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

The ETF industry has packaged everything from stocks and bonds to Bitcoin and leveraged bets on individual companies. So why not your favorite sports team? New filings from Volatility Shares would create ETFs tied to the performance of each NHL franchise. And those filings are just the latest sign that the worlds of ETFs and sports betting may start to converge.

On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis to examine the growing lineup of sports-themed ETF filings. They break down how the proposed NHL funds would work, review the filings for prediction market ETFs, discuss another filing for an actively managed fund that would essentially make sports bets on investors' behalf, and explore why ETFs face significant competition from existing sports offerings. None of these products has been approved by the Securities and Exchange Commission, but if history is any guide, it may be too early to bet against them.

The ETF industry has packaged everything from stocks and bonds to Bitcoin and leveraged bets on individual companies. So why not your favorite sports team? New filings from Volatility Shares would create ETFs tied to the performance of each NHL franchise. And those filings are just the latest sign that the worlds of ETFs and sports betting may start to converge.
On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis to examine the growing lineup of sports-themed ETF filings. They break down how the proposed NHL funds would work, review the filings for prediction market ETFs, discuss another filing for an actively managed fund that would essentially make sports bets on investors' behalf, and explore why ETFs face significant competition from existing sports offerings. None of these products has been approved by the Securities and Exchange Commission, but if history is any guide, it may be too early to bet against them.

Can You Put Sports Into an ETF Yet?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/41b91397-29a3-40d2-b3a6-b4b20144b657/transcript

The ETF industry had a record year in 2025. Somehow, 2026 is shaping up to be even bigger. More than $1 trillion has already poured into ETFs, launches continue at a breakneck pace and trading volume is on track for another record — putting the industry within reach of an unprecedented back-to-back “Triple Crown.” But the boom isn't just about more money and more funds. Some of the most interesting action is happening in places that looked settled not long ago.

On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis to spotlight five themes defining the ETF market right now. They examine the industry's record-setting run, a bull market that's gone global, Goldman's sudden appetite for ETF acquisitions, and new battles over the marquee S&P 500 and Nasdaq 100 indexes. Plus, they look at one of the year's more surprising comeback stories.

The ETF industry had a record year in 2025. Somehow, 2026 is shaping up to be even bigger. More than $1 trillion has already poured into ETFs, launches continue at a breakneck pace and trading volume is on track for another record &mdash; putting the industry within reach of an unprecedented back-to-back &ldquo;Triple Crown.&rdquo; But the boom isn't just about more money and more funds. Some of the most interesting action is happening in places that looked settled not long ago. On this episode of Trillions, Joel Weber is joined by Bloomberg Intelligence ETF analyst Athanasios Psarofagis to spotlight five themes defining the ETF market right now. They examine the industry's record-setting run, a bull market that's gone global, Goldman's sudden appetite for ETF acquisitions, and new battles over the marquee S&amp;P 500 and Nasdaq 100 indexes. Plus, they look at one of the year's more surprising comeback stories.

Another ETF Triple Crown? Plus a Global Bull Market and More

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/34051bae-e497-4a53-bbed-b4ab0124f21c/transcript

ETFs are already famous for their tax efficiency, but a growing corner of the market is pushing those benefits further than ever. What if you could sell a massive stock position without paying taxes on it - at least not yet?  Welcome the 351 conversions - custom built funds that allow investors to swap concentrated stock positions into diversified portfolios without paying gains taxes. 

On this episode of Trillions, Joel Weber and Eric Balchunas dig into the growing world of 351 conversion ETFs and how it actually works. Bloomberg News reporters Denitsa Tsekova and Zachary Mider, two of the journalists behind the story "The Latest Tax Dodge For the Ultra-Rich Is a Customized ETF,” join the conversation. Is this a smart tax alpha strategy or a cheat code in the tax  system? Where will the IRS draw the line? They break down how the 351 conversion actually works, why the Treasury officials are taking closer look and how billionaires like the family behind the Hot Pockets are using them.

ETFs are already famous for their tax efficiency, but a growing corner of the market is pushing those benefits further than ever. What if you could sell a massive stock position without paying taxes on it - at least not yet?&nbsp; Welcome the 351 conversions - custom built funds that allow investors to swap concentrated stock positions into diversified portfolios without paying gains taxes.&nbsp;
On this episode of Trillions, Joel Weber and Eric Balchunas dig into the growing world of 351 conversion ETFs and how it actually works. Bloomberg News reporters Denitsa Tsekova and Zachary Mider, two of the journalists behind the story "The Latest Tax Dodge For the Ultra-Rich Is a Customized ETF,&rdquo; join the conversation. Is this a smart tax alpha strategy or a cheat code in the tax&nbsp; system? Where will the IRS draw the line? They break down how the 351 conversion actually works, why the Treasury officials are taking closer look and how billionaires like the family behind the Hot Pockets are using them.

351 Conversions: Smart Tax Alpha Strategy or Loophole in the Code?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/36a751eb-7a89-47c2-a2be-b4a3014e07fa/transcript

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

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