Roundhill Looks to Mimic US Govt. With ETF Filing

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00:00Isabel, so the ETF as proposed would only make an investment after the U.S. has done so?

00:05Wouldn't it have gotten the pop already?

00:07So that's the biggest question we have, but the prospectus just says it will invest in publicly disclosed deals,

00:13which leads us to think, what is publicly disclosed?

00:16Katie and I were talking in our seat.

00:17Does speculation count as publicly disclosed?

00:20Because then people are talking about it already.

00:22And to the point you brought up, it is important because the pop would have been done.

00:25I think about when we covered the S&P rebalancing.

00:28The pop usually happens when it's announced, not weeks after when it's actually added.

00:32But still, it's interesting because it kind of, think of it as your political thesis wrapped into something very investable.

00:38And we're getting mixed views, which is what makes it also exciting.

00:40Yeah, I wrote about that point, though, in the ETFIQ newsletter, the idea that if they can only invest on a confirmed stake,

00:47you run the risk of buying high because, of course, the speculation leads to the pop, Isabel.

00:53But it is interesting to see this growing trend of kind of investing in the government and what they're doing.

01:01I think about the Grift ETF, for example.

01:03There is that.

01:04And it's easy, I think, to mistake this as just another thematic ETF, just an upstart issuer, again,

01:08trying to make it in the $13 trillion ETF space, flooded with more than 4,500 products,

01:13which we always repeat again and again.

01:15But you think about also how this could reflect how markets now price political will.

01:20I mean, this is an administration that's really muscling itself into Wall Street.

01:24And now they're copying.

01:26There's something to invest in if approved.

01:28There is a little bit of a precedent here.

01:30The unusual whales, subversive Democratic trading ETF, Nance, is beating the market.

01:36It's up 84% since launching, $265 million.

01:39You know, this is something where why it's almost like don't fight the Fed, don't fight the White House.

01:44And if you look at what it holds, I'm assuming it would hold Bitcoin.

01:48I'm assuming it would hold uranium or nuclear.

01:51What else do you think it might hold?

01:52And, you know, again, do you think this will be like pretty diversified or just a couple of things?

01:56I think if you're looking at the U.S. government, then it probably would be pretty diversified.

02:00The thing with the U.S. government is we don't have a sovereign wealth fund.

02:02So this is the closest you can get to that.

02:05And then, again, it's probably at the discretion of Roundhill.

02:09We know that there's a deal with Trilogy Metals, Lithium Americas and all that.

02:12I actually didn't think about Bitcoin, Eric.

02:14So that's an important point.

02:15I mean, it could be a proxy one way or another for Bitcoin.

02:19But then when I talk to people, they were split.

02:21Some were like, it's about time.

02:23Production of security is something that Peter Chiriff Academy Securities has been pushing for.

02:26But others were worried that, you know, the heavy-handed tactics of the government might skew markets.

02:31So, again, mixed bag.

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