Trillions

Black Hat Versus White Hat ETFs

On this episode of Trillions, we explain why this isn’t your grandfather’s exchange-traded fund industry anymore.

Photographer: David Lombeida/Bloomberg
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This is not your grandfather’s exchange-traded fund industry. What started as boring, predictable and passive has morphed into strategies and packaged trades being packed into new ETFs. These include leverage, options overlays and private assets. Given all of this upheaval, some from the old school are worried investors aren’t receiving the exposure and protection from issuers they think they are.