Dalia Blass has a rare perspective on the exchange-traded fund industry. Now a lawyer at Sullivan & Cromwell, she recently left BlackRock, where she was head of external affairs. Before that, Blass did multiple tours of duty with the US Securities and Exchange Commission, most recently as the director of investment management. 

On this episode of Trillions, Blass joins Eric Balchunas and Joel Weber to discuss the regulator’s role in innovation, funds and regulation; the politicization of environmental, social and governance investing; and what’s next for crypto, artificial intelligence and more.

Dalia Blass has a rare perspective on the exchange-traded fund industry. Now a lawyer at Sullivan &amp; Cromwell, she recently left BlackRock, where she was head of external affairs. Before that, Blass did multiple tours of duty with the US Securities and Exchange Commission, most recently as the director of investment management. 
On this episode of Trillions, Blass joins Eric Balchunas and Joel Weber to discuss the regulator’s role in innovation, funds and regulation; the politicization of environmental, social and governance investing; and what’s next for crypto, artificial intelligence and more.

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

ETF Lawyer-Regulator-Industry Veteran Dalia Blass

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/dd1b9018-619f-405a-921b-b02800e0068e/transcript

Gold and silver exchange-traded funds just experienced eye-popping trading volumes, with sharp price swings that drew in speculators chasing the momentum. The frenzy has cooled a bit, but the underlying forces haven’t disappeared. So what’s really behind the surge in precious metals—and is this just a tactical trade, or something more durable?

On this episode of Trillions, Eric Balchunas and Joel Weber speak with John Ciampaglia, chief executive of Sprott Asset Management, which manages gold, silver and uranium ETFs among other metals strategies. They discuss the debasement trade, what else is fueling gold’s rally, how gold compares with Bitcoin, what’s driving moves in silver and other metals and how Sprott’s uranium miners ETF generated a 450% return over the past six years.

Gold and silver exchange-traded funds just experienced eye-popping trading volumes, with sharp price swings that drew in speculators chasing the momentum. The frenzy has cooled a bit, but the underlying forces haven&rsquo;t disappeared. So what&rsquo;s really behind the surge in precious metals&mdash;and is this just a tactical trade, or something more durable?
On this episode of&nbsp;Trillions, Eric Balchunas and Joel Weber speak with John Ciampaglia, chief executive of Sprott Asset Management, which manages gold, silver and uranium ETFs among other metals strategies. They discuss the debasement trade, what else is fueling gold&rsquo;s rally, how gold compares with Bitcoin, what&rsquo;s driving moves in silver and other metals and how Sprott&rsquo;s uranium miners ETF generated a 450% return over the past six years.

Metal Mania

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/eee642df-2b33-4e6c-851c-b3ee01560e7f/transcript

Cathie Wood is best known for exchange-traded funds, especially her flagship ARK Innovation ETF (ARKK). But ARK also runs a less familiar product: the ARK Venture Fund (ARKVX), an interval fund that holds stakes in private companies such as SpaceX, OpenAI and Anthropic—firms expected to make a splash when they go public, perhaps as soon as this year. The fund has quietly become one of the few active strategies to outperform the Nasdaq 100, yet it still manages only about $500 million in assets and comes with caveats typical of interval funds (namely illiquidity).

On this episode of Trillions, Eric Balchunas and Joel Weber speak with Wood, Brett Winton and Charles Roberts—the fund’s three portfolio managers—about how they decide which private companies to invest in, how they value assets that don’t trade publicly and whether some of these holdings could eventually find their way into ARK’s ETFs. They also discuss the structural challenges of gaining private-market exposure through ETFs and how issuers and investors are navigating those limits.

Cathie Wood is best known for exchange-traded funds, especially her flagship ARK Innovation ETF (ARKK). But ARK also runs a less familiar product: the ARK Venture Fund (ARKVX), an interval fund that holds stakes in private companies such as SpaceX, OpenAI and Anthropic&mdash;firms expected to make a splash when they go public, perhaps as soon as this year. The fund has quietly become one of the few active strategies to outperform the Nasdaq 100, yet it still manages only about $500 million in assets and comes with caveats typical of interval funds (namely illiquidity).
On this episode of&nbsp;Trillions, Eric Balchunas and Joel Weber speak with Wood, Brett Winton and Charles Roberts&mdash;the fund&rsquo;s three portfolio managers&mdash;about how they decide which private companies to invest in, how they value assets that don&rsquo;t trade publicly and whether some of these holdings could eventually find their way into ARK&rsquo;s ETFs. They also discuss the structural challenges of gaining private-market exposure through ETFs and how issuers and investors are navigating those limits.

How to Invest in Future Unicorn IPOs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/9cf7b142-161d-4135-bbb4-b3e000f4b72b/transcript

Venezuela bonds were up 100% even before the US ousted President Nicolás Maduro. Then they went up another 30%. And one actively-managed exchange-traded fund was positioned perfectly after buying the bonds in 2025. 

On this episode of Trillions, Eric Balchunas and Joel Weber speak with Jim Craige, portfolio manager of the Virtus Stone Harbor Emerging Markets High Yield Bond ETF ($VEMY), and Damian Sassower, who oversees emerging markets fixed income for Bloomberg Intelligence. They discuss why Venezuela bonds are surging, how Stone Harbor gained exposure, Craig's overall investing strategy, and how a restructuring might work. They also take a brief tour of VEMY’s other holdings, including countries such as Lebanon and Ecuador that have also seen increased returns.

Venezuela bonds were up 100% even before the US ousted President Nicol&aacute;s Maduro. Then they went up another 30%. And one actively-managed exchange-traded fund was positioned perfectly after buying the bonds in 2025. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Jim Craige, portfolio manager of the Virtus Stone Harbor Emerging Markets High Yield Bond ETF ($VEMY), and Damian Sassower, who oversees emerging markets fixed income for Bloomberg Intelligence. They discuss why Venezuela bonds are surging, how Stone Harbor gained exposure, Craig's overall investing strategy, and how a restructuring might work. They also take a brief tour of VEMY&rsquo;s other holdings, including countries such as Lebanon and Ecuador that have also seen increased returns.

The Venezuela Factor: Why High-Yield, Emerging-Market Debt Is Having a Moment

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/93c6e467-6c86-4655-a61b-b3d20130d0b2/transcript

ETF Lawyer-Regulator-Industry Veteran Dalia Blass

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