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Joanne Hill's avatar

Such a variety of topics, but the perfect platofrom for you to share your long history, knowledge and insights into the ETF market Good inventory of where we are at. I think the “active” dimension of ETFs is definitely on the rise and the “packaging” aspect is a big growth area, especially for ETFs that take advantage of option’s ability to transform capital returns into income and reshape return patterns. There are also very few successful multi-strategy ETFs, because that is what RIA’s and model portfolios cover. Perhaps this will be an area of competition down the road. I have always hated the “pay to play” and have been surprised how long it lasted. Hopefully, the clamor for broader access to ETFs by wirehouse clients will eventually win out - but I agree it will take a while, given the bull market backdrop.

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Jeremy Senderowicz's avatar

Excellent overview.

And excellent choice of citation for the recent SEC enforcement action on violation of the liquidity rule!

FWIW I wouldn’t worry too much about attempts to provide access to private markets in the ETF wrapper; the division is just too sharp (even before the liquidity rule) and the action in trying to expand private markets access is occurring in other areas (I’ll tell you about them next time you swing through NY).

Lastly, one of these days I’ll pick a fight with you about the virtues of our retirement system (hint: it has virtues and they are underrated).

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