The 2025 ETF Mailbag

In this mailbag episode of the Trillions podcast, hosts Joel Weber and Eric Balchunas, along with ETF analyst Athanasios Psarofagis, address listener questions about the ETF landscape. They discuss potential tech innovations like the ETF share class and tokenization, debating the latter's disruptive potential and regulatory challenges. They delve into ETF profitability, the success factors for new ETF launches, and the implications of ETF closures, particularly for Bitcoin and Ethereum ETFs. The conversation covers the likelihood of any ETF surpassing Vanguard's S&P 500 ETF (VOO), the nuances of active versus thematic ETF flows, and the viability of multi-asset ETFs. Finally, they explain the in-kind redemption process and offer insights into the future evolution of the ETF market, including the possibility of zero-fee ETFs and increased experimentation with less liquid assets.