Trillions

 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.See omnystudio.com/listener for privacy information.

In this discussion, Matt Hougan, CIO of Bitwise Asset Management and a former ETF analyst, shares his insights on the booming Ether ETFs, which have recently reached a staggering $10 billion in record time. They delve into Ether’s recent price surge, the implications of its rising popularity for the crypto market, and how it compares to Bitcoin's established role. The panel also explores the distinct purposes of Bitcoin and Ethereum, the emergence of stablecoins, and the competitive landscape of blockchain technologies, offering a fresh perspective on investing in cryptocurrencies.

George Gatch, CEO of JPMorgan Asset Management, discusses how his firm has dominated the active ETF market, rising to become the fourth largest active fund company in the US. He reveals the innovative strategies behind successful products like JEPI and JPST amid a challenging landscape for active funds. Gatch also shares insights on the promising fixed-income space, the growing interest in private markets, and his cautious stance on cryptocurrency. The conversation provides a unique glimpse into the future of ETFs and JPMorgan's role in shaping it.

Joel, Eric and Athanasios Psarofagis crack open the mailbag to answer some listener questions about ETFs.See omnystudio.com/listener for privacy information.

In this engaging discussion, Vildana Hajric, a cross-asset reporter with Bloomberg News, dives into the exciting world of futuristic-themed ETFs. They explore innovative sectors like humanoid robots and quantum computing, analyzing their investment potential and challenges. The conversation highlights the societal acceptance of robots and compares ETFs focused on robotics, shedding light on market dynamics. Additionally, they touch on speculative areas like UFO-related companies, weighing risks against the promise of pioneering investments.

One of the hottest themes of 2025 is defense companies as potential US isolationism has other countries scrambling to beef up their military. And within that it is European stocks that have really led the charge. This theme went from rags to riches overnight practically but it's been largely a winner take all category. On this episode of Trillions Joel and Eric speak with Bloomberg Intelligence's Senior ETF Analyst for Europe, Henry Jim about the wild frenzy to launch European defense ETFs around the world to catch this massive wave of returns.See omnystudio.com/listener for privacy information.

The narrative all year was "sell America" yet the stock market is positive on the year and flirting with all time highs after coming back from a brutal Q1. Like COVID this is a rally few predicted although this time the market didn't have the Fed's help. What happened? Why was everyone was so wrong?On this episode of Trillions, Joel and Eric talk about the wide gap between narrative and price and why US investors are simply not giving up on US stocks. They are joined by Athanasios Psarofagis of Bloomberg Intelligence and Isabelle Lee of Bloomberg News.See omnystudio.com/listener for privacy information.

In investing, there are many “rules.” And the rules are intended to help you, dear investor, make money. But if you’ve been around money — and especially if you’ve been around a lot of money … managing other people’s money, say — you know that people make a lot of mistakes, too. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Barry Ritholtz, the co-founder, chairman and chief investment officer of Ritholtz Wealth Management and host of the Bloomberg podcast Masters in Business, about his new book, How Not to Invest. They discuss several of Ritholtz’s hot takes — all rooted in what not to do with your money.See omnystudio.com/listener for privacy information.

During her time as a commissioner at the US Securities and Exchange Commission, Hester Peirce has often been a dissenting voice—especially on all things crypto. Now, as she approaches the official end of her term, her legacy may include an SEC that’s more aligned with the positions she championed. On this episode of Trillions, Eric Balchunas and Joel Weber—along with stacy-marie ishmael, head of cross-asset and crypto coverage for Bloomberg News—interview Peirce at the SEC’s offices in Washington. Peirce discusses her search for “crypto clarity,” why “merit” doesn’t matter and how the SEC will evaluate the 80-plus crypto-themed exchange-traded fund filings—including ones involving Trump. She also discusses the “terribly mismanaged” process for Bitcoin ETFs and other hot topics including private assets and share classes.See omnystudio.com/listener for privacy information.

The ETF conference in Las Vegas sparked fascinating discussions about market trends and the rise of multi-share classes. Attendees shared humorous gambling anecdotes, contrasting wins and losses with ETF investments. The hosts explored the challenges of city running versus casino life, while offering insights into ETF innovations and liquidity issues. Personal connections in finance were highlighted as vital, showcasing the importance of face-to-face networking, along with evolving perspectives on cryptocurrencies and the future of ETFs.