romaine: let's get you caught up. and will rescan in u.s. markets. markets on pause. s&p, nasdaq, and down all fallback. anchor: the question is what is you miss? caroline: crypto losing some fans for the date but it was football fans, or you call them soccer, who experienced the most

people today as they watched the big fallout from the news of a european breakaway soccer league. bankrolled by none other than america's largest lenders. the threat of the richest clubs setting up a super league, taking on the champions league sent shockwaves. fans fumed, politicians drawing up plans to prevent it. what are the pros? what are the cons? what are the money involved? let's talk about the money in and out of the market today. romaine: before we get to that, breaking news on united airlines. their earnings are out. it is coming in as an adjusted loss for the first quarter. the estimate for the sport seven dollars and two cents. a little worse than expected. as far as the two q numbers, capacity will be down. also say that revenue up or mile

will be down put percent and operating revenue numbers per also looking a little light. anchor: going on to today's action during the day, romain you make fun of me feel a talk about the etf, but then we went to-three weeks and we have not talked about it at all. it did not move very much. but it has started sagging again. i think it speaks to the weakness in the areas of the market while overall, it's doing pretty well. if you look at the arc etf for the whole year, you see it is going well all those highs and could not regain that march rebound. still need to keep looking down over 3% today. let's bring in katie grayfield. with the bitcoins a lot over the weekend, tesla weakness. some of the stuff we've been talking about for a while is

looking vulnerable. reporter: the arc etf is interesting. you've seen the nasdaq rally in the last couple weeks. it closed friday after a fourth straight week of gains. arc is not been able to get a foothold. today, it's that over 3%. it's interesting is that tesla weakness. there was some fundamental tesla news that nobody was driving had crashed. you have that tesla news. you have the bitcoin dropped continuing. it's interesting that we did not pair losses. the weekends crash was low liquidity and etc.. you did not see that. it was a tough day for speculative tech. caroline: sitting -- hitting the idiosyncratic news, hitting nvidia and peloton as well. we did get nervousness around the headlines that the state

department will not let people travel to about 80% of countries. this whole we opening mindset when you see covid numbers picking back up sort of takes a pause. reporter: today was a messy cross asset. you see it go up across the curve but you have the nasdaq 100 down. you also had small caps taking a beating in particular. usually you see big tech and small caps trying to trade the opposite of each other, not today. even with all these idiosyncratic stories, we are in a holding pattern. we are in a bit of a data desert until thursday we get weekly claims. we also get housing data which will be very interesting but the also have the speaker ahead of next week's meeting. romaine: let's get to the really is. ethereum and the doge is a $.40. what is going on here?

reporter: i am dying to talk about it. i think something really important happen this weekend with his bitcoin plunged that you did see it plans on an anonymous tweet. it was not even correct. i think the narrative over the past week has been his graduation and crept out into the wall street big leagues. this week was a reminder that you still have retail market is driving the price action here. the fact that bitcoin can pledge 15% on the weekend from a fake tweet is pretty amazing. anchor: i tweeted about this earlier but my uber driver asked me about doge. he asked me you work at bloomberg what do i think about doge? no one here in the entire building has good advice, either way. reporter: i am pretty passionate. i think it is a really fun case study in speculative assets. based on nothing, even the

credit submitted in 2013 said that this is a joke. at least bitcoin seemed to have a purpose. doge has nothing. it is the purest asset out there. romaine: it was based on something but had better pr. reporter: doge is just for fun. maybe in the year, i will be at the table talking about it. [indiscernible] romaine: getty grayfield, we will let her get back to her updates. coming appear, what ever it takes, my we talking about football. as they call it an u.k. and they are saying, it's not really sure it wants to breakaway european super soccer league to take place. we will find out if the u.k. will be a spoiler. this is bloomberg.

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romaine: one of the biggest stories is the breakaway super league of all the richest teams apparently going to come together to start thoroughly. they don't need those other middling companies out there guess what, u.k. is trying to throw a wrench in the plans and maybe potentially stop it. caroline: i have been looking it up and apparently it's because

it was association football. it was rugby football and the association football, which you took up and called it soccer. and then set up your own variant of so-called football to be something played with her hands. anchor: little those teams. even i recognize them. the arsenals, the chelsea's. all those joining eight european soccer league. romaine: as of the bitcoin in the middle? caroline: let's look anchor: let's welcome jason kelly. everybody was talking about this over the weekend. can you describe for the american audience as simply as you can't why it is such a big deal these teams are going to be playing against each other in a new league? reporter: it's a huge deal and it means that these 15-20 teams will play in this super league

that will replace what is now champions league. it is where europe tends to come together. why do we care? it really means that when you're talking about list football and carolyn can back this up, he was football is a religion of sorts there. in her country. it is basically taking them a step further removed from the national league. from the english premiership. it will take some revenue away from the smaller teams and i saw somebody say this is money versus sentiment and money is winning. caroline: money talks, jason. there's been his frustration for about a decade. as you saw menu and other foreign buyers russian, spend the cash, and get the great players and then it felt like an unfair game in some way. -- man u.

they are looking about monetizing to a different audience, the asian audience. reporter: it is. it is a global audience and it speaks to how popular the game is. but also, the power of these superrich teams who have been pulling away as it were in terms of evaluation have drawn huge money. the owners of liverpool are the same owners as the boston red sox. they are involved in this super league. the team that owns the lessons as rams, owns a team in this league as well and arsenal. this is the influence in many ways, you can make the argument, of the american influence because as being sports fans here in this country, this is what it's like in the u.s.. if you have a crummy season in the nba or nfl, you get a good draft pick the next year and you

keep playing. that is not how it's built over there and it's really striking at the core of how football fans think about the sport. anchor: i'm glad you bring that up. i've always been intrigued by the economics of how they acquire players and those european leaks. it is different from what happens here in the u.s. and how their bill. talk to us about the financing year because there were jobs going around about jp morgan's involvement. reporter: he may be when it comes to the everyday football fan because they really see this as striking at the heart of how this is structured. we talk about acquiring players. that is very different in many ways. the rich get richer as were talking about, but one of the key elements here when you get down to what really constitutes football is this notion of promotion relegation. earning your spot. that is something that people feel a lot of pride in. it gives this impression that

the smaller teams can be giant killers. a lesser city, as jim point out, the editor -- the favored team of our editor in chief, can go from the bottom rung to winning the entire premiership as a did years ago. anchor: does this mean that team like manchester united during this delayed means it will no longer play against other illicit teams like leicester city and instead only play barcelona and the other super teams? reporter: not exactly. they also play that regular schedule. the way it is designed is that this did week fixture, the wednesday games will be taken up, planning against these guaranteed rivals that cut across the entirety of your. the 15 guaranteed teams and five teams that would be playing in. this would diminish the number of games they would be playing

against the lower tier. the lower tier teams count on those big matchups for revenue of their own. people are going to tune in, people will show up. there is a certain excitement when arsenal comes tuesday or one of the teams lower down the table. romaine: giving us the update there. quite an interesting story. another interesting story crossing the why. member the old days when you can get milk from a cal? tranzyme different outs. they're planning a u.s. ipo. caroline: do you member that super bowl at this year? romaine: i don't. caroline: the only one? -- oatly. the guy is winning.

romaine: are you an o.a.t. milk person? caroline: one day i am an o.a.t. person, what makes a i'm a salt soy person -- soy person. if it's not overpriced, i will buy it. anchor: i feel like everybody is drinking oatley. romaine: opera is on board with this. jay-z. a lot of slavers are on this. caroline: jay-z? i'm all in. stick with us. this is bloomberg. ♪

caroline: the news, soccer football super late. making waves also on wall street. while not every investor can pronounce it, they can buy into how it treated today and some of the key big players them out of been a part of it. doing pretty well. anchor: if you are a shareholder and one of these teams joining the sibley, it may be about the money and you can see that in shares of some of the teams. you ventas, one of the publicly traded teams. up 18%. manchester united which is treated in the u.s., rallied 70 -- 7%. actively managing the round hill mvp etf was offered investors

the world of professional sports. thank you so much for joining us, mario. i was looking at these charts of what ventas -- juventas. what is it about the structure of these teams that have not really caught fire for shareholders in your view? >> sure, thanks for having me on. i think part of it that has infected the long-term performance is covid. teams did not have strategies. they really relies -- relied on merchandise and ticket sales for revenue. there is this revolution not do to this super league, but this increase in media rights and licensing fees they're are able to command.

you're right, long-term performance has not been great. i think that if this soup really comes to fruition, his big great opportunity for european soccer clubs. romaine: will this actually alienate fans in any way? sports in the u.s. has that similar type of system as to what they are trying to create over there. fans tend to gravitate back to matter what some changes happen don't like. >> that's a great point. your hard-core fan might be dissuaded but is holding but we think of your casual fan, but better than a league where the top teams are competing on a weekly basis against each other? that previously did not exist before the champions league. this will be a regular-season on par with what we see in the u.s. with the mlb, the nba. six teams that are battling to every year. caroline: bc group did not run

this sports channel. why are they not hurting more from this? >> it still taking time to progress -- process. some people think this is just a gambit to solicit higher licensing fees from existing agreements. they had paid about one half billion pounds for their right to stream champions league and uefa games. it is still to be seen at this whole league will come to fruition and result in a clean break away or this is a negotiating tactic to retain the knowledge behind the sponsorships and licensing deals. anchor: one thing people say is that it is hard to run these teams. they have eight shareholder focus. there is a huge amount of money going to the players, transfer fees, that is really where the value goes. you have to run them for the

fans, the supporters of the clubs, that takes away the ability. structurally, there a problem with publicly traded football teams in europe to run the for maximizing shareholder value? or is it a matter of getting the business model right? >> i think when you look at some of these contracts and the amount players getting comforted pregame, european football is way at the top comes to baseball, these are some of the largest contracts but players are playing 162 games of the season. with this new structure, you have more games being played and the economics will be a lot more favorable for these teams. romaine: let's talk about the idea of investing in this. you have m.v.p. etf here. i know it's more than just sports here, we talk about trying to invest, own a sports team, it seems like you're at the whims of whether those teams win, do it consistently and if

they don't, how do you make that judgment as to what makes a good investment or not we do not really dealing with the normal fundamentals that you would be dealing with a different type of investment? >> we are not necessarily managing a portfolio on a fundamental basis. we us want to get investors exposure to world sports -- pro sports. i think by offering a diversified basket, we are not really betting on if these teams have eight successful season or not. it is the aggregate and the aggregate increases in franchise value that we have seen over the last decade that i think generate long-term returns for this fund. look at franchise value for nfl, nba, mlb, premier league. they increased by 500% which is more than brought equities. these franchises are premium

assets and i think by giving people a diversified basket of these securities, they are able to invest into the teams they know and love. caroline: vice president of round hill investment. great to have your take. up 500%. it sounds like those baseball cards and having to be an nft. anchor: 500%, what is that, that is exactly right. if you're buying a stock and it goes up 500% over the next several years, that's not bad. romaine: it feels like why the decedent's own stock. you are tethering yourself to the rise and fall of that team on a season by season basis. but if he aggregate the broader sports universe, that makes it more stable. anchor: i wonder if anybody's hedging the stop by putting bets on it. romaine: he buttoning nike so

he's doing his part. caroline: that does it for us. anchor: bloomberg technology is up next. romaine: have a great evening. this is bloomberg. ♪

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emily: i'm emily chang in san francisco and this is bloomberg technology. coming up in the next hour, chapter platform had been the food and water of remote work over the last year. how much will we still use these tools if vaccinations rollout and workers returned to the office?