Today's Animal Spirits talk your book is brought to you by S&P Dow Jones indices.

On today's show, we are talking with Pavel Weinstock.

Pavel is the managing director and global head of strategy indices at S&P Dow Jones indices.

Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnik and Ben Carlson work for RIT Holt's wealth management.

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this podcast. Welcome to Animal Spirits with Michael and Ben. I saw a tweet over the weekend

from Tom Sarafegas reporter at Bloomberg and he had a tweet more than a third of the ETF

industry is less than three years old. That's a pretty mind-bending number and I think the only

explanation for this is thematic ETFs. That makes sense to me. So a lot of the newer players in

the industry are coming for these themes. This is probably by product. I can't be by asset

check because of course it's probably the plan for new little stuff but there's still new ideas

that are coming to market. It makes sense that thematics are getting so big for a number of reasons.

In terms of the fund industry, how many different ways can you make a value ETF for fun?

The quants can argue over which strategy is best but it's splitting hairs at a certain point

between the different kind of value or momentum or quality. Whatever screen the factor stuff has

been kind of milks dry. There's not much you can do in that space. It's different anymore.

Smart bid had it was done in 2014 to 2018. And obviously technology is just a much larger

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