Matt Levine

speaker

3,472 appearances 9 recordings 1 series first heard Jun 2026 last heard 11 Sep

Matt Levine’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 9 in all, peaking in Jul 2026 with 5.

Appearances

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Money Stuff: The Podcast · Learn More Gooder · 4 Sep 2026 podcast

It's called the cash and carry trade, although I always think of it as just the basis trade for S P. voice-verified

But the trade is like you buy the S P. voice-verified

or like S P ETFs, index funds or like the actual stocks. voice-verified

And then you sell S P futures. voice-verified

And so you're basically providing funding. voice-verified

So it's like a balance sheet trade, it's like a basis trade. voice-verified

And the funding spread has widened for reasons. voice-verified

And so there's money to be made by doing this. voice-verified

And so a number of like investors do it. voice-verified

And if you're doing that trade and you are a foreign company, you do not want the drag of like, you know, on your actual S P shares, you receive a dividend. voice-verified

And if there's a withholding tax on that dividend, that kind of cuts into the like fairly slim margins you're making on the trade. voice-verified

And so they have this story about how people, foreign investors, voice-verified

hedge funds, banks, whatever. voice-verified

Implement this trade by like voice-verified

The way they own the SP is through two ETFs. voice-verified

There's a BlackRock S P ETF called IV or IVV, and there's a Vanguard SP ETF called the VU VO. voice-verified

And um they are basically the same. voice-verified

They know the S P five hundred, but they pay dividends about a week apart. voice-verified

So like they Which voice-verified

Yeah. voice-verified

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