William Poulin

@EricBalchunas @JSeyff Assuming these new sponsors are capable of shepherding this mess, If they understand and implement aggressive revenue share, on top of penetration pricing- they might kick some butt. But sectors and themes are still only “five percenters.”

Normally a new ETF issuer, esp indie ones, put out 1-5 ETFs, see how it goes then files for more. Corgi is flooding the zone, launching 34 ETFs tmrw (from buffers to themes, almost all cheaper), has another 200-300 filed. We've never seen anything quite like this. Should be interesting..

@MstarBenJohnson @DaveNadig @CorgiFunds @EricBalchunas @Todd_Sohn @MstarArmour Was waiting for this

@DaveNadig @CorgiFunds @EricBalchunas @Todd_Sohn (Image Credit: @MstarArmour)

34 ETFs tomorrow from @CorgiFunds. They're just full Vanguarding the thematic/buffers space. $MAGS to $DRNZ to $UFO, the Dollar Store Spaghetti Cannon is firing! The Terrordome is good for investors. (Not all clean comps, but ...) cc: @EricBalchunas @Todd_Sohn @MstarBenJohnson

@DaveNadig @CorgiFunds @EricBalchunas @Todd_Sohn @MstarBenJohnson That really is a cornucopia of product development “goodness”. Glad to see them (sort of) right-size the fees. None of these will see an advisor or broker, but HFTs will probably have their way with spreads for a while. Interested to see seed money.

@dollarsanddata Congratulations. Well said.

My wife and I just had our first child. The experience taught me how precious life really is. My latest on The Great Filter: ofdollarsanddata.com/the-great-filt…

@EricBalchunas @Todd_Sohn Never noticed those. That was a surprisingly bad idea - by smart people. Bonds are 4 things: principal, coupon, maturity date, credit. Priced on a credit/maturity matrix or amortized cost.

BondBloxx is liquidating their bond sector ETFs. Another failed attempt to make bond sectors a thing. Sectors are massive on equity side, but no one cares with bonds. ht @Todd_Sohn

@DaveNadig And, remember the CFPB?! They’d be working 24/7 in this environment- swimming against the tide. But the FINRA Disciplinary Report still averages 20 pages/mo. It’s a pretty good read! Advisors can be crafty.

Yes! Competition Good! It doesn't change the fact that the CFTC fired EVERY lawyer doing enforcement (like, 20 of 20), has NO active comissioners but chair, and is down 29% in headcount. Yet this is the new, burgeouning market we're going to innovate in. But I mean ...

@MstarBenJohnson @EricBalchunas Would be interesting to categorize by # of “2X, option income, etc. Also, interesting stat in these is “turnover”. How many redundant? I use to oversee 2X and 3X ETFs that turned over 700% in a year- and didn’t grow AUM. No one looks at fees on these

@EricBalchunas The "you" here being the issuer/spaghetti cannon blaster.

There's now over 400 single stock ETFs, but the category 'only' has $40b in aum. That's 100m/ETF (avg is 3b/ETF), which is as low a ratio as I've ever seen. ESG was 400m/ETF at the height of ESG hype, followed by slew of liquidations. Prob same here. On flip, all you need is one hit to be living large bc they charge so much (degens are not fee sensitive). This truly is the ultimate spaghetti cannon category. Good note today from @psarofagis

Here we go... Prediction markets meets crypto ETFs because of course, why not, it is 2026 after all...

@EricBalchunas @BillAckman Agreed- and true about holdings- big names mostly. Discounts can also come and go… My experience as a large sponsor “product person” has always been that I prefer smaller burden of institutional s/h’s and/or institutional vehicle over retail funds/shr holdrs/boards any day.

@wjpoulin @BillAckman I get it but i just dont think it's worth the 'third element' which is the varying discount- the port can go up and you lose money w that. also the holdings of the london one are pretty vanilla don't see any underlying liquidity issues.

I did not blame retail investors for PSUS’ and PS’ price drop. I did explain to the media that we had chosen to favor retail allocations over institutional orders by giving retail investors 100% allocations and cutting back institutions. In most deals, retail investors receive a smaller percentage of their orders than favored institutions. Because the stocks opened late in the day at 1:55pm, investors who received more shares than they wanted were forced to sell in the last two hours of the trading day in order to have the cash to settle their orders the following day. This likely led to dumping of the shares of both PSUS and PS before the market closed. I was not blaming retail investors. I was simply explaining what we believe had occurred. We just did not appreciate this dynamic in making our allocation decisions.

@TaxAlphaInsider @CaydenWMcLaugh This is great info @CaydenWMcLaugh for better or worse, confirms my belief that most retail investors are being misled most of the time- even/especially by the big brands. Someone is paying for those broker CEOs’ $38million salaries and Gulfstream jets.

@CaydenWMcLaugh unbelievable

He paid Goldman Sachs 63x MORE to earn 1.6% LESS. GS stuck him in a "tax-aware direct indexing" strategy. Sounds sophisticated. Feels important. Let's see if it paid off for him last year vs $VOO: For every $1000 he invested in GS's direct indexing, he made $16 less than the regular ole vanilla ETF. We call this "window dressing" in wealth management.

@EricBalchunas @BillAckman Closed ends are always syndicated IPOs, Pre-sold by Brkrs to retail, but this was mostly bought by institutions. There are many reasons that Closed end is more desirable form of “permanent” capital for this portfolio and brand. PershSqr does not want ongoing liquidity

@BillAckman Why not launch this in an ETF? Price will track NAV. Then you and the investors don’t have to worry about this guessing game on whether discount is going to close or expand.

@DaveNadig @OuterBeachC @EconomPic

@DaveNadig @OuterBeachC @EconomPic Ya… Hard to describe, but having grown up in the ‘40 Act and brkr world- “the investment business.” Many of us share 1000 LinkedIn contacts. VC-backed interlopers from outside the investment world are becoming increasingly apparent. Interlopers/opportunists- not fiduciaries(!)

Dude tossed a 1330% outperformance figure into an ad for a yet to be released ETF and my compliance team says I can't say the word "hedge" in a quarterly recap.

@DaveNadig @EricBalchunas @wjruss84 I’m hoping I can bet on 20 horses next week with ETFs. Box an ETF exacta. And place a one week ETF win/place/show bet. These “things” might collect assets, and even have moments of “action”… but we’ve wandered away from investing. These shouldn’t clog SEC.

@EricBalchunas @wjruss84 I think they’ll get plenty of assets because retail has brokerage accounts. I’d need to be convinced advisors have portfolio needs these meet directly. I’ll make a bet that the top of the 13fs will not be loaded with RIAs a year out.

Just saw Roundhill filed for more prediction market ETFs to track Recession Yes and Recession No. These first non-political ones. I’m sure we will see more.

@EricBalchunas Investment product relevance (for me) can be summed up by assumed enterprise value: A mix of EBITDA multiple, discounted cash flow, public and private comparables. These products - or a collection of these- have no enterprise value.

I get the instant reaction that these are too far fetched. I felt same way. But the more I think about it the more I can see binary outcome ETFs like these filling void. Right now you have to do 3D math to pick the right asset when betting or hedging on mkt reaction to new president or will there be a recession (and many times the opposite happens, experts are wrong a lot). This removes all that and gives you direct pure exposure to the event/thing. No more having to guess how the mkt will react.

@EricBalchunas @JSeyff I think some stadiums (Ie: MetLife/Meadowlands) are prohibiting vehicles and parking because the municipalities want to charge $200 for 5 mile bus rides. People are gonna be sippin “40’s” out of brown bags.

@JSeyff 🤣

FIFA is trying to ban tailgating at World Cup games this summer and the reaction from Philly sports media is exactly what you’d imagine lol

@JasonShubnell @TheBlockCo @EricBalchunas At the outset, I thought world only needs one Bitcoin ETF at ~5bps. As time passed, it’s looking more like a payment tool than an “asset class”… like money markets 40 yrs ago… every firm needs a crypto portal and modern rails to accept and move money into the future.

Days after Morgan Stanley launched its first bitcoin ETF, Goldman Sachs filed to jump into the fray. "Can't say I saw this coming. I kinda just thought JPM and GS would sit crypto out in favor of competing in other categories," said Bloomberg's @EricBalchunas theblock.co/post/397412/go…

@DaveNadig @michaelmiraflor Same…. Have tried the simpler tools - ChatGPT and Perplexity. To find flights and even plan itineraries with flt/hotel/other. It quickly spits out nice looking prices and plans that can’t be found/executed. Maybe a hotel idea or two…

@michaelmiraflor Ive tried using AI for 6 trips now. Great as a planning tool. Terrible comparison shopper. Tried travel site AI, Perplexity, my own CLaude COde tools, and OpenAI. It's useful, but absolutely wouldn't feed it my CC without checking. Tons of misses.

Skift: Expedia: Only 8% Trust AI to Book Travel "As part of the survey, which was commissioned by Expedia and conducted by YouGov, roughly two-thirds of respondents said they would not trust AI to complete a booking, citing loss of control, data privacy concerns, and fears of misuse."

@MstarBenJohnson Funny. APT kind of a “white labeler” of mutual funds- before there were white labelers.

I've made a lot of jokes about lawyers getting paid to copy and paste Dimensional's ETF-as-a-share class filing... ...turns out it's no joke!

@Todd_Sohn @syouth1 @maybebullish Planning to plan.

@syouth1 @maybebullish There’s a plan, duh

Appears XOVR saw a $120M+ outflow. Since they're apparently unable/unwilling to sell any of the $205M SpaceX stake, it meant funding the redemption from cash and the public equity holdings. Thus, the SpaceX position has risen to 45% of net assets. All part of the "plan" no doubt.