Trillions

Trillions

Bloomberg

Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool that's quietly transformed investing in recent years. Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and delight you in the process.

Captain America: A Brave New ETF World

Captain America: A Brave New ETF World

There's something special about the U.S. stock market- it's like the Eighth Wonder of the World when it comes to kicking out consistently big returns. Other regions have a nice runs now and then but they are always short-lived and microscopic compared to the U.S. Why is that? And how long can this level of dominance last? On this episode of Trillions we speak with Steve Hou, Quantitative Researcher at Bloomberg Indices. He talks about why U.S. companies are rewarded for their innovation while ot

Feb 13, • 27:13

A Quiet, Tax-Free Haven Is Braced for Change

A Quiet, Tax-Free Haven Is Braced for Change

Municipal bonds are the foundation of how American cities and states operate. And a big reason investors love “munis” is their tax-free status. But if you think that makes muni exchange-traded funds sound boring, think again. On this episode, Eric and Joel speak with Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence and co-host of the podcast Masters of the Muniverse. They discuss the storied history of munis, how they figure into portfolios—and how that favor

Jan 30, • 22:06

Five ETF Predictions for 2025

Five ETF Predictions for 2025

Will the first private credit exchange-traded fund launch in 2025? How many new crypto-related ETFs will come to market this year? And how will the battle of the S&P 500 funds shake out? Will BlackRock’s iShares Core S&P 500 ETF cut fees in an effort to stop Vanguard’s S&P 500 ETF from passing State Street’s SPDR S&P 500 ETF in assets? On this episode of Trillions, the discussion leaves no stone unturned. Eric Balchunas and Joel Weber—along

Jan 15, • 31:22

The Gold Versus Bitcoin Debate

The Gold Versus Bitcoin Debate

Gold or Bitcoin? The answer to that question—as always—depends on whom you ask. Yet the response will regularly be a passionate one. The exchange-traded fund has played an enormous role in making both assets more accessible, part of the reason 2024 was such a banner year. With the debut of spot Bitcoin ETFs and Donald Trump’s election (given his embrace cryptocurrency during the campaign), we now look to what the new year means for both. On this episode of Trillions, recorded a

Dec 30, 2024 • 27:50

2024: A Year to Remember

2024: A Year to Remember

It's pretty safe to say that 2024 was the best year ever for ETFs. The industry saw record flows of $1 trillion, a record 670 new launches and a 30% jump in assets- not to mention that record smashing bitcoin ETF launch. So how do you top that? On this episode of Trillions Joel and Eric host a roundtable discussion on highlights from 2024 as well as predictions for 2025 with Todd Rosenbluth, head of research at VettaFi, Vildana Hajric, reporter with Bloomberg News and Athanasios Psarofagis, ETF

Dec 19, 2024 • 35:31

A Strategist's Top ETFs for 2025

A Strategist's Top ETFs for 2025

US large cap stocks have had an unbelievable run, and this year has been no exception. But how much longer can this Magnificent 7-driven winning streak really last? What kind of moves should investors consider making? And which products should they use? ETF strategists ponder questions just like this, and they're experts at figuring out how to meet the moment — or realize an idea — with the right product. On this episode of Trillions, Joel and Eric speak with John Davi, CEO of Astoria Portfolio

Dec 5, 2024 • 36:04

A Rare Peek under the Hood of Vanguard

A Rare Peek under the Hood of Vanguard

“The House That Jack Bogle Built” is alive and well in sleepy Malvern, Pennsylvania. So far this year, the asset management firm that pioneered low-cost investing—so much so that “beta” is almost free now—has hoovered up another $256 billion of inflows into its US exchange-traded funds. But as the company nears its 50th anniversary, can it continue to succeed without changing its tried-and-true ways? On this episode of Trillions, Eric Balchunas and Joel Weber speak with Vanguard’s Janel Jackson,

Nov 21, 2024 • 33:19

Get Ready for the Hottest Hot Sauce

Get Ready for the Hottest Hot Sauce

One of the year’s hottest investments? Bitcoin, which has surged on exchange-traded fund adoption as well as the return of the “Trump trade.” One way to go especially big on that bet is two new leveraged ETFs: MSTX and MSTU, which are 2X MicroStrategy—a company that’s already a highly exposed Bitcoin proxy. Both ETFs effectively give investors a 4X exposure to Bitcoin. If that sounds volatile, it is: MSTX is the most volatile ETF in the US. Consider this space the “ghost pepper” of hot sauces. O

Nov 7, 2024 • 33:10

Why These ETFs Died During a Bull Market

Why These ETFs Died During a Bull Market

As with humans, death is a part of life in the exchange-traded fund industry. There have been about 150 closures this year, which may be a bit surprising given how almost everything is up in the markets. So what’s behind this year’s class of liquidated ETFs? And what does it mean for investors?  On this episode of Trillions, Eric Balchunas and Joel Weber dig into the stories and answer the “why” behind some of the closures in 2024. On hand to assist is Vildana Hajric, a cross-asset reporter for

Oct 24, 2024 • 34:45

The Rise of the Quick-Buck ETF

The Rise of the Quick-Buck ETF

Derivatives-enhanced exchange-traded funds have become a hit with retail investors. There’s been more than 160 such launches so far this year, with monikers such as “laddered buffer” and “covered call,” and they’ve attracted $50 billion and counting. While many of the products were designed to protect from downturns, some include options that can generate cash, which comes back to investors in the form of dividends. (Did someone say “yields”?) On this episode of Trillions, Eric Balchunas and Joe

Oct 10, 2024 • 28:47

The Apollo ETF Landing

The Apollo ETF Landing

A new competition has begun to see who can successfully solve an investing paradox: how to package illiquid, private assets into liquid, public exchange-traded funds. State Street, in partnership with Apollo, officially kicked off this race with a recent filing. If approved, their offering would make one of Wall Street's fastest-growing corners—private credit—open to a much wider world than just institutional investors. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Vilda

Sep 26, 2024 • 22:03

Finally an ETF for Rejects

Finally an ETF for Rejects

For every stock that enters an index like the S&P 500 or Russell 1000, another must exit. One might assume these “deletions” are a sorrowful bunch whose demotion to the B-team means they’re no longer worthy of your portfolio. Yet Rob Arnott, founder of Research Affiliates and a longtime champion of “smart beta,” discovered that many of these rejects tend to perform better after being dropped from the indexes. On this episode, Eric and Joel speak with Arnott about his new exchange-traded fund

Sep 11, 2024 • 29:50

Return Stacking

Return Stacking

The idea of using leverage to layer one investment return, say equities, on top of another, say a managed futures strategy, is something institutional investors have been doing for decades under the term “portable alpha.” Now a suite of young, fast-growing exchange-traded funds have come along—they’re called “return stacking” ETFs—and they’re offering such layering to the masses. On this episode, Joel and Eric speak with Corey Hoffstein, chief executive and chief information officer of Newfound

Aug 29, 2024 • 27:40

Should I Just 'VTI and Chill'? Your ETF Questions Answered

Should I Just 'VTI and Chill'? Your ETF Questions Answered

While exchange-traded funds have become increasingly popular and people are more familiar with them, there are still aspects of ETFs that—for some—remain shrouded in mystery. So we recently asked our followers on social media to send us any ETF questions they may have or topics they were curious about. We received a ton of responses.  On this episode of Trillions, Joel Weber and Eric Balchunas answer about 20 of these questions—ranging from whether ETFs will be in 401(k) plans someday to how ove

Aug 15, 2024 • 28:37

Ether ETFs Are Looking for a Bitcoin Style Love

Ether ETFs Are Looking for a Bitcoin Style Love

Bitcoin exchange-traded funds, which were finally introduced earlier this year after intense regulatory scrutiny, have already become some of the most successful ETF launches ever. For months it seemed that spot ETFs for Ether, the second-largest cryptocurrency, might linger in a similar purgatory — and then, after some back and forth with issuers, regulators finally blessed them. About 10 products began trading in mid-July; they've seen healthy inflows, though Bitcoin ETFs were in a different l

Aug 1, 2024 • 27:41

Yes, ETFs Can Outperform Without Nvidia—But It's Not Easy

Yes, ETFs Can Outperform Without Nvidia—But It's Not Easy

Nvidia's ascent into one of the world's biggest companies was as fast as it was dramatic. The company's startling rise has sparked new ETFs to launch and propelled others to record heights. Nvidia's dominance is also changing indexes and weightings, which can have a dramatic impact on investors—especially when a rebalance gets a little wild. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Athanasios Psarofagis of Bloomberg Intelligence and Emily Graffeo of Bloomberg News a

Jul 18, 2024 • 20:16

Everything to Know About the 2X Nvidia ETF

Everything to Know About the 2X Nvidia ETF

Single-stock ETFs seem like an oxymoron: An investing vehicle that usually contains an entire portfolio reduced to just a single company? But whatever skepticism existed when this type of ETF — which are either leveraged or inverse — first launched two years agoCHTK has abated. Traders are hooked on this type of ETF "hot sauce," even if it sounds a lot like gambling. Assets in single-stock ETFs have doubled in assets this year, to more than $5 billion. The most popular such ETF, GraniteShares 2x

Jul 4, 2024 • 45:18

The 2024 ETF Halftime Report

The 2024 ETF Halftime Report

So far, this has been a banner year for exchange-traded funds. The S&P 500 is at record highs, inflows keep soaring and investors are taking more risk. BlackRock’s Bitcoin offering even became the most successful ETF launch ever. On this episode, Eric Balchunas and Joel Weber discuss the most noteworthy themes and trends of the past six months with Todd Rosenbluth and Cinthia Murphy of VettaFi. They review what the inflows reveal, how various sectors are performing and which products and iss

Jun 20, 2024 • 37:07

Can an Outsider Fix the House that Bogle Built?

Can an Outsider Fix the House that Bogle Built?

For the first time in its 49-year history, Vanguard has chosen a chief executive from outside the company. His name is Salim Ramji, who previously served as head of BlackRock’s global exchange-traded fund business. The move comes as Vanguard continues to lead the industry in flows, but the giant has other challenges—such as customer service. How much should we expect Ramji to change, or leave the the same, in the House that Bogle Built? On this episode of Trillions, Joel Weber and Eric Balchunas

Jun 6, 2024 • 30:27

Blackrock's Bitcoin Believer

Blackrock's Bitcoin Believer

The iShares Bitcoin Trust (IBIT) was the most successful ETF launch in history by nearly all metrics. For most ETFs it takes years to hit $10 billion in assets. IBIT did it in less than two months. It's now closing in on $20 billion. How much bigger will it get? Who exactly is buying it? And how did BlackRock end up being one of the firms leading the charge on ETF-izing crypto? On this episode of Trillions, Joel and Eric speak with Robert Mitchnick, head of digital assets for BlackRock, about th

May 23, 2024 • 45:51

The Unsung Art of the ETF Industry

The Unsung Art of the ETF Industry

While most of the money flowing into exchange-traded funds goes into the cheaper ones, investors are willing to pay up for certain things. And after all, ETF issuers have to pay the bills somehow. Figuring out how to price an ETF so it’s both appealing to investors and generates revenue is one of the more unsung arts of the industry.   On this episode, Joel and Eric speak with Athanasios Psarofagis, an ETF analyst with Bloomberg Intelligence, and Bloomberg reporter Katie Greifeld about BI’s rece

May 9, 2024 • 29:38

And the Winner Is...

And the Winner Is...

The issuer of an exchange-traded fund has one main goal, and that’s to get assets—but being recognized is nice, too. Just like the Oscars, the ETF industry has its own awards show, held by ETF.com every April in New York City. Categories include ETF of the Year, Issuer of the Year, Best New Fixed Income ETF and even a Lifetime Achievement Award. Now that the tenth annual ETF awards ceremony is in the history books, we can tell you that—just like the Academy Awards—there were some notable winners

Apr 25, 2024 • 35:36

This ETF Will Be Music to Your Ears

This ETF Will Be Music to Your Ears

The music industry took a huge revenue hit when the MP3 came out about twenty years ago but has since found ways to make money. And now there’s an ETF for that too.  On this episode of Trillions, we speak with David Schulhof, founder and CEO of the MUSQ Global Music Industry ETF, about the stocks in the ETFs as well as the growth of the music industry which includes songs, platforms, concerts and the Taylor Swift economy. We also discuss his career in the music industry and whether music has got

Apr 11, 2024 • 32:05

Why Central Banks Love ETFs

Why Central Banks Love ETFs

After 17 years, the Bank of Japan finally scrapped the world’s last negative interest policy. The central bank also announced it will cease buying exchange-traded funds, an effort originally intended to revitalize the corporate sector and pump cash into the economy. So what becomes of its $475 billion ETF hoard? That’s to be determined, but just as Japan is changing course, China’s so-called “national team” has begun purchasing a handful of key Chinese ETFs. On this episode, Eric and Joel are jo

Mar 28, 2024 • 20:25

Listen Now: The Big Take

Listen Now: The Big Take

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.See omnystudio.com/listener for privacy information.

Mar 26, 2024 • 1:00

Let the Good Times Roll

Let the Good Times Roll

Worry? What worries? As the market hits new all-time highs, investors are “comfortably bullish,” according to research by Bloomberg Intelligence. They’re also bullish on exchange-traded funds, according to BI’s first-ever ETF survey. What if anything could derail this state of optimism? And how is the current enthusiasm different from the meme-stock euphoria and previous all-time highs of 2021? On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg Intelligence ETF anal

Mar 14, 2024 • 28:36

Introducing: The Deal with Alex Rodriguez and Jason Kelly

Introducing: The Deal with Alex Rodriguez and Jason Kelly

The Deal, hosted by Alex Rodriguez and Jason Kelly, features intimate conversations with business titans, sports champions and game-changing entrepreneurs who reveal their investment philosophies, pivotal career moves and the ones that got away. From Bloomberg Podcasts and Bloomberg Originals, The Deal is available on Apple Podcasts, Spotify, iHeart, Bloomberg Carplay, or wherever you get your podcasts. You can also watch The Deal on Bloomberg Television, and Bloomberg Originals on YouTube.See o

Mar 4, 2024 • 1:37

Exchanging Exchanges at Exchange

Exchanging Exchanges at Exchange

Exchange, the biggest ETF conference of the year just concluded at the Fontainebleau in Miami. Issuers, advisors, service providers and just people who just love ETFs gathered to network and discuss all the latest trends in the industry and market.  On this week’s episode, Joel and Eric recap this big annual event and listen to clips from a dozen interviews that Eric took while he was at the conference. Topics include the bitcoin boom, active’s increasing presence, how ETF share classes are next

Feb 29, 2024 • 27:22

Inside a Liquidation

Inside a Liquidation

Launching an exchange-traded fund is easy. Finding success is a different story entirely. About a quarter of all ETFs that have been launched have ended up having to liquidate. These stories can sometimes be forgotten given how much the successful ones are celebrated—but they can also provide a lesson about the marketplace and the importance of timing.  On this episode of Trillions, Joel Weber and Eric Balchunas speak with Jack Forehand and Justin Carbonneau, respectively the president and vice

Feb 15, 2024 • 31:26

A Financial Adviser’s Take on Bitcoin ETFs

A Financial Adviser’s Take on Bitcoin ETFs

The launch of the first-ever spot Bitcoin exchange-traded funds has dominated the ETF conversation over the last few months. Issuers are jockeying for position in what’s fast-becoming a successful and ultra-competitive category. But who’s the target market for these products? What do advisers think of them? And how are they talking to their clients about them? On this episode of Trillions, Joel and Eric speak with Douglas Boneparth, founder and president of Bone Fide Wealth. They discuss how he’

Feb 1, 2024 • 39:28

A Bunch of Questions—and Answers!—About the New Bitcoin ETFs

A Bunch of Questions—and Answers!—About the New Bitcoin ETFs

After years and years of drama, the US Securities and Exchange Commission finally let 10 spot Bitcoin exchange-traded funds begin trading last week. The launches have been wildly successful. But now that these funds are in the wild, you probably have a few questions. And you're not alone!  On this episode, Eric and Joel along with James Seyffart, ETF analyst with Bloomberg Intelligence—open up the mailbag to answer all your most pressing questions. See omnystudio.com/listener for privacy informa

Jan 18, 2024 • 39:45

15  ETFs to Watch in '24

15  ETFs to Watch in '24

Exchange-traded funds tracking areas that lagged megacap US stocks—such as small caps, international, value and cannabis—are among the 24 ETFs that Bloomberg Intelligence says represent themes that could drive the market in 2024. Other big themes include the mini-boom in active and the race for the first spot Bitcoin ETF.  On this episode, Eric and Joel take a tour of BI’s list of ETFs to watch for the year ahead. They’re joined by BI’s James Seyffart and Athanasios Psarofagis to go through the

Jan 4, 2024 • 41:23

Will 2024 Be the Year of the Bitcoin ETF?

Will 2024 Be the Year of the Bitcoin ETF?

The US Securities and Exchange Commission is busier than Santa’s elves these days as it scrambles to work with exchange-traded fund issuers to fine-tune offering documents ahead of the likely approval of spot Bitcoin ETFs. While this ten year-long saga seems to be nearing an end, approving them will create a whole new world of products—and regulation. On this episode, Joel Weber, Eric Balchunas and Bloomberg reporter Katie Greifeld speak with SEC Commissioner Hester Peirce in front of an audienc

Dec 21, 2023 • 30:41

Introducing: Bloomberg News Now

Introducing: Bloomberg News Now

Bloomberg News Now is a comprehensive audio report on today's top stories. Listen for the latest news, whenever you want it, covering global business stories around the world.      on Apple: trib.al/Mx9TCh1     on Spotify: trib.al/T4BG8s4     Anywhere: trib.al/O4EX6BASee omnystudio.com/listener for privacy information.

Dec 15, 2023 • 0:51

Spot Bitcoin ETFs Are (Probably) Almost (Finally) Here

Spot Bitcoin ETFs Are (Probably) Almost (Finally) Here

After more than a decade-long wait, it’s looking likely that the first-ever spot Bitcoin ETFs will soon arrive in the US. But despite the heated race just to get off the start line, SEC approval is actually just when the story begins. Who among the dozen issuers who have filed so far will even make it off the blocks? How will the ETFs differentiate themselves? Who exactly are the prospective investors? On this episod, Eric and Joel speak with ARK founder Cathie Wood and 21 Shares’ co-founder Oph

Dec 7, 2023 • 43:53

Measuring Corporate ‘Dark Matter’ With an ETF

Measuring Corporate ‘Dark Matter’ With an ETF

When it comes to evaluating companies for different exchange-traded fund strategies, some things can be easily measured—such as dividends and price-to-earnings ratios. Others are harder to gauge. This so-called dark matter of the stock market universe includes thinks like a company's brand power, human capital and intellectual property. The latter is something called “intangible value.” And now there’s an ETF for that, too. On this episode, Joel and Eric speak with Kai Wu, founder and chief inve

Nov 23, 2023 • 34:21

Introducing: Elon, Inc.

Introducing: Elon, Inc.

At Bloomberg, we’re always talking about the biggest business stories, and no one is bigger than Elon Musk. In this new chat weekly show, host David Papadopoulos and a panel of guests including Businessweek’s Max Chafkin, Tesla reporter Dana Hull, Big Tech editor Sarah Frier, and more, will break down the most important stories on Musk and his empire. Listen wherever you get your podcasts.See omnystudio.com/listener for privacy information.

Nov 9, 2023 • 0:43

Is ESG Dead?

Is ESG Dead?

ESG seems to have went from all the rage to yesterday's news as ETFs tracking these strategies have been hit with big stretches of underperformance and outflows while media interest has waned. What happened? And where does it go from here?  On this episode of Trillions, Joel and Eric discuss and debate this with Rob Du Boff and Shaheen Contractor, ESG analysts for Bloomberg Intelligence as well as hosts of a new ESG podcast called ESG Currents.See omnystudio.com/listener for privacy information.

Nov 9, 2023 • 35:55

The Lazarus List

The Lazarus List

More than 1,000 ETFs have been liquidated and sent to the proverbial ETF graveyard. But a select few have been resurrected by issuers who think that either the time is right for the idea or they have the ways and means to make it work.  On this episode of Trillions, Eric and Joel speak with Athanasios Psarofagis of Bloomberg Intelligence about his "Lazarus List"—ETFs that have failed, sometimes at inopportune moments, only to later get another chance. The list includes target-date ETFs as well t

Oct 25, 2023 • 20:22

The ETF Quiz Show

The ETF Quiz Show

How much does the average person know about ETFs? What about an ETF analyst? On this episode of Trillions we put the experts knowledge to the test in our first ever ETF trivia game featuring two competitive teams made up of Todd Rosenbluth, head of ETF research at VettaFi, Lara Crigger, Editor-in-Chief of VettaFi, Katie Greifeld of Bloomberg News and Athanasios Psarofagis of Bloomberg Intelligence. Questions range across asset classes and historical periods and the winning team gets a free sushi

Oct 11, 2023 • 27:47

What's Going on in Europe?

What's Going on in Europe?

Cathie Wood’s Ark Invest recently purchased European exchange-traded fund issuer Rize. The move shows yet another US-based issuer bringing their talents to Europe, a market that while only a fraction the size of the US is growing quickly.  On this episode of Trillions we talk to Hector McNeil, Co-Chief Executive Officer of HANetf and a veteran of the European ETF market. We discuss how Europe remains behind the US in some ways, but ahead in others. We also analyze how portfolios are changing and

Sep 28, 2023 • 22:58

The Bull Case for India

The Bull Case for India

India just hosted the G-20. Some of Apple’s latest iPhones are now being made there. The country’s demographics are compelling. And yet, as Hindenberg Research’s short of the Adani Group showed earlier this year, this emerging market is perhaps not without significant risk. On this episode, Eric and Joel, along with Rebecca Sin of Bloomberg Intelligence, speak with Kevin Carter of EMQQ Global, whose India Internet and e-commerce ETF ($INQQ) is attempting to capture the country’s boom. They discu

Sep 14, 2023 • 23:46

The Mutual Fund Is Very Much Alive and Well

The Mutual Fund Is Very Much Alive and Well

The death of mutual funds has been greatly exaggerated. With $24 trillion in assets, they outmatch exchange-traded funds two to one. And there’s good reason to keep tabs on them as well—especially because of what they reveal about active management.  On this episode of Trillions, Eric and Joel speak with new Bloomberg Intelligence mutual fund analyst David Cohne. He’s already made some fascinating discoveries deep inside the world of mutual funds—including who beat QQQ, one fund's unusual top ho

Aug 31, 2023 • 26:29

The Weird Burden of QQQ

The Weird Burden of QQQ

Invesco’s QQQ Trust Series 1, aka QQQ, is synonymous with tech investing—and performance, given that it’s nearly doubled the S&P 500 over the last decade. But because the almost $200 billion exchange-traded fund was created as a unit investment trust, it hasn’t made any money for Invesco, which acquired it in the 2006 acquisition of PowerShares. What’s Invesco doing about that? Launching money-making spinoffs, of course. On this episode of Trillions, Eric Balchunas and Joel Weber discuss QQQ

Aug 17, 2023 • 19:09

The No Downside ETF

The No Downside ETF

It sounds too good to be true. An exchange-traded fund that is 100% protected from any losses but still gets to participate in stock market gains? While there is a catch and a trade-off involved, that is pretty much what the Innovator Equity Defined Protection ETF—2 Yr to July 2025 (TJUL) sets out to do in a strategy using options. On this episode of Trillions we speak to the masterminds behind this new ETF, Innovator Co-Founder and Chief Executive Officer Bruce Bond and Chief Investment Officer

Aug 3, 2023 • 30:42

Five Things to Watch in ETFs During the Second Half

Five Things to Watch in ETFs During the Second Half

It’s the third quarter and exchange-traded fund investors have finally gotten their FOMO bug back. While they’re currently plowing money into equities, how long can the good times last? This is just one of many trends to watch in the second half.  On this episode of Trillions, Eric Balchunas and Joel Weber speak with Athanasios Psarofagis, a Bloomberg Intelligence ETF analyst, about five big stories to watch in the third and fourth quarters of 2023. These include the Bitcoin ETF race, the dethro

Jul 20, 2023 • 22:34

The Race for the Bitcoin ETF Heats Up

The Race for the Bitcoin ETF Heats Up

Over the past decade, about 30 spot Bitcoin exchange-traded fund applications have been swatted aside by the US Securities and Exchange Commission. The outlook appeared dire. And then a surprise filing by BlackRock Inc. in mid-June seemed to change the mood. A rush of new applications and amendments to existing proposals soon followed. And Ophelia Snyder—co-founder and president of 21Shares, who had re-filed a spot Bitcoin ETF application with ARK Invest in April—was in the mix again. On this ep

Jul 6, 2023 • 35:12

ETF Lawyer-Regulator-Industry Veteran Dalia Blass

ETF Lawyer-Regulator-Industry Veteran Dalia Blass

Dalia Blass has a rare perspective on the exchange-traded fund industry. Now a lawyer at Sullivan & Cromwell, she recently left BlackRock, where she was head of external affairs. Before that, Blass did multiple tours of duty with the US Securities and Exchange Commission, most recently as the director of investment management.  On this episode of Trillions, Blass joins Eric Balchunas and Joel Weber to discuss the regulator’s role in innovation, funds and regulation; the politicization of env

Jun 22, 2023 • 46:58

AI Mania Is Coming for ETFs

AI Mania Is Coming for ETFs

Unless you’ve been living under a rock, you’ve likely heard about how Artificial Intelligence is going to be a big deal. The exchange-traded fund industry is as excited as any other, and has launched a slew of funds dedicated to either using AI or investing in AI companies. But will this shiny new object be the monumental shift some predict it will be?  On this episode, we chat with Dave Mazza, chief strategy officer for Roundhill, and Rebecca Sin, an ETF analyst for Bloomberg Intelligence who c

Jun 8, 2023 • 27:37

The FOMO Drought

The FOMO Drought

The S&P 500 Index is up 9%, the Nasdaq 100 has jumped 25% and Bitcoin-mining stocks are up more than 100%—and yet no one seems to care. At least that’s the case among exchange-traded fund investors who have put virtually no money into US equities. It’s what we’re calling the FOMO drought. What’s behind this odd phenomenon, and what can end it? Joel and Eric sit down with Bloomberg Intelligence ETF analyst Athanasios Psarofagis to discuss several spots in the flows, such as international, the

May 25, 2023 • 19:23

The $30 Trillion ETF Market Is Coming

The $30 Trillion ETF Market Is Coming

Exchange-traded funds could go from $9 trillion in global assets today to $30 trillion in the next decade as investors far and wide continue to migrate from mutual funds. This is the prediction that Brown Brothers Harriman reached in their 10th Annual ETF Survey last month.   On this episode, Joel and Eric speak with Shawn McNinch, Global ETF Head at BBH, to pore over the survey, including questions on how ETFs are selected, what areas investors want to see more products covering and the differ

May 11, 2023 • 31:11

The Hottest New Trade Is the Most Boring

The Hottest New Trade Is the Most Boring

The hottest new trade is the most boring asset class: money market mutual funds. Once regarded as a no-yield option investors would only use to park cash in a crisis, they now yield more than 4.5%. In the first quarter alone, investors flocked to them to the tune of half a trillion dollars. But how do they work? What do they invest in? And why do investors use them instead of similar-yielding, cheaper Treasury exchange-traded funds? We answer all these questions and more on the latest episode of

Apr 27, 2023 • 33:55

The Lowdown on Increasing Your ‘ETF IQ’

The Lowdown on Increasing Your ‘ETF IQ’

The first exchange-traded fund television show ever created, Bloomberg’s ETF IQ, just finished its first year on the air. On this episode, we talk to its anchors, Matt Miller and Katie Greifeld, about what goes into making the program, some of its highlights and recurring themes. These include the resurgence of active management, ESG’s struggles, investing amid rising interest rates and the wild world of indie issuers. See omnystudio.com/listener for privacy information.

Apr 13, 2023 • 30:40

The Aftermath of Another Banking Mess, This Time in Europe

The Aftermath of Another Banking Mess, This Time in Europe

UBS recently acquired its troubled neighbor, Credit Suisse, creating a Swiss megabank. How it all went down led to an avalanche of headlines, with a few interesting angles for investors in things such as exchange-traded notes and CoCo bonds.  On this episode of Trillions, Eric Balchunas and Joel Weber discuss some of the takeaways with Alison Williams, a senior analyst who covers investment banks and the asset management industry for Bloomberg Intelligence, as well as ETF analyst Athanasios Psar

Mar 30, 2023 • 18:54

The Situation With Midsize Banks

The Situation With Midsize Banks

In barely a week, three banks a lot of people had never heard of—Silvergate, Silicon Valley and Signature—suddenly became toast. The US government found itself playing backstop to prevent an escalation as whipsawed investors hoped the worst was over. But is it? And in what kind of funds can these banks stocks be found? How will they affect performance? Hint: It would have been a good week to short some of Jim Cramer’s top picks.  On this episode, Eric and Joel speak with reporter Katie Greifeld

Mar 16, 2023 • 19:18

This ETF Is Betting Against Jim Cramer’s Picks

This ETF Is Betting Against Jim Cramer’s Picks

Jim Cramer—the host of Mad Money on CNBC—makes a lot of investing calls. It’s part of his shtick. And as you can easily divine from social media, not all of them pan out. The new Inverse Cramer Tracker ETF (SJIM), which might be one of the most entertaining exchange-traded funds ever imagined, is aiming to turn Cramer’s “Midas touch” into big returns by shorting stocks he’s bullish on. It also goes long on Cramer’s bearish bets. For good measure, there’s also a Long Cramer Tracker ETF (LJIM). On

Mar 2, 2023 • 29:28

Exchanging Exchanges at Exchange

Exchanging Exchanges at Exchange

The Exchange ETF Conference was recently held in Miami Beach with more than 1,000 people in attendance. While the gathering was as popular as ever and networking in full bloom, the vibe was a little more subdued—likely a reflection the recent bear market.  On this episode of Trillions, we run through snippets of several interviews with attendees, covering topics including how the conference has evolved, international investing, the rise of active, industry growth projections, crypto, gold—and ev

Feb 16, 2023 • 24:37

Are ETFs Killing Future Stock Market Returns?

Are ETFs Killing Future Stock Market Returns?

The rise of index funds, exchange-traded funds and passive investing in recent years has been nothing short of momentous, as investors across the US and around the world learn to rely on slow-and-steady returns. But there’s been rising concern over the potential side effects of this sea change in the way stocks are bought and sold. The new worry is that, because index funds (and ETFs) are so cheap and easy to access, more people will use them—and this will push down future expected returns for e

Feb 2, 2023 • 44:46

The ETF Story 6: The Revolution

The ETF Story 6: The Revolution

SPY wasn’t just a hit product, it was an inspiration for an entire industry to take off. But it didn’t happen overnight. It took about 10 years for the ETF structure to be utilized for other asset classes and strategies, which today seem normal but at the time were revolutionary. On this installment we look at many of the game changing products that followed, including the first bond ETF, the first gold ETF, Vanguard’s entry and the rise of smart-beta, which was active management’s way to get in

Jan 29, 2023 • 20:05

The ETF Story 5: The Sleeper

The ETF Story 5: The Sleeper

SPDR S&P 500, or SPY, is the world’s largest ETF today with about $240 billion in assets, but it wasn’t much to look at when it debuted in 1993. Some days it was on “volume life support,” trading as little as 18,000 shares; there was even talk of pulling the plug. Yet true believers, guerrilla marketing, and a booming 1990s stock market helped the product gain favor. And once SPY took off, the markets were forever changed. This episode also explores how SPY soon inspired a host of other ETFs

Jan 29, 2023 • 15:19

The ETF Story 4: The Competition

The ETF Story 4: The Competition

Just as Steve Jobs and Steve Wozniak weren’t the only two geeks in a garage working on a computer in the 1970s, the AMEX wasn’t the only exchange looking to get a market basket instrument listed. The late 1980s saw multiple attempts to create something like an ETF, including SuperShares, Equity Index Participation Shares, Cash Index Participation Shares and the Toronto 35 Index Participation Units.  Ultimately, SPY gets – and deserves – the lion’s share of the credit as the first ETF. But by no

Jan 29, 2023 • 13:23

The ETF Story 3: The Approval

The ETF Story 3: The Approval

When the SPDR S&P 500 Trust (SPY) was submitted to the SEC in 1988, George Michael’s "Faith" was the No. 1 song and Magic Johnson led the Lakers to another NBA Championship. By the time SPY finally launched in 1993, Nirvana had ushered in the grunge era and Michael Jordan had taken over the NBA. While the SEC wrestled with this unique product -- which was almost like a foreign object that had landed on their desks -- the whole culture had changed. In those four long years, there was much bac

Jan 29, 2023 • 12:24

The ETF Story 2: The Report

The ETF Story 2: The Report

Government reports are known more for curing insomnia than providing inspiration for revolutionary products. The October 1987 Market Break Report might be an exception. A paragraph deep in the SEC's 800-page white paper happened to outline a “product” for trading baskets of stocks. On this episode of “The ETF Story,” you'll learn how those words gave Nate Most and Steve Bloom the idea for what would become the exchange-traded fund. You'll also hear from Vanguard founder John Bogle, who passed on

Jan 29, 2023 • 11:14

The ETF Story 1: The Crash

The ETF Story 1: The Crash

Thirty years ago today, the very first exchange-traded fund started trading on the American Stock Exchange. At the time, Bill Clinton had just moved into the White House and America was trying on a new role as the world's lone superpower. On Wall Street, an entire industry soon realized that the ETF was a revolution all its own. Today, there are more than 3,000 ETFs listed in the US,  plus another 6,000 international ones, and together they hold $6.8 trillion in assets. In “The ETF Story,” a spe

Jan 29, 2023 • 21:09

Meet One of ETF’s Founding Fathers

Meet One of ETF’s Founding Fathers

This month marks the 30th birthday of the SPDR S&P 500 ETF Trust (SPY), the granddaddy ETF that started it all and is still the largest and most-traded ETF in the world. But getting this ETF launched was no small task; neither was getting assets into it. Though once people saw its value-add, the financial world changed forever. This week, we speak with Jay Baker, who — as vice president of options marketing at the American Stock Exchange — worked with Nate Most and Steve Bloom to drum up int

Jan 19, 2023 • 41:20

23 ETFs for 2023

23 ETFs for 2023

From inflation and the Federal Reserve, China and Russia, fundamentals and Bitcoin, there’s no shortage of themes for investors to think about in 2023. And while we can’t give you investing advice, we can give you a few tickers to watch. On this episode, Eric and Joel take a tour of Bloomberg Intelligence’s listicle of ETFs for the year ahead. They’re joined by James Seyffart and Athanasios Psarofagis of Bloomberg Intelligence as well as Scarlet Fu of Bloomberg News. Among the ETFs discussed are

Jan 5, 2023 • 39:57

Introducing: Crash Course

Introducing: Crash Course

Hosted by Bloomberg Opinion senior executive editor Tim O'Brien, Crash Course will bring listeners directly into the arenas where epic business and social upheavals occur. Every week, Crash Course will explore the lessons to be learned when creativity and ambition collide with competition and power -- on Wall Street and Main Street, and in Hollywood and Washington.See omnystudio.com/listener for privacy information.

Jan 4, 2023 • 1:53

Now There Are One-Stop Shops to Launch Your ETF

Now There Are One-Stop Shops to Launch Your ETF

Got an idea for an exchange-traded fund but don’t want to deal with the logistics? A group of “white label” ETF issuers are in the business of helping people launch their own fund—and business is booming. These issuers have minted more than 100 ETFs this way—for both big asset managers and entrepreneurial individuals simply passionate about an idea.  On this week’s episode of Trillions, we speak to the “big three” of ETF white labels: Garrett Stevens, chief executive of Exchange Traded Concepts,

Dec 22, 2022 • 36:58

The ETF Era Is Going to Be Here for a While

The ETF Era Is Going to Be Here for a While

The future is very bright for ETFs, which in 2022 saw record volume and the second most flows and new launches—all astounding numbers considering the stock and bond markets were in the gutter return-wise. So what can we expect next year? What areas should people be watching?  On this episode of Trillions, Bloomberg Intelligence’s exchange-traded fund team go over their just-published 2023 Outlook which covers topics such as active, alternatives, crypto, China and thematic investing—and just h

Dec 8, 2022 • 33:30

What the Crypto Crash Means for ETFs

What the Crypto Crash Means for ETFs

The crypto market may not be dead, but it’s arguably in a temporary coma thanks to the spectacular implosion of Sam Bankman-Fried’s FTX. The bankrupt crypto exchange, with billions of dollars of customer funds allegedly missing, has spooked all but the hardcore believers and potentially set the digital asset class back by years.  On this episode of Trillions, we sit down with James Seyffart of Bloomberg Intelligence and reporter Katie Greifeld to discuss what this means for exchange-traded fund

Nov 24, 2022 • 24:26

Alternative ETFs Finally Get Their Moment in the Sun

Alternative ETFs Finally Get Their Moment in the Sun

It took 15 years for an ideal environment to arrive for alternative exchange-traded funds—which employ or mimic hedge fund strategies—but their moment has finally come. They’ve grown assets by 25% this year as investors look for something to help offset the decline of 60/40 portfolios. To truly understand how they work and what they track, however, requires a lot of due diligence. On this episode of Trillions, we speak with senior reporter Katherine Burton, Andrew Beer, managing partner and port

Nov 10, 2022 • 39:51

The ETF Graveyard

The ETF Graveyard

Every year there's far more ETF launches than closures. But market headwinds are starting to accelerate the number of liquidations. So far this year the Grim Reaper has already come for about 100 ETFs.  On this episode of Trillions—just in time for Halloween—Eric and Joel take a tour of this year's ETF graveyard with Katie Greifeld of Bloomberg News, Athanasios Psarofagis of Bloomberg Intelligence and Todd Rosenbluth of VettaFi.  Each guest shares a few noteworthy headstones, $NIFE, $CTRU, $TRYP

Oct 27, 2022 • 40:56

KPOP’s Hit Factory Comes to Investing

KPOP’s Hit Factory Comes to Investing

South Korea is having a moment. Between the stellar rise of K-pop and worldwide film hits such as Parasite and Squid Game, the country has established itself as a power to be reckoned with when it comes to global entertainment. This level of success is exactly why a young man by the name of Jangwon Lee decided to launch—you guessed it—The KPOP and Korean Entertainment exchange-traded fund.  We speak with Lee, chief executive of CT Investments and Content Technologies, and reporter Isabelle Lee a

Oct 13, 2022 • 31:53

Cash Is Still King

Cash Is Still King

Boring is beautiful this year as investors rush to the relative safety (and higher yields) of exchange-traded funds that hold short-term treasuries. But what exactly is inside them? And what are the risk-rewards of the most popular ones? On this episode of Trillions, we look at cash-like ETFs with reporter Katie Greifeld and James Seyffart of Bloomberg Intelligence. We also dig into inflation and the world of currency ETFs.See omnystudio.com/listener for privacy information.

Sep 29, 2022 • 24:36

The Active vs Passive Scorecard

The Active vs Passive Scorecard

Active managers have, historically, had a tough time beating their benchmarks. Yet this year may prove to be an exception; nearly half of large-cap managers are outperforming. Can they keep it up? And can anything really reverse the massive migration to passive investing at this point? On this episode, Eric Balchunas and Joel Weber speak with Tim Edwards of S&P Dow Jones Indices, who oversees the SPIVA report, aka the ultimate active vs. passive scorecard. With his just-published latest inst

Sep 15, 2022 • 25:13

The Case for Custom Indexing

The Case for Custom Indexing

A new approach to investing called direct or custom indexing effectively lets investors own stocks but with some special enhancements, such as capturing tax alpha. In other words, you get some of an ETF's charm without the ETF. For investors interested in potentially taking a portfolio to the next level, this is a new tool for the toolbox.   On this episode, Eric and Joel speak with Patrick O'Shaughnessy, CEO of O'Shaughnessy Asset Management and host of the podcast Invest Like the Best, about t

Sep 1, 2022 • 41:40

Fedsplaining with Ira Jersey

Fedsplaining with Ira Jersey

Inflation. Unemployment. Consumer demand. All important economic data—but more important is how the Federal Reserve interprets it all and reacts. The central bank wields an especially powerful influence over markets, so understanding how its members think, what they are doing and why is important for any engaged investor. We speak with Ira Jersey, Bloomberg’s Chief US Interest Rate Strategist, about how to read the latest inflation data through the Fed’s eyes. We also talk about how exactly the

Aug 18, 2022 • 38:31

Protecting Your Portfolio From Black Swans

Protecting Your Portfolio From Black Swans

In investing, a black swan event is something almost nobody sees coming—and to make a bet on the outcome of that unforeseen event has always been expensive and complicated. Inflation upending the market over the past year, and the Federal Reserve’s pivot to higher interest rates, has sparked interest among investors looking to hedge this particular type of “tail risk.” On this episode, Eric and Joel speak with Meb Faber, founder of Cambria and host of podcast “The Meb Faber Show.” Faber has desi

Aug 4, 2022 • 42:04

The Single-Stock ETF Era Is Born

The Single-Stock ETF Era Is Born

A single-stock ETF might sound like an oxymoron, but it's about to become a massive new category. These ETFs, which aim to serve up inverse and leveraged exposure to single stocks, are already a thing in Europe—and now they've come to the US, with the SEC approving the first batch earlier this month. One of them, the AXS Tesla Bear Daily ETF ($TSLQ), shows early signs of being a big hit.  On this episode of Trillions, Eric Balchunas and Joel Weber speak with Matt Tuttle, Chief Investment Officer

Jul 21, 2022 • 30:04

Now There Are ETFs Making Money While You Sleep

Now There Are ETFs Making Money While You Sleep

Just when you think the world of exchange-traded funds has run out of new ideas, along comes something truly novel. Instead of slicing the market up into themes, geographies or strategies, these are dividing by time. The new ETFs are only exposed to US stocks overnight, which studies have shown beats holding them during the day.  On this episode we speak with NightShares Chief Executive Officer Bruce Lavine and Chief Investment Officer Max Gokhman about why this phenomenon exists, why it hasn’t

Jul 7, 2022 • 24:46

High-Dividend ETFs Are Having a Moment

High-Dividend ETFs Are Having a Moment

When markets plummet like they have this year, investors want to grab onto something—anything—that isn’t in free-fall. High-dividend exchange-traded funds, with their exposures to the energy and utilities sectors, have emerged as a rare bright spot, or at least a less-dim one. They’ve seen $25 billion in inflows already, which is a record—one that could double by the end of the year.  On this episode, Eric and Joel speak with Todd Rosenbluth, head of research at VettaFi, and reporter Suzanne Woo

Jun 23, 2022 • 34:20

Just Keep Buying

Just Keep Buying

Investing in stock and bond markets during a boring, decade-long bull market is easy enough. It’s a little more difficult when everything is trending downward, inflation is at record highs and even Cardi B is tweeting about recession jitters. And yet, strong flows into exchange-traded funds and index funds show investors are very much willing to follow this wealth-creation strategy. Eric and Joel speak with Nick Maggiulli, chief operating officer at Ritholtz Wealth Management, about h

Jun 9, 2022 • 35:20

The Psychology of a Selloff

The Psychology of a Selloff

Unlike most declines, stocks and bonds have been sinking together so far this year. Rising inflation and a hawkish U.S. Federal Reserve are providing little comfort to investors. And yet ETFs continue to see massive flows. Eric and Joel speak with Gina Martin Adams, chief equity analyst at Bloomberg Intelligence, as well as Jon Maier, chief investment officer of Global X ETFs, about the search for the bottom, the odds of a recession, Fed policy, trending ETFs, Twitter’s love of t

May 26, 2022 • 32:32

The ESG Backlash

The ESG Backlash

BlackRock and Vanguard collectively own about 15% of every US company, but are they voting their shares in a way that aligns with investors in their funds? One new exchange-traded fund company, Strive Asset Management, says they aren’t, claiming they’ve gone against their fiduciary duty by becoming too “woke” and forming an “ideological cartel.” Now it has plans to offer alternatives. We talk to Vivek Ramaswamy and Anson Frericks, co-founders of

May 12, 2022 • 32:27

Inside "The Bogle Effect"

Inside "The Bogle Effect"

Three years ago, Bloomberg’s Eric Balchunas and Joel Weber went to Jack Bogle’s office in Malvern, Pennsylvania, and recorded an episode of Trillions. That chat helped inspire Balchunas’s new book, “The Bogle Effect,” about the Vanguard founder’s influence on investing and the financial industry. On this episode of the podcast, Balchunas and Weber are joined by reporter Annie Massa to go over some of the bigger points Balchunas makes

Apr 28, 2022 • 36:59

The Great Emerging Markets Debate

The Great Emerging Markets Debate

This past year has reminded everyone why they’re called “emerging” markets. But it’s gone further this time, with investors questioning whether they even want to own anything in countries ruled by authoritarian governments, such as those in Russia and China. The conversation, in other words, has evolved. On this week’s episode of Trillions, we recorded live from the Exchange conference in Miami with Perth Tolle, founder of Life + Liberty Indexes, Jeremy Schwartz, chief information officer of Wis

Apr 14, 2022 • 43:08

Words of Wisdom From Mr. ETF

Words of Wisdom From Mr. ETF

Nobody deserves the nickname Mr. ETF as much as Reggie Browne, principal of GTS and a renowned market maker. He's had an amazing behind-the-scenes vantage these past few decades because almost everyone launching a new ETF comes to ask for his blessing—and seek his seed capital. This special episode of Trillions was recorded in front of a live audience as a Bloomberg New Voices event. Eric and his guest co-host, Scarlet Fu of Bloomberg Quicktake, interview Reggie about how ETFs are born, whether

Mar 31, 2022 • 32:42

When ETFs Stop Working

When ETFs Stop Working

If ETFs were living creatures, they might be cockroaches—they can survive almost anything. And yet Russia's invasion of Ukraine has presented a rare test. The VanEck Russia ETF, or $RSX, has seen its trading halted; the product holds shares of Russian companies, many of them in the energy and financial sectors. Investors may end up recovering only a fraction of their exposures; retail traders who used options to short the ETF ahead of its mid-February nosedive may not be able to collect their wi

Mar 17, 2022 • 31:57

How Long Will the Commodities Boom Last?

How Long Will the Commodities Boom Last?

One of the best-performing categories since the beginning of last year has been commodities. Everything from oil to wheat to palladium to gold is up, due in large part to inflation worries. But how much room is there left to run? And how big a portion should commodities make up of a portfolio? We discuss these questions and more with Mike McGlone, commodities strategist for Bloomberg Intelligence. McGlone explains why higher prices in general tend to cure higher prices in commodities, the outloo

Mar 3, 2022 • 30:11

When a Soccer Mom Tells You About Bitcoin Mining...

When a Soccer Mom Tells You About Bitcoin Mining...

Everybody has a friend (or three) who's gone "full crypto." So Joel’s ears perked up when a friend from high school and college, Char Boger, told him about her interest not in Bitcoin — the more common refrain — so much as publicly traded Bitcoin-mining companies.On this episode, Eric and Joel venture into Bitcoin mining by welcoming Boger, a DIY investor and soccer mom, to the podcast as well as Ethan Vera, who’s the co-founder of both Luxor Mining and Viridi Funds, which launched the first Bit

Feb 17, 2022 • 34:38

Your Guide to the 2022 Market Roller Coaster

Your Guide to the 2022 Market Roller Coaster

It looks like the "easy money" days of the last two years may soon end as the Federal Reserve readies to raise interest rates and fight inflation. Markets are already off to a rocky start; monitoring ETF flows shows how assets are being repriced and how investors are repositioning their portfolios. But is this temporary or the beginning of a new regime? What's the 40,000-foot view for ETF investors? And how scary will this rollercoaster ride get?On this episode of Trillions, Eric and Joel speak

Feb 3, 2022 • 46:45

Return Stacking to Solve the 60/40 Dilemma

Return Stacking to Solve the 60/40 Dilemma

Everybody loves the 60/40 portfolio. And why not? It's worked really well for a long time, especially the past decade when both stocks (the 60) and bonds (the 40) went up. Yet investors fear the current inflationary environment could push both down. Enter “return stacking,” which attempts to solve this conundrum. Investors get the standard 60/40 allocation, only it’s leveraged in a way to add diversification and protection. (Oh, and by the way, that frees up a chunk of your portfolio for other e

Jan 20, 2022 • 41:32

22 ETFs to Watch in '22

22 ETFs to Watch in '22

What do copper miners, the metaverse and carbon credits all have in common? Absolutely nothing, except they are all tracked by ETFs that made Bloomberg Intelligence's 22 ETFs to Watch in '22 annual report. The report, which is published each December, features ETFs that the ETF research team is thinking about, obsessed with or taps into a big trend or theme. On this episode of Trillions, Eric and Joel are joined by all of the analysts who contributed to the list, including Athanasios Psarafagis,

Jan 6, 2022 • 46:07

The 2022 ETF Outlook

The 2022 ETF Outlook

It will be tough to beat this year for ETFs, which saw record flows of nearly one trillion dollars as well as 450 new launches. Meanwhile, the S&P 500 returned an absurd 26%. Can this all this carry on and be repeated in 2022? Or should we brace for a much tougher landscape? Eric and Joel speak with Katie Greifeld of Bloomberg News and Todd Rosenbluth of CFRA about 2022 including flows, crypto, themes, mutual fund-to-ETF conversions—and yet another steak-dinner bet between Eric and Todd. See

Dec 23, 2021 • 33:25

State of the ETF Industry With BlackRock’s ETF Captain

State of the ETF Industry With BlackRock’s ETF Captain

While the media — us included! — bestows a lot of attention on “shiny objects” in the investment world, almost all the real money goes to the massive firms such as BlackRock. The world’s largest asset manager is fast approaching $10 trillion assets under management, almost a third of which is in ETFs — many of them low-cost veterans.Eric and Joel speak with Salim Ramji, the head of BlackRock's global ETF business, about areas of growth for ETFs, the widening investor base, potential threats such

Dec 9, 2021 • 47:08

ETFs Go Into the Metaverse

ETFs Go Into the Metaverse

The day that Mark Zuckerberg announced he was changing the name of Facebook to Meta Platforms, the Roundhill Ball Metaverse ETF ($META) found a new trajectory. Since then, the ETF—which holds companies such as Nvidia, Roblox, Unity, Microsoft, and, well, Meta—has seen assets grow 6-fold and volume jump 50-fold. Much like $HACK, which also benefited from being the right idea at the right time, META is fast on its way to becoming a billion-dollar ETF—mostly because of a big news event.Eric and Joe

Nov 25, 2021 • 47:38

The Rise of the Anti-Woke ETF

The Rise of the Anti-Woke ETF

A new batch of ETFs seeks to appeal to right-leaning investors who want an alternative to "woke" Corporate America and ESG activism. While political-themed ETFs aren't a new idea, they've never really managed to attract meaningful assets. With Americans more polarized than ever before, could this be the moment that these ETFs actually find an audience?Eric and Joel speak with Bloomberg Businessweek national correspondent Joshua Green about his magazine story on 2ndVote Advisers, which will soon

Nov 12, 2021 • 36:31

The Bitcoin ETF Race Is Over—and Also Just Beginning

The Bitcoin ETF Race Is Over—and Also Just Beginning

The quest for a bitcoin ETF has lasted more than eight years. Countless filings have ended in rejection. Then, finally, it happened—the SEC allowed a bitcoin ETF to come to market, albeit one that tracks futures as opposed to holding bitcoin. The unlikely winner of this race? ProShares, whose ETF $BITO broke all kinds of records for a new launch. Valkyrie's version, $BTF, was also approved. On this episode, Eric and Joel speak with ETF lawyer Jeremy Senderowicz of Vedder Price, Katie Greifeld of

Oct 28, 2021 • 27:45

Cooking Up Returns with ETF Master Chefs

Cooking Up Returns with ETF Master Chefs

ETF strategists are professional investors who create model portfolios that financial advisers can bring to their retail clients. You can think of them almost like chefs — experts who know how to combine the right ingredients into recipes that, if everything goes as planned, can achieve a desired outcome.On this episode — a special episode that coincides with the debut of their new Bloomberg Quicktake show, “Trillions Presents: ETF Master Chefs” — Eric and Joel host ETF strategists Shana Sissel,

Oct 14, 2021 • 34:15

The Tax Idea That's Scaring ETF Investors

The Tax Idea That's Scaring ETF Investors

Exchange-traded funds have a special super power: tax efficiency. Investors pay taxes when they sell, but not when others in the fund sell. Yet that super power is suddenly in jeopardy. A recent bill proposed by Senate Finance Committee Chair Ron Wyden (D-Ore) would repeal a tiny section in the tax code that allows for ETF's in-kind creations and redemptions to be non-taxable events. On this episode of Trillions, Eric and Joel invite Professor Jeffrey Colon of Fordham University, a tax expert wh

Sep 30, 2021 • 45:59

Nukesanity: Inside the Melt-up In Uranium ETFs

Nukesanity: Inside the Melt-up In Uranium ETFs

Uranium ETFs are the among the best performers the last two years. Prior to that, they’d been in a decade-long bear market after the Fukushima nuclear disaster of 2011. But between growing acceptance of nuclear power for a carbon-free future and spiking prices with a supply shortage, you have the makings of a breakout ETF category. On this episode of Trillions, Eric and Joel speak with the two people behind $URNM: Tim Rotolo, founder and CEO of North Shore Indices, and Michael Alkin, CIO of Sach

Sep 16, 2021 • 37:17

Meet the Unsung Hero of the $11 Trillion Index Revolution

Meet the Unsung Hero of the $11 Trillion Index Revolution

Just as Steve Jobs didn't invent the computer, Jack Bogle didn't invent the index fund. The first index fund was actually launched back in 1971, about five years before Bogle and Vanguard brought it to the masses. On this week's Trillions, we celebrate the 50th anniversary of the index fund with a conversation with John "Mac" McQuown, who worked with the head of Wells Fargo and a dozen academics (many of whom have Nobel prizes now) to develop the first, albeit short-lived index fund. We discuss

Sep 2, 2021 • 45:18

The Future of Bitcoin Futures ETFs

The Future of Bitcoin Futures ETFs

The U.S. Securities and Exchange Commission has all but made clear it will probably approve Bitcoin exchange-traded funds that hold Bitcoin futures, versus ones that hold the cryptocurrency itself. This has sparked a wave of new filings which, if approved, could hit the market by November. But how do they work, and how will investors respond to them?On this week's Trillions, we get insight into this from two people who currently offer Bitcoin futures funds, Simeon Hyman of ProShares, who runs a

Aug 19, 2021 • 40:33

What's Behind the ETF Feeding Frenzy of 2021?

What's Behind the ETF Feeding Frenzy of 2021?

ETFs have already broken their annual inflow record—and summer isn't even over yet. The pace of flows has jumped from $2 billion a day to more than $4 billion a day. Some 1,800 ETFs are taking in cash. So what's behind all the action?On this episode of Trillions, Eric and Joel speak with Invesco's John Hoffman, who heads the company's ETF and index business in the Americas. They discuss why the issuer is quietly having a great year, what's behind the flows, the rise of the DIY retail investor, a

Aug 5, 2021 • 41:43

Peak Everything with Gina Martin Adams

Peak Everything with Gina Martin Adams

Everything in the market is at or around all-time highs, yet the market feels fragile at the same time. Whether it's the delta variant or inflation, there's always something to worry about. On this episode of Trillions, Eric and Joel speak with Bloomberg Intelligence's chief equity strategist (and Eric's boss!), Gina Martin Adams. They talk about her macro views, inflation, value vs growth, the Federal Reserve, the bond market, which ETFs investors should watch in the second half of the year, an

Jul 23, 2021 • 38:49

David vs Goliath: Inside Engine No. 1's Activist ETF

David vs Goliath: Inside Engine No. 1's Activist ETF

In late May, Engine No. 1 shook Corporate America. Despite owning just .02% of Exxon Mobil — not long ago the world’s most valuable company — the little-known activist investor was able to install three new directors on the company’s board, an advance that could finally make the energy giant confront the challenges of climate change. Hot off that win, Engine No. 1 issued an ETF that allows all investors to join their cause. The new ETF, which is called the Engine No. 1 Transform 500 ETF ($VOTE),

Jul 9, 2021 • 45:34

The ETF Ticker Premium

The ETF Ticker Premium

One of the more colorful aspects of the exchange-traded industry are the tickers. The best are stuff of legend; others are totally forgettable. But who's in charge of these three- and four-letter identifiers? How are they reserved? Do you own them or rent them? Can you sell them? Joining Eric and Joel on this episode are a squad of experts assembled to nail down the facts once and for all: Mike Venuto of Toroso, Phil Bak of Signal Advisors, and Laura Morrison of CBOE. Also joining is Claire Ball

Jun 24, 2021 • 38:21

The Closest Thing to a Meme ETF

The Closest Thing to a Meme ETF

With meme stock mania in full bloom again, many are asking why there isn't an ETF to play it. While there is some debate over whether a meme ETF is possible at all, there is an ETF out there that gets pretty close and counts AMC and GameStop as its top two holdings. The ETF is the SoFi 50 ETF (SFYF) which tracks the top 50 stocks that are held by the retail traders who use SoFi's brokerage platform. And while its up big it hasn't seen the rush of flows we are accustomed to seeing when an ETF sur

Jun 10, 2021 • 22:29

From LTCM to ETFs: Victor Haghani's Long Road to Index Investing

From LTCM to ETFs: Victor Haghani's Long Road to Index Investing

Victor Haghani is an ETF investor with one of the most storied resumes as one of the founding partners of the famous Long-Term Capital Management hedge fund, which employed Nobel-Prize winning economists and renowned Wall Street traders until its epic blowup in 1998. His path is rare but not totally unique as even many of the smartest active management minds on Wall Street have either morphed into indexers or use index funds or ETFs for their personal investments. On this episode of Trillions, E

May 27, 2021 • 41:09

A Glimpse Into the Crypto ETF Future

A Glimpse Into the Crypto ETF Future

While the Securities and Exchange Commission has yet to approve a crypto exchange-traded fund, similar products are proliferating abroad. These exchange-traded products offer a potential sneak peek of what may eventually come to pass in the U.S. On this episode of Trillions, Eric and Joel — along with James Seyffart of Bloomberg Intelligence — speak with Ophelia Snyder, co-founder and head of product for Amun, which has ETP-ized a dozen different cryptocurrencies under the 21Shares brand name. T

May 13, 2021 • 36:20

Re-Imagining ETFs with Simplify

Re-Imagining ETFs with Simplify

The stock market looks frothy, moves up and down tend to be steeper and quicker than the old days, and the bond market isn't the hedge it used to be. This is the situation that Simplify, an upstart new ETF issuer, is looking to solve with a lineup of ETFs enhanced with options -- to provide downside protection and also amplify the upside. On this episode of Trillions, Eric and Joel -- along with James Seyffart of Bloomberg Intelligence -- speak with Simplify co-founder Paul Kim as well as his re

Apr 29, 2021 • 43:51

Behind the First Mutual Fund-to-ETF Conversion

Behind the First Mutual Fund-to-ETF Conversion

In March, for the first time ever, a mutual fund went to sleep and woke up as an ETF. Two of them, in fact. And Guinness Atkinson, the issuer, couldn’t be happier about the experience — not that it didn’t take a lot of work to get across the finish line. Many more mutual funds will likely follow suit.On this episode of Trillions, Eric and Joel — along with Claire Ballentine, the Bloomberg News reporter who covered the story — go deep with Guinness Atkinson’s Jim Atkinson and his lawyer, Alexandr

Apr 15, 2021 • 33:41

Whoa, That ETF Got Big

Whoa, That ETF Got Big

Much like kids, ETFs can grow up so fast. And while you can expect the Vanguards and BlackRocks to keep hoovering up assets, there are many lesser-known products that have gained respectable followings. Sometimes it's quite shocking to see just how big they've gotten since the last time you checked on them. On this episode of Trillions, Eric and Joel are joined by Todd Rosenbluth, Director of Mutual & Exchange Traded Fund Research at CFA, Claire Ballentine, reporter for Bloomberg News and At

Apr 1, 2021 • 28:40

The REIT Stuff

The REIT Stuff

Let's be honest, Real Estate Investment Trust (REIT) ETFs probably aren't going to make you blush or quicken your pulse. But they can be extremely practical in a portfolio. Typically known for their ability to generate income, this category of ETFs has seen rapid evolution of late with new entrants that focus on areas such as data centers. It's also made picking the right REIT ETF all the more confusing since there's now dozens of them.On this episode of Trillions, Eric and Joel are joined by RE

Mar 18, 2021 • 40:06

Introducing: Doubt

Introducing: Doubt

A few decades ago, nobody really questioned vaccines. They were viewed as a standard part of staying healthy and safe. Today, the number of people questioning vaccines risks prolonging a pandemic that has already killed hundreds of thousands of Americans. How we got to this moment didn’t start with the rollout of vaccines or in March 2020, or even with the election of Donald Trump. Our confidence in vaccines, often isn't even about vaccines. It’s about trust. And that trust has been eroding for

Mar 17, 2021 • 2:42

Coming Soon: The Pay Check Season 3

Coming Soon: The Pay Check Season 3

More than 150 years after the end of slavery in the U.S., the net worth of a typical white family is nearly six times greater than that of the average Black family. Season 3 of The Pay Check digs into into how we got to where we are today and what can be done to narrow the yawning racial wealth gap in the U.S.Jackie Simmons and Rebecca Greenfield co-host the season, which kicks off with a personal story about land Jackie's family acquired some time after slavery that they're on the verge of losi

Mar 5, 2021 • 3:11

How to Think About Inflation (and Other Stuff) With Jim Bianco

How to Think About Inflation (and Other Stuff) With Jim Bianco

This month showed how much inflation concerns and an uptick in bond yields can mess with a portfolio. It showed the vulnerability of high flying investments such as bitcoin and ARK as well as how a 60/40 portfolio can have both the 60 and the 40 go down together. So yeah, inflation is a big deal. But is it real or just another head fake?On this week's episode of Trillions we speak with Jim Bianco, president and founder of Bianco Research LLC, on why he's taking inflation more seriously this time

Mar 4, 2021 • 43:53

ETFs Get Trippy in the Shroom Sector

ETFs Get Trippy in the Shroom Sector

Magic mushrooms, LSD and ketamine used to be associated with psychedelic trips and fun weekends. Now they’re increasingly viewed as serious medicine that can be used to treat ailments such as depression and PTSD. The small but fast-growing industry even has its first ETF — the Canadian-listed Horizons Psychedelic Stock ETF, or PSYK.On this episode of Trillions, Eric and Joel speak with Steve Hawkins, the CEO of the firm behind the ETF, who was also behind the world’s first cannabis ETF. He talks

Feb 18, 2021 • 28:56

Help, My ETF Got Hijacked by an Internet Flash Mob

Help, My ETF Got Hijacked by an Internet Flash Mob

ETFs tend to sit in the back seat while active players drive prices in the stock market. But what happens when the driver is a hellbent Reddit message board? Well, the world got a flavor of that last week when retail traders on the subreddit WallStreetBets sent a few meme stocks — most notably GameStop — "to the moon," temporarily hijacking a few ETFs in the process. On this episode of Trillions, Eric and Joel are joined by Katherine Greifeld and Claire Ballentine of Bloomberg News, who plunged

Feb 4, 2021 • 29:33

Welcome to 2021 With Barry Ritholtz

Welcome to 2021 With Barry Ritholtz

It’s a new year, and maybe a new you. There’s also a completely new political landscape in Washington DC and probably another big round of stimulus money. What’s an investor to do? Talking to a financial advisor seems like a good first step.On this episode of Trillions, Eric and Joel are joined once again by Barry Ritholtz, CEO of Ritholtz Wealth Management, who’s fielding all kinds of questions from clients right now. They discuss the new administration, his economic outlook, plus his views on

Jan 21, 2021 • 38:39

Is ARK the New Janus Twenty?

Is ARK the New Janus Twenty?

Cathie Wood of ARK is not the first highly concentrated active manager to shoot the lights out for half a decade while sparking a stampede of flows into their funds. There have been many throughout history but perhaps the one that most echoes ARK today is the famous Janus Twenty Fund, which dominated the latter half of the '90s and early 2000s with very similar returns and flows to what ARK is experiencing, albeit one met with a 50% downturn when the Internet bubble burst. On this episode of Tri

Jan 7, 2021 • 41:46

The Jealousy List, ETF Edition

The Jealousy List, ETF Edition

Covering ETFs this year was like trying to hit a constantly moving target. Businessweek's annual “Jealousy List” -- stories by other outlets that the magazine's staff wish they would've published -- inspired Eric and Joel to bring an ETF version of the idea to Trillions. On this episode, Katherine Greifeld, Claire Ballentine, and Yakob Petersseil of Bloomberg News, who specialize in covering ETFs, join them to discuss a few of the articles they wish they had written this year, about topics such

Dec 24, 2020 • 33:21

21 ETFs to Watch in '21

21 ETFs to Watch in '21

There’s so much going on in the ETF world right now as all kinds of trends, strategies, themes and companies collide in this hotter-than-ever market which is on pace to post another record year for inflows - and volume - in 2020. Next year could be even bigger too as many ‘Big Active’ mutual fund firms representing $10 trillion in assets look to make up for lost time. So what should you watch for in 2021? Rather than do another “outlook” Bloomberg Intelligence’s ETF team has come out with a repo

Dec 10, 2020 • 45:41

Invasion of the ANT ETFs

Invasion of the ANT ETFs

For years, active mutual funds sat and watched the boom in ETFs from the sidelines, unwilling to participate as it would mean showing their holdings every day. But now they can jump in thanks to a new type of structure that allow them to trade like an ETF but not have to show their holdings every day. These active non-transparent (ANT) ETFs are especially appealing to fund companies with trillions in assets.On this episode of Trillions, Eric and Joel speak with Greg Friedman, Head of ETF Managem

Nov 26, 2020 • 26:05

Robots and the Future of Health Care

Robots and the Future of Health Care

Thematic ETFs need to do two things to attract cash: crush the market and capture the imagination. There's no better example of this than the ETFs coming out of ROBO Global, the indie issuer responsible for the blockbuster hit ROBO and the newer upstart HTEC. The latter tracks the companies shaping the future of health care, and is currently doubling the returns of the S&P Health Care Index.On this episode of Trillions, Eric and Joel speak with Nina Deka, an ETF specialist for the company wh

Nov 12, 2020 • 33:04

A Halloween-Inspired Stroll Through the ETF Graveyard (Which Is Getting Really Crowded)

A Halloween-Inspired Stroll Through the ETF Graveyard (Which Is Getting Really Crowded)

Death has become a growing part of life in the ETF industry. The number closures in 2020 has already blown away the old record with the total number of gravestones already numbering more than 1,100 -- and that's with two months to go yet. One surprise: Few closures are directly related to the pandemic. So what's behind this year's shuttering? And what does it mean for investors? On this episode of Trillions, Eric and Joel seek to answer these questions and more -- including how to take kids tric

Oct 29, 2020 • 29:25

The 2020 SPAC Attack Hits ETF Land

The 2020 SPAC Attack Hits ETF Land

One of the most interesting developments in finance this year has been the sudden popularity of the SPAC, or special-purpose acquisition company. A novel way to raise money and take companies public, SPACs are flourishing with more than 60 formed since the beginning of their big breakout year. And while they've certainly made headlines, they've actually existed for years. On this episode of Trillions, Eric and Joel discuss the phenomenon and what it all means with Julian Klymochko of Accelerate

Oct 15, 2020 • 37:20

The Secretive Committee Behind the S&P 500

The Secretive Committee Behind the S&P 500

Few organizations in finance are as mysterious as the committee that oversees the S&P 500 — a group that recently decided to exclude Tesla despite the company seeming to check all the required boxes. On this episode of Trillions, Eric and Joel — along with Katherine Greifeld of Bloomberg News — speak with David Blitzer, who headed the S&P index committee from 1995 until his retirement in 2019. They discuss the Tesla tantrum, why the identities of committee members aren’t public, how the

Oct 1, 2020 • 40:47

Goldman's Hit ETF Looks Like the Future of Active Investing

Goldman's Hit ETF Looks Like the Future of Active Investing

In the ETF Terrordome, nothing comes easy for issuers -- even if your name is Goldman Sachs. The asset management arm of the storied Wall Street firm launched its first ETF five years ago. Investors have put about $20 billion into the funds to date, a decent start for a relative newcomer. Half those assets are in $GSLC, which was a true game-changer in the smart-beta category and may represent the future of active investing. On this episode of Trillions, Eric and Joel -- along with Katherine Gre

Sep 17, 2020 • 35:09

Climbing the Alps with Paul Baiocchi

Climbing the Alps with Paul Baiocchi

Selling an ETF has become less about about sales and more about adviser education, which has sparked many firms to create roles for ETF specialists. These are people who know everything about the products as well as the market forces driving their returns. On this episode of Trillions, Eric and Joel speak with Paul Baiocchi, an ETF specialist with Alps, a mid-sized issuer with about a dozen ETFs. They discuss how he talks to advisers about the firm's products such as their hit MLP ETF, their ris

Sep 3, 2020 • 37:46

The Unsung Art of Managing the First (Almost) Trillion Dollar Fund

The Unsung Art of Managing the First (Almost) Trillion Dollar Fund

Most passive investors take for granted that their fund “tracks an index.” Well, that’s actually something of a feat because there’s so much more going on than meets the eye. And it’s all to effectively end up tied with the index. This job isn't automated, either. Rather, a team of people must work together, playing defense against hedge funds and corporate actions and also offense through securities lending and trading desk acumen. On this episode of Trillions, Eric and Joel — along with Annie

Aug 20, 2020 • 39:40

A Bunch of Really Important Questions for BlackRock

A Bunch of Really Important Questions for BlackRock

BlackRock is the undisputed king of the ETF hill; it’s also the world's biggest asset manager, with more than $7 trillion assets under management. And because 2020 has been one of the stranger years ever, there’s no time like the present to engage with such a financial powerhouse — especially BlackRock, which has had a front row seat through all of the chaos.On this episode of Trillions, Eric and Joel — along with Bloomberg News reporter Annie Massa — interview Armando Senra, head of iShares Ame

Aug 6, 2020 • 39:54

Gaming ETFs Are Having a Breakout Moment During the Pandemic

Gaming ETFs Are Having a Breakout Moment During the Pandemic

The gaming industry is a juggernaut, and the pandemic has been especially good for business. The thematic gaming ETFs, tickers $ESPO, $HERO, $GAMR and $NERD, are all up more than 35% so far this year. Living rooms, phones, Teslas, E-sports stadiums — gaming is everywhere now. And the most popular titles are more than just games anymore; they’re platforms. Matthew Kanterman, a research analyst with Bloomberg Intelligence, and Will Hershey, the co-founder and CEO of Roundhill Investments, whose ET

Jul 23, 2020 • 36:36

Introducing: Blood River, A New Podcast From Bloomberg

Introducing: Blood River, A New Podcast From Bloomberg

The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power.Blood River premieres on July 27.See omnystudio.com/listener for privacy information.

Jul 17, 2020 • 3:43

Inside the Mind of a Young Retail Day Trader

Inside the Mind of a Young Retail Day Trader

This year, millions of new young people -- many of whom are bored at home during the pandemic -- have started trading stocks, ETFs and options for the first time. They've become such a force that these retail investors are even credited with moving markets. Some critics see this as an accident waiting to happen; others see it as a great opportunity and learning experience for young people. Either way, we keep hearing about these young traders, but we rarely here from them. On this episode of Tri

Jul 9, 2020 • 45:09

Introducing Foundering

Introducing Foundering

Adam Neumann had a vision: to make his startup WeWork a wildly successful company that would change the world. He convinced thousands of other people -- customers, employees, investors -- that he could make that dream a reality. And for a while, he did. He was one of the most successful startup founders in the world. But then, in the span of just a few months, everything changed.Foundering is a new serialized podcast from the journalists at Bloomberg Technology. This season, we’ll tell you the s

Jun 26, 2020 • 3:34

Halftime Report: A Roundtable Discussion

Halftime Report: A Roundtable Discussion

The first six months of 2020 has felt more like five years, at least in ETF terms. So much has happened: the lockdown, the selloff, the rebound, the Fed, not to mention oil, airlines, ANTs, ESG, and day-trading on Robinhood. On this episode of Trillions, Eric and Joel invite the Bloomberg Intelligence team of analysts, including Athanasisos Psarofagis, James Seyffart and Morgan Barna, to discuss and debate all the big ETF topics from the first half, as well as themes to watch in the second half.

Jun 25, 2020 • 32:04

Inside an ETF Platform Catering to 100,000 Financial Advisers

Inside an ETF Platform Catering to 100,000 Financial Advisers

One of the biggest rising trends in the ETF world is the rise of model portfolios, which are almost like pre-packaged meals. On this episode of Trillions, Eric and Joel -- along with Morgan Barna, an ETF research associate with Bloomberg Intelligence -- speak with Tim Clift, chief investment strategist at Envestnet, one of these proverbial "supermarkets" where advisers go shopping on behalf of their clients. They discuss how ETFs get on the platform as well as who makes and uses the models.See o

Jun 11, 2020 • 27:48

Talking ETFs With the SEC's Hester Peirce

Talking ETFs With the SEC's Hester Peirce

Exchange-traded funds have upended investing, so how does the Securities and Exchange Commission feel about them? Eric and Joel, along with Nathan Dean of Bloomberg Intelligence, interview SEC Commissioner Hester Peirce about the recent environment, passive investing, ownership trends, the ETF Rule, exotic products, ESG, Bitcoin, and more. They also discuss what she hopes to accomplish before her term ends and the contribution ETFs have made to investing.See omnystudio.com/listener for privacy i

May 28, 2020 • 37:22

JETSANITY: How a Obscure Airline ETF Became an Overnight Sensation

JETSANITY: How a Obscure Airline ETF Became an Overnight Sensation

The US Global Jets ETF (JETS) has seen over half a billion dollars worth of inflows over 50 straight days - unheard numbers for a thematic ETF - despite the fund's 60% year-to-date decline and selling from Warren Buffett. But the depressed airline industry is attracting retail value investors in droves who see huge upside potential as well as looking for a proxy for the re-opening and rebound of the global economy. On this episode of Trillions we interview the founder of JETS, Frank Holmes, abou

May 14, 2020 • 23:06

WTF WTI: An Oil ETF Goes Wild

WTF WTI: An Oil ETF Goes Wild

The lockdown has roiled oil markets and with it the world's largest oil ETF, USO, which has changed its exposure almost daily, gone through a reverse split and halted creations after seeing a huge influx of investors looking to call a bottom in oil. On this episode of Trillions, Joel and Eric are joined by Peter Tchir, Head of Macro Strategy for Academy Securities, to break down the USO story and discuss whether an ETF like this should exist and what alternative exist for investors hellbent on t

Apr 30, 2020 • 25:22

A Conversation With ETF Issuer Jan Van Eck

A Conversation With ETF Issuer Jan Van Eck

When you are an ETF issuer, you typically have some products doing well — and other ones doing less well. No better example of that than VanEck Vectors, an eclectic brand of ETFs that reflect the many phases of this year's wild ride. On this episode Trillions, Joel and Eric chat with the firm's CEO, Jan Van Eck, about the Fed's ETF plans, fallen-angel bonds, high-yield munis, video games, and the juxtaposition of offering both green and coal ETFs.See omnystudio.com/listener for privacy informati

Apr 16, 2020 • 23:15

Takeaways From the Carnage

Takeaways From the Carnage

March started in one place (high) and ended in another (low). Amid the carnage, traders and investors leaned on ETFs, which saw record volumes. On this episode of Trillions, Eric and Joel speak with Bloomberg Intelligence ETF analyst Athanasios Psarofagis about who the winners and losers in the selloff were, who benefits most from the Fed's rescue plan and how the stage is set for smart-beta to have its next "immaculate rebalance." See omnystudio.com/listener for privacy information.

Apr 2, 2020 • 23:13

What the Actual ETF Is Going on Right Now

What the Actual ETF Is Going on Right Now

Remember the good old days? An unloved, decade-long bull market that never seemed to end? When investments went only up? Well, the coronavirus crash of 2020 has turned those fun times into distant memories. At its worst point during the recent sell-off, more than $10 trillion of equity value was erased, wiping out three years of gains. So how have ETFs been faring amid all the carnage? Katherine Griefeld, a reporter with Bloomberg News, joins Eric and Joel to discuss liquidity, flows, fixed inco

Mar 19, 2020 • 22:06

Biotech ETFs Vs. The Coronavirus

Biotech ETFs Vs. The Coronavirus

While much of the stock market has suffered over the past few weeks thanks to fear of the new coronavirus and its global economic fallout, there are a handful of stocks and exchange traded-funds that have managed to avoid damage, and even flourish.On this coronavirus-themed episode of Trillions, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas and Bloomberg Businessweek Editor Joel Weber dive into the world of niche biotech ETFs.Joining them are Paul Yook and Ryan Cinalli of LifeSci Inde

Mar 5, 2020 • 25:18

The Secrets of an ETF Master Picker

The Secrets of an ETF Master Picker

If exchange traded funds are ingredients and the portfolio is the meal, then ETF strategists are the master chefs.One of the best chefs out there is Gary Stringer, president of Stringer Asset Management, an active manager that uses ETFs instead of individual securities to try and generate outperformance.On this episode we go through Stringer’s ETF portfolio full of non-obvious picks, and ask him why he uses them—both the macro case and the product case. ETFs discussed include the iShares Core Di

Feb 20, 2020 • 38:44

Inside Inside ETFs 2020: What the ETF Industry is Talking About

Inside Inside ETFs 2020: What the ETF Industry is Talking About

Are active non-transparent ETFs going to be a hit or flop? How can ESG succeed when everyone’s definition is different? What can little issuers do to succeed in an industry dominated by giants? But how can giant asset managers make money if investors want everything for free? These were some of the big questions debated at this year’s Inside ETFs, a conference and networking extravaganza featuring issuers, advisors, service providers, the media and even a few celebrities.We discuss these big the

Feb 6, 2020 • 34:39

Everything Is ESG Now

Everything Is ESG Now

In his annual letter to CEOs earlier this month, BlackRock's Larry Fink pushed business leaders to prioritize climate change as a "defining factor in companies’ long-term prospects." For its part, BlackRock will double the number of sustainable ETFs it offers and pressure index providers to create more environmental, social and governance-related benchmarks. How much will these moves ultimately matter, given that ESG ETFs currently have just 0.5% of the overall ETF pie? And what's the more power

Jan 23, 2020 • 40:48

Introducing Prognosis Season 4: America's Broken Health-Care Costs

Introducing Prognosis Season 4: America's Broken Health-Care Costs

Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong. See omnystudio.com/listener for privacy information.

Jan 13, 2020 • 1:30

Half of America Doesn't Own Stocks. Here’s Three Ways to Change That.

Half of America Doesn't Own Stocks. Here’s Three Ways to Change That.

ETFs have democratized investing -- everything under the sun is available with the click of a button, and for cheap. Yet this really only applies to the half of the country with the ways, means and desire to invest. What about the other half? How do we get more of them benefiting from the markets?Joel and Eric speak with financial consultant Tyrone Ross, who's passionate about getting the "unbanked" more involved. Smartphones and services such as Cash App make his mission easier, he says, but it

Jan 9, 2020 • 32:02

Hot Takes: The Outlook for ETFs in 2020

Hot Takes: The Outlook for ETFs in 2020

There’s rarely a dull moment covering ETFs. And this year, as well as the past decade, was no exception. The industry has solidified itself as the hottest destination for new cash, new firms and new ideas. On this last episode of the year for Trillions, Joel and Eric talk to Rachel Evans of Bloomberg News and Todd Rosenbluth of CFRA in a round table format getting their expert takes and outlooks on everything from flows, returns, issuers, launches, fees, active, ESG, themes, marketing and regula

Dec 26, 2019 • 44:00

What Went Up: Talking Markets with Mike and Sarah

What Went Up: Talking Markets with Mike and Sarah

It was nothing short of a spectacular year for the U.S. stock market. Oh, and fixed income. And emerging markets. And gold. Basically everything went up — even if it didn’t necessarily feel that way. But why exactly? And what might next year hold for investors? How crucial is the Fed? The election? So many questions...On this episode of Trillions we talk all things markets with Michael Regan and Sarah Ponczek from one of our favorite fellow Bloomberg podcasts called “What Goes Up?” in what may b

Dec 12, 2019 • 39:51

Gatekeepers and Keymasters

Gatekeepers and Keymasters

Just as a maker of organic salad dressing wants to get into Whole Foods, every ETF issuer is trying to get its products distributed by the fund superstores. Known as wirehouses by the industry, these mega-platforms from the likes of Bank of America, Wells Fargo and Morgan Stanley service advisors with trillions in assets -- and can transform an ETF from zero to hero overnight. But only a minority of funds make it to their shelves. So how does an ETF get on these crucial platforms? By getting thr

Nov 27, 2019 • 36:27

Is Direct Indexing Coming for the ETF?

Is Direct Indexing Coming for the ETF?

ETFs compete with just about everything, including mutual funds, options, derivatives, and even single security investing. Another competitor is direct indexing, which means investing in a customized portfolio directly -- bypassing the fund's "wrapper" altogether. On this week’s Trillions, Joel and Eric sit down with Brian Langstraat, the CEO of Parametric, the largest direct indexing provider. He explains what direct indexing is, who it's best for, what the benefits and drawbacks are, and why i

Nov 14, 2019 • 38:26

Welcome to the World of VIX ETPs

Welcome to the World of VIX ETPs

Despite -99% returns, burning through billions, and the occasional controversy, exchange-traded products (ETPs) that track a volatility index called the VIX are flirting with record flows and volume this year thanks to a loyal audience of traders who love their jackpot potential. On this episode of Trillions, Greg King, who was behind some of the most popular products before founding Rex Shares, and Luke Kawa of Bloomberg News, who often writes about volatility, join Joel and Eric for the ultima

Oct 31, 2019 • 34:05

Coming Soon: Travel Genius Season 2

Coming Soon: Travel Genius Season 2

Bloomberg's Travel Genius podcast is back! After clocking another hundred-thousand miles in the sky, hosts Nikki Ekstein and Mark Ellwood have a whole new series of flight hacking, restaurant sleuthing, and hotel booking tips to inspire your own getaways—along with a who's who roster of itinerant pros ready to spill their own travel secrets. From a special episode on Disney to a master class on packing, we'll go high, low, east, west, and everywhere in between. The new season starts Nov. 6.See o

Oct 28, 2019 • 1:25

Are “Buffered” ETFs the Next Big Thing?

Are “Buffered” ETFs the Next Big Thing?

Would you give up some stock market upside for some downside protection? That's the value proposition for a fast growing new category of annuity-like ETFs that do just that. They are the creation of ETF veteran Bruce Bond, who is known to many as the founder of PowerShares. On this week's Trillions we speak with Bruce as well as Carolina Wilson from Bloomberg News about what sparked the idea for the products, how they work and what the drawbacks are. See omnystudio.com/listener for privacy infor

Oct 17, 2019 • 35:40

Hiding in Plain Sight: Inside the Non-Transparent Active ETF Race

Hiding in Plain Sight: Inside the Non-Transparent Active ETF Race

For years active mutual funds have been looking for a way to utilize the benefits of the ETF structure without having to show their holdings every day. They may have finally found a solution, but will it be enough?Joel and Eric are joined by Dan McCabe of Precidian Investments and Rachel Evans of Bloomberg News, who wrote about McCabe's non-transparent active ETF structure in the latest issue of Bloomberg Markets magazine. McCabe, who's licensing his structure to the likes of BlackRock, JP Morga

Oct 3, 2019 • 29:51

No Jacket Required: Inside the World of New School Wealth Management

No Jacket Required: Inside the World of New School Wealth Management

One of the main drivers behind the rise of ETFs and index funds is the fast-changing world of wealth management. RIAs have always been the early adopters of ETFs and remain big users today. On this episode of Trillions, we explore their world via a new conference by advisors for advisors called WealthStack. These are not your father's stock brokers but rather a younger, more casual, fiduciary-minded, tech driven group of wealth managers looking to stay ahead of the curve. We interviewed about a

Sep 19, 2019 • 32:32

Are Multi-Factor ETFs the New Active Mutual Fund?

Are Multi-Factor ETFs the New Active Mutual Fund?

Multi-factor ETFs are one of the fastest growing ETF categories. But what exactly do they do? Is the sum more than all the parts? Are they active or passive? These are the questions Bloomberg News' Annie Massa sought to answer at the recent Inside Smart-Beta conference. In this special field report for Trillions, Annie interviews analysts, advisors and issuers to get to the bottom of the multi-factor trend.See omnystudio.com/listener for privacy information.

Sep 5, 2019 • 29:19

Introducing Prognosis Season 3: Superbugs

Introducing Prognosis Season 3: Superbugs

On this new season of Prognosis, we look at the spread of infections that are resistant to antimicrobial medicines. You're probably more likely to have heard of these as superbugs. Their rise has been described as a silent tsunami of catastrophic proportions. We travel to countries on the frontline of the crisis, and explore how hospitals and doctors around the world are fighting back. Prognosis’ new season launches Sept. 5. See omnystudio.com/listener for privacy information.

Sep 2, 2019 • 2:43

Meet the SPY Kids

Meet the SPY Kids

There's the Spy Kids and then there's the SPY Kids, aka the 11 millennials that unwittingly control the fate of the world's largest and most traded ETF.The $250 billion SPDR S&P 500 ETF Trust is pinned to their longevity, thanks to a quirk in the archane legal structure used by some early ETFs. Like other unit investment trusts, SPY has a set termination date and will expire in 2118, or 20 years after the last of these twenty-somethings die.On this episode of Trillions, Joel, Eric and Bloomb

Aug 22, 2019 • 26:31

Showtime with Scarlet Fu

Showtime with Scarlet Fu

You know ETFs have gone mainstream when there are multiple TV shows about them, including Bloomberg’s own ETF IQ. Nearing its 100th episode, the show is co-hosted by veteran Bloomberg TV anchor Scarlet Fu and Eric. On this episode of Trillions, Scarlet and Eric take Joel behind-the-scenes of the fast-paced show, pick some of their favorite moments with noteworthy guests, and also deconstruct a few lessons from the ever-evolving ETF industry.See omnystudio.com/listener for privacy information.

Aug 8, 2019 • 40:47

How to Invest in All These New Public Companies

How to Invest in All These New Public Companies

A number of high-profile companies have gone public this year -- Lyft, Uber, Beyond Meat, Slack, and Zoom, to name just a few. Yet these new entrants into the public markets aren't included in major indexes at their launch, limiting most investors' exposure to the companies' early trading. While investors can always buy individual stocks, a few ETFs specialize in a catch-and-release strategy of buying companies that have recently listed and then holding them for only a few years -- and they have

Jul 25, 2019 • 29:55

Disruption as an Investment Thesis

Disruption as an Investment Thesis

Cathie Wood, founder of ARK Invest, is a successful stock picker in the era of passive. Her actively managed ETFs, which focus entirely on disruptive themes, have overcome seemingly insurmountable odds to find success both in returns and flows. Her bold calls, high conviction and transparent approach has attracted fans and investors -- along with some haters. On this episode of Trillions, Cathie and Rachel Evans of Bloomberg News join Joel and Eric to discuss her approach to picking stocks, iden

Jul 11, 2019 • 46:14

The 2019 ETF Halftime Report

The 2019 ETF Halftime Report

As the second quarter comes to a close, Trillions reflects on some of the interesting trends and takeaways that have emerged so far this year -- and also explores a few things that may yet come to pass. Joel and Eric are joined by Todd Rosenbluth, ETF analyst for CFRA, and Sarah Ponczek, an ETF and markets reporter for Bloomberg News and co-host of the new What Goes Up podcast. Topics discussed by the group include fixed-income ETFs, sectors, new launches, ESG, marijuana, the non-transparent act

Jun 27, 2019 • 33:06

This ETF is Rated R

This ETF is Rated R

Leverage and inverse ETFs are the bad boys of the ETF world - akin to Rated R movies or power tools. In the hands of a trained trader they can be helpful and precise. In the hands of a novice they can cut your hand off.  We speak with Sylvia Jablonski of Direxion, the maker of 3x ETFs about her mission to “democratize leverage.” We also demystify these sometimes demonized products and breakdown how they work, what they hold, who should and shouldn’t use them and some of the products that see the

Jun 13, 2019 • 37:26

F-R-E-E-D-O-M

F-R-E-E-D-O-M

Do investors value freedom? And do they really know what they're buying with emerging markets ETFs? Yes to the first, says Perth Tolle, who just launched a new freedom-weighted ETF -- and no to the second. Tolle, who grew up in China before leaving to study abroad, wanted to create a way to invest that aligned with freedom, so she created her own quantative index that recently became the Freedom 100 Emerging Markets ETF (FRDM). China, Saudi Arabia, and Russia are excluded; Taiwan, South Korea, a

May 30, 2019 • 26:29

Tell Us Something We Don’t Know About QQQ

Tell Us Something We Don’t Know About QQQ

If ETFs had a Mount Rushmore, QQQ (aka 'The Qs') would definitely be on it. This $72 billion legend of an ETF just turned 20 years old and is now the second most traded security in the world. But how much do investors really know about it?  On this week’s Trillions Carolina Wilson of Bloomberg News sets out to the Midwest with microphone in hand to talk to those who built the original index and the ETF as well as tracked its changes over the years. Her journey lead to some interesting discoverie

May 16, 2019 • 22:54

Introducing: Business of Bees

Introducing: Business of Bees

These days about one in three bites of food you eat wouldn’t be possible without commercial bee pollination. And the economic value of insect pollination worldwide is estimated to be about $217 billion. But as important as bees have become for farming, there’s also increasing signs that bees are in trouble. In the decade-plus since the first cases of Colony Collapse Disorder were reported, bees are still dying in record numbers, and important questions remain unanswered. On this new miniseries,

May 7, 2019 • 2:21

5 Surprising Things About the European ETF Market

5 Surprising Things About the European ETF Market

While ETFs play an increasingly large role in U.S. financial markets, they're still in their infancy in Europe. The continent has regional markets, which has led to substantial fragmentation -- think a lot of products but not yet a lot of assets. Tom Psarofagis, an analyst with Bloomberg Intelligence who's now based in London, joins Eric and Joel to discuss how ETFs in Europe are "the same but different." See omnystudio.com/listener for privacy information.

May 2, 2019 • 23:14

The Heartbeat Trade

The Heartbeat Trade

ETFs provide unique tax capabilities. And according to a recent article in Bloomberg Businessweek, some of those unique capabilities are being utilized to their fullest potential. While that might actually benefit the average investor, should society examine a deal this sweet more closely? Zach Mider and Rachel Evans of Bloomberg News join Joel and Eric to discuss their reporting, the nuances of heartbeat trades, and the controversy surrounding the article.See omnystudio.com/listener for privac

Apr 18, 2019 • 26:16

Introducing "What Goes Up," A New Show From Bloomberg

Introducing "What Goes Up," A New Show From Bloomberg

On this new show from Bloomberg, hosts Mike Regan and Sarah Ponczek speak with expert guests each week about the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments.

Apr 17, 2019 • 1:44

ETF Tank

ETF Tank

The market for exchange-traded funds is getting nasty. Especially for new ETFs. Carving out a niche for one is becoming increasingly difficult. There are already more than 2,000 exchange-traded products out there and the market has started to feel saturated. Only about 1 percent of new ETF proposals actually ever make it to market. And of that 1 percent that do, 10 of them flop when they get there for every one that takes off. A great concept, a clever ticker symbol and a sharp pitch -- somethin

Apr 4, 2019 • 52:05

Less Than Zero: A Look Into a Wild Two Weeks in the ETF Fee War

Less Than Zero: A Look Into a Wild Two Weeks in the ETF Fee War

After a fairly long period of peace in the ETF Fee War, an unprecedented outbreak occurred, which saw about 10 different issuers reducing or undercutting costs on a few dozen products, which included the first zero and negative fee ETFs.  Smaller issuers such as SoFi and Salt have participated alongside market leaders BlackRock, Vanguard and State Street. Joel and Eric are joined by Rachel Evans of Bloomberg News for a dive into this two week fee cutting frenzy to break down what it means for in

Mar 21, 2019 • 33:45

Moats and Boats (and Maybe a Dragon!)

Moats and Boats (and Maybe a Dragon!)

Winter is coming. Actually, it’s pretty much always winter for new ETFs. And on this Game of Thrones-inspired episode of Trillions, Joel and Eric look at two products that have managed to survive the brutal fee wars with their unique approaches: the VanEck Vectors Morningstar Wide Moat ETF (MOAT), which screens for "wide moat" companies, and the Invesco Shipping ETF (SEA), which tracks industrial shipping companies. VanEck's Brandon Rakszawski and Invesco's Nick Kalivas join Joel (a big GoT fan)

Mar 7, 2019 • 26:50

Inside "Inside ETFs," Part II

Inside "Inside ETFs," Part II

The biggest exchange-traded fund conference in the world has come and gone. But we have you covered.The event, which has grown from 450 people to over 2,000 in just 12 years, featured panels, presentations and booths on everything from artificial intelligence to environmental, social and governance (ESG) issues, and participants ranging from Paul Tudor Jones to Michael Lewis.Aided by select interviews, Joel and Eric discuss key takeaways from the event.See omnystudio.com/listener for privacy inf

Feb 21, 2019 • 29:13

Delusional ETF Trading with Sarah Newton

Delusional ETF Trading with Sarah Newton

When life handed Sarah Newton lemons, she used ETFs to make lemonade. Or at least to keep herself busy. On this week's Trillions we speak to Sarah, a self-taught, do-it-yourself ETF trader who says she's still up after 6 years. She shares her fascinating story of how she got here as well as tips on trading ETFs and what areas of the market she likes for 2019.See omnystudio.com/listener for privacy information.

Feb 7, 2019 • 28:35

What’s the Deal With ESG ETFs?

What’s the Deal With ESG ETFs?

Separating hope from hype can feel especially daunting when you look at ETF investing through an ESG (environmental, social, and governance) lens. One reason is that, while ESG draws a lot of media attention, the category itself has only drawn about $7 billion despite dozens of products and new launches. Is apathy or subjectivity the bigger culprit here? Or are investors simply befuddled by yet another acronym? This week, Joel and Eric explore ESG investing, why it matters and how to practicall

Jan 24, 2019 • 27:53

The ETF Space Race

The ETF Space Race

Now that pretty much everything has been ETF-ized here on Planet Earth, issuers are looking beyond this world into the final frontier: space. While this may sound "out there," analysts expect the industry to grow to over $3 trillion in the next 30 years. But how, exactly, do you invest in space? What do the ETFs hold? And what about aliens?  On this episode , Bloomberg News reporter Rachel Evans takes a field trip into the world of space exploration for a closer look of the nascent industry and

Jan 10, 2019 • 22:15

Introducing "Works For Me," A New Podcast From Bloomberg

Introducing "Works For Me," A New Podcast From Bloomberg

On this new show from Bloomberg, hosts Francesca Levy and Rebecca Greenfield navigate the productivity industry by way of their own experiences. In each episode, one of the two becomes a human guinea pig as she tries to solve a specific work-related problem. Using the advice of so-called productivity experts, the duo tackles obstacles like ineffective to-do lists, overflowing inboxes and unruly meetings. Follow along with their attempts, insights and missteps, and maybe find a solution that will

Jan 9, 2019 • 2:42

Our Two Dads: A Personal Look at How (Some) Boomers Use ETFs

Our Two Dads: A Personal Look at How (Some) Boomers Use ETFs

Surveys have shown that millennials are adopting ETFs at a higher percentage than any other generation, whereas baby boomers remain the lowest. To conduct their own boomer survey, Eric and Joel interview the two boomer investors they know best on this holiday-edition of Trillions: their dads. The men couldn't be more different in their experiences -- one is the ying to the other's yang -- and yet both provide some profound insights into the minds of self-taught investors. They also discuss their

Dec 27, 2018 • 31:47

ETF Regime Ch-Ch-Ch-Changes

ETF Regime Ch-Ch-Ch-Changes

Markets no longer look quite so utopic and a new kind of reality seems to be emerging. As investors turn defensive, ETFs that would normally be ignored or rendered useless during the FANG-topia of yesteryears -- short-term debt ETFs, utilities, and low-volatility stocks -- are seeing massive inflows and staging a comeback. Joel and Eric are joined by Carolina Wilson of Bloomberg News and Tom Psarafagis of Bloomberg Intelligence to discuss these market "regime changes" and which ETFs are seeing

Dec 13, 2018 • 20:36

10 Billion Served: The Unsung Role of an ETF Market Maker

10 Billion Served: The Unsung Role of an ETF Market Maker

There’s been roughly 10 billion individual ETF trades in the past 25 years with almost no issues. This McDonald’s-esque track record of happy customers is one of the reasons ETFs have become so popular. One of the main reasons behind the stellar track record of trading is the important role played by ETF market makers, who provide liquidity for popular ETFs but also lesser traded ones— stepping in to be a buyer or a seller when there are none.  On this week’s Trillions, Eric and Joel speak with

Nov 29, 2018 • 32:30

Elevate Your Portfolio With Marijuana ETFs

Elevate Your Portfolio With Marijuana ETFs

What if there were a rolling paper that let you put the entire marijuana industry into a tightly packed joint? There is, and it's called an exchange-traded fund.While more and more states legalize medical and recreational marijuana in the U.S., the federal government still classifies it as an illegal controlled substance. But that certainly doesn't make it illegal to invest in the industry, and certain publicly traded companies in the sector have seen their valuations soar of late. Most of these

Nov 15, 2018 • 26:02

Travel Genius, a New Show From Bloomberg

Travel Genius, a New Show From Bloomberg

What’s the most sure-fire way to get a flight upgrade? How can you find the best, secret local restaurants by asking just one question? What's the first thing you should do when you get into a hotel room? On Bloomberg's new podcast Travel Genius, we'll give you those answers—and plenty more—as hosts Nikki Ekstein and Mark Ellwood quiz the world’s most experienced globetrotters for their tried-and-true travel hacks. Listen weekly, and even your work trips will go from a necessary evil to an exper

Nov 6, 2018 • 1:51

Prognosis, a New Show From Bloomberg

Prognosis, a New Show From Bloomberg

Where does a medical cure come from? 100 years ago, it wasn't uncommon for scientists to test medicines by taking a dose themselves. As medical technologies get cheaper and more accessible, patients and DIY tinkerers are trying something similar—and mainstream medicine is racing to catch up. Prognosis explores the leading edge of medical advances, and asks who gets—or should get—access to them. We look at how innovation happens, when it fails, and what it means to the people with a disease tryin

Nov 2, 2018 • 1:32

Around the World With ETFs

Around the World With ETFs

Acronyms are a popular way to shorthand especially promising emerging markets. Take the BRICs: Brazil, Russia, India and China. Or how about MIST: Mexico, Indonesia, South Korea and Turkey. And here's a new one from Bloomberg Intelligence: Africa's CUTEs, for the Democratic Republic of Congo, Uganda, Tanzania and Ethiopia. These catchy terms tend to make buzz because investors see such vast economic potential in these countries -- but where there's potential, you'll also find risk. Ahead of Blo

Nov 1, 2018 • 36:44

Trailer: The New Economy

Trailer: The New Economy

Bloomberg’s head of economics Stephanie Flanders calls on Bloomberg's worldwide network of reporters and expert commentators to cast a fresh eye on looming challenges for the world economy which affect us all.This 6 part podcast combines on the ground reporting with expert discussion on the future of cities, finance and technology, trade, global governance and making growth more inclusive. It's the start of a global conversation on how to confront these issues which will continue in Singapore in

Oct 24, 2018 • 1:44

Coming Soon: The ETF Story

Coming Soon: The ETF Story

The creation story of the first exchange-traded fund is actually the best way to understand how they work. And it's not just educational, it's entertaining. Like the PC and the MP3, the story of the creation of SPY -- which turned 30 this year -- is full of characters, twists and turns, and subplots. In the end, the product launched an industry that's reshaping not just investing but the entire financial ecosystem. This six-episode miniseries will weave together interviews with the founding fath

Oct 19, 2018 • 1:38

Where To Invest $10,000 Right Now

Where To Invest $10,000 Right Now

With many of the world's stock markets in turmoil, and interest rates on the rise in the U.S., it can be hard to spot investment opportunities. A popular Bloomberg article asks six experts where they would invest $10,000 right now. Some of those areas include Asian countries, tobacco stocks, companies profiting from the mobile payment trend as well as just a plain ol' broad market allocation.  On this week's Trillions we speak to the author of the story, Suzanne Woolley, and personal finance wri

Oct 18, 2018 • 27:54

Four ETF Nerds Debate 20 Topics

Four ETF Nerds Debate 20 Topics

Neeeeeeerrrrrrddsss! The term used to be an insult but now it’s (mostly) a compliment. At least that's the case in the world of ETFs, where passions run high for these low-cost, liquid funds. Used by long-term retail investors and institutional traders, there's a wide range of opinion on which Exchange Traded Funds are best, which trends are smart and what the future may hold.On this week’s Trillions, Joel and Eric spar with a colorful gang of ETF pundits in a McLaughlin Group-style roundtable.

Oct 4, 2018 • 38:49

The Man Who Hates ETFs Has Found a Way to Save Mutual Funds

The Man Who Hates ETFs Has Found a Way to Save Mutual Funds

While the rise of ETFs has been good for ETFs, it has come at the expense of many mutual fund managers -- humans who have seen about $1 trillion in outflows over the past four years. The situation has confounded many active fund companies and fueled consolidation in the industry. Now, a prominent active fund advocate and ETF critic says he’s found a better strategy: mutual funds with performance-based fees.On this episode of Trillions, Joel and Eric speak with Peter Kraus, former CEO of Alliance

Sep 20, 2018 • 36:48

2008: The ETF Retrospective

2008: The ETF Retrospective

Ten years ago, the financial crisis changed everything -- and helped create the world we now inhabit. Eric and Joel push rewind to revisit 2008, examine why ETFs managed to take in money that year despite the huge loss in the market, and dissect what's changed in the decade since and what it tells us about the future. Christine Harper, the editor of Bloomberg Markets, who covered banking for Bloomberg News at the time, joins to offer her insights.See omnystudio.com/listener for privacy informati

Sep 6, 2018 • 33:14

Barry Ritholtz: Use Your Disillusion II

Barry Ritholtz: Use Your Disillusion II

This week on Trillions, Joel and Eric record the podcast equivalent of a double-album with Barry Ritholtz, an ETF-using financial advisor as well as a Bloomberg Opinion columnist, host of the Bloomberg podcast "Masters in Business," and overall deep thinker. In addition to ETFs, the trio discusses investing, the economy, the role of the modern financial adviser, tariffs, Trump, and even God. We're calling this special body of work "Use Your Disillusion I & II," a nod to the seminal Guns N' R

Aug 23, 2018 • 42:36

Barry Ritholtz: Use Your Disillusion I

Barry Ritholtz: Use Your Disillusion I

This week on Trillions, Joel and Eric record the podcast equivalent of a double-album with Barry Ritholtz, an ETF-using financial advisor as well as a Bloomberg Opinion columnist, host of the Bloomberg podcast "Masters in Business," and overall deep thinker. In addition to ETFs, the trio discusses investing, the economy, the role of the modern financial adviser, tariffs, Trump, and even God. We're calling this special body of work "Use Your Disillusion I & II," a nod to the seminal Guns N' R

Aug 23, 2018 • 58:01

Next up: Barry Ritholtz

Next up: Barry Ritholtz

Next week, we’re going long with Barry Ritholtz—a money manager, Bloomberg Opinion columnist, and fellow podcast host. Get ready: We literally couldn't stop talking.See omnystudio.com/listener for privacy information.

Aug 16, 2018 • 8:29

He's Half ETF, Half Crypto: One Man's Quest to Bring Progress to the Universe

He's Half ETF, Half Crypto: One Man's Quest to Bring Progress to the Universe

You never go full crypto, right? Yet clearly some in the ETF industry see a massive opportunity, hence the steady talent trickle to the nascent space. To date, the U.S. Securities and Exchange Commission has received more than 25 filings for ETFs featuring Bitcoin. They're effectively the participants in a Cannonball Run-esque race to gain the SEC's approval -- and whoever earns that blessing and is first to market could have a multi-billion-dollar product. But is this asset class even ready for

Aug 9, 2018 • 37:01

ETF Mailbag: Answering Listener Questions

ETF Mailbag: Answering Listener Questions

What is the best ETF for the long-term? How important is index selection? Is there a pot ETF? Can you get private equity exposure through an ETF? These are just some of the questions that Joel and Eric attempt to answer in this episode of Trillions where they dig into the proverbial "mailbag" of questions from listeners on various platforms. See omnystudio.com/listener for privacy information.

Jul 26, 2018 • 28:39

Your ETF Guide to the Trade War

Your ETF Guide to the Trade War

Trade tensions and tariffs are a new variable for investors. How should investors differentiate between noise and reality? Should they adjust their portfolio? What ETFs can be used? Joel and Eric are joined by reporter Sarah Ponczek and advisor John Davi to discuss.See omnystudio.com/listener for privacy information.

Jul 12, 2018 • 33:30

Getting Mutualized with Jack Bogle

Getting Mutualized with Jack Bogle

No one person has had a bigger impact on the fund industry than Vanguard founder Jack Bogle, the legendary investor who invented indexing and popularized low-fee mutual funds. One of Vanguard's biggest advantages: Its mutual fund ownership structure, which is an original Bogle breakthrough. Bogle now thinks other firms will have to follow suit to survive in the future -- one of a few topics he plans to explore in his next book, Stay the Course: The Story of Vanguard and the Index Revolution (Wil

Jun 28, 2018 • 27:42

The ETF Halftime Report

The ETF Halftime Report

ETF flows are one of the best ways to get inside the mind of investors. They tell you which asset classes, sectors, strategies and specific ETFs both traders and long-term investors are favoring. But interpreting flows is as much art as science. On this week’s Trillions, Joel and Eric are joined by Todd Rosenbluth of CFRA to dissect ETF inflows and outflows from the first half of what is at once both a typical and atypical year.See omnystudio.com/listener for privacy information.

Jun 14, 2018 • 36:32

Looking Into BlackRock's Crystal Ball

Looking Into BlackRock's Crystal Ball

There are over 120 U.S. ETF issuers, but only one has more than $1 trillion in assets, over 300 products and knows what it is like to beat Vanguard: BlackRock. The asset manager made the equivalent of the Louisiana Purchase when it acquired iShares from Barclays in 2009, a move that has made them the most dominant player in the industry. Joel and Eric interview Martin Small, head of U.S. iShares, about ETFs, investing and his insatiable appetite for guitars. See omnystudio.com/listener for priva

May 31, 2018 • 30:09

The Making of MAGA

The Making of MAGA

In this special report, Rachel Evans interviews Hal Lambert, the creator of the MAGA ETF, to learn how he turned his idea for the fund into a reality. The episode examines his strategy—buying companies that donate to the Republican Party—how this contrasts with other values-based products, and whether ads on conservative talk shows will translate into investor dollars. See omnystudio.com/listener for privacy information.

May 17, 2018 • 23:28

Bonus: The Pay Check, a New Podcast

Bonus: The Pay Check, a New Podcast

It’s a big, expensive, global mystery. Why do women still make less money—a lot less—than men? In the US, the average woman makes 80 cents to every dollar a man makes. Launching May 9, the Pay Check is an in-depth investigation into what that 20 percent difference looks like. In this miniseries we'll show you how the gender pay gap plays out in real life. We'll hear from Lily Ledbetter, Mo’Nique, and a lot of other women who weren’t happy to be paid less. We'll find out what happens when a whole

May 9, 2018 • 2:49

Standing at the Crossroads of Active and Passive

Standing at the Crossroads of Active and Passive

Are ETFs turning mom and pop into maniacal day traders? Are investors using the right type of trade orders? This week, Joel and Eric speak with Matt Gouletof Fidelity, whose platform serves 9 million households, to discuss insights about retail investors’ ETF usage as well as stories about the active fund giant's foray into the ETF world and attempt to out-Vanguard Vanguard.And where is the coveted white space? According to Fidelity the untapped area is the retail investor, who are just beginnin

May 3, 2018 • 33:03

The Mystery of Smart-Beta, Explained

The Mystery of Smart-Beta, Explained

Smart-beta is one of the hottest trends in not just ETFs but all of investment management. Assets in the category have grown from $0 to almost $1 trillion in barely a decade. But what is it, exactly?  On this week’s Trillions, Joel and Eric explore the mysteries of smart-beta. To some, it's all a mutation of passive indexing; to others, it's a better, cheaper version of active management. "Imagine R2D2 with the head of Peter Lynch," says Eric.  And to help you understand how investors can use th

Apr 19, 2018 • 29:37

ETF Rising Stars

ETF Rising Stars

While the very largest ETFs attract the bulk of flows, a few smaller products manage to beat the odds and emerge from obscurity each year to capture investors' imagination and assets. Over the past year, growth in robotics, the Internet and China have led to outsized investments into smaller ETFs.  On this week's Trillions, Joel and Eric highlight and analyze up-and-comer ETFs of the past, present and future. They are joined by Bloomberg News' Carolina Wilson on a mission to find the next big th

Apr 5, 2018 • 30:27

Ticker Madness

Ticker Madness

Tickers are special. Not only can they catch our eye, they also tell a story. Some ETF tickers are especially great -- take MOO, for instance, or TAN. But with hundreds of them cluttering the stock market, you sort of have to wonder: Which ETF ticker is the very best? On this episode of Trillions, Joel and Eric harness the spirit of March Madness with a team of Bloomberg News reporters and create a tournament bracket to determine the champion. Chaos ensues -- but one ticker gets crowned the winn

Mar 22, 2018 • 41:20

The Radiohead Guide to Good ETF Investing

The Radiohead Guide to Good ETF Investing

What happens when ETF nerds/Radiohead superfans take over the podcast? You get the Radiohead Guide to Good ETF Investing. Trillions goes full prog rock this week as Joel and Eric are joined by Bloomberg reporter Rachel Evans for a dive into the band's ground-breaking catalog and the hidden ETF Investing advice contained in it.  Does your ETF portfolio put Everything in Its Right Place or is it filled with Fake Plastic Trees? Are you Optimistic enough to let your portfolio grow Little By Little?

Mar 8, 2018 • 30:41

Hedging With ETFs Is Trickier Than It Looks

Hedging With ETFs Is Trickier Than It Looks

The last few weeks have reminded investors that the market can go down as well as up (who knew?). Hedging can help protect a portfolio, and ETFs can help with that cause, but you're effectively picking your poison; some limit the potency of the hedge, others carry unforeseen costs. Joel and Eric sit down with self-described “ETF nerd” Michael Venuto of Toroso Investments to discuss the pros and cons of the various approaches, including volatility products, inverse funds, hedge fund strategies, g

Feb 22, 2018 • 31:05

Coming Soon: What'd You Miss This Week

Coming Soon: What'd You Miss This Week

This month, Bloomberg is excited to bring you a brand new show. Every Friday on What'd You Miss This Week, we'll feature the most interesting interviews from Bloomberg's daily market close show, "What'd You Miss" hosted by Scarlet Fu, Julia Chatterley and Joe Weisenthal. We want to take you beyond the headlines and bring you a unique perspective on the week's top stories, and those you may just have missed. It's the perfect way to kick off your weekend. Be sure to subscribe now, so you don't mis

Feb 12, 2018 • 1:15

This ETF is Rated R

This ETF is Rated R

Movies get ratings, so why not ETFs? After all, there are more than 2,100 ETFs, with one new one launching every day, that provide exposure to every asset class, sector, region, country, commodity, currency, factor, theme, derivative and strategy that you can think of, as well as some you’ve never heard of. While most are “plain vanilla,” many come with twists, and some are downright dangerous carrying unforeseen risks.Unforeseen risk was on full display this week as some inverse volatility exch

Feb 8, 2018 • 30:50

Inside "Inside ETFs"

Inside "Inside ETFs"

What do you get when you cross ComiCon, the Catalina Wine Mixer and low-cost passive investing? You get "Inside ETFs," the world's largest ETF conference, which is getting bigger and more colorful by the year, in no small part to the growing mountain of flows coming into ETFs each year.  The event – which has grown from 450 people to 2,400 in eleven years featured panels, presentations and booths on everything from Vanguard to VIX and from Bitcoin to Quincy Jones.  Joel and Eric discuss takeaway

Jan 25, 2018 • 24:25

Talking Recipes with a Master Chef

Talking Recipes with a Master Chef

On the fourth episode of Trillions, we get a first-hand look at how a professional builds ETF portfolios that work for different types of investors with varied goals. We look at how ETFs are chosen and assembled as well as the psychological methods Betterment uses to keep investor eyes on the prize, and not the market. See omnystudio.com/listener for privacy information.

Jan 11, 2018 • 25:33

Under the Hood

Under the Hood

What questions should you ask about an ETF before you make an investment? What about when two or three ETFs seem practically the same? In this episode, Todd Rosenbluth, a mutual fund and ETF analyst with CFRA, joins the podcast to discuss his due diligence checklist. This is a topic that can get weedy in a hurry; if you're new to ETFs, just think of it like you're looking under the hood of a car. Start by evaluating the holdings, weightings, and costs, and then you can start wading into next-lev

Dec 28, 2017 • 49:53

The Paradox of Choice

The Paradox of Choice

Right now there are about  2,100 ETFs -- 2,078 if you want to get specific about it. That's a lot of stuff to choose from. How should you approach navigating a store with this much selection? One aisle at a time.On the second episode of Bloomberg’s new podcast, Trillions, we take a stroll through the most popular aisles to meet some ETFs and get a better sense of the offerings. From the Cheerios of equities to the fresh produce of bonds, this episode provides an entertaining and incredibly simpl

Dec 14, 2017 • 22:14

Fast, Good, Cheap

Fast, Good, Cheap

Collectively, exchange-traded funds, or ETFs, are doubling assets every couple of years. In order to achieve a feat like that in finance you need some attractive qualities. The ETF happens to have many. You can almost think of these as a disruptive technology, akin to the MP3 or Uber. They’re at once fast, good, and cheap—and few things combine all three of those ingredients for consumers. On the first episode of Bloomberg's new podcast, Trillions, we break down in plain English what exactly mak

Nov 30, 2017 • 26:28

Welcome to Trillions

Welcome to Trillions

Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool that's quietly transformed investing in recent years. Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This podcast will demystify them—and delight you in the process.See omnystudio.com/listener for privacy information.

Nov 28, 2017 • 1:56

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