Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong. 

Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong.

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

Introducing Prognosis Season 4: America's Broken Health-Care Costs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a5f558c9-5dfa-4159-81cd-ae3c002cea63/transcript

Competing in the marketplace for exchange-traded funds — aka "The Terrordome" — is not for the faint of heart. It's like fighting a multi-front war where issuers have to market existing funds; engage in fee wars with the likes of Vanguard and BlackRock; and innovate in a rapidly changing industry, which now includes more than 300 firms. Only the strong thrive.

On this episode of Trillions, Eric Balchunas and Joel Weber speak with Brian Hartigan, the global head of ETFs and index investments at Invesco. The fourth-biggest ETF issuer in the US, Invesco has about $800 billion in assets under management and saw inflows of $67 billion in 2025. They discuss how the company competes against the industry's "Big Three," the secret behind QQQ's dramatic success and the surprising staying power of smart-beta ETFs. They also explore whether there are simply too many ETFs and how retail investors should assess volatile assets, like Bitcoin.

Competing in the marketplace for exchange-traded funds &mdash; aka "The Terrordome" &mdash; is not for the faint of heart. It's like fighting a multi-front war where issuers have to market existing funds; engage in fee wars with the likes of Vanguard and BlackRock; and innovate in a rapidly changing industry, which now includes more than 300 firms. Only the strong thrive.
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Brian Hartigan, the global head of ETFs and index investments at Invesco. The fourth-biggest ETF issuer in the US, Invesco has about $800 billion in assets under management and saw inflows of $67 billion in 2025. They discuss how the company competes against the industry's "Big Three," the secret behind QQQ's dramatic success and the surprising staying power of smart-beta ETFs. They also explore whether there are simply too many ETFs and how retail investors should assess volatile assets, like Bitcoin.

Invesco's ETF Playbook

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c6dec8f9-eae1-4fe5-972b-b3b601207de0/transcript

2025 is arguably the single best year in ETF history as the industry has broken all-time records in the three primary categories: flows, launches and volume. What is behind these numbers and how long can these good times last? 

On this episode of Trillions, Joel and Eric look at the year that was with Katie Greifeld, reporter and anchor at Bloomberg News and Todd Sohn, senior ETF technical strategist at Strategas Securities. The conversation also includes the boon in leveraged ETFs, option-based funds, industry consolidation and whether small caps or low volatility can ever mount a comeback.

2025 is arguably the single best year in ETF history as the industry has broken all-time records in the three primary categories: flows, launches and volume. What is behind these numbers and how long can these good times last? On this episode of Trillions, Joel and Eric look at the year that was with Katie Greifeld, reporter and anchor at Bloomberg News and Todd Sohn, senior ETF technical strategist at Strategas Securities. The conversation also includes the boon in leveraged ETFs, option-based funds, industry consolidation and whether small caps or low volatility can ever mount a comeback.

ETFs Win Triple Crown in 2025

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/d4acf02c-f19e-4199-82d3-b3a80118eadb/transcript

So far this year, some 920 exchange-traded funds have launched in the US alone—a new record. Some are already juggernauts. Others are more about capturing vibes than assets. And then there are some intriguing sleepers that remain under the radar. So, which is the best new addition to the overall investing landscape?

On this episode of Trillions, Eric Balchunas and Joel Weber welcome colleagues from Bloomberg News and Bloomberg Intelligence — Isabelle Lee, Denitsa Tsekova, Andre Yapp, Vildana Hajric, James Seyffart and Athanasios Psarofagis — to make their cases for the best new ETF of 2025. Executive Editor David Papadopolous returns to Trillions as a highly subjective judge with questionable methodology. Tickers mentioned in this episode include $MEME, $CAIE, $HUMN, $TEXN, $XDIV, $BSOL, $VBIL and $GXLC.

So far this year, some 920 exchange-traded funds have launched in the US alone&mdash;a new record. Some are already juggernauts. Others are more about capturing vibes than assets. And then there are some intriguing sleepers that remain under the radar. So, which is the best new addition to the overall investing landscape?
On this episode of Trillions, Eric Balchunas and Joel Weber welcome colleagues from Bloomberg News and Bloomberg Intelligence &mdash; Isabelle Lee, Denitsa Tsekova, Andre Yapp, Vildana Hajric, James Seyffart and Athanasios Psarofagis &mdash; to make their cases for the best new ETF of 2025. Executive Editor David Papadopolous returns to Trillions as a highly subjective judge with questionable methodology. Tickers mentioned in this episode include $MEME, $CAIE, $HUMN, $TEXN, $XDIV, $BSOL, $VBIL and $GXLC.

The Best ETF Launch of 2025

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/8336d9de-017d-4b6f-8b4a-b39a0147843e/transcript

Introducing Prognosis Season 4: America's Broken Health-Care Costs

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