Municipal bonds are the foundation of how American cities and states operate. And a big reason investors love “munis” is their tax-free status. But if you think that makes muni exchange-traded funds sound boring, think again.

On this episode, Eric and Joel speak with Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence and co-host of the podcast Masters of the Muniverse. They discuss the storied history of munis, how they figure into portfolios—and how that favored tax-free status could be at risk in President Donald Trump’s second term.

Municipal bonds are the foundation of how American cities and states operate. And a big reason investors love &ldquo;munis&rdquo; is their tax-free status. But if you think that makes muni exchange-traded funds sound boring, think again.
On this episode, Eric and Joel speak with Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence and co-host of the podcast Masters of the Muniverse. They discuss the storied history of munis, how they figure into portfolios&mdash;and how that favored tax-free status could be at risk in President Donald Trump&rsquo;s second term.

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

A Quiet, Tax-Free Haven Is Braced for Change

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/070ff4f4-40dc-4402-aa5b-b2740131f327/transcript

Earlier this year, investors got hammered by the "SaaSpocalypse." The rise of AI sparked fears that software companies would need fewer workers, sell fewer licenses and spend heavily on technology with uncertain payoffs. Yet just a few months later, one little-known ETF — with only $2.5 million in assets — is quietly suggesting that software's death may have been slightly exaggerated.

On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg Intelligence ETF associate Andrey Yapp about another ETF that's having a moment: Themes Cloud Computing ETF (ticker CLOD). They discuss what makes the ETF's holdings interesting, how recent earnings challenged the AI-doom narrative, and how such a tiny fund emerged as one worth watching.

Earlier this year, investors got hammered by the "SaaSpocalypse." The rise of AI sparked fears that software companies would need fewer workers, sell fewer licenses and spend heavily on technology with uncertain payoffs. Yet just a few months later, one little-known ETF &mdash; with only $2.5 million in assets &mdash; is quietly suggesting that software's death may have been slightly exaggerated. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg Intelligence ETF associate Andrey Yapp about another ETF that's having a moment: Themes Cloud Computing ETF (ticker CLOD). They discuss what makes the ETF's holdings interesting, how recent earnings challenged the AI-doom narrative, and how such a tiny fund emerged as one worth watching.

ETF of the Moment: Software Isn't Dead, Yet

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/421e318e-7915-4122-bcdf-b46501346df6/transcript

SpaceX is finally going public — and at a valuation that's likely to make it one of the world's biggest companies the moment it hits the market. So what happens when a company worth as much as $2 trillion suddenly needs to be folded into indexes, ETFs, and portfolios built for a different era?

On this episode of Trillions, Eric Balchunas and Joel Weber are joined by Bloomberg Intelligence analysts James Seyffart and Sharoon Francis to unpack the dawn of the mega-cap IPO. They explore how index providers are rewriting decades-old rules to accommodate SpaceX, why passive funds could become some of its biggest buyers, which ETFs and mutual funds already have exposure to the company, and what it all means as other private giants — including OpenAI and Anthropic — prepare to enter the public markets.

SpaceX is finally going public &mdash; and at a valuation that's likely to make it one of the world's biggest companies the moment it hits the market. So what happens when a company worth as much as $2 trillion suddenly needs to be folded into indexes, ETFs, and portfolios built for a different era? On this episode of Trillions, Eric Balchunas and Joel Weber are joined by Bloomberg Intelligence analysts James Seyffart and Sharoon Francis to unpack the dawn of the mega-cap IPO. They explore how index providers are rewriting decades-old rules to accommodate SpaceX, why passive funds could become some of its biggest buyers, which ETFs and mutual funds already have exposure to the company, and what it all means as other private giants &mdash; including OpenAI and Anthropic &mdash; prepare to enter the public markets.

The Biggest IPO Ever Meets Passive Investing

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/8c80a14f-e6a7-4adc-8fb3-b45e0137a201/transcript

The ETF universe keeps getting bigger - and weirder. This year is already on pace to shatter records for launches and inflows; it's also producing some of the most niche, speculative and oddly specific funds the industry has ever seen. From leveraged bets on obscure semiconductor firms to thematic products targeting everything from lithography to nicotine, the race to capture investor attention is officially in overdrive.

In this "ETFs to Watch" episode, Eric Balchunas and Joel Weber are joined by Isabelle Lee, a cross-asset reporter with Bloomberg News, to break down a few new launches fighting for investor attention. They discuss Defiance's POET ETF (ticker POEL); Corgi's lithography and photonics fund (ticker EUV); Hexis's nicotine-focused ETF (ticker NICO); and Roundhill's "real world assets" HALO strategy (ticker LOHA). Along the way they make some detours to discuss leveraged IPO mania, Reddit skeptics, and, well, corgis.

The ETF universe keeps getting bigger - and weirder. This year is already on pace to shatter records for launches and inflows; it's also producing some of the most niche, speculative and oddly specific funds the industry has ever seen. From leveraged bets on obscure semiconductor firms to thematic products targeting everything from lithography to nicotine, the race to capture investor attention is officially in overdrive.
In this "ETFs to Watch" episode, Eric Balchunas and Joel Weber are joined by Isabelle Lee, a cross-asset reporter with Bloomberg News, to break down a few new launches fighting for investor attention. They discuss Defiance's POET ETF (ticker POEL); Corgi's lithography and photonics fund (ticker EUV); Hexis's nicotine-focused ETF (ticker NICO); and Roundhill's "real world assets" HALO strategy (ticker LOHA). Along the way they make some detours to discuss leveraged IPO mania, Reddit skeptics, and, well, corgis.

New ETFs to Watch: POETs, HALOs and Corgis

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b0b92704-7219-499c-92a1-b457010b0876/transcript

A Quiet, Tax-Free Haven Is Braced for Change

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