Trillions

Latest Episodes:

The Lazarus List Oct 25, 2023

Show notes

More than 1,000 ETFs have been liquidated and sent to the proverbial ETF graveyard. But a select few have been resurrected by issuers who think that either the time is right for the idea or they have the ways and means to make it work.

On this episode of Trillions, Eric and Joel speak with Athanasios Psarofagis of Bloomberg Intelligence about his "Lazarus List"—ETFs that have failed, sometimes at inopportune moments, only to later get another chance. The list includes target-date ETFs as well thematic ETFs—which track airlines, shipping and luxury goods—and two exotic offerings.

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The ETF Quiz Show Oct 11, 2023

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How much does the average person know about ETFs? What about an ETF analyst? On this episode of Trillions we put the experts knowledge to the test in our first ever ETF trivia game featuring two competitive teams made up of Todd Rosenbluth, head of ETF research at VettaFi, Lara Crigger, Editor-in-Chief of VettaFi, Katie Greifeld of Bloomberg News and Athanasios Psarofagis of Bloomberg Intelligence. Questions range across asset classes and historical periods and the winning team gets a free sushi lunch with Joel and Eric.

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What's Going on in Europe? Sep 28, 2023

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Cathie Wood’s Ark Invest recently purchased European exchange-traded fund issuer Rize. The move shows yet another US-based issuer bringing their talents to Europe, a market that while only a fraction the size of the US is growing quickly.

On this episode of Trillions we talk to Hector McNeil, Co-Chief Executive Officer of HANetf and a veteran of the European ETF market. We discuss how Europe remains behind the US in some ways, but ahead in others. We also analyze how portfolios are changing and what McNeil advises issuers to think about when launching new funds.

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The Bull Case for India Sep 14, 2023

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India just hosted the G-20. Some of Apple’s latest iPhones are now being made there. The country’s demographics are compelling. And yet, as Hindenberg Research’s short of the Adani Group showed earlier this year, this emerging market is perhaps not without significant risk.

On this episode, Eric and Joel, along with Rebecca Sin of Bloomberg Intelligence, speak with Kevin Carter of EMQQ Global, whose India Internet and e-commerce ETF ($INQQ) is attempting to capture the country’s boom. They discuss India’s similarities and differences with China, its unique approaches to technology, what distinguishes the country’s startups and what global investors take into account.

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The Mutual Fund Is Very Much Alive and Well Aug 31, 2023

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The death of mutual funds has been greatly exaggerated. With $24 trillion in assets, they outmatch exchange-traded funds two to one. And there’s good reason to keep tabs on them as well—especially because of what they reveal about active management.

On this episode of Trillions, Eric and Joel speak with new Bloomberg Intelligence mutual fund analyst David Cohne. He’s already made some fascinating discoveries deep inside the world of mutual funds—including who beat QQQ, one fund's unusual top holding and the importance of fees.

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The Weird Burden of QQQ Aug 17, 2023

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Invesco’s QQQ Trust Series 1, aka QQQ, is synonymous with tech investing—and performance, given that it’s nearly doubled the S&P 500 over the last decade. But because the almost $200 billion exchange-traded fund was created as a unit investment trust, it hasn’t made any money for Invesco, which acquired it in the 2006 acquisition of PowerShares. What’s Invesco doing about that? Launching money-making spinoffs, of course.

On this episode of Trillions, Eric Balchunas and Joel Weber discuss QQQ’s history as well as Invesco’s success with its Q-themed family, including QQQM, QQQJ and QQQS. Athanasios Psarofagis of Bloomberg Intelligence and reporter Katie Greifeld, who wrote about the Qs in a new Bloomberg Businessweek article, join to discuss.

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The No Downside ETF Aug 03, 2023

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It sounds too good to be true. An exchange-traded fund that is 100% protected from any losses but still gets to participate in stock market gains? While there is a catch and a trade-off involved, that is pretty much what the Innovator Equity Defined Protection ETF—2 Yr to July 2025 (TJUL) sets out to do in a strategy using options.

On this episode of Trillions we speak to the masterminds behind this new ETF, Innovator Co-Founder and Chief Executive Officer Bruce Bond and Chief Investment Officer Graham Day. We talk about how the ETF works, what the trade-offs are, who it’s targeted at and the coming competition in the “buffer” ETF category.

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Five Things to Watch in ETFs During the Second Half Jul 20, 2023

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It’s the third quarter and exchange-traded fund investors have finally gotten their FOMO bug back. While they’re currently plowing money into equities, how long can the good times last? This is just one of many trends to watch in the second half.

On this episode of Trillions, Eric Balchunas and Joel Weber speak with Athanasios Psarofagis, a Bloomberg Intelligence ETF analyst, about five big stories to watch in the third and fourth quarters of 2023. These include the Bitcoin ETF race, the dethroning of cash, the new “share class” to know about and how active’s rise is upended ETF issuers.

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The Race for the Bitcoin ETF Heats Up Jul 06, 2023

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Over the past decade, about 30 spot Bitcoin exchange-traded fund applications have been swatted aside by the US Securities and Exchange Commission. The outlook appeared dire. And then a surprise filing by BlackRock Inc. in mid-June seemed to change the mood. A rush of new applications and amendments to existing proposals soon followed. And Ophelia Snyder—co-founder and president of 21Shares, who had re-filed a spot Bitcoin ETF application with ARK Invest in April—was in the mix again.

On this episode of Trillions, Eric Balchunas and Joel Weber dive into the never-ending race for a Bitcoin ETF, joined by Snyder and James Seyffart, an ETF analyst with Bloomberg Intelligence. The group discusses the new attention on market surveillance, what Coinbase’s involvement means, the odds of any of these applications actually getting approved—and the size of the potential market.

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ETF Lawyer-Regulator-Industry Veteran Dalia Blass Jun 22, 2023

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Dalia Blass has a rare perspective on the exchange-traded fund industry. Now a lawyer at Sullivan & Cromwell, she recently left BlackRock, where she was head of external affairs. Before that, Blass did multiple tours of duty with the US Securities and Exchange Commission, most recently as the director of investment management.

On this episode of Trillions, Blass joins Eric Balchunas and Joel Weber to discuss the regulator’s role in innovation, funds and regulation; the politicization of environmental, social and governance investing; and what’s next for crypto, artificial intelligence and more.

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