It's a bull market and nobody drinks anymore.

**Josh Brown** (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?

**Josh Brown** (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.

**Josh Brown** (0:14)
No, I meant 2026 like ETF of Palooza.

**Todd Sohn** (0:16)
Oh my God.

**Josh Brown** (0:17)
Like, you are having a moment.

**Todd Sohn** (0:19)
It's nice. You have.

**Michael Batnick** (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.

**Michael Batnick** (0:28)
900 new ETFs?

**Todd Sohn** (0:29)
Yeah, we're gonna pass last year pretty soon.

**Michael Batnick** (0:32)
What, last year was 1,000?

**Todd Sohn** (0:33)
Last year was like 1,100 maybe.

**Michael Batnick** (0:36)
Dude.

**Todd Sohn** (0:36)
I wish a third of them were levered, which we'll get into.

**Josh Brown** (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.

**Michael Batnick** (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...

**Michael Batnick** (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.

**Josh Brown** (1:04)
It's like a mixed track.

**Todd Sohn** (1:05)
Yeah.

**Josh Brown** (1:06)
Like you just make one for your friends.

**Todd Sohn** (1:07)
You just make one and you ship it out.

**Michael Batnick** (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.

**Michael Batnick** (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.

**Josh Brown** (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.

**Michael Batnick** (1:44)
What do you mean your books? Oh, you wrote a book?

**Todd Sohn** (1:47)
I didn't write a book like...

**Michael Batnick** (1:48)
Save it for the end.

**Todd Sohn** (1:48)
Okay.

**Michael Batnick** (1:49)
Save it for the end.

**Todd Sohn** (1:50)
They're ETF related though.

**Michael Batnick** (1:52)
Let me show you a chart. Can we put a chart up yet?

**Todd Sohn** (1:56)
Which one do you want?

**Michael Batnick** (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?

**Michael Batnick** (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.

**Michael Batnick** (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?

**Michael Batnick** (2:42)
I think it's the building and the Rangers.

**Josh Brown** (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.

**Michael Batnick** (2:49)
This should be 30% to 50% higher right now.

**Todd Sohn** (2:52)
Okay.

**Josh Brown** (2:52)
Are you going to buy it?

**Michael Batnick** (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.

**Josh Brown** (2:57)
So you know it's going higher. I can't buy this either. It's too much.

**Michael Batnick** (2:59)
MSG...

**Todd Sohn** (2:59)
You could buy the Braves stock.

**Michael Batnick** (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.