeen, which year saw the most ETF launches in the US.

Surely we know this.

Will team be figured out some struggles with the buzzer.

Team B thinking someone yeah twenty one.

No, Team B got it with twenty twenty one, correct, by the way, So I ran these I thought this was interesting.

Three ninety six twenty twenty two was three ninety three though, so it was an edge above that year that was the hesitation. This year there's three forty eight, So this year could break the record.

Believe, Yeah, which is weird. Yeah, because there's also been a lot of closures.

Yeah, okay, so a lot of launches basically the last three years, about a thousand.

This this one's interesting, little spicy number eighteen. ARC has two ETFs that are not actively managed? Can you name them?

Both?

Team A p r NT that's one and.

I r L very well on top of that. Wow, So that's three D printing and the Israeli innovation.

And obviously our Kathy Woods shop famous for being active.

It's amazing that they have a three D printing UTF. Yeah, it's amazing that it's been around as long as it can.

We got a ballgame roll. This is Team A has eleven, TEAMBS twelve.

Alright, alright, nineteen.

I didn't think what happens if it's a tie? Lunch gets a little bit more expensive.

Well, the final jeopardy we show, we'll figure it out. I can think of a last minute question.

Break the tie number nineteen. The only ETF to surpass spy and assets was GLD. I don't even know this question.

Hold on you, guys in this case, I get it. Wait till the end.

I think they should both lose one.

I agree, doctor, just to make a point, just to make this point, just to my kids, send a message, natural consequences message. Okay, ten to eleven.

Now now again, Now I'll finish the question. I mean, if you want to go ahead. The only e t F to surpass spy in assets was g l D, and it did it for only one day in which year?

Shoot? I think you should just go for a might as well.

Team B taunting but not even thinking about it. Well, maybe I'm encouraging, Maybe Todd is. There's a lot of silence whispering. I don't we would be the shot clock gonna run out here, I can't remember.

Why not?

Oh, team bow all right?

Two thousand and four, noa off launch. Yeah, kind that's when it got a billion in the first three days.

That's your famous okay, minus minus one teammate you want to try. That's one year of many off the board that you could choose from since they lost one.

Do we get answer?

No?

What's just stuff?

Yeah?

Okay, all right. Twenty eleven I would have said financial cris time it.

Took how to get assets? Yeah, twenty eleven was off. I think the European deck crisis were spy loss.

So I'm claud We took a shot ten to ten.

It's like a real football game ten ten.

Okay, all right, Question twenty. I love this one.

I do too.

What is the best returning ETF of all time? Team? A very little delay and now a huddle.

Hold on before you answer, you know we're talking about all ETFs.

Them.

Yes, okay, t QQQ wrong. Good guess but wrong.

No, it was I don't know it is a teammate falls behind Team B. I'm going to figure it out.

I think we should pass here.

Yes, okay, Eric, you want to tell him?

Yeah, the correct answer is teckl ECL. It's up fourteen six percent since launching in December two thousand and eight.

Wow.

So it launched at the perfect time. T QQQ is going on better runs. But when you launched at the end of the financial crisis, you caught the whole move up. Tqq is only half that, believe it or not.

Wow. So we go from ten ten to nine ten. Team A behind we and we have this is our final question before final jeopardy.

Alright, is it tough?

So? I think it was. I thought of it though.

What's the answer? Come on?

Okay? So this is number twenty one? Okay, slightly different. What does iop V stand for?

Oh?

I don't even know what, though, Dave not. It's going to be so mad that I don't know this good thing he's not here? Is that a tick or what is it?

Just stay quiet, Just stay quiet, Eric, No, we might need to call it unless Team A wants to attempt to.

Catch up here if they want to be legends, you know.

Yeah, I mean there will be perhaps names Chiselden, Granted or something over this. I think we should call it.

Yeah, okay, Eric, So this is the official name for what's called the I NAV. Yeah, and the answer is I got a look because I always forget it indicated optimized portfolio value, which is like, what's the value right now of the baskets the it's the Tuxedo Pooh version of the IAV name.

Basically, that's never that information has never been in my brain.

Eric, where through twenty one questions, what is our standing?

Team A has nine, Team B has ten.

This is way closer than I expected. I don't know who I expected to be in the lead, but yeah, and we've almost had a tie and then Team A just couldn't quite hold it together.

Yeah, yeah, I mean, now it's really anybody's game. You guys are within you know, you're basically within one point. So so the way this is gonna work is Joel's gonna ask the question. You guys aren't buzzing anything. You're gonna confer with yourselves and write down a piece of paper, A what the answer is, and B how much you're gonna wager of your ten points?

We don't have to participate.

If we don't, you can put zero. But if they they wager three two, they would win if you wager zero. So there's two things going on here. Do you know the answer? And what are they gonna do? So this is like like a couple of dimensions.

Of what is our score?

Here is our final?

You have nine points the way you have ten nine with for team A.

Team B has ten points to wage with. How many ETFs has Vanguard closed ten nine, eight, seven, six, five, four three?

We want to do that.

One? All right, let's put those pencils down.

Take another two seconds. You want this to be right. Two?

All right, now, pencils down. Team A. I want to hear from you first, how many points did you wager? You do have to answer when I ask you a question? How many points did you wager? D We put it all on the line, all not all? Note and your answer is two. Eric ahead, let's let's do Team B.

We also said too, and we put two points.

So Eric, let's do some quick math. That was wrong. First of all, Team A wipe themselves down.

It's one. The answer is one it's the Vanguard Liquidity Factor et.

Yeah, but that was their first US closure.

US the japan one.

Yeah, but I mean I don't know, Like it's okay, we went anyway, that's true.

Well no, we said too as well. We waged nine, so if we got it right, then we would have been we would have.

Gone Eric and.

Hold on.

I love this ending. This is exactly what list script, you know. I think the outcome here is like we just have to buy them all.

Yeah, I like, yeah, we all win.

Well, maybe I'm gonna takehim around.

Answered in the US is one, yes, yeah, there was another one. We all for talk and we're just talking, talking, talking months after months after months. We all expected to be US unless we say global.

But you said earlier you had a question that was all and then you and I you're so US centric.

So so it's like black Eye for hair, which is a great way to end. It's not going to give. So I think there's a slight win for a team B here, but like barely, it's not one that they get to brag about.

Really, I don't with another come up with another question right now?

Yeah, we had this, we had to answer.

We take a break and.

Have this weird, or we could just or I could come back.

I feel like we should arm wrestle or something. So there's got to be a win. Why don't we do a bonus round, same rules, and Eric and I will confer for a moment and we'll see if we can end this. Do they get the same point total that they had? We're just gonna scrub that one.

Would just scrubbed the whole question, Throw it out? Does everybody agree to judge?

Throw it out?

Okay?

Good, all right, we'll try again. Eric and I will step outside, will be that's my favorite ticker, and then you judge which one you think is the best. We had a couple more questions. Yeah, we put on the sidelines like B sides. We're going to bring one of them out and it will be our new final jeopardy. So I think everybody's still going to get a sushi lines. But there's like another one that comes sometime in the future. Here's the question. We're gonna do the same exact thing.

Mm hmm ten nine still all seven.

Six, five, four three two yeah one. Team B finished considerably early. Katie Greifield has her arms folded and crossed in front of her.

Team A.

You're still behind. Let's hear how many points you wagered? We wagered it all?

Wow?

Doubling down again?

So all nine points?

Team B, how much did you wager ten? Everybody's doubling down?

This is it? This is it?

So, so we won't say he's correct until you both answer, though.

Okay, we want to go first. Okay, Team A, you still get to answer first. What is it? We said? Bido? And Team B biddoh.

Katie's from the right side of the track. Yeah, he says, bido. What is that like?

Okay, so, so Eric, what's the what's the answer here?

Biddoh?

Yeah?

So this team won? No, No one says, I don't have to subtract a point or two? Got the pointy? Yeah you did, so you.

Nicejongratulations At least you all kind of an asterisk squin, but I think you went farren square.

Yeah, good job, and wait not to say you know how to put organically in there so you wouldn't bust my chops with the stupid black rockey. They put a billion in on day one.

I like that you're trashing him at the end.

He had to get that. I had to put her or we'd had another controversy on I can't wait to Laura Athanasios, Katie Todd, thanks so much for joining us on Trillions.

Thank you, thanks for having us, Thanks for having us.

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. We're on Twitter. I'm at Joel Webber Show. He's at Eric Balchunas. This episode of Trillions was produced by Magnus and Drickson. Bye