we are drilling down into the boon pickens etf, a fund tied to legendary oil tycoon t. one pickens. this is bloomberg. ♪ scarlet: i'm scarlet fu. welcome to "bloomberg etf iq." for every etf that offers exposure to an asset class or a sector, it is not long before others promise the same. toby loftin is principal manager of bp capital fund advisors. it offers multiple funds focused on the energy industry. before we talk to him, eric balchunas will give us a drill down into the the etf capital boon. eric: it is a good ticker and it is apt because it is named after t. boone pickens. it really takes on his strategy for investing in energy stocks. it is not that big. $6 million, a little pricey, 85 for holding energy stocks. the average fee is about 67 in that category. but it is different come and -- it is different. here is how it is different in two ways. one, it takes stocks that are highly correlated to brent crude oil. the second way is it includes consumers of energy which acts sort of as a natural hedge. if oil starts to go down, it will hedge. and look at boon's all

t. boone pickens comments alec baldwin tweeted this is a diversion from the mueller investigation. i saw that tweet, too. i wonder if that's true. >> i'm sure trump is looking at this as he probably does most everything, how is this going to play with the base at home how will this position him and the republican party for the midterm elections. and certainly the fact that he h has media along with him, including sean hannity suggests that he will put a lot of emphases on spinning this in a way that plays well with his bas base >>ything is political, fred >> you can't separate any of this from all the rest of it whether it's a diversion in his own mind from the mueller investigation -- >> i was just -- i could cite any tweet i felt like citing when i did that. >> here's the thing that's interesting. i was in south korea a few days ago. recently and one of the south korean officials said to me president trump needs to be served a cup of tea, open the door for him, that's contrary to who president trump is that's not the way he treated justin trudeau for example, but here he did. he