This week, Dave Nadig and Sumit Roy are joined by Eric Balchunas (Bloomberg) and Tony Dong (ETF Central) for a wide-ranging look at where money is actually moving in the ETF market, and where it isn't.

Despite a flat-to-down market swallowing this month's inflows, plain-vanilla giants like VOO, SPY, and VTI keep pulling in hundreds of billions, even as commodities, crypto, and factor strategies get largely ignored as diversifiers. From there, the group discusses the Roundhill DRAM memory-chip ETF, which broke the inflow record previously held by iShares' spot Bitcoin ETF, took a 40% price hit, and somehow kept nearly all its assets anyway in a case study in how sticky hot money has become.

Things get more pointed as the Zoo crew debates the recent wave of leveraged single-stock ETFs tied to the SpaceX IPO, with Tony Dong questioning the wisdom of the products and Eric Balchunas offering a spirited defense of leveraged funds broadly, pointing to $65 billion in real investor gains from products like TQQQ.

The back half of the episode covers the new Trump accounts for kids and their potential to reshape generational wealth transfer, why crypto ETF flows have gone quiet as Bitcoin sits well off its highs, and whether the recent strength in South Korea, Taiwan, and emerging markets finally signals a real rotation or just another short-lived narrative.

Watch this conversation over at https://www.etf.com/sections/podcasts/etf-zoo-leveraged-lunacy-surpasses-65b-gains

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