Episode summary
Another ETF Triple Crown? Plus a Global Bull Market and More | Trillions
Trillions
· · 22 min · Hosts: Joel Weber · Guests: Athanasios Psarofagis
Summary
ETFs are on pace for a rare back-to-back “Triple Crown,” with flows already above $1 trillion, launches still pouring in, and trading volume likely to set records as well. Athanasios Psarofagis says this looks less like a modest repeat of 2025 and more like a watershed year, helped by a steady market, persistent product launches, and the continued rise of single-stock and derivative ETFs. He also notes that 14 straight months of at least $100 billion in ETF inflows has become the new norm.
The conversation argues that the bull market has become global, not just U.S.-centric. Psarofagis points to strong returns in markets such as Colombia, Greece, Peru, Korea and China, saying value exposure and diversification away from U.S. tech are helping drive demand. That international interest is showing up in flows too, even though U.S. ETFs still dominate overall.
The episode also highlights M&A and index battles. Goldman Sachs’ purchases of Innovator and NEOS suggest that sticky assets and defined-outcome products are now worth paying up for, while State Street and BlackRock are pressing into S&P 500 and Nasdaq 100 battles with lower-fee products aimed at capturing long-lived retirement and model-account assets.
Key takeaways
- Psarofagis says the ETF industry is likely to set a back-to-back Triple Crown, with flows already above $1 trillion and launches still accelerating.
- He says 14 straight months of at least $100 billion in ETF inflows shows that very large monthly flow numbers have become routine.
- Psarofagis argues the market rally is global, with countries like Greece, Colombia and Peru benefiting from value exposure and diversification demand.
- He says Goldman Sachs is buying ETF issuers for sticky assets and distribution, not just growth, after deals for Innovator and NEOS.
- He says State Street’s SPYM and new competitors to QQQ show that flagship index battles are now being fought on a few basis points.
- He says Greece’s market has climbed out of a deep restructuring hole and now looks like a notable comeback story.
Notable quotes
“flows were already over a trillion, which I think we just throw around that number. A trillion dollars in kind of rare”
“It's looking very likely. I think it's going to set all the records probably by September”
“The bull market has gone totally global. Some unexpected markets and countries are capturing investors attention”
“they're definitely leaning into this buffer and defined outcome you know part of the the industry”
“one basis point can really make a difference”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. And when we talk about the triple crown, are we just barely eking past it? Last year's triple crown or or is there the potential that this is going to be a pretty watershed triple crown?
Oh, I think this would be a watershed year. Now again, granted what happens with the market, but flows were already over a trillion, which I think we just throw around that number. A trillion dollars in kind of rare.
Yeah. — Welcome to Trillions. I'm Joel Weber — And I'm Aanasio Sarah Fagus. — We're in mid August right now, which means a we're also already well into Q3 and B vacation schedules. Eric Baltunis is off this week, so we've turned to one of our favorite regulars on Trillions. Aanosio Serfeagus, an ETF analyst with Bloomberg Intelligence, who will be covering for Eric. Athan, pleasure to be doing this episode of Trillions with you.
Yeah, man. This uh I'm excited to fill in for Eric. — And since Eric is away, we figured we could get a little experimental. There are five story lines that we're going to explore together today. Some we've briefly touched on before. Others are totally new and noteworthy.
It might be summer, but it's not quiet in ETFs. There's always something going on. — Of course, money is flowing into ETFs at a pace we've never seen before. Backto back triple crowns, maybe. The bull market has gone totally global. Some unexpected markets and countries are capturing investors attention. M&A is also turning heads and Goldman Sachs is now a big reason why there's also competition for marquee real estate and finally a heartwarming comeback story. This time on trillions five big themes in ETFs right now.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- etf inflows
- global bull market
- goldman etf acquisitions
- index battles sp500 and nasdaq100
- surprising comeback story
Companies and tickers mentioned
- GS
- Goldman Sachs
Watch the episode
Watch “Another ETF Triple Crown? Plus a Global Bull Market and More | Trillions” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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