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 04, 2021•30 min
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•39 min
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 07, 2021•42 min
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 min
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•46 min
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 Manage...
Nov 26, 2020•26 min
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 w...
Nov 12, 2020•33 min
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 min
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 min
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 01, 2020•41 min
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 min
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 03, 2020•38 min
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•40 min
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 Am...
Aug 06, 2020•40 min
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•37 min
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•4 min
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 09, 2020•45 min
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 ...
Jun 26, 2020•4 min
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 min
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 ...
Jun 11, 2020•28 min
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 ...
May 28, 2020•37 min
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 min
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 min
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 informat...
Apr 16, 2020•23 min
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 02, 2020•23 min
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 min
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 In...
Mar 05, 2020•25 min
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 ...
Feb 20, 2020•39 min
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 th...
Feb 06, 2020•35 min
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•41 min
