Municipal bonds are the foundation of how American cities and states operate. And a big reason investors love “munis” is their tax-free status. But if you think that makes muni exchange-traded funds sound boring, think again. On this episode, Eric and Joel speak with Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence and co-host of the podcast Masters of the Muniverse. They discuss the storied history of munis, how they figure into portfolios—and how that favored tax-free status could be at risk in President Donald Trump’s second term.See omnystudio.com/listener for privacy information.

Nate Geraci, president of The ETF Store and host of ETF Prime, dives into the future of ETFs with intriguing predictions for 2025. He discusses the potential launch of private credit ETFs and the ever-evolving crypto landscape. The conversation heats up around fee competition among major players like BlackRock and Vanguard, and the innovative strategies behind single-stock ETFs. Nate also highlights the need for investor education on the complexities of 351 exchanges, promising an insightful look into the dynamic ETF market.

George Million-Stanley is the Chief Gold Strategist at State Street Global Advisors, while Simeon Hyman leads the investment strategy group at ProShares. They dive into the heated debate between gold and Bitcoin as stores of value, discussing market trends and recent developments in Bitcoin ETFs. The duo highlights how both assets can coexist in a balanced portfolio and navigates the implications of political changes on investment strategies. They also consider the evolving role of ETFs in shaping the future of these two asset classes.

It's pretty safe to say that 2024 was the best year ever for ETFs. The industry saw record flows of $1 trillion, a record 670 new launches and a 30% jump in assets- not to mention that record smashing bitcoin ETF launch. So how do you top that? On this episode of Trillions Joel and Eric host a roundtable discussion on highlights from 2024 as well as predictions for 2025 with Todd Rosenbluth, head of research at VettaFi, Vildana Hajric, reporter with Bloomberg News and Athanasios Psarofagis, ETF Analyst with Bloomberg Intelligence.See omnystudio.com/listener for privacy information.

John Davi, CEO of Astoria Portfolio Advisors, shares his expertise in ETF strategies and portfolio management. He discusses the impressive run of US large-cap stocks and questions how long it can last. Davi highlights his top picks for 2025, including small caps, commodities, and mortgage-backed bonds. The conversation delves into IPO-focused ETFs, the risks of tech investments, and innovative strategies to navigate changing markets. He emphasizes the importance of balancing growth with risk in portfolio construction.

“The House That Jack Bogle Built” is alive and well in sleepy Malvern, Pennsylvania. So far this year, the asset management firm that pioneered low-cost investing—so much so that “beta” is almost free now—has hoovered up another $256 billion of inflows into its US exchange-traded funds. But as the company nears its 50th anniversary, can it continue to succeed without changing its tried-and-true ways? On this episode of Trillions, Eric Balchunas and Joel Weber speak with Vanguard’s Janel Jackson, head of bank and institutional in the company’s Financial Advisor Services division. They discuss her time at Vanguard, how she discovered the power of ETFs, why the company remains “true to label” despite the industry’s love of “spicy” products and even where Vanguard might look to push the envelope. See omnystudio.com/listener for privacy information.

One of the year’s hottest investments? Bitcoin, which has surged on exchange-traded fund adoption as well as the return of the “Trump trade.” One way to go especially big on that bet is two new leveraged ETFs: MSTX and MSTU, which are 2X MicroStrategy—a company that’s already a highly exposed Bitcoin proxy. Both ETFs effectively give investors a 4X exposure to Bitcoin. If that sounds volatile, it is: MSTX is the most volatile ETF in the US. Consider this space the “ghost pepper” of hot sauces. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Sylvia Jablonski, the CEO and CIO of Defiance ETFs—the issuer behind MSTX. They discuss how the product came into existence, what the Trump trade has meant for inflows, why there’s a modest rivalry with MSTU already, how investors are using options on the product and what makes a good “ghost pepper.”See omnystudio.com/listener for privacy information.

Vildana Hajric, a Bloomberg cross-asset reporter, joins Todd Rosenbluth from VettaFi and ETF analyst Athanasios Seraphagus to dissect the surprising surge in ETF closures during a bullish market. They explore the shutdown of niche funds like those in cannabis and travel, emphasizing market saturation and innovation needs. The panel discusses failures of thematic ETFs post-pandemic and examines why even strong commodities, like gold, saw their ETFs struggle. Their insights reveal a complex landscape full of unexpected twists and evolving investor interests.

Derivatives-enhanced exchange-traded funds have become a hit with retail investors. There’s been more than 160 such launches so far this year, with monikers such as “laddered buffer” and “covered call,” and they’ve attracted $50 billion and counting. While many of the products were designed to protect from downturns, some include options that can generate cash, which comes back to investors in the form of dividends. (Did someone say “yields”?) On this episode of Trillions, Eric Balchunas and Joel Weber speak with Denitsa Tsekova and Vildana Hajric, Bloomberg cross-asset reporters who wrote a recent feature story about this new retail boom. The group is also joined by Todd Akin, a retail trader behind the Unconventional Wealth Ideas YouTube channel and one of the characters in their story. They discuss why these ETFs have become so popular, how they work—and what the risks are.See omnystudio.com/listener for privacy information.

Vilda, a cross-asset reporter at Bloomberg News, dives into the exciting world of blending illiquid private credit into liquid ETFs. She discusses the recent partnership between State Street and Apollo and its potential to democratize private investment access. The conversation touches on regulatory challenges, liquidity concerns, and how this move could reshape the investment landscape. Vilda also shares insights into the innovative strategies behind ETF tickers, adding a fun twist to the serious financial discussions.