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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. Exchange-traded funds let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and hopefully delight you in the process.

Trillions

2025 is arguably the single best year in ETF history as the industry has broken all-time records in the three primary categories: flows, launches and volume. What is behind these numbers and how long can these good times last? 

On this episode of Trillions, Joel and Eric look at the year that was with Katie Greifeld, reporter and anchor at Bloomberg News and Todd Sohn, senior ETF technical strategist at Strategas Securities. The conversation also includes the boon in leveraged ETFs, option-based funds, industry consolidation and whether small caps or low volatility can ever mount a comeback.

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ETFs Win Triple Crown in 2025

So far this year, some 920 exchange-traded funds have launched in the US alone—a new record. Some are already juggernauts. Others are more about capturing vibes than assets. And then there are some intriguing sleepers that remain under the radar. So, which is the best new addition to the overall investing landscape?
 
On this episode of Trillions, Eric Balchunas and Joel Weber welcome colleagues from Bloomberg News and Bloomberg Intelligence — Isabelle Lee, Denitsa Tsekova, Andre Yapp, Vildana Hajric, James Seyffart and Athanasios Psarofagis — to make their cases for the best new ETF of 2025. Executive Editor David Papadopolous returns to Trillions as a highly subjective judge with questionable methodology. Tickers mentioned in this episode include $MEME, $CAIE, $HUMN, $TEXN, $XDIV, $BSOL, $VBIL and $GXLC.

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The Best ETF Launch of 2025

You may not know the term autocallable, but you will. There’s a new type of high income ETF that tracks autocallable notes that yield 14% a year and is having instant success with flows coming in every single week since it launched in June. It’s all part of the boom in ETFs using derivatives (instead of stocks or bonds) to generate income streams. 
 
On this episode of Trillions Joel and Eric speak with Matt Kaufman, head of ETFs at Calamos Investments, about how autocallables work and the risks and rewards of investing in ETFs that track them. 

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Autocallable ETFs

The election of Sanae Takaichi as Japan’s first woman prime minister is putting a new spotlight on the country. Markets expect the “Iron Lady,” as she’s known, to continue some of the policies of Shinzo Abe, under whom the yen weakened while equities rocketed.
 
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Jeremy Schwartz, chief investment officer at WisdomTree. They discuss the stellar performance of his flagship Japan Hedge Equity Fund, how Warren Buffett capitalized on Japan’s opportunities, why the country’s high debt-to-GDP ratio matters, what investors can expect from the new prime minister—and more.

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Is Japan Back?

With so many assets at or near all-time highs, a rational investor might wonder how long can the good times last? And is now the time to consider an insurance policy for the inevitable pullback? And also, what sort of downside protection should you use, if any?
 
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg reporters Bernard Goyder and Suzanne Woolley about the spectrum of hedging strategies, many of which now involve exchange-traded funds. At one end are advanced approaches that involve the volatility index, or VIX, which can have big payoffs while also being as dangerous as juggling chainsaws. They also discuss more vanilla options such as Treasuries and gold, as well as buffer ETFs—aka “boomer candy.” 

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Protecting Your Portfolio With ETFs

The “American dream” has always been about money: financial progression and building wealth. But for many the concept is slipping further and further away as the country’s yawning wealth gap widens. So the question is: can you still climb the proverbial wealth ladder, or is the dream dead? And if there is still room to rise, how important is salary versus investments? How can exchange-traded funds help?
 
On this episode, Joe and Eric speak with Nick Maggiulli, author of the new book, The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life, and chief operating officer and data scientist at Ritholtz Wealth Management. Topics discussed include how the ladder breaks, pros and cons of different strategies for climbing it and how intertwined happiness and wealth are.

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Climbing the Wealth Ladder with Nick Maggiulli

Young people are looking for an easier way to accumulate wealth than working a 9-5 job for 40 years. This reluctance to follow the path of their elders has grown the appeal—and assets—of income-generating exchange-traded funds, which can generate anywhere between 2% and 200% yields, sometimes using complex derivatives.
 
This universe of ETFs has exploded in popularity, with the assets ballooning to $750 billion. And while regular payouts may sound alluring, investors might be prioritizing short-term action over long-term gains.
 
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Vildana Hajric, a cross-asset reporter with Bloomberg News, about how these income ETFs work, why they appeal to young investors and what to know about their risks.

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Dividends Over Day Jobs: Income ETFs Become Huge Hit with Gen Z

A relentless barrage of headlines in recent weeks have all centered on exchange-traded funds. For the first time, there are now more ETFs than stocks (4,300 versus 4,200). Also of note, ETFs have also become prized listings for exchanges—perhaps even more than IPOs—because they trade so much.
 
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Dave Nadig, president and director of research at ETF.com, and Athanasios Psarofagis, an analyst with Bloomberg Intelligence. They discuss those stories as well those on passive ownership's increasing complexity; a different way to think about the Magnificent Seven; Vanguard's push into active management; Wall Street not seeing a need for tokenization; and the irony of European ESG equity funds having exposure to the nuclear arms industry.

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Tour de Headlines: A Roundtable About Recent ETF Stories of Note

Here’s a mind-blowing stat: the iShares Ethereum Trust (ETHA) is the fastest exchange-traded fund in history to hit the $10 billion mark outside of the Bitcoin ETFs. After a slow start, its price has doubled over the past three months, sparking massive inflows just as it hit its first birthday.
 
On this episode or Trillions, Joel Weber and Eric Balchunas look at why Ether is rallying, how big it could get and how investors should view it relative to Bitcoin in a portfolio. They are joined by Matt Hougan, CIO of Bitwise and Isabelle Lee of Bloomberg News.

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Ether ETFs Finally Wake Up

The ETF "Thunderdome" is an unforgiving and relentless environment. Which makes the exchange-traded funds from JPMorgan Asset Management so noteworthy. Led by its Chief Executive Officer George Gatch, the firm has carved out a unique niche — active ETFs — and then used its institutional muscle to move up the leaderboard while driving down costs. In an era where 75% of all active funds are seeing outflows, JPMorgan has found a way to thrive; in fact, it’s now the fourth biggest active fund company in the US. 
 
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Gatch about JPMorgan's secret sauce, his strategy in the active category, how his biggest products became such hits, why fixed income remains a promising space, what to watch in private markets and why he's avoiding crypto.

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How JPMorgan Became Such a Force in Active ETFs

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 in his book. They go over why Vanguard’s ownership structure was the real innovation, and how the rise of passive investing is pushing active managers to get way more active. They also discuss the writing process and Balchunas’s motivation for publishing his second book. 

See omnystudio.com/listener for privacy information.

Inside "The Bogle Effect"

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