sandy kaul of franklin templeton. still coming up, michael sonnenshein will join the show to discuss how all of this impacts grayscale's business because frankly, they started this all. sonali: then we are going to talk about another pioneer, circle is trying to go public for the second time since 2022. kailey: to access all the latest on crypto, check out see our wipe ego on the terminal. this is bloomberg. ♪ >> the chair is right to point out this is specific to a particular set of products. but obviously precedent matters, and so you look at the reasoning, and people will do this, they will look at the reasoning in order and seek to apply it to other circumstances as appropriate. so i think the only thing i will say is that one of my complaints in this area has been that we have not always stuck with precedent when it comes to these kind of exchange traded products. we have not necessarily apply the same standards we do with respect to other kind of exchange traded products. but it is a precedent people will point

franklin templeton head of digital assets.emind us of the fees, remind us of why you think you are going to survive the at least 11 that we have. >> i would point to bloomberg's own research, if people need to go to bloomberg to see how these line-up. you need to look at the longer term of where this goes. this is been a very dynamic issuing environment over the past several days and weeks and we expect that the dust will settle in the+ ahead -- in the period ahead. this is a page that has been turned in this chapter. accessibility to bitcoin outside of a digital wallet inside of a more crypto needed -- what the story his -- is, it is why we use the ticker symbol ezbc. ed: the accessibility part is the most interesting to me. who is taking advantage of this product? have you specific evidence of whether it is legacy investment managers managing people's 401(k)s right through to the big institutional's that are active this morning? roger: i think again, the story that is happening today is something that will change and pivot a

on them now with the senior vice president, portfolio manager, and investment strategist at franklin templeton. it is clear these numbers are casting a shadow over the magnificent seven, which was the key driver of u.s. stocks last year. how much does that concern you about the outlook moving forward? katrina: i think when we look at the magnificent seven, we think they are very well priced. the reaction you are seeing on stock prices is a reflection of that, that they were well priced going into these earnings. the guidance just was not perfect, so the stocks are reacting as such. as we look at the market, we look at the breadth. we look at the s&p, for example, there are 493 other stocks, so that's where we see opportunity, in names outside the magnificent seven. annabelle: just to get more views, jp morgan has an warning of a dot-com stock concentration in the u.s. would you agree with that? katrina: yes, we have seen concentration. let's remember that we have had a lot of examples. i have been an investor for over 20 years in companies being an innovation leader and then stumbling. i don't

the 11 funds operated by ark invest and franklin templeton and wisdom tree and others are expected to start trading today. joining me now is the technology reporter mackenzie sigalos with the key adoption. mac, good morning. >> frank, good to see you. >> mac, spell it out. what are we seeing? is this a watershed moment for crypto? >> up until the wednesday approach from the s.e.c., the $30 trillion wealth management industry in the u.s. largely had been cut out of the crypto sector. view investors have any material allocation to bitcoin at this point despite it being the best performing asset class in the last 18 months. the vanex ceo saying the financial advisers have been told to steer clear of crypto until now. that changes today. standard charter looks at inflows of $100 billion by the end of the year. that is the primary flows. that is not the secondary flowing with the publicly listed funds changing with the s.e.c. to allocate more assets under management to bitcoin. >> a lot of moving parts here. for the audience, does this make crypto more of an investable asset? >> that's the

jenny johnson president and ceo of franklin templeton, $1.5 trillion assets under management.s to launch a spot etf last week after the fcc gave the go ahead. great to have you here on-set. >> thanks for having me. >> massive inflow expected in early days. what do you expect as time moves on, and who are the incremental investors in this etf, in your view? >> funny. i'm known for saying bitcoin is the greatest distraction from one of the greatest disruptions in financial services, blockchain. people took that as i'm not a believer in bitcoin. yet launching this etf you can see obviously demand out there for bitcoin. i think a lot of reasons why that is. i think that, one, from a blockchain standpoint, the ability to pay. bitcoin is going to be a key component of that, and the technology is going to open up a lot of really interesting tech investment opportunities. we actually launched and tokenized money market fund. the first mutual fund d-- first to launch a 40-act fund on a public on a stellar blockcheyne. bitcoin is one of opportunities here and one thing that made me a be

we have the global head of product and capital markets at franklin templeton.he etf business, it includes india, japan, china. let's talk india and japan. why is india and japan so hot right now with international investors? >> sure. thanks, bob. yeah, india was one of your leading asset gatherers last year. the growth story has been wonderful there. also interesting to look at it from a -- you know, it's a democracy, call it a noisy democracy when comparing it to something like china. strong growth stories, strong middle class. it's been an interesting compared to china. >> and japan? >> yeah, japan has also been a strong one. that's been an interesting one when we look at our -- sort of our international lineup. last year, half of flows were into u.s. equities, half were not equities. japan has been their own region. part currency, part -- the japanese central bank. strong close into that one as well. >> at the same time, i'm watching china. the inflows have been flat, some of them are seeing notable outflows. hong kong and the mainland china indexes hit mult

quickly tell us about what's going on with franklin templeton. emily: their parent company was up 6% in the premarket, but now it's down, i'm not exactly sure what's driving that negative sentiment, because their adjusted e.p.s. beat for the first quarter. their assets under management also beat. they were up $1.46 trillion versus estimates of $1.52 trillion. we think of franklin, and we think of their new e.t.f., but it's only $57 million. it's actually one of the smaller ones. that, of course, came after these earnings. that's not contributing to the $1.46 trillion in assets. katie: definitely gun to watch. as maybe some of the bitcoin e.t.f.'s gain assets as well. emily, thank you so much. now coming up, reddit looking red hot, targeting a $5 billion valuation as the social platform eyes an i.p.o. we'll have details next. this is bloomberg. ♪ katie: let's talk i.p.o.'s, because reddit is said to be looking at a valuation of at least $5 billion, with a possible listing date of as soon as march. bloomberg's bailey helped to break that story. he

speak for franklin templeton and all heritage mutual series, is esg forming into something new and differentkatrina: esg is integral into the investment process. when i started my career 20 years ago, we were heavy on the g, holding companies accountable, looking at pay packages, making sure there is a linkage between corporate earnings. now we are focusing on environment. what do their products say, how well are they positioned on an infertile basis. we are looking at social, how it relates to their workforce. it is part of the analysis. it is no longer a separate category. tom: i am fascinated in what you and annmarie hordern see in an adjusted esg offer the enthusiasms of -- jonathan: most would agree on the ultimate destination set by governments. we have some disagreements on how we get there. do you see companies moving too quickly than others? we saw -- dumping ev simply because the demand wasn't there. are there companies that are going too fast? katrina: when you think about when you're ready a car, you don't know the area you are going to. we need a technology that can help people