Trillions

Joel Schneider, deputy head of portfolio management at Dimensional Fund Advisors, explains why his firm launched the first ETF share class of an existing mutual fund. He discusses the hybrid single-portfolio, two-access-point structure, why they picked a 45-year-old microcap fund, tax-free conversions and tax-efficiency, and how this blueprint might shift trillions between mutual funds and ETFs.

As the US and Israel's attack of Iran has reminded the world, oil remains as integral as ever to the global economy. But the ETFs for investing in crude come with some caveats—and are a big reason why Bloomberg Intelligence introduced its traffic-light system. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg Intelligence's James Seyffart, an ETF analyst, and Vincent Piazza, a senior energy analyst. They discuss Piazza's "delay, disruption and destruction" outlook; how the United States Oil Fund (USO) came back from the dead; and what to know about other noteworthy energy ETFs such as XLE, CRAK and even BWET.See omnystudio.com/listener for privacy information.

Perth Tolle, founder of Life + Liberty Indexes and creator of the Freedom 100 ETF, built a rules-based index that favors countries with higher personal and economic freedom. She discusses the ETF’s surprising 5-year surge, the disciplined index methodology, how markets move in and out, and how her background shaped her stance on authoritarianism and investing.

John Ciampaglia, CEO of Sprott Asset Management, oversees physical precious metals and mining ETFs. He breaks down the forces behind gold and silver rallies, contrasts gold with bitcoin, and explains uranium’s comeback. He also digs into logistics of moving physical metals, rare earths and geopolitics, and which miners or commodities could matter next.

Cathie Wood, ARK founder and active ETF pioneer; Brett Winton, ARK tech researcher and modeler; Charlie Roberts, ARK private equity strategist. They discuss ARK's interval venture fund, how they value and price illiquid private stakes, their research-driven selection and cap-table approach, and the structural limits around getting private-company exposure into public funds.

In this engaging discussion, Jim Craig, chief investment officer at Stone Harbor, and Damian Sassower, fixed income analyst at Bloomberg Intelligence, dive deep into the booming Venezuelan bond market. They explain how lifted sanctions have fueled a surge in bond prices, particularly highlighting Stone Harbor's strategic acquisition of distressed debt. The duo also explores the complexities of EM investing, discussing the importance of on-the-ground research and the potential restructuring of Venezuelan bonds. Discover how institutional investors are navigating this volatile landscape!

In this insightful discussion, Athanasios Psarofagis and James Seyffart, both Bloomberg Intelligence ETF analysts, share their expertise on ETFs to keep an eye on for 2026. They delve into intriguing themes like the performance of Vanguard’s VXUS and the rise of political-driven investments like OTGL in Latin America. The duo also highlights the potential risks of leveraged ETFs and discusses innovative funds such as the R&D-focused LRND and the UFO-themed UFOD, showcasing the dynamic landscape of the ETF market.

Brian Hartigan, the Global Head of ETFs and Index Investments at Invesco, shares insights from his extensive experience in the competitive ETF space. He discusses the challenges of thriving in what he calls "The Terrordome" and how Invesco navigates fierce competition from giants like Vanguard. Hartigan dives into the success of smart-beta ETFs, the rising demand for diversification in market shifts, and the unique trajectory of QQQ. Additionally, he offers advice on investing in volatile assets like Bitcoin and the appeal of thematic ETFs as portfolio enhancers.

Katie Greifeld, a Bloomberg reporter specializing in cross-asset markets, joins Todd Sohn, a senior ETF strategist at Strategas Securities. They delve into why 2025 is a record year for ETFs, breaking all-time highs in launches, flows, and trading volume. The discussion explores the rise of leveraged ETFs, the booming demand for thematic investing, and the ongoing struggles of small caps and low volatility funds. They also analyze the industry's shift towards active strategies and the implications of consolidation among major players.

David Papadopolous, an Executive Editor at Bloomberg News, joins Denitsa Tsekova, a cross-asset reporter and ETF commentator. They dive into the explosive world of ETFs, spotlighting innovative pitches. Denitsa champions a high-yield dividend ETF, emphasizing tax efficiency and steady inflows. Papadopolous shares his subjective rankings on various ETFs, including pitches for meme stocks and humanoid robotics. The conversation unveils trends, potential juggernauts, and the quirks of the ETF landscape.