In the aftermath of President Donald Trump’s April 2 “Liberation Day,” stock markets around the world plunged. Yet just 13 hours after Trump’s tariffs took effect, the president paused them for 90 days — for countries not named China, that is.

Markets soared in response to Trump’s backpedaling. The S&P 500 Index climbed almost 10% while the Nasdaq Composite Index jumped by the most since 2001. The Trump put, or the belief that the president uses the stock market as his scoreboard, appears to be alive and well after all.

On this episode of Trillions, Eric Balchunas and Joel Weber discuss what just happened, how ETFs fared and where cracks appeared. They also assess flows, volume and what to watch next.

In the aftermath of President Donald Trump&rsquo;s April 2 &ldquo;Liberation Day,&rdquo; stock markets around the world plunged. Yet just 13 hours after Trump&rsquo;s tariffs took effect, the president paused them for 90 days &mdash; for countries not named China, that is.
Markets soared in response to Trump&rsquo;s backpedaling. The S&amp;P 500 Index climbed almost 10% while the Nasdaq Composite Index jumped by the most since 2001. The Trump put, or the belief that the president uses the stock market as his scoreboard, appears to be alive and well after all.
On this episode of Trillions, Eric Balchunas and Joel Weber discuss what just happened, how ETFs fared and where cracks appeared. They also assess flows, volume and what to watch next.

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 in recent years. Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and delight you in the process.

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

Trillions

The Return of the Trump Put

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/18c54226-e383-44b5-86af-b2ba0160237a/transcript

During her time as a commissioner at the US Securities and Exchange Commission, Hester Peirce has often been a dissenting voice—especially on all things crypto. Now, as she approaches the official end of her term, her legacy may include an SEC that’s more aligned with the positions she championed.

On this episode of Trillions, Eric Balchunas and Joel Weber—along with stacy-marie ishmael, head of cross-asset and crypto coverage for Bloomberg News—interview Peirce at the SEC’s offices in Washington. Peirce discusses her search for “crypto clarity,” why “merit” doesn’t matter and how the SEC will evaluate the 80-plus crypto-themed exchange-traded fund filings—including ones involving Trump. She also discusses the “terribly mismanaged” process for Bitcoin ETFs and other hot topics including private assets and share classes.

During her time as a commissioner at the US Securities and Exchange Commission, Hester Peirce has often been a dissenting voice&mdash;especially on all things crypto. Now, as she approaches the official end of her term, her legacy may include an SEC that&rsquo;s more aligned with the positions she championed.
On this episode of Trillions, Eric Balchunas and Joel Weber&mdash;along with stacy-marie ishmael, head of cross-asset and crypto coverage for Bloomberg News&mdash;interview Peirce at the SEC&rsquo;s offices in Washington. Peirce discusses her search for &ldquo;crypto clarity,&rdquo; why &ldquo;merit&rdquo; doesn&rsquo;t matter and how the SEC will evaluate the 80-plus crypto-themed exchange-traded fund filings&mdash;including ones involving Trump.&nbsp;She also discusses the &ldquo;terribly mismanaged&rdquo; process for Bitcoin ETFs&nbsp;and other hot topics&nbsp;including private assets and share classes.

An Inside Look at the Trump SEC With Commissioner Hester Peirce

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/31932f86-44c4-4ca1-9916-b2d601400d26/transcript

It’s that time of the year. Exchange, the big exchange-traded fund conference, was held in Las Vegas this year and brought together many in the ETF industry to talk shop and network. This year's big theme was ETF share class and the selloff in stocks, but no stones were left unturned under the scorching Nevada sun.

On this episode of Trillions, Eric Balchunas and Joel Weber go over Balchunas’s “man on the street” interviews with several of the attendees at Exchange, including representatives from VettaFi, Franklin Templeton, Natixis, FactSet, CF Benchmarks and ETF Guide.

It&rsquo;s that time of the year. Exchange, the big exchange-traded fund&nbsp;conference, was held in Las Vegas this year and brought together many in the ETF industry to talk shop and network. This year's big theme was ETF share class and the selloff in stocks, but no stones were left unturned under the scorching Nevada sun.
On this episode of Trillions, Eric Balchunas and Joel Weber go over Balchunas&rsquo;s &ldquo;man on the street&rdquo;&nbsp;interviews with several of the attendees at Exchange, including representatives from VettaFi, Franklin Templeton, Natixis, FactSet, CF Benchmarks and ETF Guide.

The Future According to ETF Pros

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b0c6ad43-245d-454a-b54f-b2c2014f1f19/transcript

This is not your grandfather’s exchange-traded fund industry. What started as boring, predictable and passive has morphed into strategies and packaged trades being packed into new ETFs. These include leverage, options overlays and private assets. Given all of this upheaval, some from the old school are worried investors aren’t receiving the exposure and protection from issuers they think they are.

On this episode of Trillions, Joel Weber and Eric Balchunas talk to ETF veteran and author Dave Nadig about his buzzworthy blog post in which he borrows language from the hacker world, describing ETFs as “black hat” versus “white hat.” To figure out what these developments mean for the industry, they are joined by cross-asset reporter Vildana Hajric.

This is not your grandfather&rsquo;s exchange-traded fund industry. What started as boring, predictable and passive has morphed into strategies and packaged trades being packed into new ETFs. These include leverage, options overlays and private assets. Given all of this upheaval, some from the old school are worried investors aren&rsquo;t receiving the exposure and protection from issuers they think they are.
On this episode of Trillions, Joel Weber&nbsp;and Eric Balchunas&nbsp;talk to ETF veteran and author Dave Nadig about his buzzworthy <a href="https://www.nadig.com/p/trust-in-a-black-hat-world" data-cke-saved-href="https://www.nadig.com/p/trust-in-a-black-hat-world">blog post</a> in which he borrows language from the hacker world, describing ETFs as &ldquo;black hat&rdquo; versus &ldquo;white hat.&rdquo; To figure out what these developments mean for the industry, they are joined by cross-asset reporter Vildana Hajric.

Black Hat vs White Hat ETFs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/0f2ebf66-0a89-42ea-938e-b2ac00e30386/transcript

The Return of the Trump Put

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