commissioner bito. >> here >> commissioner newmann? >> here. >> and commissioner sommer. >> here. >> we have a quorum. the next item can i have the lan acknowledgmentment >> we are on then cest ral home land of the ramaytush ohlone the original inhabitants. as stewards of the land the ramaytush ohlone have never lost nor forgotten their responsibilities as the caretakers of this place as well as for all people hos reside in their traditional territory. we recognize we benefit from living and working on their home land. we wish to pay respects acknowledging the ancestors and relatives of the recommend ram community by affirming their rights as first peoples. >> thank you. commissioner sommer. >> the next is item b. findings to allow teleconference meetings under california code section 54953e. the discussion and possible action. the board will discuss and possible low adopt a resolution setting fourth findings required under bill 361 allow the aab to hold meetings or for commissioners to attends meetings when necessary row mote low acco

about the bito. question on the responsiveness on the life hazar and heat. doing great work it looks like. this is the only one where it seem its is close to the lowest hit the tart and the highest target. and i know you mentioned trying to get a better data collection. is there other reason why this seems to be the type of inspection we are not able to get as high of a responsiveness? >> good question. and i think the 77th % within a business day i think we were looking at that threshold and i continuing is 100%. nobody can be 100% if it is 70 within a day i say 100 within 2 to 3. with that 78 within a business day is good. when we get a complaint to contact someone takes a couple of days. you know thereupon is not a reason but we always focused we are i see the e mails coming in and the response from housing service its is almost immediate. smj will be there this afternoon or the next day. i think we with always improve but i think the problem was it had high when you don't need it you are shooting yourself in the foot. >> you are saying that 95% within 2

. >> right, so both of the etfs use futures exposure, both bito, which as you know was perhaps one ofnches in history last fall, and biti, which is our short bitcoin strategy etf launched last week, and what it does is it provides what an inverse exposure to bitcoin so minus 1 the performance of the cm ebit coin futures index, but the important key here is it is rebalanced every day every morning you wake up and you know that you're calibrated to minus 1 the daily return. >> yeah, it's important to note it recalibrates on a daily basis. now the s.e.c. chair gary gensler, he was on our air this morning along with jim, and he was, again, pointing out that crypto tokens would fall under the s.e.c.'s jurisdiction, but he said nothing in the interview about the long delayed spot bitcoin etf. are we any closer to realizing that because that does have to go through gary gensler's purview the s.e.c. is going to rule on this >> so we're not in a position to really understand what the timing would be. i think what's really interesting to note, particularly over the last six months or so, is tha

keeps pointing to the advantages of exposure through futures one of the things that we learned with bito on the long side is that those roll costs that people have been talking about, the cost of rolling one futures contract to the next, has come way down, so in fact, if you look at a futures index compared to spot year to date, that gap has shrunk to almost nothing. and what that indicates potentially is actually the growing health of the futures market so absolutely, the old saying of what happens when the tide goes in, but the tide going in is demonstrating the maturity and the strength of futures based exposure, and again, putting that in the etf wrapper on top that you can buy in your brokage account is certainly a solution that's starting to look even more appealing compared to some of the other approaches out there in the marketplace >> i also think it's important to stress that this is a market, not a church and there are a lot of traders, retail traders in particular, who it seems to me have gotten religion about certain assets and feel personally slighted that anybody would hav

keep an eye in bito and btf among the big bitcoin exposure. >>> a similar story for companies with bitcoiny down 70%. coinbase down 80% on the year to date basis square and paypal, not necessarily pure play tied to crypto, but payments that use cryptocurrencies are down 60% as well it is fintech, not just ones with direct exposure to bitcoin, but ones that operate in the system. >>> if you look at elsewhere in the market, we talked about the vix. volatility index with jon najarian the past five or ten minutes ago. to give you an idea, we are at 33 we have come down a little bit we are hovering near the highest levels of the year on the closing basis. remember, to give you an idea how bad it got in the pandemic lows, we were up to 60% to 70% on the intraday basis. the vix is the volatility we have seen so far it might imply if this holds, there is more down side to the volatility in the coming weeks >>> and check out what is happening with the stocks most hardest hit. consumer discretionary and technology the three sectors make up a large chunk of the s&p 500 those three are the worst perfo

trader interesting, though, proshares is the same company that launched the bitcoin strategy etf, bito right around the top of the crypto boom which happened in november. who knows, maybe this will mark the bottom, you never know >> i was wondering where you were going with that kate, thank you. kate rooney. >>> shares of lennar are getting a pop after beating earnings and estimates this morning however the chairman telling "squawk on the street" the company is already seeing an impact from higher rates listen. >> as interest rates go up, it becomes a little bit more difficult for people to afford that down payment, afford that monthly payment, so we're going to see some adjustment, some rebalancing between price and interest rate. as customers process what has been an extremely sharp rise in interest rates, it's almost doubled in six months. as they process that, it's natural that there would be a little sticker shock, a little bit of a pause and some reconciliation. >> joining us is john levalo from ubs who covers the home builders john, what do you make of those comments, including