Trillions

Episodes

• The 80/20 Portfolio, Bipartisan Stocks and Slumpy SeptembersThe 60/40 portfolio has been Investing 101 for generations. So why are ETF investors now closer to 80/20? Meanwhile, Republican and Democratic lawmakers don't agree on much — but their portfolios have some surprising stocks in common. And then there's September, historically the market's worst month but one of the busiest times of the year for new ETF launches. On this episode of Trillions, Eric Balchunas and Joel Weber are joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis and Bloomberg News cross-asset reporter Isabelle Lee to dig into some of the more surprising signals hiding in the ETF data. They explore the rise of the 80/20 portfolio, what the holdings of US lawmakers reveal about their bipartisan investment tastes, and why September can be so lousy for markets — even as ETF issuers keep launching new funds. See omnystudio.com/listener for privacy information.

  272|14M
• Want to Find the Next Nvidia? Here’s How to Watch What ‘Big Active’ Is BuyingA decade ago, Nvidia was the 387th-biggest stock in the market. Before it became the world’s most valuable company, some of the biggest active managers were buying it on the way up. In the movie Wall Street, Gordon Gekko had a code phrase for that kind of valuable tip: “Blue Horseshoe likes Anacott Steel.” Insider trading is illegal, of course. But the rise of active ETFs has created a perfectly legal way to peek at what some of the world’s biggest stock pickers are buying — every single day. On this episode of Trillions, Eric Balchunas and Joel Weber explore “Blue Horseshoe,” a new Bloomberg Intelligence tool designed to track what “Big Active” is buying and selling. Bloomberg Intelligence’s Sharoon Francis and David Cohne join to explain how the daily transparency of active ETFs made the tool possible, how it can surface stocks while managers are still building their positions, and what names are attracting attention now. Blue Horseshoe likes Okta, anyone? See omnystudio.com/listener for privacy information.

  271|19M
• New ETFs to Watch: MANGOS, Tax Tricks and Boring BitcoinWhat's a new way to invest in artificial intelligence? And what's the latest tax strategy for wealthy investors? There's no shortage of exchange-traded funds, but some of the latest launches reveal important trends — and also what fathers can learn from their sons. In this week's New ETFs to Watch episode, Eric Balchunas and Joel Weber — joined by Bloomberg News cross-asset reporter Isabelle Lee — sift through the latest launches. They highlight the Investment House ETF (TIH) and the growing use of ETFs to defer taxes, how the Yorkville America MANGOS Plus Index ETF (FRUT) is betting on the next generation of AI winners, and whether investors really want a hedged version of Bitcoin (HBIT). They also explore Eric's negative aura. See omnystudio.com/listener for privacy information.

  270|20M
• Vanguard’s Plateau Is Exactly What Jack Bogle WantedToday, Vanguard is synonymous with low-cost index investing. But as the firm marks 50 years since the launch of the first index fund, something surprising has happened: After decades of relentless gains, Vanguard’s share of the fund industry has plateaued. For most companies, that would be bad news. Yet Jack Bogle might have seen it differently. More than 30 years ago, Vanguard’s founder said he’d know his mission was succeeding when competitors became so cheap that Vanguard itself began losing market share. On this episode of Trillions, Eric Balchunas and Joel Weber — joined by Bloomberg News cross-asset reporter Isabelle Lee — revisit Bogle’s legacy. They trace the unlikely rise of the index fund, why it took decades to catch on and how Vanguard’s low-cost model eventually forced the rest of Wall Street to change. They also explore what Vanguard’s plateau means now that the Bogle Effect has become so much bigger than Vanguard itself. See omnystudio.com/listener for privacy information.

  269|27M
• An ETF for a Wild Oil MarketOil has been one of the wildest trades of the year, surging and retreating as US tensions with Iran — and US President Donald Trump's endless hopes for a deal — have repeatedly whipsawed markets. For traders, the go-to exchange-traded fund for playing those moves has long been the United States Oil Fund (USO). But another, lesser-known fund has been gaining momentum. The USCF Energy Commodity Strategy Absolute Return Fund (USE) can go long or short across a range of energy commodities, offering investors a more dynamic way to play the oil market. On this episode of Trillions, Eric Balchunas and Joel Weber are joined by Bloomberg Intelligence's Andre Yapp to explain why USE is the ETF of the moment. They explore how its active strategy differs from USO, what “absolute return” actually means, and why trading oil through futures comes with risks most investors rarely encounter. They also dig into one potentially attractive feature of USE: Unlike USO, it won't leave investors dealing with the dreaded K-1 tax form. See omnystudio.com/listener for privacy information.

  268|19M
• Can You Put Sports Into an ETF Yet?The ETF industry has packaged everything from stocks and bonds to Bitcoin and leveraged bets on individual companies. So why not your favorite sports team? New filings from Volatility Shares would create ETFs tied to the performance of each NHL franchise. And those filings are just the latest sign that the worlds of ETFs and sports betting may start to converge. On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis to examine the growing lineup of sports-themed ETF filings. They break down how the proposed NHL funds would work, review the filings for prediction market ETFs, discuss another filing for an actively managed fund that would essentially make sports bets on investors' behalf, and explore why ETFs face significant competition from existing sports offerings. None of these products has been approved by the Securities and Exchange Commission, but if history is any guide, it may be too early to bet against them. See omnystudio.com/listener for privacy information.

  267|18M
• Another ETF Triple Crown? Plus a Global Bull Market and MoreThe ETF industry had a record year in 2025. Somehow, 2026 is shaping up to be even bigger. More than $1 trillion has already poured into ETFs, launches continue at a breakneck pace and trading volume is on track for another record — putting the industry within reach of an unprecedented back-to-back “Triple Crown.” But the boom isn't just about more money and more funds. Some of the most interesting action is happening in places that looked settled not long ago. On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis to spotlight five themes defining the ETF market right now. They examine the industry's record-setting run, a bull market that's gone global, Goldman's sudden appetite for ETF acquisitions, and new battles over the marquee S&P 500 and Nasdaq 100 indexes. Plus, they look at one of the year's more surprising comeback stories. See omnystudio.com/listener for privacy information.

  266|24M
• 351 Conversions: Smart Tax Alpha Strategy or Loophole in the Code?ETFs are already famous for their tax efficiency, but a growing corner of the market is pushing those benefits further than ever. What if you could sell a massive stock position without paying taxes on it - at least not yet? Welcome the 351 conversions - custom built funds that allow investors to swap concentrated stock positions into diversified portfolios without paying gains taxes. On this episode of Trillions, Joel Weber and Eric Balchunas dig into the growing world of 351 conversion ETFs and how it actually works. Bloomberg News reporters Denitsa Tsekova and Zachary Mider, two of the journalists behind the story "The Latest Tax Dodge For the Ultra-Rich Is a Customized ETF,” join the conversation. Is this a smart tax alpha strategy or a cheat code in the tax system? Where will the IRS draw the line? They break down how the 351 conversion actually works, why the Treasury officials are taking closer look and how billionaires like the family behind the Hot Pockets are using them. See omnystudio.com/listener for privacy information.

  265|34M
• New ETFs to Watch: A Nasdaq 100 Challenger, the SK Hynix Smackdown and…a Multi-Token Wildcard?The ETF market is on pace for a record year - not just in the number of launches but also for the range of issuers entering the market. With competition intensifying, there’s no shortage of noteworthy funds to keep an eye on. In this week’s ETFs to Watch episode, Eric Balchunas and Joel Weber are joined by Bloomberg news cross-asset reporter Isabelle Lee to break down the standout launches at the moment. They break down iShares’ and State Street’s long-awaited challenge to Invesco’s Nasdaq-100 dominance and the winner of the US-listed 2x leveraged SK Hynix ETFs smackdown. They also discuss the first actively managed multi-token ETF from T Rowe Price and whether Y’all Street Physical Gold ETF’s pitch for investors to store their gold in American soil is actually a good idea. See omnystudio.com/listener for privacy information.

  264|22M
• How Leveraged ETFs Became Wall Street's New ObsessionThe confluence of single-stock ETFs and leverage has reached a fever pitch this year. Products tied to companies like SpaceX, Micron and SK Hynix are proliferating, attracting billions of dollars from traders — and raising concerns they're beginning to influence the very stocks they're meant to track. In some markets — we're looking at you, South Korea — regulators have even stepped in to pause new launches. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg Intelligence ETF analyst James Seyffart and Baird Strategas ETF strategist Todd Sohn about what's fueling the boom, how these products actually work, and whether fears that they're becoming a threat to markets are justified — or overblown. See omnystudio.com/listener for privacy information.

  263|32M