While ETFs play an increasingly large role in U.S. financial markets, they're still in their infancy in Europe. The continent has regional markets, which has led to substantial fragmentation -- think a lot of products but not yet a lot of assets. Tom Psarofagis, an analyst with Bloomberg Intelligence who's now based in London, joins Eric and Joel to discuss how ETFs in Europe are "the same but different." 

While ETFs play an increasingly large role in U.S. financial markets, they're still in their infancy in Europe. The continent has regional markets, which has led to substantial fragmentation -- think a lot of products but not yet a lot of assets. Tom Psarofagis, an analyst with Bloomberg Intelligence who's now based in London, joins Eric and Joel to discuss how ETFs in Europe are "the same but different."

Money goes where it’s treated best. That simple truth is a big reason why more and more money (trillions, in fact) flows into a powerful, low-cost tool that’s quietly transformed investing. Exchange-traded funds let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and hopefully delight you in the process.

Money goes where it&rsquo;s treated best. That simple truth is a big reason why more and more money (trillions, in fact) flows into a powerful, low-cost tool that&rsquo;s quietly transformed investing. Exchange-traded funds let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them&mdash;and hopefully delight you in the process.

Joel Weber and Eric Balchunas demystify the world of exchange-traded funds, or ETFs.

Trillions

5 Surprising Things About the European ETF Market

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b16049cd-966f-4d21-b3bf-ae3c002f36b4/transcript

Vanguard and BlackRock have spent years battling for supremacy in the ETF market. But now one of them may finally be pulling away from the other. And that’s just one interesting data point of late. Expiration dates, dip-buying and another pre-IPO frenzy are all making headlines.

On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis and Bloomberg TV markets reporter Isabelle Lee to dig into — as one of the show's recurring episodes — some of the noteworthy recent trends in the ETF industry. They examine the latest chapter in the Godzilla-vs.-King Kong battle between Vanguard and BlackRock, what the “degens” are doing with leveraged semiconductor ETFs, and how ETF investors and issuers are gearing up for Anthropic’s initial public offering.

Vanguard and BlackRock have spent years battling for supremacy in the ETF market. But now one of them may finally be pulling away from the other. And that&rsquo;s just one interesting data point of late. Expiration dates, dip-buying and another pre-IPO frenzy are all making headlines. On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis and Bloomberg TV markets reporter Isabelle Lee to dig into &mdash; as one of the show's recurring episodes &mdash; some of the noteworthy recent trends in the ETF industry. They examine the latest chapter in the Godzilla-vs.-King Kong battle between Vanguard and BlackRock, what the &ldquo;degens&rdquo; are doing with leveraged semiconductor ETFs, and how ETF investors and issuers are gearing up for Anthropic&rsquo;s initial public offering.

Godzilla vs. King Kong, Degen Dip-Buyers and Anthropic

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5bbda8f6-d2ae-4447-8174-b4f801514ad3/transcript

The ETF industry is on pace for another record year of launches. But there’s another record within reach: closures. About 250 funds have already been laid to rest in 2026, including leveraged bets that barely survived infancy and funds tied to ESG, the metaverse and cannabis. With about 2,500 products now buried in the ETF Graveyard, launching a fund is clearly no guarantee of longevity.

On this episode of Trillions, Eric Balchunas and Joel Weber — joined by Andre Yapp, a senior ETF research associate with Bloomberg Intelligence, and Todd Sohn, ETF strategist at Baird Strategas — take another tour through the ETF Graveyard. They examine which strategies died out this year, why leveraged ETFs account for so many of the casualties, and which funds closed despite having substantial assets or strong returns. And because some ETF ideas refuse to stay dead, they nominate a few fallen funds that might someday join the “Lazarus list” and get resurrected.

The ETF industry is on pace for another record year of launches. But there&rsquo;s another record within reach: closures. About 250 funds have already been laid to rest in 2026, including leveraged bets that barely survived infancy and funds tied to ESG, the metaverse and cannabis. With about 2,500 products now buried in the ETF Graveyard, launching a fund is clearly no guarantee of longevity. On this episode of Trillions, Eric Balchunas and Joel Weber &mdash; joined by Andre Yapp, a senior ETF research associate with Bloomberg Intelligence, and Todd Sohn, ETF strategist at Baird Strategas &mdash; take another tour through the ETF Graveyard. They examine which strategies died out this year, why leveraged ETFs account for so many of the casualties, and which funds closed despite having substantial assets or strong returns. And because some ETF ideas refuse to stay dead, they nominate a few fallen funds that might someday join the &ldquo;Lazarus list&rdquo; and get resurrected.

The ETF Graveyard: This Has Been a Record Year for Closures

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/271efb35-c832-484f-8e33-b4f10125be77/transcript

A new ETF seeded with $2.5 billion from the University of California's investment arm invests 90% in the S&P 500 and 10% in short-term bonds — essentially the same allocation Warren Buffett has recommended for his own family. At the other end of the spectrum, there’s now an exchange-traded product offering pre-IPO exposure to Anthropic — and another ETF that allows for a "highly speculative" bet on the S&P 500.

On this episode of Trillions, Eric Balchunas and Joel Weber — joined by Bloomberg TV markets reporter Isabelle Lee — run through the latest ETFs to watch. They discuss the arrival of the State Street SPDR UC Investments 90/10 ETF (UCBG), a European product offering synthetic exposure to private AI giant Anthropic (CLAU), and an options-based ETF from Roundhill designed for investors betting that the S&P 500 will reach 10,000 by 2030 (XX). They also discuss a new ETF combining the S&P 500 with a managed-futures strategy (SPXP). 

A new ETF seeded with $2.5 billion from the University of California's investment arm invests 90% in the S&amp;P 500 and 10% in short-term bonds &mdash; essentially the same allocation Warren Buffett has recommended for his own family. At the other end of the spectrum, there&rsquo;s now an exchange-traded product offering pre-IPO exposure to Anthropic &mdash; and another ETF that allows for a "highly speculative" bet on the S&amp;P 500.
On this episode of Trillions, Eric Balchunas and Joel Weber &mdash; joined by Bloomberg TV markets reporter Isabelle Lee &mdash; run through the latest ETFs to watch. They discuss the arrival of the State Street SPDR UC Investments 90/10 ETF (UCBG), a European product offering synthetic exposure to private AI giant Anthropic (CLAU), and an options-based ETF from Roundhill designed for investors betting that the S&amp;P 500 will reach 10,000 by 2030 (XX). They also discuss a new ETF combining the S&amp;P 500 with a managed-futures strategy (SPXP).&nbsp;

New ETFs to Watch: A $2.5 Billion Launch, Anthropic and S&P 10,000, Anyone?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/62a39a0b-b892-4fbc-a25f-b4ea012d9576/transcript

5 Surprising Things About the European ETF Market

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