Trillions

Latest Episodes:

The ETF Era Is Going to Be Here for a While Dec 08, 2022

Show notes

The future is very bright for ETFs, which in 2022 saw record volume and the second most flows and new launches—all astounding numbers considering the stock and bond markets were in the gutter return-wise. So what can we expect next year? What areas should people be watching?

On this episode of Trillions, Bloomberg Intelligence’s exchange-traded fund team go over their just-published 2023 Outlook which covers topics such as active, alternatives, crypto, China and thematic investing—and just how big ETFs could get. Our analysts include Athanasios Psarofagis, Rebecca Sin, Henry Jim and James Seyffart.

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What the Crypto Crash Means for ETFs Nov 24, 2022

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The crypto market may not be dead, but it’s arguably in a temporary coma thanks to the spectacular implosion of Sam Bankman-Fried’s FTX. The bankrupt crypto exchange, with billions of dollars of customer funds allegedly missing, has spooked all but the hardcore believers and potentially set the digital asset class back by years.

On this episode of Trillions, we sit down with James Seyffart of Bloomberg Intelligence and reporter Katie Greifeld to discuss what this means for exchange-traded fund investors and the likelihood a spot Bitcoin ETF will get approved. We also take a look at what’s going on with Grayscale Bitcoin Trust.

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Alternative ETFs Finally Get Their Moment in the Sun Nov 10, 2022

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It took 15 years for an ideal environment to arrive for alternative exchange-traded funds—which employ or mimic hedge fund strategies—but their moment has finally come. They’ve grown assets by 25% this year as investors look for something to help offset the decline of 60/40 portfolios.

To truly understand how they work and what they track, however, requires a lot of due diligence.

On this episode of Trillions, we speak with senior reporter Katherine Burton, Andrew Beer, managing partner and portfolio manager at Dynamic Beta, and Bob Elliott, co-founder and chief executive of Unlimited. We discuss why hedge fund ETFs could be the next big thing, how they work and how to use them in a portfolio.

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The ETF Graveyard Oct 27, 2022

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Every year there's far more ETF launches than closures. But market headwinds are starting to accelerate the number of liquidations. So far this year the Grim Reaper has already come for about 100 ETFs.

On this episode of Trillions—just in time for Halloween—Eric and Joel take a tour of this year's ETF graveyard with Katie Greifeld of Bloomberg News, Athanasios Psarofagis of Bloomberg Intelligence and Todd Rosenbluth of VettaFi. Each guest shares a few noteworthy headstones, $NIFE, $CTRU, $TRYP, $DDG, $DIVA, $BUDX, $SUNY and more.

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KPOP’s Hit Factory Comes to Investing Oct 13, 2022

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South Korea is having a moment. Between the stellar rise of K-pop and worldwide film hits such as Parasite and Squid Game, the country has established itself as a power to be reckoned with when it comes to global entertainment. This level of success is exactly why a young man by the name of Jangwon Lee decided to launch—you guessed it—The KPOP and Korean Entertainment exchange-traded fund.

We speak with Lee, chief executive of CT Investments and Content Technologies, and reporter Isabelle Lee about the size and scope of K-pop’s reach and the broader Korean entertainment market, how the ETF works and the challenges with launching a theme ETF in today’s especially rough-and-tumble market.

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Cash Is Still King Sep 29, 2022

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Boring is beautiful this year as investors rush to the relative safety (and higher yields) of exchange-traded funds that hold short-term treasuries. But what exactly is inside them? And what are the risk-rewards of the most popular ones?

On this episode of Trillions, we look at cash-like ETFs with reporter Katie Greifeld and James Seyffart of Bloomberg Intelligence. We also dig into inflation and the world of currency ETFs.

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The Active vs Passive Scorecard Sep 15, 2022

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Active managers have, historically, had a tough time beating their benchmarks. Yet this year may prove to be an exception; nearly half of large-cap managers are outperforming. Can they keep it up? And can anything really reverse the massive migration to passive investing at this point?

On this episode, Eric Balchunas and Joel Weber speak with Tim Edwards of S&P Dow Jones Indices, who oversees the SPIVA report, aka the ultimate active vs. passive scorecard. With his just-published latest installment in hand, Edwards talks through where active is doing well (and not so well), the role of fees in returns, and why bond funds tend to better than stock funds.

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The Case for Custom Indexing Sep 01, 2022

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A new approach to investing called direct or custom indexing effectively lets investors own stocks but with some special enhancements, such as capturing tax alpha. In other words, you get some of an ETF's charm without the ETF. For investors interested in potentially taking a portfolio to the next level, this is a new tool for the toolbox.

On this episode, Eric and Joel speak with Patrick O'Shaughnessy, CEO of O'Shaughnessy Asset Management and host of the podcast Invest Like the Best, about the pros and cons of custom indexing, how it differs from direct indexing and ETFs, and also how the tax alpha is achieved. They also discuss O'Shaughnessy's career, favorite philosophers, and, well, podcasting.

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Fedsplaining with Ira Jersey Aug 18, 2022

Show notes

Inflation. Unemployment. Consumer demand. All important economic data—but more important is how the Federal Reserve interprets it all and reacts. The central bank wields an especially powerful influence over markets, so understanding how its members think, what they are doing and why is important for any engaged investor.

We speak with Ira Jersey, Bloomberg’s Chief US Interest Rate Strategist, about how to read the latest inflation data through the Fed’s eyes. We also talk about how exactly the Fed impacts the real economy as well as what’s on its balance sheet. Finally, Jersey gives his opinion on different types of bond exchange-traded funds, such as TIPS, junk bonds and single-bond ETFs.

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Protecting Your Portfolio From Black Swans Aug 04, 2022

Show notes

In investing, a black swan event is something almost nobody sees coming—and to make a bet on the outcome of that unforeseen event has always been expensive and complicated. Inflation upending the market over the past year, and the Federal Reserve’s pivot to higher interest rates, has sparked interest among investors looking to hedge this particular type of “tail risk.”

On this episode, Eric and Joel speak with Meb Faber, founder of Cambria and host of podcast “The Meb Faber Show.” Faber has designed two exchange-traded funds in this space, $TAIL and $FAIL. They also speak with reporter Denitsa Tsekova, as the group discusses how tail-risk ETFs work, where they fit in a portfolio and whether you even need them.

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