Today, Vanguard is synonymous with low-cost index investing. But as the firm marks 50 years since the launch of the first index fund, something surprising has happened: After decades of relentless gains, Vanguard’s share of the fund industry has plateaued. For most companies, that would be bad news. Yet Jack Bogle might have seen it differently. More than 30 years ago, Vanguard’s founder said he’d know his mission was succeeding when competitors became so cheap that Vanguard itself began losing market share.

On this episode of Trillions, Eric Balchunas and Joel Weber — joined by Bloomberg News cross-asset reporter Isabelle Lee — revisit Bogle’s legacy. They trace the unlikely rise of the index fund, why it took decades to catch on and how Vanguard’s low-cost model eventually forced the rest of Wall Street to change. They also explore what Vanguard’s plateau means now that the Bogle Effect has become so much bigger than Vanguard itself.

See omnystudio.com/listener for privacy information.

Oil has been one of the wildest trades of the year, surging and retreating as US tensions with Iran — and US President Donald Trump's endless hopes for a deal — have repeatedly whipsawed markets. For traders, the go-to exchange-traded fund for playing those moves has long been the United States Oil Fund (USO). But another, lesser-known fund has been gaining momentum. The USCF Energy Commodity Strategy Absolute Return Fund (USE) can go long or short across a range of energy commodities, offering investors a more dynamic way to play the oil market.

On this episode of Trillions, Eric Balchunas and Joel Weber are joined by Bloomberg Intelligence's Andre Yapp to explain why USE is the ETF of the moment. They explore how its active strategy differs from USO, what “absolute return” actually means, and why trading oil through futures comes with risks most investors rarely encounter. They also dig into one potentially attractive feature of USE: Unlike USO, it won't leave investors dealing with the dreaded K-1 tax form.

See omnystudio.com/listener for privacy information.