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.
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 i...
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...
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 ...
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...
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...
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...
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 ...
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...
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 Morg...
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 ...
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....
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....
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 Bloo...
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....
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...
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...
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...
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 ...
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...
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 discoveries...
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, ...
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....
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...
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....
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...
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 inv...
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)...
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 ...
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.
