00:00Tell us a little bit about what this ETF, the proposed ticker is GRFT, aims to do.
00:05So this was filed in June. We wrote it because it was cheeky. It was new. It's like GRFT,
00:10GRIP. And then the ETF name is Government GRIP. It's designed to target firms with political ties
00:15to Washington. So Matt Tuttle, the CEO of the issuer behind this, said they will scrape speeches,
00:20whether it's commentaries, or they will look at the companies that members of the Congress
00:25disclose. Basically, it's anything. And it's not specifically tied to any politician or any
00:29administration. He just says that I want this to be, quote, translate political influence into
00:34investable insights. So that was in June. And we were waiting. When will it launch? And then so I
00:38was asking him and asking him and waiting. And then months after we find out that the exchange wants
00:43to list it. So a big no from the three exchanges reportedly. What is the path forward here for
00:49Matt Tuttle and for this fund? I think if it's a no, then there's nothing you can do. So according
00:54to him, his only hope is Texas. So it remains to be seen. Texas Exchange, which is set to
00:59start operating, I think, early this year. But if not that, I asked him, what about Canada? What
01:05about others? Are you open to rebranding it and stuff? But he said, no, he wants it to be griffed
01:10for now. He wants it to be griffed. So he doesn't want to change the name of it or the ticker for it.
01:14Eric, can an ETF actually launch as an ETF without an exchange behind it?
01:20No, not really. I mean, that's the whole point of the name exchange traded funds. So it wouldn't be
01:24an ETF at that point. It'd be like a GBTC. Now, Nance, by the way, to me, seems equally
01:29cynical. This is the Democrat trading ETF and it's got 260 million. It's interesting. It
01:36cruises the GOP one. Nance has the more assets and does better, though. They drew a line with
01:41grift. I think Texas will list it. The people who run the Texas exchange are from CBOE. And
01:46I think they were the most liberal of the three exchanges. So I have hope there. But if not,
01:51you know, this is such a Tuttle story. I'm holding out for his alien tech ETF.
01:56And you said this is the first ETF you can think of that all the exchanges rejected.
02:00I've never heard of this. This is like, you know, like gangster rap back in the day,
02:05like Walmart wouldn't carry the album or something. It's like I've never heard of this.
02:08But this feels very on brand with Matt Tuttle, right? He's a little bit of a provocateur.
02:13Very much so. But it's interesting because last year Katie wrote a story that it's a record year for
02:17launches, flows and volume. But now Eric was the one who said it's also it's
02:21like the parents are saying no, because the ETF industry is like a teenager pushing boundaries
02:26using Eric's words.
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