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March started in one place (high) and ended in another (low). Amid the market carnage, traders and investors leaned on exchange-traded funds, which saw record volumes.

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On this episode of Trillions, Bloomberg Intelligence’s Eric Balchunas and Bloomberg Businessweek editor Joel Weber speak with ETF analyst Athanasios Psarofagis about who the winners and losers in the selloff were, who benefits most from the Fed’s rescue plan and how the stage is set for smart-beta to have its next “immaculate rebalance.”

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