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, $NIXT, which holds dozens of such stocks with equal-weighting. They discuss how the ETF—Arnott’s first launch—may complement your portfolio, what’s behind the performance, how the portfolio rebalances and why smart beta has endured.

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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 Research and one of the masterminds behind the Return Stacked ETF suite. They discuss how these ETFs work, where they fit in a portfolio and why this is a more responsible use of leverage than the kind that blew up the market in 2008. 

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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 as well as a few surprises. 

Om this episode, Joel and Eric look through a number of winners with ETF.com's editor-in-chief Kristin Myers and finance reporter Lucy Brewster. 

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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, Alexandra Alberstadt about their new ETFs, the SmartETFs Dividend Builder ($DIVS) and SmartETFs Asia Pacific Dividend Builder ($ADIV). They discuss why they converted, what the process entailed, and how other issuers should approach the topic. Did we mention there will be many more of these?

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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 Athanasios Psarofagis, analyst for Bloomberg Intelligence. They discuss and debate eight ETFs that got surprisingly large, including: $XSOE, $IQLT, $IVOL, $SOXL, $BUZZ, $UFO, $TMFC and $BUG. 

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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 REIT trader David Auerbach of World Equity Group as well as Kevin Kelly, a managing partner of Benchmark Investments, the index provider for a few of the new REIT entrants. They discuss the basics of REITs, the pros and cons of category king $VNQ as well as the new generation of REIT ETFs such as $SRVR, $HOMZ, $NETL and, what else, $REIT.

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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 a long time. Doubt, a new series from Bloomberg’s Prognosis podcast, looks at the forces that have been breaking down that trust. We'll trace the rise of vaccine skepticism in America to show how we got here — and where we’re going. Doubt launches on March 23. Subscribe to Prognosis today on Apple Podcasts, Spotify or wherever you get your podcasts.

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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 losing. From there the series explores all the ways the wealth gaps manifests and the radical solutions, like affirmative action, quotas, and reparations, that can potentially lead to greater equality.

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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 and what a 60/40 investor can do. He also talks ARK ETFs and its haters, bitcoin's potential and why the retail day trader is here to stay even post-pandemic. 

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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 the about sector outlook, underlying business fundamentals, the design of the ETF — and whether he plans to start micro-dosing LSD.

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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 into the depths of Reddit and followed the fast-moving story closely. The group discusses all the ETF angles of this unusually riveting — and often even funny — story. 

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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 Tesla, Bitcoin, ARK, and more.

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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 Trillions, we speak to Scott Schoelzel, the former PM of the Janus Twenty during the fund's magical stretch from 1998 to 2007. Having lived through the ups and downs of cycles, he gives us his thoughts on the current situation with ARK, advice for the firm's investors as well as his takes on the state of active management, ETFs, the Fed and what he's up to these days living out on his farm in Colorado. 

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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 gotten better or worse.

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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 as ETNs, volatility, target date funds, and concerns about index funds. Honorees include New York's Josh Barro; ETF Trends's Dave Nadig; WSJ's Akane Otani, Sebastian Pellejero and Chana Schoenberger; and Institutional Investor's Leanna Orr. Eric also highlights some of his favorites by his colleagues at Bloomberg News. 

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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 report that highlights 21 ETFs to watch 2021. Analysts Athanasios Psarafagis, James Seyffart and Morgan Barna join us to go over their contributions to the full list, which are as follows: DFAU, SPGP, ICVT, VXUS, GBTC, SNPE, OVL, SQQQ, ARKK, SVAL, MSOS, VTI, QQQJ, KMED, BATT, NETL, IBUY, SPAK, USMV, FDG and LQD.

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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 Management and Strategy at Fidelity, and Scott Livingston, Global Head of ETFs at T. Rowe Price. Bloomberg Intelligence analyst Morgan Barna joins to discuss how the ETFs work, how the companies plan to find investors, and what to make of mutual funds conversions. 

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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 who spent 13-plus years in the health care sector. The group discusses all the ways technology is changing health care, the intricate designs of HTEC and ROBO's indices, and how investors should think about using them in a portfolio.

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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 trick-or-treating -- with the help of Claire Ballentine, a cross-asset reporter for Bloomberg News, and Todd Rosenbluth, senior director of ETF and mutual fund research for CFRA. 

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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 Financial Technologies, a SPAC pioneer whose Canadian-listed $ARB ETF offers some exposure to what he considers a new asset class, as well as Josef Schuster of IPOX Schuster, whose index is used for the $FPX ETF that tracks recent IPOs -- and now one SPAC. 

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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 group makes decisions, criticisms of passive indexing, and even the hypothetical path Eric would need to take to get a seat at the table.

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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 Greifeld of Bloomberg News -- interview Cole Feinberg, an ETF specialist with Goldman, about how the firm views the industry, where the team sees white space, what's behind GSLC's success, and how a project like $JUST comes together with Paul Tudor Jones. 

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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 rising-star clean energy fund, as well as their series of `dog' ETFs. They also discuss Paul's days at Index Universe (now ETF.com) as an analyst back when ETFs had yet to go mainstream. 

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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 Massa, a reporter with Bloomberg News — interview Vanguard’s Gerry O'Reilly. A portfolio manager overseeing many of Vanguard's biggest funds, including the $940 billion Vanguard Total Stock Market Fund, O’Reilly helped rebate more than $200 million to investors through this unsung art of passive portfolio management. 

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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 joined by Bloomberg Intelligence’s Rebecca Sin, a Hong Kong-based ETF analyst and host of the forthcoming podcast Tiger Money. They discuss what might come next for Japan, why China is following a similar playbook and what it all means for investors and the global economy. 

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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 Americas at BlackRock. They discuss the March sell off, working with the Federal Reserve, the Robinhood phenomenon, competing against Vanguard, the realities of ESG, active non-transparent ETFs, concerns over ownership concentration, indie issuers, and why so many BlackRock employees are musically inclined (Armando aside).

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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 ETF NERD launched in June 2019, join Eric and Joel to discuss the economics of gaming, the evolving business models, the biggest international players, the latest chapter of the console wars, the push into cloud gaming, and more — including just how many hours one must devote to this demanding craft.

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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.

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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 Trillions, Eric and Joel speak with two young day traders about their nascent investing experiences.

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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 story of WeWork, a company that captured the startup boom of the 2010s and also may be remembered as a spectacular bust that marked the end of an era.

Catch the first two episodes of Foundering, now available on Apple Podcasts, Spotify, or wherever you listen.

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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. 

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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.

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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.

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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, about his surprising success after five years of almost no interest in the fund. He also gives his outlook on the airline industry as well as the more-than-meets-the-eye design of the index it tracks. 

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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 trying to time an oil rebound. Peter also gives his take on bond ETFs and brings his sector ETF picks.

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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.

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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.

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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." 

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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 income, exotics, leveraged ETFs, and more. All three recorded from their closets.

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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 Index Partners, who have launched Virtus LifeSci Biotech Product ETF and Virtus LifeSci Biotech Clinical Trials ETF, and are currently working on a third.

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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 Dividend Growth ETF (DGRO), the Invesco Taxable Municipal Bond ETF (BAB), the Health Care Select Sector SPDR Fund (XLV) and many, many more.

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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 themes featuring audio clips recorded on the ground at the event from key attendees as well as in studio commentary from first time attendees, Claire Ballentine and Katherine Greifeld of Bloomberg News. 

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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 powerful force, pressure from activist consumers or activist investors? Eric and Joel return to the topic of ESG investing to explore its promises and limitations, with guests Annie Massa, a finance reporter with Bloomberg News; Shaheen Contractor, an analyst with Bloomberg Intelligence; and Graham Sinclair, an ESG strategy consultant, joining to offer their perspectives and insights.

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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. 

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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's still an ongoing challenge that requires what Ross calls the three Es: exposure, education and empowerment. 

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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 regulation. Eric and Todd also make a new bet!

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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 analyst Athanasios Psarofagis about his new greed/fear index, which uses several ETF metrics. They also comb through the survey’s findings, which show a growing interest in ETFs and active management.

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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 be the greatest crossover event since the Harlem Globetrotters landed on Gilligan’s Island. 

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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 through the all-important gatekeeper. On this week's Trillions, we chat with Mariana Bush of Wells Fargo and Jon Maier of Global X about their extensive experience in this world of gatekeepers and keymasters. Rachel Evans of Bloomberg News co-hosts. 

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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 it isn’t really an “ETF killer,” as some have claimed. Morgan Barna of Bloomberg Intelligence joins the discussion as well.

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