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.

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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. 

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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.

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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.

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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." 

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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.

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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.

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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.

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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. 

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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.

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