katie: we are 30 minutes into the u.s. trading day on this friday, april 19. here are the top stories we are following. a mixed bag for media, netflix plunges despite a strong start to the air after delivering a tepid forecast. paramount shares are soaring amid reports that apollo and sony are considering a joint purchase. a public spat over private markets, arc investment management takes aim at newtek writing that dxy is too good to be true. the afterlife for etf's, what happens to ets after they die? bloomberg intelligence reveals many perform better after the fund is liquidated. we will discuss in our etf

freddie segment. ♪ katie: welcome to bloomberg markets. looking at markets on this friday, it's pretty quiet if you take a look at the s&p 500 currently unchanged right now. we will see if that holds. a different story if you're looking at big tech. the nasdaq is off to the tune of have a percent or so on the last trading day of this week. bitcoin is on there just to have something that had a clear direction. bitcoin moving higher by about 2% at the moment. we are getting closer to $65,000 which is still below where we were about a month or two ago. let's turn back to the earnings season. let's turn to netflix, reporting better than earnings last night.

however, the stock took a hit after the streamer said it will stop reporting paid quarterly membership in revenue per subscriber in the first quarter of 2025. we have the details and wall street is taking that is a bad sign. how did you read that that they will stop forecasting? >> it signals the company is likely transitioning into this more mature phase. it obviously rankled investors and it will take a while to digest this. subscriber growth is always been the core of netflix. they've always been judged by their subscriber success. the market likes transparency and they like these different details and hiding that number from them is obviously going to make it very difficult for investors to map out the future growth and it adds to some level of uncertainty. katie: you are seeing that reflected in the shares even though the first quarter was

pretty strong. in the media world, let's talk about paramount. shares are currently hired to the tune of about 10% or so. the news right now reports that apollo and sony are considering a joint bid. feels the story gets more interesting. >> this m&a saga with paramount has been dragging on for months. as you may remember, paramount is in this exclusive negotiating period with sky dance that expires beginning of may but there has been some of backlash with that offer. common shareholders have rejected that proposal because there is so much fear of dilution. if they make a sony offer along with apollo will probably be the most credible offer to date for paramount. in many ways, it will spark this bidding war. it's very good for the company and good for all shareholders.

obviously, they're hoping management will engage actively. katie: looking at the long-term chart, down 47% over the past year and paramount needs that shot in the arm. thank you so much. let's take a broader look at these markets with the cio at gerard. i'm looking at the s&p 500. we are poised to close lower for a third straight week in a row. we clearly had some sort of air pocket. has this needed a healthy reset or do you think this is the start of a more sustainable downtrend? >> i think ultimately as we have this unbelievable moment in liquidity driven rise coming off the october lows that we've simply gone too far too fast. we've seen the multiple expansion estimates getting pushed out further into the streets to your forecast. two complete the decoupling and

from rate cut expectations from the fed and real rates and is yields have moved higher, there is quite a bit of complacency in the market. with all that said in earlier this week when taiwan semiconductor have reported, everyone was reportedly upset and looking around for what's going on. it's been up 50% in the last few months. in a lot of ways, it's ok for a good stock like that in some of these high-quality companies that lead the rally since the october lows that expectations are too high. katie: maybe the leaders are taking a break. you think about the rest of the market, some of the laggards, do they have the fundamentals to take the baton? >> i think certain sectors certainly do. pricing pressure for the inventory cycle we've gone through are going to be very

different from sector to sector. one area we've been favoring his health care. it's our largest overweight. you have an interesting set up where we are starting to see green shoots especially in the are in deep front. with so many patents expiring this month in large mega cap and pharma and biotech companies, there is a huge rush to fill up that pipeline. lots of m&a activities taking place as a result of that. ultimately, it's the defensive sector. in this environment it's important to be selective and look closely is where durable growth may be moving forward. the defensive characteristics that the health care sector provides and even the cyclicals within the sector are still reasonably valued at this point. katie: health care is interesting because over the last couple of years, it hasn't been able to get up off the ground. this year up only about 2% or so

and still continuing to lag. when i talk to people about health care, one thing they bring up is maybe there is some consolidation and a lot of potential m&a targets. do you think about that when it comes to that sector? >> the entire r&d landscape has changed within the last 15 years. 15 years ago, two thirds of research in developing was driven by pfizer and j&j and others. it's really the inverse of that now. 100 million biotech companies are lower as far as sales and they are driving the r&d cycle. there's been a shift to outsource these companies. they are cash-strapped and will be impacted with that as rates move up in the last 18 months. all the financing has dried up and we've seen muted m&a activity and a lot of inventory that needed to be worked out. it was a bit of a reset.

china is a huge buyer of diagnostics companies so that's a huge factor. we got economic data on china and we had first quarter, it's been the best in quite some time. i think a lot of those enablers, the nvidia's of the world for technology and artificial intelligence is where we are most focused and positioning now. i think that's a real growth story for the next decade and there are some exciting new therapies. katie: potential bright spots for health care. when i talk to people bullish on health care, they 10 to mention energy in the same breath. health care and energy is where you want to be if you are trying to play that catch-up trade. how do you feel about the energy sector at this juncture? >> energy is tough. it's so impacted by geopolitical

conflict right now. we will move our investment around where we think things are fundamental but ultimately, this is not a demand driven rally we've seen recently, it's been more of a supply issue. we for -- we prefer to take on more cyclical exposure elsewhere. even looking within financials, there was a nice quarter in global. their guidance was a little light and we are seeing that with some of these higher-quality companies especially after everything we went through last year. there was pessimism that permeated throughout the year in management teams is they update us on earnings calls. we have really seemed risk appetite come back into the market. after we have that post gfc famine of low rates, many investors are clamoring to make

sure they are locking in these higher yields at these elevated levels. ultimately, i think that will present some upside for s&p global and there pricing information services businesses. there is lots of other areas within the selective cyclical sectors that are more attractive to us than something as binary as up-and-down oil in the energy sector. katie: in 30 seconds, when it comes to s&p global, it's trailing the s&p 500 yesterday -- this year, down about 6% but it's outperforming over the past five years which i was surprised to see. does it come back to the fork as they deliver when you think about 2024 performance? >> ultimately, getting top line at 11% in an environment where it's higher than nominal gdp in a sector where growth is hard to come by especially within what's

happening in the banking sector. ultimately, they are in a position of the not having many competitors. ultimately, this formation will continue throughout the rest of this year absent anymore sustained economic downturn sets up well for the back half of the year. katie: i really enjoy this conversation to have a good weekend. he is the cio over at gerard. coming up, he knew financial drama is unfolding on wall street. the ark invest achieve futures joins us next. this is bloomberg. ♪

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katie: there is a bit of a financial drama brewing on wall street. ark investment management is issuing a public and critique of the newly launched destiny 100 fun. there with the details and get into some of the fund structures, we are here with the ark invest achieve futurist. glad we could do this. let's set the scene for the audience. we spoke on this program from destiny tech 100 last week. it's a closed end found that invest in private companies like a lot of funds like that, it trades at a premium. most traded a discount of this is a big premium. ark posted a tweet threat on the fun saying it might be too good to be true. it's unusual to see an issuer,

directly on a competitors fund. my first question would be what prompted ark to make a public statement here? >> i think people are interested in the destiny fun because they understand this is a unique time in technological history and they need to be exposed to innovation. you look at a fund and you say they have lots of spacex and openai and i want to invest. the issue is that the marginal investor paying $80 per share or whatever is trading at now is only getting five dollars worth of stuff if they buy the destiny fund. if you are familiar with having an upfront pne in a product, you are paying an 80% or so upfront fee to get exposure to the underlying issues -- issue.

we think it's not a good structure to throw marginal money and since you're getting less money for the amount you are investing. we actually looked at closed end fund structures and this was one of the concerns we had is that the price could drift from the underlying basket of assets out there and exposures in the fund so because we have an interval fund that's continually offered, when you invested dollar, you get a dollar worth of stuff we think that's much better for clients if you are investing in a dollar spacex -- space x exposure ai exposure, you can -- you should get that dollar and that's our concern. katie: my colleague asked for comment and i will read that. he said in fund is another

complex financial product, when we delivery sought to avoid because we thought it was neither accessible more liquid. investors risk waiting years to access their capital. it sounds like with a fund like this, you will track the actual value of your holdings much more closely. destiny would argue that maybe you can invest at any point but you can only redeem on a quarterly or annual basis. there is a little bit of a give-and-take there. how did you way the idea that you will have a better tracking product but the liquidity won't necessarily be there like it would've in a closed end fund? >> you're always weighing access versus efficiency of product and the interval fund was designed originally to allow people to get venture exposure at regular fund levels.

it was never used that way at least consistently and partly it's because traditional venture investors love getting carrie on their returns. they dilute the charge management fee and if their exposure has outperformed and that they are innovating, they get to take a piece of that for themselves with very lucrative for traditional venture investor. they have to give that up. the way the interval fund, because it's invested in a lot of venture companies, there is a 5% maximum outflow in any given quarter. if everybody is trying to sell it wants it, the fund structure is limited so it will be 5% outflow so we can use the public market exposure and the interval fund to fund those outflows over time if need be.

this is the same structure that used for a lot of private credit exposure. there is plenty of assets that you can get exposure to in interval funds and it's matched to the duration you should expect when you're investing in private companies. these are companies that are not likely to list on a public securities exchange next year. these are companies that you really are taking your investment into innovation which should be long-term. it makes sense to us this should be a savings vehicle, not a trading vehicle. katie: how do you actually source your private shares? what does that process look like? >> here we have an unfair advantage because we have such strong innovation research and because we been doing cutting edge work on forecasting technologies for a decade. from the beginning of ark, we've

been approached by private companies asking if we want to invest in them. we did a white paper with coinbase when they raise their series b and wedo's been a spot where we didn't have a mechanism by which to put client assets into the exposures. we were resistant to doing a traditional fund structure because we think innovation exposure should be for everybody not just the rich and the wealthy. we finally figured out we could do it in the interval fund structure. companies we tribute -- we reach out to our same great we want to have you on board because you understand technology well and you understand how hard it is. and how valuable it can be and you're going to provide exposure to the underlying companies to all of the potential retail investors out there that will invest in the fund and their potential customers, employees

and future public market owners. katie: when we think about the premium that dxy still has, at one point, it had rallied over 1000% and now it's down to a pedestrian 223%. could you take that premium as a good signal for your venture fund? investors are clearly willing to pay a premium to get access to these private companies. >> yes i suppose. in some ways, it's frustrating because there are much more efficient ways to get exposure to the companies that people are looking at inside the xyz and saying i want to be invested in that thing. again, it's like paying a high upfront fee to invest or if you are buying a closed end fund at

$30 in the market and it has five dollars worth of stuff in it, the people who are credited can buy those exposures in secondary markets for five dollars and you are paying $30 so you are paying five times more than a rich person has to pay for that were six times more. frankly, it's a little puzzling that people don't understand this and our concern is that they haven't done sufficient due diligence to understand it which is why we publish the piece. i think destiny should feel the same way. it's good that it's trading at such a premium but it will result ultimately in a lot of clients that will probably be disappointed because the underlying assets may do well but their investment won't or may not. katie: we have to leave it there and i hope to continue this discussion soon. our thanks to brett winton and

tune into my podcast called money stuff. the first episode came out last week and a new episode is this friday at 2 p.m. eastern. still ahead, we will look at the companies making the most social buzz today in our social climber segment next. this is bloomberg. ♪

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like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. katie: it's time for social climbers, a look at the stocks making waves on social media's morning. tesla's terrible week is getting worse. the view makers pausing cyber truck deliveries and recalling nearly 4000 cyber trucks because of a problem where the accelerator pedal can get stuck in because the vehicle to unintentionally speed up. tesla says it will look to rework the accelerator pedal on all existing cyber trucks. next up, the french makeup brand

that owns maybelline is a -- is reporting better-than-expected first-quarter sales. earlier this year, l'oreal saw spending by chinese consumers that had pulled back in contractionary -- on discretion responding. amex is crushing it. it expects full-year revenue to grow 11% as it revamps its cards with delta airlines which is their largest co-brand partner. you can follow the latest company buzz ontrem go on your bloomberg terminal. big tech continues to downside workspace. we had the jones lang ceo market advisor and joins us next. this is bloomberg. ♪

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katie: the marshall really market has been under pressure -- the real estate market has been under pressure because of higher rates. abigail: with commercial real estate, look at some of these. up top, boston properties. they have some of the class a properties. there has been a lot of talk about how classe is going to weather the storm, but some are still getting hit despite having wonderful products -- properties, some in new york. avalon bait is an apartment community, multifamily, one of the areas that has more strength. simon property group, malls,

down 21%. and finally, sl, office, down 47% over the last five years. that pain as we have shifted our life styles with the pandemic and people working from home, a lot of that has to do with occupancy. this chart goes way back. you can see back in 2004, reits very high. occupancy not as high as it had been. now, we have occupancy going down quite a bit. 88%. the bloomberg reit index going down with it. let's look at that. it would be an inverse picture if we were to put it into the last chart. the two-year yield is amazing during the pandemic. a couple of dips, backing up by yearly -- 4.8%. we have this two-year yield now at 5%, putting continued pressure on the commercial real

estate space. but in particular office, because of those secular shifts. katie: our thanks to abigail doolittle. for more on commercial real estate, i'm pleased to say we are joined by the ceo of markets advisory. to start, just set the scene for us. what do you do at jll, and what your clients look like? >> thank you for inviting me to join. at jll, we advise both occupiers and investors on their strategy and implementation of that strategy. that is some of the largest corporate occupiers of office industrial retail space, and on the investor side, it is one of those names you just saw on the chart. it has been a tumultuous few years in the real estate sector. katie: yeah, definitely. to that point, what are you telling clients right now when they are asking for advice? what are you actually saying? andy: there are two really big

factors that have had an impact over the course of the last few years, both of which were touched on a few minutes ago. the first is the pandemic. that was a shock to the system, and we had to immediately rethink the way we utilized our real estate. it also elevated commercial real estate in the minds of many corporate executives. it used to be something that was of interest, but now it was of primary interest and a key talking point. the second is the swift increase in interest rates, which had an impact on the investor side, as well as the cap expand on the occupier side. -- the capex spend on the occupier side. we are still in a journey on both of those factors. the return to office side, tenant demand drives the value proposition in the real estate lifecycle. the u.s. is a little behind globally, where asia-pacific and europe, middle east, africa are in their journey on return to

office. but we continue to see increased interest in getting people back into office spaces. at this moment in time, i think we have 90% of fortune 100 have remote or fully back in office programs back in place, and less than 2% of those are fully remote. katie: there are mixed feelings about that among the american workforce. of course, if you are involved in sierra, your probably happy about that. it is interesting, the conversation about office. speaking to a cre investor yesterday, he made the point to me that actually the trends look really good for office right now, but the thing that could upset the apple cart would be an interest rate hike. of course, that conversation is ongoing as the data continues to come in hot. that investor yesterday said it would be cataclysmic for office. you go as far? andy: first, let's grounded in some statistics of what we have seen with the first quarter coming to a close.

70% of the markets in the u.s. saw a quarter on quarter increase in tenant requirements, so a positive trend. not a substantial increase, but an increase. we have 14% more transaction activity, year-over-year, in q1, 2004 to 2003. in large transactions, we have seen an increase. we have seen some positive trends. when you look at proper to get people back into offices, you have a lot of people come when your program who talk about what their ideal scenario is. the average for the fortune 100 is about 3.1 days in the office as an attendance requirement. the challenge for a lot of them has been how do we enforce those requirements, because we remain in a very tight labor market across the u.s.

katie: big time, and no signs of that cracking. let's get specific and look at different areas within the country where you are seeing that office market come back and actually get a bit hot. i'm looking at your 25 most expensive streets. overly no surprise, i see sandhill road up at the top. andy: yes indeed. it is fascinating. i spent the majority of my career in silicon valley. what you see in it -- it is hard to appreciate, because san francisco is probably the for this behind, the bay area, in its return to office journey. the innovation cycles there are so swift and become so compressed that if you miss a cycle of innovation, you risk really dire consequences too, in particular, tech companies who are focused on singular projects. -- products. we have seen, to your point,

significant increase in ai companies seeking space in san francisco. san francisco is not all the way back, but it is a lot of positive trends. the funding still comes from those companies and investors who hang a shingle on sandhill road, that community. there's the venture capital community. katie: there is a lot of gloom and doom about san fran. your data, it seems some of that is misplaced. andy: some of it is misplaced. i think there are signs of hope. there are rays of hope for san francisco. this is not just a real estate challenge. this is a community challenge. we need to bring together the occupiers, investors, immunity, and municipalities -- community, and municipalities, to regain the strength of those streets. when you don't have people in offices, it damages foot traffic, which impacts retail, impacts who is on the street and taking care of our streets in a

place like san francisco. i am hopeful. a lot of discussion about the future of cities and bringing work, live, play environments poster together, that we will bring those constituents together to rebuild cities like san francisco in a better fashion than they may have been in their previous iteration. katie: it's unlike what you are saying -- when you think about the daisy from workers to retail, etc., and everything, it starts with people returning to the office in san francisco. let's go to the other end of the country and talk about what's going on in florida -- specifically west palm beach. that has been one of the big narratives out of the pandemic, that everyone is relocating to florida, a lot of companies. it seems there is data to back that up. andy: there is data to back that up. we are seeing a fair number of corporate relocations and personal relocations. it takes time because it does take time to build the ecosystem of companies and entrepreneurs and investors, to plant the

seeds that become the next companies that turn into growth cycles and have a real impact on the environment. the other thing that becomes a challenge in a place like miami -- and this is a challenge more broadly -- there is an interesting confluence of factors that play in here that might not be obvious. we are in a tight capital constrained environment. the amount of new development has slowed significantly. that is one key factor. you also have demand that is more focused on the highest quality assets -- so those things that provide amenities. so we are actually seeing in some markets where you have a very unique set of circumstances, where vacancy rates might be increasing while rental rates for which the spaces that are being rented are increasing at the same time. that is a unique trend for us over the last two years across markets. katie: andy, really enjoyed this conversation. have a great weekend. our thanks to andy poppink.

let's get a check on these markets right now with abigail doolittle. abigail: it has been a rough stretch over the last six days, at least the last time i looked. the s&p 500 down. that is the first time we have seen that since october of 2022. the bears really out over the last few weeks. this is the worst we have seen since october of last year. here is this trend of stocks going lower. many of these days, not today, the reversals, for in a row, where stocks started higher and close lower. not a lot of conviction in the part of stock investors. as for what could be next, if we look at the technicals, i think the russell 2000 is exemplary here, because it is down more in the month of april than the other indexes. the worst month, i believe, since september of 2022. that has taken the russell 2000 down toward its 200 day moving average. you can see the s&p 500 not close to there.

factor in the last selloff. the s&p 500 still well above its 200 day moving average. the russell 2000 is below. there is a possibility of the s&p falling greatly. the playbook of small -- small-cap stocks that are more sensitive to interest rates rising, that could be a tell of what is ahead for the s&p 500. 5% is not enough consolidation for the big rally we have had. speaking of rates, we look at rates rising over the last week. look at these massive moves higher. the two-year yield, as we were talking about not long ago, closed about 5%. the 10 year yield not far away from 5%. let's not forget jamie dimon has floated the idea of 8% rates. that could pressure stocks even more. and then finally, it is earnings week. one thing that could maybe save stocks, but i'm skeptical about it -- at the end of the day, it's going to come down to the fed and liquidity -- look at the earnings week we have been in,

and look at next week. 16 point $7 trillion of market cap to report. -- $16.7 trillion of market cap to report. katie: big statement that the fed matters more than earnings. coming up, ev's might be down, but not out. that is what congresswoman haley stevens of michigan says. ♪

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abigail: this is bloomberg markets. you are looking at a live shot of the principal move -- prince of orem. coming up, huntington bank share's ceo joins. this is bloomberg. katie: it is time for our wall street week daily conversation. demand for ev's is slumping. u.s. carmakers are responding by

cutting production and prices. congresswoman haley stevens of michigan spoke to david westin and set the fluctuation is not surprising. rep. stevens: we were never expecting a linear trajectory of growth. we have certainly seen big numbers coming out -- 18%, a million ev's sold. please to see where we are over last year and the year before that. we realize it is going to be a little bit more of a curve than just that straight linear line. in part, david, we know we are living in inflationary times. we know we are still working on the infrastructure piece of this. interest rates are up. how many americans are racing to buy a new car right now? that is what is on my mind. that is where i am pushing the trade groups and trade associations. the conversations i am having with the dealers. the key thing is that the united states of america, under joe biden's leadership, passed a

very large industrial policy bill known as the inflation reduction act, to ensure the u.s. could lead the supply chain for battery electric vehicles, as well as potentially hydrogen. we potentially saw those investments come out in the infrastructure bill. we did not want to be left out of the global marketplace. automakers asked us to do something to enable them to lead and develop in this area of technology and innovation progress. i am so thrilled as a member of congress from michigan to see what, from the supplier to the original equipment manufacturer, what these folks have been able to do ring unbelievable times -- a global pandemic and coming out of it. we have led every step of the way. david: one of the things we hear about his affordability. as you know, some of the big automakers in your home state of michigan -- minus well, by the way -- they start toward the top end of the price point, rather

than midrange. we may be leaving behind the mass-market consumer. we need to make them cheaper? and does the inflation reduction act do enough to allow automakers to price these vehicles so more can afford them? rep. stevens: certainly, we are thrilled we have got the tax credit piece done. i think if it was solely up to democratic lawmakers from michigan, he would have done more, and we hear that from those who are in the intersection between distribution and the dealership role, that more tax credits might be desirable here. i will also reflect that when tesla was exclusively in this marketplace, and they have a very vertical, integrated supply chain, not using a unionized workforce -- they put a huge price tag on their vehicle and made themselves a little bit of an enigma in the marketplace. now you are seeing, for instance, stellantis start to roll out battery electric vehicles that are beautiful, that are much lower cost.

gm is doing the same thing here. so look -- the american consumer, we know, is being stretched. we have got people paying more for food then they have any time in 30 years out of their salary. this is something the biden administration with the ftc is working on every day. we have got to have some accountability on costs and holding of account of the large producers and whatnot, with food. but in terms of cars, we have so much to be optimistic about in the united states of america. look what happened with chips and microchips. not only did we pass a chips manufacturing bill -- we are going to be the only country, the united states of america, that leads from the standpoint of design, production, and shipment. so i am overall optimistic. i am listening to the consumer. i am recognizing that people

have large car payments with high interest rates, engaging the treasury department, making sure they have got trusted leadership here in the united states capitol, where we can assist with rising costs. david: how popular are electric vehicles in michigan with the workers? this came up with the uaw -- concern that you do not need as many workers when it comes to ev's. what is your sense of your home state and the workers they are, and how enthusiastic they are about ev's coming? rep. stevens: i will certainly say that my building trades are very enthusiastic to see new plants being built, being rehabbed. every time i talked to a building trades union, they are busy. they are at max employment. they are working many long hours. that is an exciting piece on the infrastructure side and the manufacturing side. we got, with the inflation reduction act, investment dollars to rehab manufacturing.

the energy transition. but we cannot be naive to how we need to responsibly deal workers in. there was certainly, as we saw in the fall, large discussion -- a strike that occurred around safety, around record profits, needing to increase worker pay, get rid of the tiered structure. a lot of the concessions that were made in the auto rescue period that i worked on with steve ratner when general motors and chrysler were staring off the ledge of bankruptcy -- and they did not liquidate. they rebounded in michigan. we cannot have an electrical vehicle revolution without the autoworkers. we will have it with the autoworkers. lastly, as a government actor, it is not my responsibility to shove things down the consumer's throat. we are setting up the

environment and the climate. carmakers sell cars. i know they are working on this every day, anytime. i get a chance to talk about ford motor company. i'm asking them -- what are your consumer report saying? what are your market reports saying? katie: that was congresswoman haley stevens of michigan speaking to david westin. at 6:00 p.m., richard haass and kathy marcus. this is bloomberg. ♪

katie: new data shows that many etf strategies are actually performing better after they liquidate. joining us for more on this etf friday, the best day of the week, we have emily. really interesting report out by bloomberg intelligence. what does it actually show here?

emily: he was looking at a basket of etf's that closed. he scanned this basket and found that on average the lifetime gain of these etf's was about 12%, but in the year after they closed, the average gain was 27%. in addition, he looked at the average performance. if it was a stock etf, it was compared to the s&p 500. on average, over their lifetime, only 16% of these etf's outperformed the respective benchmarks, once they closed, that number doubled. already 5% of the etf's outperformed the benchmark in the year -- -- 35% of the etf's outperformed the benchmark in the year after shutting down. katie: we have poked fun on air before about interesting research -- the etf's have closed. what can we do? what can consumers take from this? emily: it is hard to time when

you are going to close an etf. i think the outperformance could be mean reversion. when you dive into the data, ethanol sales -- athanasios said those with the largest volatility had the most upper performance. it shows that the market is getting more competitive. we have had eight etf's closing this year, but we have also seen a record pace of launches in the first quarter of 2024. this speaks to that. it is difficult to time and it is getting harder to have your strategy stick in the market. katie: that is a nice place to leave it. emily, thank you so much. of course, you can get more on etf's on etf iq on mondays at noon. that is with me, eric, and scarlet fu. "bloomberg technology" is up next. that does it for us. i'm katie greifeld and this is bloomberg. ♪

>> from the heart of where money and power collide "bloomberg technology in silicon valley, this is "bloomberg technology -- collide, this is "bloomberg technology." with caroline hyde and ed ludlow. ed" i'm ed ludlow in san francisco. coming up, full market coverage is ahead as investors scale back on geopolitical concerns when stocks fall back on lowe's and netflix shares flow with plans to stop supporting subscriber numbers.