Trillions

This month showed how much inflation concerns and an uptick in bond yields can mess with a portfolio. It showed the vulnerability of high flying investments such as bitcoin and ARK as well as how a 60/40 portfolio can have both the 60 and the 40 go down together. So yeah, inflation is a big deal. But is it real or just another head fake?On this week's episode of Trillions we speak with Jim Bianco, president and founder of Bianco Research LLC, on why he's taking inflation more seriously this time and what a 60/40 investor can do. He also talks ARK ETFs and its haters, bitcoin's potential and why the retail day trader is here to stay even post-pandemic. See omnystudio.com/listener for privacy information.

Magic mushrooms, LSD and ketamine used to be associated with psychedelic trips and fun weekends. Now they’re increasingly viewed as serious medicine that can be used to treat ailments such as depression and PTSD. The small but fast-growing industry even has its first ETF — the Canadian-listed Horizons Psychedelic Stock ETF, or PSYK.On this episode of Trillions, Eric and Joel speak with Steve Hawkins, the CEO of the firm behind the ETF, who was also behind the world’s first cannabis ETF. He talks the about sector outlook, underlying business fundamentals, the design of the ETF — and whether he plans to start micro-dosing LSD.See omnystudio.com/listener for privacy information.

ETFs tend to sit in the back seat while active players drive prices in the stock market. But what happens when the driver is a hellbent Reddit message board? Well, the world got a flavor of that last week when retail traders on the subreddit WallStreetBets sent a few meme stocks — most notably GameStop — "to the moon," temporarily hijacking a few ETFs in the process. On this episode of Trillions, Eric and Joel are joined by Katherine Greifeld and Claire Ballentine of Bloomberg News, who plunged into the depths of Reddit and followed the fast-moving story closely. The group discusses all the ETF angles of this unusually riveting — and often even funny — story. See omnystudio.com/listener for privacy information.

It’s a new year, and maybe a new you. There’s also a completely new political landscape in Washington DC and probably another big round of stimulus money. What’s an investor to do? Talking to a financial advisor seems like a good first step.On this episode of Trillions, Eric and Joel are joined once again by Barry Ritholtz, CEO of Ritholtz Wealth Management, who’s fielding all kinds of questions from clients right now. They discuss the new administration, his economic outlook, plus his views on Tesla, Bitcoin, ARK, and more.See omnystudio.com/listener for privacy information.

Cathie Wood of ARK is not the first highly concentrated active manager to shoot the lights out for half a decade while sparking a stampede of flows into their funds. There have been many throughout history but perhaps the one that most echoes ARK today is the famous Janus Twenty Fund, which dominated the latter half of the '90s and early 2000s with very similar returns and flows to what ARK is experiencing, albeit one met with a 50% downturn when the Internet bubble burst. On this episode of Trillions, we speak to Scott Schoelzel, the former PM of the Janus Twenty during the fund's magical stretch from 1998 to 2007. Having lived through the ups and downs of cycles, he gives us his thoughts on the current situation with ARK, advice for the firm's investors as well as his takes on the state of active management, ETFs, the Fed and what he's up to these days living out on his farm in Colorado. See omnystudio.com/listener for privacy information.

Covering ETFs this year was like trying to hit a constantly moving target. Businessweek's annual “Jealousy List” -- stories by other outlets that the magazine's staff wish they would've published -- inspired Eric and Joel to bring an ETF version of the idea to Trillions. On this episode, Katherine Greifeld, Claire Ballentine, and Yakob Petersseil of Bloomberg News, who specialize in covering ETFs, join them to discuss a few of the articles they wish they had written this year, about topics such as ETNs, volatility, target date funds, and concerns about index funds. Honorees include New York's Josh Barro; ETF Trends's Dave Nadig; WSJ's Akane Otani, Sebastian Pellejero and Chana Schoenberger; and Institutional Investor's Leanna Orr. Eric also highlights some of his favorites by his colleagues at Bloomberg News. See omnystudio.com/listener for privacy information.

There’s so much going on in the ETF world right now as all kinds of trends, strategies, themes and companies collide in this hotter-than-ever market which is on pace to post another record year for inflows - and volume - in 2020. Next year could be even bigger too as many ‘Big Active’ mutual fund firms representing $10 trillion in assets look to make up for lost time. So what should you watch for in 2021? Rather than do another “outlook” Bloomberg Intelligence’s ETF team has come out with a report that highlights 21 ETFs to watch 2021. Analysts Athanasios Psarafagis, James Seyffart and Morgan Barna join us to go over their contributions to the full list, which are as follows: DFAU, SPGP, ICVT, VXUS, GBTC, SNPE, OVL, SQQQ, ARKK, SVAL, MSOS, VTI, QQQJ, KMED, BATT, NETL, IBUY, SPAK, USMV, FDG and LQD.See omnystudio.com/listener for privacy information.

For years, active mutual funds sat and watched the boom in ETFs from the sidelines, unwilling to participate as it would mean showing their holdings every day. But now they can jump in thanks to a new type of structure that allow them to trade like an ETF but not have to show their holdings every day. These active non-transparent (ANT) ETFs are especially appealing to fund companies with trillions in assets.On this episode of Trillions, Eric and Joel speak with Greg Friedman, Head of ETF Management and Strategy at Fidelity, and Scott Livingston, Global Head of ETFs at T. Rowe Price. Bloomberg Intelligence analyst Morgan Barna joins to discuss how the ETFs work, how the companies plan to find investors, and what to make of mutual funds conversions. See omnystudio.com/listener for privacy information.

Thematic ETFs need to do two things to attract cash: crush the market and capture the imagination. There's no better example of this than the ETFs coming out of ROBO Global, the indie issuer responsible for the blockbuster hit ROBO and the newer upstart HTEC. The latter tracks the companies shaping the future of health care, and is currently doubling the returns of the S&P Health Care Index.On this episode of Trillions, Eric and Joel speak with Nina Deka, an ETF specialist for the company who spent 13-plus years in the health care sector. The group discusses all the ways technology is changing health care, the intricate designs of HTEC and ROBO's indices, and how investors should think about using them in a portfolio.See omnystudio.com/listener for privacy information.

Death has become a growing part of life in the ETF industry. The number closures in 2020 has already blown away the old record with the total number of gravestones already numbering more than 1,100 -- and that's with two months to go yet. One surprise: Few closures are directly related to the pandemic. So what's behind this year's shuttering? And what does it mean for investors? On this episode of Trillions, Eric and Joel seek to answer these questions and more -- including how to take kids trick-or-treating -- with the help of Claire Ballentine, a cross-asset reporter for Bloomberg News, and Todd Rosenbluth, senior director of ETF and mutual fund research for CFRA. See omnystudio.com/listener for privacy information.

One of the most interesting developments in finance this year has been the sudden popularity of the SPAC, or special-purpose acquisition company. A novel way to raise money and take companies public, SPACs are flourishing with more than 60 formed since the beginning of their big breakout year. And while they've certainly made headlines, they've actually existed for years. On this episode of Trillions, Eric and Joel discuss the phenomenon and what it all means with Julian Klymochko of Accelerate Financial Technologies, a SPAC pioneer whose Canadian-listed $ARB ETF offers some exposure to what he considers a new asset class, as well as Josef Schuster of IPOX Schuster, whose index is used for the $FPX ETF that tracks recent IPOs -- and now one SPAC. See omnystudio.com/listener for privacy information.

Few organizations in finance are as mysterious as the committee that oversees the S&P 500 — a group that recently decided to exclude Tesla despite the company seeming to check all the required boxes. On this episode of Trillions, Eric and Joel — along with Katherine Greifeld of Bloomberg News — speak with David Blitzer, who headed the S&P index committee from 1995 until his retirement in 2019. They discuss the Tesla tantrum, why the identities of committee members aren’t public, how the group makes decisions, criticisms of passive indexing, and even the hypothetical path Eric would need to take to get a seat at the table.See omnystudio.com/listener for privacy information.

In the ETF Terrordome, nothing comes easy for issuers -- even if your name is Goldman Sachs. The asset management arm of the storied Wall Street firm launched its first ETF five years ago. Investors have put about $20 billion into the funds to date, a decent start for a relative newcomer. Half those assets are in $GSLC, which was a true game-changer in the smart-beta category and may represent the future of active investing. On this episode of Trillions, Eric and Joel -- along with Katherine Greifeld of Bloomberg News -- interview Cole Feinberg, an ETF specialist with Goldman, about how the firm views the industry, where the team sees white space, what's behind GSLC's success, and how a project like $JUST comes together with Paul Tudor Jones. See omnystudio.com/listener for privacy information.

Selling an ETF has become less about about sales and more about adviser education, which has sparked many firms to create roles for ETF specialists. These are people who know everything about the products as well as the market forces driving their returns. On this episode of Trillions, Eric and Joel speak with Paul Baiocchi, an ETF specialist with Alps, a mid-sized issuer with about a dozen ETFs. They discuss how he talks to advisers about the firm's products such as their hit MLP ETF, their rising-star clean energy fund, as well as their series of `dog' ETFs. They also discuss Paul's days at Index Universe (now ETF.com) as an analyst back when ETFs had yet to go mainstream. See omnystudio.com/listener for privacy information.

Most passive investors take for granted that their fund “tracks an index.” Well, that’s actually something of a feat because there’s so much more going on than meets the eye. And it’s all to effectively end up tied with the index. This job isn't automated, either. Rather, a team of people must work together, playing defense against hedge funds and corporate actions and also offense through securities lending and trading desk acumen. On this episode of Trillions, Eric and Joel — along with Annie Massa, a reporter with Bloomberg News — interview Vanguard’s Gerry O'Reilly. A portfolio manager overseeing many of Vanguard's biggest funds, including the $940 billion Vanguard Total Stock Market Fund, O’Reilly helped rebate more than $200 million to investors through this unsung art of passive portfolio management. See omnystudio.com/listener for privacy information.

BlackRock is the undisputed king of the ETF hill; it’s also the world's biggest asset manager, with more than $7 trillion assets under management. And because 2020 has been one of the stranger years ever, there’s no time like the present to engage with such a financial powerhouse — especially BlackRock, which has had a front row seat through all of the chaos.On this episode of Trillions, Eric and Joel — along with Bloomberg News reporter Annie Massa — interview Armando Senra, head of iShares Americas at BlackRock. They discuss the March sell off, working with the Federal Reserve, the Robinhood phenomenon, competing against Vanguard, the realities of ESG, active non-transparent ETFs, concerns over ownership concentration, indie issuers, and why so many BlackRock employees are musically inclined (Armando aside).See omnystudio.com/listener for privacy information.

The gaming industry is a juggernaut, and the pandemic has been especially good for business. The thematic gaming ETFs, tickers $ESPO, $HERO, $GAMR and $NERD, are all up more than 35% so far this year. Living rooms, phones, Teslas, E-sports stadiums — gaming is everywhere now. And the most popular titles are more than just games anymore; they’re platforms. Matthew Kanterman, a research analyst with Bloomberg Intelligence, and Will Hershey, the co-founder and CEO of Roundhill Investments, whose ETF NERD launched in June 2019, join Eric and Joel to discuss the economics of gaming, the evolving business models, the biggest international players, the latest chapter of the console wars, the push into cloud gaming, and more — including just how many hours one must devote to this demanding craft.See omnystudio.com/listener for privacy information.

The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power.Blood River premieres on July 27.See omnystudio.com/listener for privacy information.

This year, millions of new young people -- many of whom are bored at home during the pandemic -- have started trading stocks, ETFs and options for the first time. They've become such a force that these retail investors are even credited with moving markets. Some critics see this as an accident waiting to happen; others see it as a great opportunity and learning experience for young people. Either way, we keep hearing about these young traders, but we rarely here from them. On this episode of Trillions, Eric and Joel speak with two young day traders about their nascent investing experiences.See omnystudio.com/listener for privacy information.

Adam Neumann had a vision: to make his startup WeWork a wildly successful company that would change the world. He convinced thousands of other people -- customers, employees, investors -- that he could make that dream a reality. And for a while, he did. He was one of the most successful startup founders in the world. But then, in the span of just a few months, everything changed.Foundering is a new serialized podcast from the journalists at Bloomberg Technology. This season, we’ll tell you the story of WeWork, a company that captured the startup boom of the 2010s and also may be remembered as a spectacular bust that marked the end of an era.Catch the first two episodes of Foundering, now available on Apple Podcasts, Spotify, or wherever you listen.See omnystudio.com/listener for privacy information.

The first six months of 2020 has felt more like five years, at least in ETF terms. So much has happened: the lockdown, the selloff, the rebound, the Fed, not to mention oil, airlines, ANTs, ESG, and day-trading on Robinhood. On this episode of Trillions, Eric and Joel invite the Bloomberg Intelligence team of analysts, including Athanasisos Psarofagis, James Seyffart and Morgan Barna, to discuss and debate all the big ETF topics from the first half, as well as themes to watch in the second half. See omnystudio.com/listener for privacy information.

One of the biggest rising trends in the ETF world is the rise of model portfolios, which are almost like pre-packaged meals. On this episode of Trillions, Eric and Joel -- along with Morgan Barna, an ETF research associate with Bloomberg Intelligence -- speak with Tim Clift, chief investment strategist at Envestnet, one of these proverbial "supermarkets" where advisers go shopping on behalf of their clients. They discuss how ETFs get on the platform as well as who makes and uses the models.See omnystudio.com/listener for privacy information.

Exchange-traded funds have upended investing, so how does the Securities and Exchange Commission feel about them? Eric and Joel, along with Nathan Dean of Bloomberg Intelligence, interview SEC Commissioner Hester Peirce about the recent environment, passive investing, ownership trends, the ETF Rule, exotic products, ESG, Bitcoin, and more. They also discuss what she hopes to accomplish before her term ends and the contribution ETFs have made to investing.See omnystudio.com/listener for privacy information.

The US Global Jets ETF (JETS) has seen over half a billion dollars worth of inflows over 50 straight days - unheard numbers for a thematic ETF - despite the fund's 60% year-to-date decline and selling from Warren Buffett. But the depressed airline industry is attracting retail value investors in droves who see huge upside potential as well as looking for a proxy for the re-opening and rebound of the global economy. On this episode of Trillions we interview the founder of JETS, Frank Holmes, about his surprising success after five years of almost no interest in the fund. He also gives his outlook on the airline industry as well as the more-than-meets-the-eye design of the index it tracks. See omnystudio.com/listener for privacy information.

The lockdown has roiled oil markets and with it the world's largest oil ETF, USO, which has changed its exposure almost daily, gone through a reverse split and halted creations after seeing a huge influx of investors looking to call a bottom in oil. On this episode of Trillions, Joel and Eric are joined by Peter Tchir, Head of Macro Strategy for Academy Securities, to break down the USO story and discuss whether an ETF like this should exist and what alternative exist for investors hellbent on trying to time an oil rebound. Peter also gives his take on bond ETFs and brings his sector ETF picks.See omnystudio.com/listener for privacy information.

When you are an ETF issuer, you typically have some products doing well — and other ones doing less well. No better example of that than VanEck Vectors, an eclectic brand of ETFs that reflect the many phases of this year's wild ride. On this episode Trillions, Joel and Eric chat with the firm's CEO, Jan Van Eck, about the Fed's ETF plans, fallen-angel bonds, high-yield munis, video games, and the juxtaposition of offering both green and coal ETFs.See omnystudio.com/listener for privacy information.

March started in one place (high) and ended in another (low). Amid the carnage, traders and investors leaned on ETFs, which saw record volumes. On this episode of Trillions, Eric and Joel speak with Bloomberg Intelligence ETF analyst Athanasios Psarofagis about who the winners and losers in the selloff were, who benefits most from the Fed's rescue plan and how the stage is set for smart-beta to have its next "immaculate rebalance." See omnystudio.com/listener for privacy information.

Remember the good old days? An unloved, decade-long bull market that never seemed to end? When investments went only up? Well, the coronavirus crash of 2020 has turned those fun times into distant memories. At its worst point during the recent sell-off, more than $10 trillion of equity value was erased, wiping out three years of gains. So how have ETFs been faring amid all the carnage? Katherine Griefeld, a reporter with Bloomberg News, joins Eric and Joel to discuss liquidity, flows, fixed income, exotics, leveraged ETFs, and more. All three recorded from their closets.See omnystudio.com/listener for privacy information.

While much of the stock market has suffered over the past few weeks thanks to fear of the new coronavirus and its global economic fallout, there are a handful of stocks and exchange traded-funds that have managed to avoid damage, and even flourish.On this coronavirus-themed episode of Trillions, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas and Bloomberg Businessweek Editor Joel Weber dive into the world of niche biotech ETFs.Joining them are Paul Yook and Ryan Cinalli of LifeSci Index Partners, who have launched Virtus LifeSci Biotech Product ETF and Virtus LifeSci Biotech Clinical Trials ETF, and are currently working on a third.See omnystudio.com/listener for privacy information.

If exchange traded funds are ingredients and the portfolio is the meal, then ETF strategists are the master chefs.One of the best chefs out there is Gary Stringer, president of Stringer Asset Management, an active manager that uses ETFs instead of individual securities to try and generate outperformance.On this episode we go through Stringer’s ETF portfolio full of non-obvious picks, and ask him why he uses them—both the macro case and the product case. ETFs discussed include the iShares Core Dividend Growth ETF (DGRO), the Invesco Taxable Municipal Bond ETF (BAB), the Health Care Select Sector SPDR Fund (XLV) and many, many more.See omnystudio.com/listener for privacy information.

Are active non-transparent ETFs going to be a hit or flop? How can ESG succeed when everyone’s definition is different? What can little issuers do to succeed in an industry dominated by giants? But how can giant asset managers make money if investors want everything for free? These were some of the big questions debated at this year’s Inside ETFs, a conference and networking extravaganza featuring issuers, advisors, service providers, the media and even a few celebrities.We discuss these big themes featuring audio clips recorded on the ground at the event from key attendees as well as in studio commentary from first time attendees, Claire Ballentine and Katherine Greifeld of Bloomberg News. See omnystudio.com/listener for privacy information.

In his annual letter to CEOs earlier this month, BlackRock's Larry Fink pushed business leaders to prioritize climate change as a "defining factor in companies’ long-term prospects." For its part, BlackRock will double the number of sustainable ETFs it offers and pressure index providers to create more environmental, social and governance-related benchmarks. How much will these moves ultimately matter, given that ESG ETFs currently have just 0.5% of the overall ETF pie? And what's the more powerful force, pressure from activist consumers or activist investors? Eric and Joel return to the topic of ESG investing to explore its promises and limitations, with guests Annie Massa, a finance reporter with Bloomberg News; Shaheen Contractor, an analyst with Bloomberg Intelligence; and Graham Sinclair, an ESG strategy consultant, joining to offer their perspectives and insights.See omnystudio.com/listener for privacy information.

Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong. See omnystudio.com/listener for privacy information.

ETFs have democratized investing -- everything under the sun is available with the click of a button, and for cheap. Yet this really only applies to the half of the country with the ways, means and desire to invest. What about the other half? How do we get more of them benefiting from the markets?Joel and Eric speak with financial consultant Tyrone Ross, who's passionate about getting the "unbanked" more involved. Smartphones and services such as Cash App make his mission easier, he says, but it's still an ongoing challenge that requires what Ross calls the three Es: exposure, education and empowerment. See omnystudio.com/listener for privacy information.

There’s rarely a dull moment covering ETFs. And this year, as well as the past decade, was no exception. The industry has solidified itself as the hottest destination for new cash, new firms and new ideas. On this last episode of the year for Trillions, Joel and Eric talk to Rachel Evans of Bloomberg News and Todd Rosenbluth of CFRA in a round table format getting their expert takes and outlooks on everything from flows, returns, issuers, launches, fees, active, ESG, themes, marketing and regulation. Eric and Todd also make a new bet!See omnystudio.com/listener for privacy information.

It was nothing short of a spectacular year for the U.S. stock market. Oh, and fixed income. And emerging markets. And gold. Basically everything went up — even if it didn’t necessarily feel that way. But why exactly? And what might next year hold for investors? How crucial is the Fed? The election? So many questions...On this episode of Trillions we talk all things markets with Michael Regan and Sarah Ponczek from one of our favorite fellow Bloomberg podcasts called “What Goes Up?” in what may be the greatest crossover event since the Harlem Globetrotters landed on Gilligan’s Island. See omnystudio.com/listener for privacy information.

Just as a maker of organic salad dressing wants to get into Whole Foods, every ETF issuer is trying to get its products distributed by the fund superstores. Known as wirehouses by the industry, these mega-platforms from the likes of Bank of America, Wells Fargo and Morgan Stanley service advisors with trillions in assets -- and can transform an ETF from zero to hero overnight. But only a minority of funds make it to their shelves. So how does an ETF get on these crucial platforms? By getting through the all-important gatekeeper. On this week's Trillions, we chat with Mariana Bush of Wells Fargo and Jon Maier of Global X about their extensive experience in this world of gatekeepers and keymasters. Rachel Evans of Bloomberg News co-hosts. See omnystudio.com/listener for privacy information.

ETFs compete with just about everything, including mutual funds, options, derivatives, and even single security investing. Another competitor is direct indexing, which means investing in a customized portfolio directly -- bypassing the fund's "wrapper" altogether. On this week’s Trillions, Joel and Eric sit down with Brian Langstraat, the CEO of Parametric, the largest direct indexing provider. He explains what direct indexing is, who it's best for, what the benefits and drawbacks are, and why it isn’t really an “ETF killer,” as some have claimed. Morgan Barna of Bloomberg Intelligence joins the discussion as well.See omnystudio.com/listener for privacy information.

Despite -99% returns, burning through billions, and the occasional controversy, exchange-traded products (ETPs) that track a volatility index called the VIX are flirting with record flows and volume this year thanks to a loyal audience of traders who love their jackpot potential. On this episode of Trillions, Greg King, who was behind some of the most popular products before founding Rex Shares, and Luke Kawa of Bloomberg News, who often writes about volatility, join Joel and Eric for the ultimate power-tool discussion. The group gives an overview of what investors need to know about the products, how they gained some infamy with the 2018 termination of XIV, and some developments to look out for.See omnystudio.com/listener for privacy information.

Bloomberg's Travel Genius podcast is back! After clocking another hundred-thousand miles in the sky, hosts Nikki Ekstein and Mark Ellwood have a whole new series of flight hacking, restaurant sleuthing, and hotel booking tips to inspire your own getaways—along with a who's who roster of itinerant pros ready to spill their own travel secrets. From a special episode on Disney to a master class on packing, we'll go high, low, east, west, and everywhere in between. The new season starts Nov. 6.See omnystudio.com/listener for privacy information.

Would you give up some stock market upside for some downside protection? That's the value proposition for a fast growing new category of annuity-like ETFs that do just that. They are the creation of ETF veteran Bruce Bond, who is known to many as the founder of PowerShares. On this week's Trillions we speak with Bruce as well as Carolina Wilson from Bloomberg News about what sparked the idea for the products, how they work and what the drawbacks are. See omnystudio.com/listener for privacy information.

For years active mutual funds have been looking for a way to utilize the benefits of the ETF structure without having to show their holdings every day. They may have finally found a solution, but will it be enough?Joel and Eric are joined by Dan McCabe of Precidian Investments and Rachel Evans of Bloomberg News, who wrote about McCabe's non-transparent active ETF structure in the latest issue of Bloomberg Markets magazine. McCabe, who's licensing his structure to the likes of BlackRock, JP Morgan and Goldman Sachs, discusses how this decade-in-the-making development came to pass and the benefit it might provide investors while addressing industry headwinds and competition. Eric, Joel, and Rachel begin the episode with a brief discussion of Schwab's move to eliminate commissions -- the latest flare-up in the ETF trading war -- as well the new ETF Rule the SEC finalized last week. See omnystudio.com/listener for privacy information.

One of the main drivers behind the rise of ETFs and index funds is the fast-changing world of wealth management. RIAs have always been the early adopters of ETFs and remain big users today. On this episode of Trillions, we explore their world via a new conference by advisors for advisors called WealthStack. These are not your father's stock brokers but rather a younger, more casual, fiduciary-minded, tech driven group of wealth managers looking to stay ahead of the curve. We interviewed about a dozen attendees on topics such as the future of advice, ETFs, social media, concerns over passive, technology and direct indexing. See omnystudio.com/listener for privacy information.

Multi-factor ETFs are one of the fastest growing ETF categories. But what exactly do they do? Is the sum more than all the parts? Are they active or passive? These are the questions Bloomberg News' Annie Massa sought to answer at the recent Inside Smart-Beta conference. In this special field report for Trillions, Annie interviews analysts, advisors and issuers to get to the bottom of the multi-factor trend.See omnystudio.com/listener for privacy information.

On this new season of Prognosis, we look at the spread of infections that are resistant to antimicrobial medicines. You're probably more likely to have heard of these as superbugs. Their rise has been described as a silent tsunami of catastrophic proportions. We travel to countries on the frontline of the crisis, and explore how hospitals and doctors around the world are fighting back. Prognosis’ new season launches Sept. 5. See omnystudio.com/listener for privacy information.

There's the Spy Kids and then there's the SPY Kids, aka the 11 millennials that unwittingly control the fate of the world's largest and most traded ETF.The $250 billion SPDR S&P 500 ETF Trust is pinned to their longevity, thanks to a quirk in the archane legal structure used by some early ETFs. Like other unit investment trusts, SPY has a set termination date and will expire in 2118, or 20 years after the last of these twenty-somethings die.On this episode of Trillions, Joel, Eric and Bloomberg News reporter Rachel Evans track down three of the SPY kids to discuss their connection to the birth of ETFs, their newfound fame -- and why they wish there was some money in it for them. See omnystudio.com/listener for privacy information.

You know ETFs have gone mainstream when there are multiple TV shows about them, including Bloomberg’s own ETF IQ. Nearing its 100th episode, the show is co-hosted by veteran Bloomberg TV anchor Scarlet Fu and Eric. On this episode of Trillions, Scarlet and Eric take Joel behind-the-scenes of the fast-paced show, pick some of their favorite moments with noteworthy guests, and also deconstruct a few lessons from the ever-evolving ETF industry.See omnystudio.com/listener for privacy information.

A number of high-profile companies have gone public this year -- Lyft, Uber, Beyond Meat, Slack, and Zoom, to name just a few. Yet these new entrants into the public markets aren't included in major indexes at their launch, limiting most investors' exposure to the companies' early trading. While investors can always buy individual stocks, a few ETFs specialize in a catch-and-release strategy of buying companies that have recently listed and then holding them for only a few years -- and they have a history of outperforming their benchmarks. Gina Martin Adams of Bloomberg Intelligence and Carolina Wilson of Bloomberg News join Eric and Joel to discuss the recent flurry in IPO activity and what the holdings of these ETFs can bring to a portfolio.See omnystudio.com/listener for privacy information.

Cathie Wood, founder of ARK Invest, is a successful stock picker in the era of passive. Her actively managed ETFs, which focus entirely on disruptive themes, have overcome seemingly insurmountable odds to find success both in returns and flows. Her bold calls, high conviction and transparent approach has attracted fans and investors -- along with some haters. On this episode of Trillions, Cathie and Rachel Evans of Bloomberg News join Joel and Eric to discuss her approach to picking stocks, identifying disruptive companies and the importance of thinking outside the box. We also explore the risks of being in such a high conviction, high active share ETF. See omnystudio.com/listener for privacy information.

As the second quarter comes to a close, Trillions reflects on some of the interesting trends and takeaways that have emerged so far this year -- and also explores a few things that may yet come to pass. Joel and Eric are joined by Todd Rosenbluth, ETF analyst for CFRA, and Sarah Ponczek, an ETF and markets reporter for Bloomberg News and co-host of the new What Goes Up podcast. Topics discussed by the group include fixed-income ETFs, sectors, new launches, ESG, marijuana, the non-transparent active ETF model, Michigan sports, Tom Hanks, and Family Ties. See omnystudio.com/listener for privacy information.