ETFs to Watch in 2026

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Find new episodes of Bloomberg Daybreak Europe Edition by 7am London Time, one Apple Spotify or wherever you get your podcasts. Bloomberg Audio Studios. Podcasts, radio, news. Welcome to Shane's, I'm Joel Wemmer. And I'm Eric Peltierness. Happy New Year. Happy New Year, buddy. 2026, we're here. We made it. But we're recording this in advance so that we can sleep in on the holiday. Yeah, that was me pretending to be in the future. Yes. Good job. Thank you. So as we look to 2026, as always, when we do this on on trillions, we try and enter the new year with some spotlights on some tickers. Yeah, this was really born out of me doing the money show, which is a direct to retail conference that they have like in Florida. And it's a lot of like investors who are just looking for cool investments. And I used to do my like, like, top down trends PowerPoint and I could tell like they weren't that into it. But every time I brought up a ticker, they come up after the, what was the ticker you said? So I realized they just like tickers. So I did a money show presentation called like 23, ETFs for 20, 23. And I was like, this should be a note. So you started writing that every year. And I got really good feedback on it. People just like tickers, Joel. At the end of the day, you can tell them all the cool trends. But this is like the Silicon Valley of the investing world. And so we know all the gadgets. And here we are going to unearth some stuff that we find interesting. And people like that. But 26 26 for 26 seemed like maybe a little too much. So we're going to pair it back just a little bit and do 16-ish for 26. Yeah, we just, we just don't have enough time to do all of them. 16 seems like a good number. But if you want to see the full list, happy to just email me and I'll send you the report we did on it. Also joining us, Athanasios Sarafegas and James C for ETF Analysts with Bloomberg Intelligence. This time on Trillions, tickers for 2026. Athanasios, James, welcome back to Trillions. Thanks for having me. Glad to be back. Okay, who's going to go first? We're going to go kind of round Robin. Eric, you want to kick us off? I will because I have six. They have five. Okay. Well, so you're going to give one and then we'll transition to the other guys. Yep. Okay. My first one is Bank. Thank you. The I shares flexible income ETF. B-I-N-K. No, B-I-N-C. B-I-N-C. Yep. I guess for income, I-N-C. Here's what's interesting. So this is the fund managed by Rick Reader, who is actually one of the people in consideration to be the new Fed chair. So he's a pretty big deal. He got into the ETF game. A lot of big names got in in the past couple of years. And this ETF is amazing. It's got 15 billion. That means it's the fastest growing active ETF ever, faster than JP, faster than JPST, which are the kings of each of those categories. So this is a juggernaut. It's 40 Bips. And I looked at the returns. It's beating the aggregate bond index pretty easily with half the volatility. That means what I'm not, it's real, that's why it's got all the money. I mean, honestly, that's kind of the holy grail to be able to outperform with less vol. And how long has it been around? Since May of 2023. So I'm watching it because A, it's the fastest growing active ETF right now. It's going to challenge JPST for the king of active bond. And it may even challenge some day, Jepi. And the other thing that is interesting about this is when we look at mutual funds flows this year, the equity side, over one trillion and outflows, like nobody wants stock pickers anymore. However, on the fixed income side, active bond mutual funds have taken their money. So I think for people out there, when they think of their bond allocation, like the ag is a bit dull, full of treasuries, people really are much more open to active. So I think that's why this is really checking a lot of boxes for people. And it 40 bips, it feels like a good deal. So look out for this thing. This thing is, you know, total drug or not. And one that I will watch the next year. Athanasios. Well, I mean, I think that's a good pick. And I think you said it gives a lot of hope to active, right, to active bonds. If you can outperform, do a lower valve. You have a chance. So I guess, you know, that's a good pick. Nice name drop for 2026, too. Okay. Athanasios, you're next. Let's go. I'll start with LRND. So it basically just stands for large cap R&D spending. So this is from New York life. You know, we talk a lot about dividends. We talk a lot about buybacks, but we don't talk about companies that are investing in R&D or in like CapEx and things like that. And we've actually brought this idea up in the past about what about companies that are investing in things. In 2025, it's actually beating the S&P 500. And the reason I picked this is it came out of some research from our quant analyst, Chris Kane. And he was saying that companies that were actually spending more in R&D were beating those that weren't. And actually, this product is really cheap, it's 2014 basis points. It's pretty launched in 2022. Doesn't have a whole lot of assets. But I think it's very unique. There's no other product out there that is actually investing in companies that are spending money on R&D. So that's something that I'm looking at for next year. So is it weighted by what that spend is? It is. So you'll get, it's also market cap weighted. So you do get some Nvidia, some Apple in there, but then you get some unique names like a lot of healthcare. You get Philip Morris that's in there too, right? Well, regardless of how you feel about cigarettes invaping, but you do get some non-obvious names in there. So it's pretty diversified. It's pretty concentrated. Interesting. All right, James. I love the R&D play. I think it's great, fascinating. Yeah, well, didn't they tried CapEx, right? That was one they didn't. I think it liquidated, but maybe this one will work. It did. But actually, CapEx performs really well over like buybacks in total shareholder yield. So I think it's something that kind of gets overlooked. All right, James, take us around the circle with you first, pick. All right. My pick is VXUS, which is the Vanguard Total International Stock Index Fund, which yeah, sounds pretty boring. But I mean, in 2025, it outperformed the S&P 500 by about 13%. A few years ago, I picked VXUS, and I should have picked it last year. I was going to say, I'm getting deja vu. Like, don't you pick this every year? No, I didn't pick it. I haven't picked it. This is like the word fetch from Mean Girls. He's trying to make international happen. It happened. I mean, it did happen to be fair, but it happened. I mean, we're going to probably not going to happen again. We're going to find out one year. One year is like all you get for like 10 years. We'll see. I mean, there's, I mean, it's had a record in flow year. It's taken in about 17, it's 17 billion, right? The question is, are people one going to rebalance out of this thing and go in back into their domestic because it's outperformed domestic? Or are they going to pile in because they think it's going to outperformed going forward? I mean, valuation, if you look at valuations, international stocks look pretty appetizing. But then again, we have the best companies in the world here in the US. So it's a hard debate to have. So yeah, I'm just watching this. And the other thing I would point out, which this is going to give you real days of view, this thing had launched in 2011. It's had like four days of outflows, like in total. It's had four days where I had an outflow. So this thing just pulls in money, hand over fist, in rain or shine for the most part. It's going to be interesting to see if that flips a little bit after this outperformance now. Eric, how would Jack Bogel feel about that product? He would say, you don't need it. And he started it. That's what's so great about Bogel. He would, he actually dumped on his own creations because over time as he got older, he just, he didn't see the need for it. He, you know, he would, he was pretty savage and he would take shots at some of these foreign countries for having no, like not a lot of work ethic, France in particular. He's like, they tried to pass a law that you can only work 35 hours. What's the point in investing there? You know, like, and he also thought that with the global nature of this economy that the US would reflect a lot of the overseas markets anyway. And you also have all your investments in the same currency. So why take currency risk on, which is what you do with international investing. So he had those reasons, I will say this, if you're an investor who can't stay in volatility, like if you can't stand the US having two off years, then you might want international because that will go up sometimes when US is like struggling and that will lower your overall, if that makes you feel better, like, hey, at least this part of my portfolio is up because this one's down, you may need international. So for behaviorally, international can help advisors calm clients down because it diversifies. However, Bogle did not need behavioral help. He was going to buy the S&P and wait 50 years and you were going to get him out of there with like a crowbar. If you're that committed, like a Buffett or Bogle, and you're like, I don't care if it's down three years in a row, the US rules, I'm sticking to it, then you don't need international probably. So I think it depends on your own behavior that that would be my take on it, but I'm with you this year, international outperformed, and we all have to acknowledge that. I think what took him a second to get there. Yeah, it was. It was a delay. Well, ironically, you picked it three years ago when it didn't, and now you're picking it this year when it probably won't. Well, I'm picking it more because it's interesting to see, is it going to are we going to see it continue? And what are flows going to do? Are people going to bet on it continuing or not? Real question won't be if he's back next year. Okay, let's go to round two. Eric. Okay. I'm actually sticking international believe it or not, but it's not exactly, it's not this like, what is this? It's time for international thing. It's not that. Okay, it's not like that columnist telling me, oh, you have to sell America thing. Okay, this is an ETF that you guys will not know. Watch this. These guys like live and eat and breathe this stuff. Have you guys even heard of OTGL? No, no, no. What is it? Okay, it's the OTG. I haven't heard of that either. Latin America ETF. And the reason that I even found it, I didn't even know it existed, but there's been a couple elections in South America that have gone far right, which usually means pro business, which usually means big returns. You start with Argentina, obviously, that things up like 200% and then Chile just went to the right and that was anticipating that. And that's up like 60% on that anticipation. Now Brazil, they might have somebody elected who's on the right side in next year. And that's already got that thing starting to move. So here's a continent that's going from like socialism to capitalism pretty quickly. And so if you wanted to try to play that or at least own it, you don't own a lot in your international. Latin America's pretty tiny waiting. So what's in it? The reason I found it is because I was looking for ETFs that had both Argentina and Chile. There's not many. Argentina's tough. It's not in a lot of equity ETFs. This one has 2% to Argentina, 11% to Chile and 43% in Brazil. So it really does a good job of getting you all of Latin America. Whereas the I shares one doesn't have a lot of that, especially it has no Argentina, really. So anyway, this is one that captures, I think, the best of this sort of shift to more pro business leaders in that continent. And it's for that reason that I'm watching it because I'm telling you traders like nothing more, especially emerging markets than to see an election shift that way. I've seen it my whole career. So it looks like it's spreading across the continent. And if it does, I would stand. I would think this would benefit from that. That said, this isn't the one I'm going to watch for volume and flows. The other ones will probably see more of the single ticker ones. But this one captures all those countries the best. But this is why we do ETFs. There is always an ETF out there that gets you the closest to something. And sometimes it's not the one you think. Mr. International over here. I mean, I still hate International. But if I had to pick, I think South America, I like these countries that are going through massive shifts versus like Europe. So I probably would be more inclined to buy like not America over something like Europe. And this is not like saying sell America and like rotate to international like this guy. It's basically saying add a little hot sauce. This is like, oh, maybe sell your AI ETF and put this one on. This is like a hot sauce bucket play. Okay, Ethan, what's your what's your second? Okay, I got a question. Have you heard of this company? Eupixie. Don't know what they do. Run twos where you try and stump each other. Because I don't know either. But there's a 2x ETF on this company. And it's only got a $136 million mark again. What are the letters in the ticker? So ticker is PXIU, which is TREXX. TREXX. Eupixie. I think this is the year something blows up. I think we got a little crazy with these 2x-levard products. We had gone really far down the market cap. Like I mentioned, this one got $136 million on the market cap. It's basically like a small slash micro cap company. We have a 2x-levard version of it. I don't know if this might be the one that actually like liquidates in a single day. But I think we're going to have an event this year on one of these single stock ones. So I'm just throwing this ticker out to keep an eye on more of like category. Yeah, exactly. It is fine. Hey, stuff blows up. We had XIV a couple years ago. I think we're due for one. Maybe just don't want to be there when it happens. Yeah, it might not have any assets in it. But I think it just might be symbolic of just how far we pushed it into some of these products. I mean, the vol is 215%, which is a lot. That's like, what is that? Like 15 times the S&P. There's some a little more volatile. But the stock would only need to move, obviously, what 50%. But that vol indicates that 50% isn't that outrageous. What you need is if one of these little quantum stocks like has a goes bust, then the 2x will obviously terminate because it will go down more than 50% in a day. I mean, the other part is like the SEC stopped those 3x-5x-levard ones. Yeah, but full indoors, I think we're going to see some sort of liquidation event this year. But one or two a year, no big deal. If you had 3x, you'd have them every other week. So, yeah, we can handle one once in a while. Yeah, exactly. All right, James, you got it when that's going to stump them? Yes, actually, but it's more a category one. I think it has the lowest assets of anything that anyone's going to pick here today. TXBC. Ever hear of it? No. All right, so 21 shares, FTSE Crypto 10, XBTC ETF. I was wondering if we can shot that. Yeah, shot it. Look at him. Look at him. Oh, he's disgusting. Look at him over there. Ethan's the anti-crypto guy on the team, but it's good. We need that. Yeah, because just in case, like everything goes to hell, Ethan will have been quarantined from all this. We definitely have the crypto virus. So, this is more just, I think that these crypto index type products are really going to take off. I think there's going to be a lot of demand. We have one from Bitwise that has over a billion grayscale as one #cointures. They all have them. There's a lot of them filed. I like this one because it gives you the crypto market cap without Bitcoin. A lot of people already probably have exposure to Bitcoin. If you want to add more diversified exposure to crypto, this does it without doubling up on your Bitcoin because in those other market cap weighted ones, Bitcoin's 75, 80%. So it's crypto XBTC. Correct. And then I think longer term, we're going to see like fundamental weighted stuff, Kai Wu, friend of the show who Tuesday's Parkline, he has SMAs where he does fundamental trading and waiting of these altcoin ETFs. I think a year from now, we're going to see a lot of that, but I just think this whole category is going to be huge. Yeah, I'm with them. I think an index will be because who can pay attention to all this stuff. The question is, if you already own Bitcoin, do you use an index with Bitcoin in it? That has to be worked out. But yeah, long term, I see some value here. Innovation is rethinking what's possible in entertainment. From AI driven streaming to immersive concerts and gaming powered by virtual reality, technology is redefining how we watch, listen and connect. The next era of entertainment is already in motion, built by innovators turning imagination into industry. Access the future today, let's rethink possibility. 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And we are doing this all live each week day and then we bring you the best analysis in our daily podcast. Search for Bloomberg Business Week on YouTube, Apple Spotify or anywhere else you listen. Check it out on your way home from work to catch up on the conversations that you miss during the business day. And on the weekend, check it out for a complete wrap-up of your business week. That's the Bloomberg Business Week daily podcast. I'm Carol Masser. And I'm Tim Stanovex. Subscribe today wherever you get your podcasts. Okay, round three. Okay, I'm going to go with one that I might have picked this last year. I can't remember, but I was watching it all year, XOVR. This is the public private's crossover ETF, which was a nobody ETF that did, I think, value stocks, like nobody cared. It was an oblivion, probably about to die. And it switched this category to add some private equity. You can add up to 15% of illiquid investments and added SpaceX. Once it had SpaceX, it immediately got 300 million in flows. Like it was like, build it and they will come. And this was happening the same time the private credit ETFs launched, which really underwhelmed. And to me, it showed me that there's a huge unmet demand to get private equity in an ETF, not private credit. And then when SpaceX got into rumored to go IPO, it took in another 300 million over the past couple weeks. And this again tells me that there is a huge demand out there. Now, I don't know why the ETF industry has filed so many private credit and heartland really no private equity. There's been a couple to try to do synthetic private equity with using public stocks, but not that. I just think they should really try to push the envelope with putting literal private equity in here. Maybe not 100%, but like the way priv did with putting more than 50% private credit, XOVR at 700 million. Again, total indie, I think it's a one-man show. That's an enormous sign right there. So I think we're going to see a lot with this next year. And this ETF, to me, is like the guinea pig. If you're looking at IPOs for next year, SpaceX atop that list, is this your preferred way to get exposure to that? Or is it more like ART? Right now, yes, because it owns it. Like it will definitely feel some of that. That said, there's also the IPO ETF which owns SpaceX a couple days after the IPO. So you have to like ask yourself, like, when do you want it? But this gets it before, which is really cool. So I'd assume this would be the better play. Still though, it's only 5 to 10% I think right now. That's not a ton. But that's enough to move the needle if SpaceX were to go, if you were to get like, I don't know, an 80% return. That would definitely lift the returns of XOVR. Athanasius. I love this ticker. This ETF is pending, but it's griff, GRFT. It's from a total, it's the total capital government griff, ETF. So it does two things. One, it kind of, I know, I know. But you know, you have to admire the opportunistic nature of the industry, right? Sometimes to a fault. But they think this one could be really interesting. Obviously, you've seen the government buying stake in companies, right? And promoting these companies. One, it actually kind of follows insider, not insider, but trading of what politicians are doing. But it also is investing in companies that have political ties. Something like Intel is a perfect example. So it would pick up these companies. The thing is, they're going to be really interesting companies to watch. I think if there's money being pumped into a lot of these companies, follow them. I think it could be an interesting strategy. You know, even Nance, the kind of Nancy Pelosi one, has done really well performance wise. It's got a couple hundred million in assets. It's actually like a pretty decent size. I think this one can probably have some similar success. I don't know what the expense ratio is because it's pending, but I think this is definitely one I want to watch for next year. I think that the cynicism alone is funny and interesting. Is it being ironic or is it actually like something? There's been a couple attempts to do like here and invest in these stocks that are Democrat leaning or Republican leaning. Those never took off. This is just like, let's make money on the corruption, which I think is a more honest way to try to play this. There's also one that's coming out called the Round Hill USA government portfolio ETF, which was supposed to be called I think the White House sovereign wealth fund. And it's basically trying to, it's going to own all the stuff that the White House likes and buys, basically, so semiconductors, bitcoins, stuff like that. So we're going to see some ETFs trying to ride the sort of, you know, government connection with business and capitalism. James. All right. This is a ticker that both these guys know pretty well. I think this might have been selected in years past, but I'm picking Box B O X X from Alpha Architect. It's the Alpha Architect one to three month box ETF. Basically, what it does is we we talk about a lot of those products that like offer tons of yield, right? They do things covered derivatives to offer tons of yield. This is almost like the inverse. It's taking the return stream of like your treasury bills and not actually distributing any income. So you get the same return stream as though you're getting income, but you don't have to pay it out. So if you hold it for longer than a year, all of a sudden, you're in the long-term capital gains rate, which if your income is taxed at 35, 37% or even higher than that, and you can get it down to the 15% range, whatever it may be, that's a huge tax savings. So there's two reasons I picked it. One, it's fascinating because the Fed, we don't know what's going to happen. The Fed next we're going to get a new Fed share where they can do the rates. Are people going to leave if the yields are down in treasuries? The other part of it is like this is kind of like it's like changing the way the tax structure is set up. And there's some people that have concerns around whether or not this should be allowed. And is this something they're going to look into doing? So I just think it's fascinating. This thing is taken in money, hand to refist every month. It takes in a couple hundred million dollars. And it's almost a 10 billion dollar product from an arguably indie issuer. So I think it's just a true success story. Highly creative, you know, you can be creative on all different ways in ETF land. So there's a bunch of ETFs working looking to innovate on taxes. Interesting though, what you said, the price return of this is 15% and so is the total return for SHV, which actually holds short-term debt. That doesn't have any price return. I mean, it's basically zero. 15% is the total return, but that's all from income. So that is a huge swing. It's not like even a little. And I can see why people like this. I mean, it's really really creative and really, I think it almost kicked off a whole category. Yeah, I think it did kick off a whole category. We're going to see more of this stuff. Okay, round four. Okay, I'm going to go with buff B. Why buff B? I love that ticker by the way. There's also one buff BFF, but buff B is a ladder buffer. So a couple of weeks ago, my mom, who like rarely comes to me with ETF questions. She's like, I'm thinking of buying one of these buffer ETFs, but I want the ladder one. So I have to worry about it. So it's like, okay, if she's getting wind of this, you know, it's like, it's got to be in time magazine at this point or something like that. USA Today, like it's like how popular are buffers that she even knows about it, right? And then she's thinking, I don't want to worry about it. I'm like, then I looked, the ladder buffer from first trust is the most popular buffer ETF. I get it. It's a little more costly, but it just does all the work of like having to go to the new ladder. So there's of the new five picks and one pick from your mom. Yeah, basically, yeah. Well, because this is another reason I picked it is. So a, it's innovator's ladder buffer that challenges BFR, which is first trust number one buffery tip on the planet, but this one doesn't have nearly as much assets. This one basically like BFR is 9% buffered, right? So that's how much the market would go down that it would protect you from. So anyway, these two products, the first trust is huge. This one not so huge, but guess who just bought innovator, Goldman. Now, Brian Lake runs Goldman. You saw me do a jet B and JPST. So if he's listening, I am almost challenging him. This thing probably should have 10 times the assets given it does the same thing as BFR pretty much and has a minuscule amount of the assets and innovator put buffers on the map. So this is a product that I could see if it got, you know, the Goldman firepower behind it. It could really take off, especially if you have people like my mom who want buffers, but don't want to have to like put the new buffer in every year. Ethan, round four. Can I pick one that what you shouldn't do? Yeah. Okay. Yeah. This one annoyed me from the second it launched. Think about these as to watch, you know? So it's like, well, I mean, go either way. Honestly, would you say more ETFs annoy you than don't? Probably. Yeah. Yeah. He's the old man yelling at clouds on the teams, like, but it's good. This one's a P clean. It's a PCL and it's the Pictet Cleaner Planet ETF. It's nothing against them. It's just about reading the room of the industry and you've seen the tickers that we've mentioned. It's intense. This is a really competitive industry. You need to come either with some sort of really differentiated strategy or we looked at most successful launches this year. A lot of them had a lot of BYOB. Sorry, BYOA, just bring your own assets. This one is just a firm that I think is not really reading the ETF industry, but it's it's not just about them. It's about if you're going to enter the industry, you need to have a plan. You know, this is 70 basis points. It's an ESG product. So not only is it expensive, it's a strategy that no one is really looking for. So this year's going to be interesting with share class potential. You're going to have a lot of issue, a lot of asset managers trying to come into the industry. It's about, you know, you got to be aggressive. You got to be all in. And I think this is an example of not being all in, honestly. I want to be surprised of this closes in a couple of years, but just sort of, you know, yeah, there's stuff that we're watching, but also there's kind of stuff that you should, you know, maybe not necessarily do. Also, they are coming from the European Mutual Fund world and they are big in themes there, but European Mutual Funds is pretty kush. It's a kush lifestyle. This is the, the Taradome. It's interesting. They skipped the ETF market in Europe and went right to the US, which is like, I mean, that's like a real crazy swing going from Europe Mutual Funds to US ETFs, 70 Bips, the whole cleaner planet thing. Like, remember, like, Gabelli tried that. It's out of vogue. It'll be tough. You're right. This one is, I would be surprised if it, if it gets organic. I think it needs to get some BYO or something to get going. Not to say they will have no successes, but this one in particular. I don't know. I don't see it, but James run for it. Yeah. I mean, one quick note, I would say is like, I don't understand. I'm with them 100% with them. I don't know. They need an institution to come in and back them up. It doesn't make any sense. All right. I'm going to pick one that, I think you guys know, you guys definitely do know it. Joel, you might not. So this is actually the fourth largest flow getter in 2025. And the ticker is SPYM. I don't know. It's basically spies mini shares. It used to be, I think it had a different SPLG. SPLG was ticker. It's state street spider portfolio S&P 500 ETF. This thing has $101 billion. That is a massive product. It's done exceptionally well. The reason it's done exceptionally well is it charges two basis points to get exposure to the S&P 500. So it's cheaper than IVV. It's cheaper than VOO. The number one flow getter this this past year. So yeah, it's taken in 35 billion. So I'm interested to see one. How are they going to do going forward? It seems to be siphoning assets off of SPY, the legacy asset, the legacy product. And will Vanguard or I shares decide maybe we should compete with this because these things are doing well. I guess Vanguard doesn't have to. They're the flow leader, but it'll be interesting to see how this shakes out. So is it actually showing up on a day-to-day basis in a way that's like SPY is no longer the preferred trading vehicle? So SPY, I don't think I don't know if SPY will ever get dethroned as the preferred trading vehicle. This is like you want S&P 500 and you want the cheapest exposure. Ironically, there were some products that offered free exposure to the S&P 500 or large cap specifically. It wasn't the S&P. Yeah, but people want the S&P and two. I think there's people skeptical of free. So if you could get as close to free without actually getting there, you can probably get a lot of assets. And that's what I'm seeing here as far as I'm concerned. Yeah, no, it's true. That one, you know, I had a section in my first book called The Power of One, dot, dot, dot, basis point. And because IVV and VU went from like five to four, four to three, and it actually moved the needle. That's how cost-obsessed people are. So yeah, that's a good one. It's already the 20th biggest ETF and climbing. I call it the fourth Amigo because these you call the other three Amigos. I don't know who the fourth Amigo would be in that movie, but El Guapo anyway. It's fine. It's fine. Yeah. I'm Barry Rittalts inviting you to join me for the Masters in Business podcast. Every week we bring you fascinating conversations with the people who shape markets, investing and business. CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market, whether you own stocks, bonds, real estate, commodities, crypto, you really need to hear these conversations. Sometimes it's behaviors like Dick Thaler or Bob Schiller. Sometimes it's fund managers like Peter Lynch, Bill Miller, Ray Dalio. Sometimes it's authors, Michael Lewis, author of The Big Short and Moneyball. Regardless of the conversation, these are the folks that move markets each week. That's the Masters in Business podcast with me, Barry Rittalts. Listen on Apple, Spotify or wherever you get your podcasts. Okay, round five. Okay. So I'm picking one. I like to pick one of a of a theme or sector that's just totally shot to hell because you remember uranium that one year and I nailed that. This is the advisor shares pure US cannabis ETF MSOS. This thing is a billion dollars, but it's the most US centric of all of them and it holds MSOS, which are state operators. Anyway, anytime there's any like legislative win, this thing goes up. So there was recently where there was a rumor that they were going to reclassify it. Marijuana and Trump was going to sign this thing and it went up 50% in a day. It's still down like over 80% even with that bump. That tells you the like this thing could run if it gets the right environment. And I talked to Ken Shay over in BI who covers this area. And basically, there's like all these baby steps. It gets reclassified. That means the taxes are way better for these state operators. That's one win. But then it's like, okay, well, maybe it should be inside the banking system because if it's reclassified, then it's like, well, why aren't we even making this legal? He just thinks these, this is like the road to federal legalization, which is the ultimate holy grail. And so there's a lot of potential here given that this stuff usually happens in a chain reaction. I'm not saying it'll happen, but with how much it's beat up, it's certainly any little news should move it. And MSOS, I think, is the one that captures the US market the best. So that's one I'll be watching. Interesting. Ethan. Yeah, that's a good pick. And I'm, I'm going to go deep in the, so pull up a classic here from 2006. Housing, ITB, which is the eye shares home construction ETF. Obviously housing comes up a lot. You know, it's been a big political platform everywhere. It didn't have a great year. It was pretty much flat this year versus 17% for the S&P. But I think it's a really interesting sentiment barometer. Obviously, we might have rates coming down next year. You have some regulatory support of homebuilders. I think it's something that, you know, and usually what happens with homebuilders, it either has a really bad year or a really good year. And it's coming off of like not of a great year. So I think it's just something to watch. Obviously, just being just because there's how much affordability such a something that's talked about a lot recently. A political word. That by the way, that is a, I like this because I believe that the new Fed share, one of their goals is to get rates lower. So people start buying more houses, because that's been a problem for years. I mean, honestly, low rates are really good for housing. I mean, it seems like a no brainer, honestly. Yeah. And I think they want to help some of the homebuilders kind of last course. I don't see a bear case. We don't make a t-shirt that says that. Because sometimes we're like, we get all hot about something and we're like, I don't see a bear case. And it's like, that's when you know you got to like get worried. Not that. James, your final pick. All right. My final pick. I don't annual conference a few weeks back. Eric gave a presentation. Is this as good as it gets? And I think that's something that people should be worried about. And a lot of times what we see with these alternative ETFs is people pile in like after they should have already been in them. So the one I'm picking is the IMDBI managed future strategy ETF DBMF. And it's basically a managed future strategy. What they do is it's more tactical. It's kind of like CTA trading, not exactly. So what they had a stellar year in 2022, they're it's now a $2 billion product. But honestly, if you want to have this as a diversifier in your portfolio, you should have it before, you know, you know what hits the fan. So if you're looking at this, it'll be interesting to see how this product does. And I also like I'm going to throw out another ticker, a bonus ticker, RSST, which is a return stack version, which will basically instead of having to sell your S&P 500 product, you can add this on and it will give you kind of leverage exposure to this managed future strategy alongside the S&P 500. I just think some sort of all exposure, if you're trying to have a diversified portfolio and you don't want just S&P 500 like Eric or Jack Bogle, this might be a good idea to have. So much to unpack there that we're we're going to let it ride. What is DBMF home? So it goes across futures products. So it could be rates, it could be equities, it could be commodities, and basically it should have an uncorrelated exposure to the S&P 500 or the the broad equity markets. For the most part, when everything's awful, this thing will do really well in 2022. This thing had a billion dollars because it generally goes up. It has short positions. So DBMF, it won't go up a ton, but relative to everything else in the crapper, it'll be up probably. And so that's when alt will finally get their day in the sun, but it's rare. The equities are so good that these tickers just like they have a year now and then, but I see what you mean. This is if you if you're like one of these like something's going to go wrong, that one would be a good one to look at. All right, Eric, your final one. This is a good one to close. This is a good finale. I'm I thought about how to close this. If it's crypto, I'm just gonna. It's not, but it's equally annoying to you because if this ETF is a hit, I think he will retire from the industry. He's always says that. He's like, because he always says, Mr. Beast falls from ETF. I'm retiring. This is close to that. Okay, UFOD. This is the. Tuddle capital UFO disclosure AI power ETF. Okay, what does this do? Okay, I'm gonna read straight from the perspective here. It hasn't launched yet, but it will probably 2026 or Q1. It has a basket of companies that the advisor believes have potential exposure to advanced or reverse engineered alien technology spurred by government disclosures about UFOs and alleged advanced technology. So basically, if you look at polymarket, there's all these odds going up that the Trump administration is going to release information on UFOs very soon. And this is going to take that information that they got from aliens. And it's going to say we're going to buy the companies that take that tech and like build stuff here with the alien tech. So it's an alien tech tech ETF. Okay, and it uses AI to pick the stocks. So it's like, I mean, honestly, if this thing is over a billion dollars this time next year, I think I think this will be curtains for Ethan. No, man, but this is such an Eric pick. I just think this is like this is I always say the tent keeps expanding. This is like pushing this far out on one wing of the tent. I don't know even how to respond to this. I mean, there is a lot of rumbling about Congress. They're doing a bunch of stuff like trying to figure out what's going on. But these, you know, aircraft have unknown origins. ETFs, you can invest in anything. So what has to happen for this to launch? I mean, it's only equity. So really, Matt just has to Matt Tuttle has to explain the prospectus. Here's why I picked them. So it can launch, even if there isn't any disclosure, like it can just say, you know, it can figure it out. So I think that it will launch regardless. But if if polymarket is onto something that odds spike because I thought someone in the Trump administration was actually buying the polymarket about whether Trump will release something in 2025. We'll see if that worked out. But basically, it's the information coming out that the tech companies will then use. Now, I'm going to tell you right now, I actually don't think there's anything such thing as aliens. Like, I don't, I just don't think it exists. That doesn't mean the ETF shouldn't exist. I'm a very free market capitalist. But I just think it's interesting that the thematic area in particular, you know, this is really pushing the envelope. I remember when people mocked, I remember tweeting out the filing for the video game ETF. And I remember everyone was like dumping on it like, oh, this is the top and they were just crapping on it. That's pretty normal sounding now. Like, so we would say today's satire is tomorrow's ETF. And this is an example. Welcome to 2026. Now, one real quick thing. This is a fun. This is really interesting. No, Joel. Matt Tuttle may not actually launch this. He may actually be on his own island somewhere because he has the ticker SPCX for this SPAC ETF he launched. He may sell that to Elon for SpaceX. The way Matt will Hershey sold meta to Mark Zuckerberg for an undisturbed song. Allegedly. Allegedly. And so if Matt Tuttle quits the business randomly, he might quit before this even launches if he gets enough payday from Elon. You heard it here first. All right. Plenty to watch in 2026. Athanasios, James. Thanks so much for joining us. I'm choice. Yeah, thanks for having me on. Thanks for listening to Trillians. Until next time, you can find us on the Bloomberg terminal, Bloomberg.com, Apple Podcasts, Spotify, or wherever else you like to listen. We'd love to hear from you. Hit us up on social. Trillians is produced by Magnus Hendrickson and Ryan Kessler. Amy Keane is our executive producer. Sage Bowman is the head of Bloomberg Podcasts. Bye. Bloomberg Daybreak is your best way to get informed first thing in the morning right in your podcast feed. Hi, I'm Karen Moscow, and I'm Nathan Hager. Each morning, we're up early, putting together the latest episode of Bloomberg Daybreak US Edition. It's your daily 15-minute podcast on the latest in global news, politics, and international relations. Listen to the Bloomberg Daybreak US edition podcast each morning for the stories that matter with the context you need. Find us on Apple, Spotify, or anywhere you listen.