>> this is bloomberg "etf iq." we focus on the access, risks, and rewards offered by exchange traded funds. ♪ scarlet: the america first trade. investors have been loading the boat with u.s. stocks at the expense of the rest of the world. so where does the crowded trade go from here? a shakeup in the back office for mj. is this a red flag for the highflying marijuana fund? we get the view from an etf custodian. the house always wins. we go through the highs and lows of the only etf providing exposure to the casino and gaming industry. whether you fear or embrace uts, -- etf's, there is no ignoring their influence. eric joins us with a look at flows. >> the great divergence trade is what everyone is talking about. this is u.s. stocks, and here we have emerging markets. u.s. is pulling away from the rest of the world but emerging markets is most extreme. that's a 20% gap since april. that is extreme. people wonder will there be a convergence? let's see if the etf flows can give us any clues as to whether there will b

from a technical perspective -- vonnie: a ship from equity etf to bond etf was notable -- shift out broadly, a of equities into bonds. with active investment and et f. active has suffered in the hand of passive etf's. months, ae summer little bit of risk hesitation. we see that without close of some of the tech companies and tech focused funds. inflows into the -- over the longer term, demographics support some degree of fixed income ownership. that is a lot of what is driving this persistent bid for bond funds even though there is a tremendous economic environment powering stock prices and earnings to new highs. julie: this is something we talked about, the ranges we have seen for various asset classes, it shows the dollar and the 10 year at support levels. what level is problematic for equities? ,% at one point caused issues it does not seem to be much of a problem right now. >> it is more of a correlation issue. one thing we notice that has shifted this year is historically, over the long-term, higher bond yields are generally not great for stocks because that usually accompany accelerat

we know the etf trend started pre-2008 but it accelerated after the crisis. for "nightly business report" i'm bob pisani at the new york stock exchange. >>> the ongoing concern is the potential for another crisis. former fed chair ben bernankeot and t geithner and henry paulsen have written an op ed. all said that in some respects reforms have helped the market become more prepared for the next crisis, but the three also say that congress took away some critical tools used by regulators in times of crisis and they are urging lawmakers to bring them back. >>> this morning former federal reserve officer daniel cerulo says he thinks the financial system is muchafer today than it was. >> largest financial institutions, they're obviously substantially safer than they were 10, 12 years ago. capital levels are up. their funding is much more stable than it was. their risk management is immeasurably better than it was. those gains, though, of course are not locked in for eternity. it requires vigilance on the part of the regulators and supervisors. he oversaw regulati

crude falling 3% taking oil stocks along with it the oih oil services etf falling 7% and the oil and down 6% and energy was one of the worst performing sectors of the week, but the chart master says the charts of one area of the energy market have gotten so bad they actually look good. let's get straight to carter over at the plasma hi, cater. >> it's a direct opposite trade from what mike and i did three weeks ago waiting for energy overall to plunge. now to some extent that's happened oil service stocks are exceedingly bad, and i think at this point they're so bad they're good xle, you know it it's the etf for all energy and it's effectively two stocks, schlumberger and halliburton, and you can see the spread, right? you know what this is versus this year to date. moving forward taking a look at a little longer period again, you're talking over 1,000 points have spread over the past 12 to 18 months and at this point, the correlation has broken down, and i think the orange line actually has some snapback potential so let's look at the oil services look how precise we know, y that th

it's really the etf's.'s are providing countercyclical liquidity that you would not normally get because of the aggregation of the risk. you can get speculators to take the other side of all corporate investors looking to dump corporate bonds. corporate investors go one way, you do or they are buying all of or selling all of them. normally because of the disaggregation, people have a challenge. with availability of etf's, that is sort of helped in a significant way. jonathan: a final word on that shift to passive. ershon: a lot of credit etf's are really passive. they do have sampling, they can't buy every single bond in the market. the second thing is it's helping from a liquidity perspective. it's been a disaster for investors. that may be true in segment of equity markets. it's the exact opposite. 85% of actively managed funds net of fees have beaten these things. jonathan: really good final points. i will take the opportunity to ask you quick final questions on this program. get ready. do treasuries kee

oih is an etf.n you have situations like that, generally speaking you're not going to see gap moves this is a basket of stocks i think the way to play this is with a call spread risk reversal i was looking out to october, the 21, 23, 25 call spread risk reversal very close in the money. about 20 cents in the money. you could spend 50 cents for that package and the idea here is that we're going to be collecting some decay on the call that we're short on the up side, the 25 strike, as well as the 21 strike put on the down side of course, if it stays right here that's going to mitigate a lot of that decay. looking for maybe a 10% move but also getting a bit of a buffer to the down side if it's lost by 10%, that's essentially where we would have it put to us obviously we've made some bearish signs before i'm individually long halliburton which is one of the largest constituents. >> whoa, it's in an interesting setup. slumberge, it's approaching seven year lows. i'm wondering if there's a reason to flush

we've seen the tlt -- that's 209-year bond etf -- has had a pretty precipitous drop since august it'sown about 4% the tlt's gone from 123, bounced off of 116 so we've seen yields rise as we've seen bonds go down i think there's a good trade setup as we look out to november expiration in the tlt, being a bit contrarian one of the reasons i think it makes sense to do so is that implied volatility, the price of options in the tlt are very cheap. you can make very near-the-money, directional, long-premium bats for risking one to maybe make three for about 1% of the stock price. so, here's the trade, being contrarian it's kind of a sell the yield news next week into november when the tlt was trading at $117 today, you could buy the november $117-$120 call spread, paying $1.25 for that buying one of the november $117 calls for $1.55, skelg one of the november $122 calls at 30 cents it costs $1.25, break even up at $118.25. you could make up to $375 between $118 .25 and $122, and your max risk is that $125 or a little more than 1% of the price. i have a one-year chart. i'll let carter talk a

today they are the global leader in etf's, 1.8 trillion.d that was the big push back against excessive fees and passive investing. timing could not be better. annie: what we have seen is a huge explosion in passive investing that has allowed blackrock to really profit. it has not slowed down. jason: larry fink is a guy who was well-known known for a want of reasons, not the least of which is, he knows risk. that goes back to the 1980's. he gets fired for a big bet that goes the wrong way and goes into the comfortable arms of blackstone. but the risk is always so much in the back of his mind and never was that more important than over the last 10 years. annie: larry fink is a process of over risk. he had his own major loss when he was at first boston. in the 10 years of the financial crisis, the firm has become more cognizant and read about financial risk and looking at to their portfolios for white -- what they might not be seeing. blackrock cells risk analytics to other businesses, including insurers, tension funds, rival asset managers, a

let's bring in john kirshner there are a lot of etfs for everything out there already there's a lott passively invest in the mortgage market when you decided to roll out this product what market are you trying to serve? what does this accomplish? >> the product with the passive etfs is the fact that they cannot really structurally boat the mortgage backed securities index based on trading fees, fees to their investors, they structurally tend to underperform the mort fwaj backed secubac mortgage backed securities index. the fixed income indices are impossible to replicate completely with stocks, you can go out and buy the stock. every stock in the index and the wraigti i weightings in the index. for fixed income, they have to go out and do a matrix type of investing where the value of mortgage backed securities are there but also the ones that are not so valuable. >> for viewers, what are you buying a lot of etfs in general are confusing. the names are confusing. they have cute tickers when you buy the jmbs, what are you buying >> we want to be clear about this with investors. mortga

that represents about 1.6% of where the spy etf was trading f.does drop, you can perhaps sell them. the the idea is keep it inexpensi inexpensive. >> thanks for that, mike mike ko in san francisco coming up, the bears/packers game disappointing in the ratings last night is this just the start of another tough year for nfl viewership 'r've got the details. wee back in new york city in a rainy new york city. much more "fast money" still ahead. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade w

etf ould also point out flows into some of the main real estate etfs, they are actually well, for thel from five straight outflows that we saw at the of the year, so quite a little story here in the real estate sector that we should robably keep an eye on as we get forward into the week. caroline. thank you and our entire markets team. more news.o >> officials with the national weather service and the federal agency warnnagement residents in the carolinas that hurricane florence remains a a eat despite downgrading to category one. florence made landfall this morning near wrightsville beach, north carolina. as a category one. and it's now carrying maximum winds of about 80 miles per hour. more than half a million people are without power, and they face at least another day of heavy rain and wind. do want to emphasize that this is only the beginning. florence is a very slow mover. to trek along the north carolina and south carolina coastline. > they say they are focused on saving lives and won't do any active enforcement during in shelters r during hurricane florence. officials say whil

we have seen the tlt, the 20-year bond etf has had a drop since august down 4%. from 123 bounced off 116. the way i'm thinking of it is this we have seen yields rice. if we see bonds go down there is a good trade setup as we look out to november expiration in the tlt being a bit contrarian one of the reasons it makes sense to do so is that implied volatility the price of options in the tlt are scheep. you can make near the money drexel long premium bets for risking one to maybe make 3 for is% of the stock pris. here is the trade being contrarien it's sell the news next week in november when the tlt was trading at 117 you could buy november is 17, 122 call spread paying $1.25 whying one of the november 117 calls for 1.50 eye selling one of the november 1.22 calls at 30 cents kofs you 1.25 break even at 1.18.25 and between 118.25 and you're max rick i'm letting carter talk about the charts but look at this it bounced off 116122 and a halfish seems to be good resistance. looking at the five year it bounced off of 116 a whole heck of a lot over that period of time do

what can you talk to us about this in terms of interest around etf now?this sector has really been overshadowed by tech. only six etf's before this reshuffling focusing on telecom. there was a big rebalance. there's a ton of flows coming into these projects. medicationsew etf's. but that is the biggest fall they've ever seen. relatively, they are tiny. compared to broader tech, which has 90 billion. we will continue to see interest as money shuffles out of tech abigail:. what are the actual options for investors who want to get into this new communication services space? few, only seven now. one thing that i think goes overlooked is that not all the etf's have made the changes. state was launched by street -- let's say somebody is looking for the cheapest option. ability and telecom products. that one hasn't rebalanced yet, because it is tracking msci. abigail: some of those have the individual weighting in terms of amazon, netflix, facebook. and the second one does not? >> it is reflective of the changes. -- is not rebalancing until the end of november.

as for etfs in most cases they are for trading, not investing so i don't like them many etfs rebalancery day and can take a toll on any long-term performance. they're not set up for long-term performance. the one for gold but in general if you're not a pro and you're not day trading you shouldn't be fooling around with etfs either. here's the bottom line at the end of the day i think a cheap one is the least bad way to manage your money better than the vast bulk of mutual funds but index fund owns everything, the good, the bad and ugly if you do have the time i think can you beat the performance of an index fund by mixing stocks yourself which is the entire reason i do the show every night. if you don't have the time then don't overthink it just one cheap s&p index fund is, indeed, the best way to go mary in maryland, mary >> caller: boo-yah, jim. jim, i started listening to you a while back then i started buying stocks on your advice >> thank you. >> caller: now i'm looking at my portfolio here and, jim, jim, mine eyes have seen the glory so i want to get fancier and buy some china st

sentiment leaders etf. that one is, let's see, is that top or bottom? we have the advisories new tech and media etf, down 2.25 and contec innovations. these are baskets of stocks that have nothing perhaps related to twitter or facebook but again, you got u.s. sentiment leaders etf composed of 75 countries selected according to the number of positive sentiments received from various internet and social networks so this stretches out the picture here and includes names like advanced microdevices, squared, amazon, apple. advanced microdevices is the only one moving higher by .75%. square, micron, amazon, apple down anywhere from half a percent to 4.5%. let's flip it over, take a look atavister shares. this is a new one. square once again, alphabet, google, palo alto network. in the aggregate, we still have the nasdaq down about 89 points. the titans of tech have to sit before congress and defend their existence and companies. lawmakers accusing them of failing to combat first foreign influences in u.s. politics. facebook c.o.o. sheryl sandberg and jack dor

. ♪ scarlet: this is "bloomberg etf i.q.," where we focus on the assets, risks, and rewards of exchange with u.s. stocks holding near record highs and companies on a buying spree, what etf's can investors use to futurize their portfolios? first mover advantage. with everyone and their mother betting on a marijuana boom, we speak to the first ceo of a cannabis etf fund.

at thisd is almost stage of an etf for everything and now one for the gaming sector.attracting attention lately, it was only a matter of time before and etf caught investor attention. ga etf, known by its ticker mer tracks, globally listed stocks and tracks 800,000 shares in august. athaad: let's have a look some stories trending across the bloomberg universe. bloomberg.com has the story of how amazon sprinted into the trillion errors club, a club of three, a club of two, i beg your pardon. that took apple one-year. ,n tictoc, and netflix film sending sales of one company soaring in the session. we have a popular story on tick talk. how do you stop donald trump from pulling out of a trade deal. how papers were taken straight off the presidents desk, according to a new book by bob woodward. those stories trending online or on the terminal. talking trump, haidi. haidi: you mentioned this book making headlines, and president trump has wasted no time slamming this new publication, calling it a con. let's get the latest with our senior international editor jodie snyder. wh

this is bloomberg "etf iq."cus on the access, risks, and rewards offered by exchange traded funds. ♪ scarlet: the america first trade. investors have been loading the boat with u.s. stocks at the expense of the rest of the world all year long. so where does the crowded trade go from here? a shakeup in the back office for mj. is this a red flag for the highflying marijuana fund? we get the view from an etf custodian. the house always wins. we take you through the highs and lows of the only etf providing exposure to the casino and

you see what is reflected in some of the etf's. nobody knows the bible.n money in and it goes on further. that we are pretty close to a very pessimistic scenario, which i think is good for emerging markets at this stage. alix: brian, do you agree? >> i keep thinking about 1997, 1998. mark is right, you can never pick a bottom. we will have some sort of a bounce. that scares everybody. at the end of the day, the fundamentals of the world in terms of global growth and earnings still look pretty good. not like we are in a dire position. by the way, the size of this word contagion -- just because it happened in the last recession does not mean it will happen in this recession or pullback, but please stop that. you're talking about countries that are miniscule parts of gdp that have already had tremendous fun a mental problems. by the way, investors went to the emerging markets and chased them for the wrong reasons at the beginning of the year. david: at the risk of alienating my friend here, let me use a word contagion in this regard. people have to sell high

through etfs there is great opportunity to do it. wisdom tree has emerging market income etf, dem. has the lightest yield emerging market market stocks. if you think this will work out, there is freight -- great opportunity. lauren: if it doesn't work out emerging market markets largest trading partner is with china, it could hurt the emerging markets. that is one punch. secondpunch is the federal reserve. hikes interest rates and becomes more difficult for marriage marriages to pay back their debts. >> it does. value investor longer term going to value that makes a lot of sense. numb two if you feel this is trump posturing a lot of people do, you feel at one point in time they will give a little and if they do emerging markets will bennett the most. lauren: to your earlier point, is a lot of this posturing. you don't want to engage with big trade stuff with china, canada, some other countries. i know they talk to japan on monday. you don't want to do it heading into the midterm elections. >> no you don't. you want to make sure that works out. however when you talk about midterm el

led intel.rs being which is why i am looking at the etf. of course we are keeping our eye on the 10 year yield. the 10 year was yielding under 3%. they got to 3.9% coming back a little bit. copper futures continue to move higher by 9%. 12% since rebounded its low in august. --went to theresa may with was ith -- she i don't not think we are where we were in march. >> brags it is the choice of the british people per the choice pushed by some who predicted solutions. >> getting a deal on brexit. the eu should be clear, i will not overturn the referendum nor will i break up my country. scarlet: she has been in salzburg. talk to us about what you learned about seeing such loggerheads. that is why we saw such a brutal selloff. mayoday we saw theresa doing the only thing she could insist brexitlly means brexit. we don't really know what type of briggs that she wants but she has been told your plan does not work by european leaders. then she said the u k has got to be respected. this is a reference to everything that went down yesterday. i was on t

harvest etfs, it's quite a week.ndfather if you can say that, the canada cannabis competitive fears index, all having a good week, tilray is a blow off and it will not be exceeded perhaps forever. >> mike, we've seen the situation before with stocks that have hard borrow, small floats, that sort of thing are there some strategies, short premium strategies that you can define the risk that makes sense in a name like this that is moving 30, 40% a day >> you know, it's interesting because it's very tempting to start dipping your toe into these things one of the things that attracts options traders for sure is volatility the thing is there are not a lot of free lunches. in a name like tilray, most of these options are 4 or $5 wide it makes it hard to get in at prices that are reasonable unless you really are prepared to spend a lot of time and attention and can trade this moment to moment, i think you're probably better off watching this one from the sidelines. >> you are looking at the "options action" in a lot of these

anywhere, xrt it's a great etf, almost equal weight.t's 96 stocks you can see the numbers here, 2.2 trillion, and well, a big chunk of the s&p, 8.3% first, the brands, the names you know, some of the biggest and most prominent including amazon and walmart. great competitors. krogers supermarkets, walgreen's, costcos, macy's, jewelry, ebay target what i have here is a two panel chart. the first is the xrt itself, and then the relative performance to the s&p 500. we put in some lines here, i just would call out the following. one, what we know is that we got above and made a slight new high, a slight new high, but basically we've been rebuffed there, but more importantly, relative performance to the s&p 500. notice of course it's been basically straight down. there's no alpha here, this top thing relative to your choice being in the market, but what's really important is that every single time we have gotten to this down trend line, we have failed it's not a good setup. i don't like it. moving on. here is the xrt itself there is that doub

vonnie: it is time for etf friday with julie hyman.tf's we are talking esg which have had a hard time gaining traction. let's refresh people's memory. esg is essentially socially conscious investing. it stands for environmental, social, and governments. >> you hear a lot about it. there is no loss of hype. the surveys say people want it, but the assets will not follow. it is only 0.2% of all etf assets. i have really tried to think about what is wrong. one thing we have not had yet is a dirt cheap offering and now we have it. julie: from vanguard. >> you have the brand name, the dirt cheap-ness. getasis points is enough to the juices flowing ford visors who really like cheap products. the ones that are cheap in esg -- esg tend to have taken in the most flows. if it is not a big hit, we may not having a is huge future. it screens or alcohol, tobacco, adult entertainment, human rights violators, diversity issues. it is a huge laundry list. you are only going to have 300 stocks that you don't have in the ftse. some big names excluded are

what etf's can investors use to futurize their portfolios? betting on a marijuana boom, we speak to the first ceo of a cannabis etf fund. not getting as much hype as a

the xlp, the etf that tracks the sector is made up different than the xrt. the top five stocks make up eye% of weigh pepscy coke, proctor and gamble, phillip morris and wlrnlt process. all i've stocks act badly .best on the year is unchanged on the year the worst one phillip morris is down 23% on the year i'm not holding my breath for any of those names to report q 3 earnings and drag this sector up lab. so i thinks pepscy how it reacts next woke the options market is not complying a big movement 2% in either direction. but how the stock reacts how investors take it could be interesting. earlier in the year the group was volatile input costs went higher you know and margins were pressed a little bit this group trades expensive to the broad market here. so as i think about the chart and the technical setup here, look at this uptrend since 2011. it broke it earlier in the year when things started to getted about. just got rejected there. i want to play over the next couple months or so for a move back below 50 bucks here so very specifically, the trade when th

. ♪ >> this is bloomberg "etf iq."on the access, risks, and rewards offered by exchange traded funds. scarlet: the america first trade. investors have been loading the boat with u.s. stocks at the expense of the rest of the world. so where does the crowded trade go from here? a shakeup in the back office for mj. is this a red flag for the highflying marijuana fund? we get the view from an etf custodian. the house always wins. we go through the highs and lows of the only etf providing exposure to the casino and gaming industry.

flexshares etfs are designed and managed around investor objectives.nvesting, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. >>> we are just minutes away from president trump's news conference at the u.n. general assembly, right here in manhattan. our eamon javers is there, joining with us a preview, eamon. what can we expect. >> yes, sarah one of the things you can expect is a packed house in midtown manhattan getting ready are for the presidential press conference in an unusual location the president has been at the u.n. general assembly all week this week. he addressed the security council earlier today. a lot of questions from the reporters in the room on the news of the tood day the president wants to ep talk foreign policy but the reporters want to talk domestic policy and politics and ask about the fate of the president's supreme court nomination, brett kavanaugh under significant fire, ails of sexual misconduct levied against him. the

for a large part, a lot of etf's need to wait for the closing prices to trade, that is why the closes expected to be wild. guy: some would argue been market has gotten increasingly tight and narrow in terms of the stocks being the main driver around the s&p performance. will this change that in terms of the breadth in the market? >> the one thing it does, if you look at the classifications and sectors before tonight, tech was really just getting such a heavyweight in the market, that these funds come etf traded tracking, tech became an oversized portion of the market. this will balance things out a little bit, beef up the communication sector and bring the waking up tech down here -- waiting -- weighting of tech down. this is what they decided to do and it will have the effect of bringing down the massive weighting of technology in the u.s. stock market particulate and is something more reasonable so it is not a one sector dominated -- dominating the entire market. vonnie: china balanced overnight, a surprise given how weak it has been over the last couple of weeks, does this impact

. ♪ scarlet: i'm scarlet fu, this is bloomberg etf iq.ventors praise ividend sales often at the expense of stock buybacks, but are they two sides of the same coin? how daniel craig's movie on real-life world war ii jewish esistance soldiers inspired an etf specialist. we learn how defiance the m

three letters that are popular are etf. this whole shift took passive from active.hat are the implications of this market? >> from a journalistic perspective, it becomes incredibly difficult to write compellingly about. you have a monolithic structure in the stock-- market where laws of different people don't own individual stocks. monolithic, unbelievably successful, quasi-monopolistic companies that just get bigger and bigger. the rest of the people's investing experience is these passive products, where you have the ultimate buy and hold. they are machine intermediated, where etf's are possible because of the infrastructure of the market. the most interesting things they give themselves to are these strategies that no one totally gets. , not inike smart beta etf realm, but in the program passive rounds. risk parity. they are all math experiments with the populist at large. they feel like they wanted to get involved in them, but they are not yahoo! and aol going up 30% a month, that sort of stuff you had back in the 90's. >> chris, you are tasked with making a cou

, the shares, the etf, if you look from the highs, we were a plus 50 at one point now we're hovering at 41 this widely traded etf is why people are focused on whether there's value in place three of the hot spots we want to focus on here are not necessarily the biggest ones out there but they've been getting a lot of attention a $300 million etf off by about 32% three months alone. one of the epicenter issues. there may abbott om out process. another one is the fxi you can see down 15% over three months very steep down trend. over the past week perhaps a little bit of a move last week down 1%. another one is indonesia as we talk about a possibility of contagion, this thing moving to other parts of the emerging markets. off about 12% in three months. then, of course, over the past week or so maybe catching a slight bid here, about 5%. the reason why we care, scott, about these ones is we don't want them to infect the bigger ones out there if you look at the emerging markets index, the five biggest components are as follows. we have china. that's the biggest one by far. 31%. taiwan, 12

. >> i own a ton of it but through etfs. >> so does the rest of the free world. >> that's a great thing for investors that something like this is as widely owned as it is in both the s&p, it's a huge chunk of the qs and people have gotten the benefit of what this company has done, which i think goes back to a very important concept, which is that people who take risks are rewarded for taking that risk if you've owned this company in any way, shape or form, you've been rewarded. >> as scary good as this story is and has been, does any part of you watch the incredible market cap add that this company has done, that coupled with apple hitting a trillion dollars a month ago day and say, you know what, it's representative of a market that's starting to feel a little frothy. >> i understand the question and it's the right one to ask, but the straight answer is no. this doesn't faze me at all. i think back to the movie "apollo 13," when the rocket took off i don't think it was carried live i think this is good for the market in that regard. this is not going to be new after apple hits a trilli

we will dig into the first sharia compliant etf listed in qatar.

turning to the etf industry, it has something for everyone.fund geared toward remaking the u.s. as a powerhouse with the aid of technology. it is hard to find a more little name than the treaty printing etf. the company is involved with the 3-d print industry. they are split into five business lines tied into the industry. hardware, design, software, and others. with hardware is getting the biggest way to 50% and materials is the smallest that 2%. within each line, companies are equal weighted. two thirds are roughly from the u.s. including hp think and others. the fund has gathered some $50 million in assets, is relatively costly, and has returned a similar to the s&p 500 since its launch in july 2016. print gets a green light in the traffic light system with a notice for its unique weighting strategy. don't forget to watch etf iq on bloomberg every wednesday at 1 p.m. new york time and 6 p.m. in london. joe: coming up, what you need to know for tomorrow's trading day. this is bloomberg. ♪ ♪ scarlet: "what'd you miss?" tech stocks taking a hi

assets skyrocket for one cannabis etf. we dig in.

aerospace and defense etf, that's the ita.l-time high yesterday, but right now you can see the ishares version is under pressure, down $1.94. let's go to ashley webster on the floor of the new york stock exchange. kind of surprise to see that particular etf down when you've got everything else really busting and booming today on wall street. what a day? ashley: yeah, that's true. cheryl, you're absolutely right. that etf/ita did hit a record all-time high at about 2:00 this afternoon, started to see a selloff. maybe some algorithms kicking in there. for so long it's been the tech sector, but now we're seeing other sectors pick up. one of those, to your point, is defense and aerospace. and it's been very impressive. part of the reason is because it's well known that the military, the u.s. military, has to beef up not only its equipment, but the volume of equipment. and that means a big payday down the road and in the near future for both the companies like boeing, raytheon, lockheed martinnen. boeing, by the way, already has sa

how a movie on real life world war ii inquired -- inspired an etf specialist.