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Five Guys co-founder and CEO Jerry Murrell discusses the company's strategy, the competitive environment and the possibility of going public with Romaine Bostock on "Bloomberg The Close."

The supposedly dumb money trading leveraged ETFs may know exactly what it's doing. TQQQ -- a 3x Nasdaq-100 ETF designed to provide daily leverage -- has returned roughly 41,000% since its 2010 launch. Even better, retail traders have played it like a fiddle: piling in after declines and taking profits after rallies.

Brent Sullivan, editor at Tax Alpha Insider, joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." A 351 sees an investor turn a portfolio of assets into an ETF, typically so they can rebalance winning holdings without paying an immediate tax bill. Technically it's a deferral, since tax will still be owed when any shares in the ETF are eventually sold. But it keeps more money invested for longer, and investors can pursue several strategies that reduce or even eliminate what is owed.

Bloomberg's Zachary Mider and Brent Sullivan, editor at Tax Alpha Insider, join Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." The US Treasury Department has expressed concern over a number of high-profile tax strategies touted by Wall Street that it says may be "too good to be true." The strategies under scrutiny include so-called 351 conversions.

David Auerbach, CIO of Hoya Capital Real Estate, joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." They discuss the Hoya Capital High Dividend Yield ETF (ticker: RIET).

Cinthia Murphy, investment strategist at TMX VettaFi, joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ."

Morgan Hitzig, general partner at Overmatch Ventures, explains why investing in "single points of failure," or SPOFs, is at the core of its investment thesis. She speaks with Ed Ludlow about the growing appeal of supply-chain-focused firms to venture capital on "Bloomberg Tech."

Palantir, the controversial American data-mining firm with ties to the Trump administration, is facing challenges from an obscure French firm. Bloomberg's Mark Bergen joins "Bloomberg Tech" to explain why Palantir's infamy has created a sense of urgency in Europe to repatriate key services that have long been outsourced to the firm.

Apple aims to unveil its first pair of smart glasses next year with a marketing message focused on privacy, and Samsung's latest foldable offers a taste of the next big phone trend, a 'passport' design. Bloomberg's Dana Wollman joins Ed Ludlow on "Bloomberg Tech."

Heather Conley, senior fellow at the American Enterprise Institute, said the US isn't 'in a good strategic place and Iran is going to continue to press its advantage.' Conley also discussed Ukraine President Zelenskyy's upcoming meeting with President Trump and the impact of Ukraine's drone production in its strategic relationship with the United States.

President Donald Trump says the US and Iran are talking about trying to reach a deal to end the war. "There's a good chance that something could happen, and if it does good. If it doesn't, we go back to doing what we were doing," Trump said to reporters on Air Force One.

President Donald Trump says the US and Iran are talking about trying to reach a deal to end the war. "There's a good chance that something could happen, and if it does good. If it doesn't, we go back to doing what we were doing," Trump said to reporters on Air Force One.