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Dave Nadig
Thanks, and have a great rest of the day!
For folks interested in emerging markets and China, I'm hosting a webinar on the topic next Wednesday.  You can register here:
OK folks thats it for today.  We'll clean up (and reorder!) this for a transcript and get it up shortly.
3:32
And heck, even *I* don't get them and I've been doing this forever.  It's always new, and it's always evolving, and the education can never, ever stop.  It's super important.
Every single day, a whole pile of folks discover ETFs for the first time.  And because they're now so commonplace, there's a real risk people assume they get them.
And the reality is, it only gets MORE important the more ETFs go mainstream.
3:31
Well, it's hard not to say education.  I think it's very easy for issuers -- and folks like ETF.com too! -- to think "OK, we've done the investor education, we can move on."
Laura W.
3:30
If there's one thing you'd like to see improved about the ETF industry, what would that be?
Dave Nadig
OK, last question here:
3:30
But I think that as long as we have 3-4 large players competing, the market can function just fine.
Lack of competition means no incentive to keep spreads tight.
So, I do think that market maker consolidation is an issue.  If you reduce it to absurdity - where only one market maker is left -- then of course there are real problems.
3:29
Back for more!
Bill Donahue
3:29
Dave... Two-for Thursday... While I agree with your premise that there is no such thing as too many ETFs, there is only so much liquidity in the market place and only so much capital that authorized participants are willing to commit.  Are you at all concerned that there are fewer authorized participants and thus there could be increased liquidity risks in a market correction period like many expect will occur over the next few years?
Dave Nadig
Mutual funds will hold on to 401K plans and similar uses for the long term, but even there, low cost index based funds will continue to take money from high-cost active -- even there.
3:28
Right now, ETFs in the US are something like 15% of share, it was 8% just a decade ago.
Slowly but surely, thats changing.
that holds globally too - about 50T in mutual funds, about 5T in ETFs.
Mutual funds are something like $20 Trillion.
3:27
US etfs have about 3.5 Trillion right now.
3:26
So both in the US and globally, mutual funds still dwarf ETFs.
Jamie C.
3:26
Which currently holds more assets: mutual funds or ETFs?
Dave Nadig
3:26
We've been saying for some time that market hiccups tend to actually be GOOD for ETF flows.  I am quite sure ETFs picked up some new money from people finally selling out of some underperforming active mutual funds.  Which is what we've seen in pretty much every downturn since the dotcom boom
3:25
So that's clearly people calling the bottom.  We saw, especially earlier in the month and in October, a lot of flows into very short term bond ETFs.  That's people parking cash.
First, a lot of that money came in towards the end and it came into equity.  US and INTL equity pulled in $33B, which is a BIG month.
3:24
Well, my dude, you have a couple of things going on.
Lebowski
3:24
US-listed ETFs saw $50 billion in new assets in Nov when the market was sliding down a ski slope, what's up with that
Dave Nadig
I think the strategies are interesting, because they remove the human element of "pulling the trigger" but they have just as much opportunity to be wrong as everything else out there.
TODAY that looks a little smart.  Three days ago, it didn't
3:23
As for the trend pilot - I noted that PTLC went to cash at the end of October.  Whether that was smart or not is a super narrow timing call.
3:22
Boy the action around the S&P dropping below the 200 day MA the other day was interesting wasn't it.  Clearly a lot of  money following that strategy.
Moving Avg
3:21
Hi Dave, what are you thoughts on something like the Pacer TrendPilot ETFs, especially during volatile markets like we are currently seeing?
Dave Nadig
3:21
Nothing just targeting Vinyl records and Fedoras that I know however.
Everything from iShares XT, to the social media ETF, SOCL.  Literally dozens at this point, depending on your perspective of what "hipster" means.
We have a LOT of new-tech, social media, millenial targeting etfs.
3:20
lol - someone should launch "HIPS" just for that.
HotDoggity
3:20
Or hipster ones?
Dave Nadig
its been around forever, but is (IMHO) a bit expensive for a pretty simple portfolio.
3:19
All the assets are in PBJ, and its a bit of a long time theme.
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