It's a bull market and nobody drinks anymore.

Michael Batnick (0:00)

So Todd, this is like a year for you.

Todd Sohn (0:02)

Quiet on set! A year's perfect.

Even if it was two years, I don't care. Wait, what are we talking about here?

Michael Batnick (0:09)

I'm saying 2026 has been a year. Oh, you thought it meant since the last time you were on the show.

Todd Sohn (0:12)

Yeah, I don't need to.

Michael Batnick (0:14)

No, I meant 2026 like ETF of Palooza.

Todd Sohn (0:16)

Oh my God.

Michael Batnick (0:17)

Like, you are having a moment.

Todd Sohn (0:19)

It's nice. You have.

Josh Brown (0:21)

It is the biggest launch year by Ticker.

Todd Sohn (0:24)

It's gotta be up there. 900 funds, year to date.

Josh Brown (0:28)

900 new ETFs?

Todd Sohn (0:29)

Yeah, we're gonna pass last year pretty soon.

Josh Brown (0:32)

What, last year was 1,000?

Todd Sohn (0:33)

Last year was like 1,100 maybe.

Josh Brown (0:36)

Dude.

Todd Sohn (0:36)

I wish a third of them were levered, which we'll get into.

Michael Batnick (0:41)

I don't know that this is temporary.

Todd Sohn (0:44)

Well, unless you get a really bad bear market. Well, yeah, sure.

Josh Brown (0:46)

No, it's not temporary because the cost of launching is much lower, right? Yeah.

Todd Sohn (0:52)

Oh, yeah. It's like a...

Josh Brown (0:53)

And the cost of maintaining a fund that doesn't catch on.

Todd Sohn (0:56)

ETFs have turned into Napster or just like, hey, come to my shed where I have a recording studio and we'll lay down the tracks and do it for you. Everything else for you.

Michael Batnick (1:04)

It's like a mixed track.

Todd Sohn (1:05)

Yeah.

Michael Batnick (1:06)

Like you just make one for your friends.

Todd Sohn (1:07)

You just make one and you ship it out.

Josh Brown (1:10)

I was involved in two ETF launches this year in the same week. In the same week. Yes.

I didn't promote either one of them. You don't have to promote them.

Todd Sohn (1:20)

I don't need to promote them.

Josh Brown (1:21)

No, no, no. But just like as an anecdote of how much activity there is, I've never been involved in an ETF before now in this year.

Michael Batnick (1:30)

Dude, Duncan's about to launch one.

Todd Sohn (1:32)

Photography?

Photography ETF? I have books for you, by the way. If we're doing it. Are we live? Yeah, we're always live. I usually bring you real books. These are my books.

Josh Brown (1:44)

What do you mean your books? Oh, you wrote a book?

Todd Sohn (1:47)

I didn't write a book like...

Josh Brown (1:48)

Save it for the end.

Todd Sohn (1:48)

Okay.

Josh Brown (1:49)

Save it for the end.

Todd Sohn (1:50)

They're ETF related though.

Josh Brown (1:52)

Let me show you a chart. Can we put a chart up yet?

Todd Sohn (1:56)

Which one do you want?

Josh Brown (1:57)

MSGS. This is Madison Square Garden Sports.

Wait. This is the Knicks. This is the...

Dude.

Todd Sohn (2:06)

Can we... Look at this. How did I miss this? I actually wanted to talk to you about this. How are you not invested in this? The Sphere.

And can we talk about this Lakers price?

Josh Brown (2:15)

Well, that's what I wanted.

Todd Sohn (2:16)

This has nothing to do with ETFs. Lakers for $12 billion. No, no, no.

Josh Brown (2:19)

So leave this on the screen.

This... What we're looking at is the market cap and enterprise... This is the share price, but I'm saying market cap is $10 billion, enterprise value, so add back the debt, is $11 billion. If the Lakers are worth $12.4 billion, what should this stock be trading at? Understanding this is a discount because Dolan said he doesn't want to sell.

Todd Sohn (2:41)

The building is involved with this too?

Josh Brown (2:42)

I think it's the building and the Rangers.

Michael Batnick (2:45)

So they're splitting by the way. The Rangers and the Knicks are going to split.

Todd Sohn (2:47)

I understand. But you're right. This makes no sense.

Josh Brown (2:49)

This should be 30% to 50% higher right now.

Todd Sohn (2:52)

Okay.

Michael Batnick (2:52)

Are you going to buy it?

Josh Brown (2:53)

I might. I mean, look how much it's up. I feel like the biggest idiot that I'm going to own it.

Michael Batnick (2:57)

So you know it's going higher. I can't buy this either. It's too much.

Josh Brown (2:59)

MSG...

Todd Sohn (2:59)

You could buy the Braves stock.

Josh Brown (3:01)

MSG expects to complete the spinoff of the Rangers business from the Knicks into a distinct publicly traded company by the end of October.