The ETF Experience

Drew Voros joins Phil to reflect on over 25 years in journalism and the state of the news industry. Phil draws parallels to the financial services industry in recent years. Drew emphasizes the importance of building credibility and how that remains the key focus at etf.com. Drew explains how financial journalism is distinguished from the broader field. They discuss twitter and how the digital age both helps and hurts journalism. Phil tells a story about how a dinner with Ben Hunt showed him that online communications can be deeper than in-person. Drew then talks about incorporating multi-media such as video and podcasts onto the site and concludes with what content works best on etf.com.

Phil is joined by his old boss and mentor, Laura Morrison. Laura talks about her career at NYSE and how she left NYSE to build an ETF listing venue at CBOE. She discusses the challenges in building a business line from the ground up, and how the exchange has led the ETF industry on countless market structure initiatives. Laura then breaks the news of CBOE's new market maker incentive program, which can be the catalyst for significant market quality improvements in ETF trading. They discuss the exchange's value proposition and why competition among listing exchanges is so fierce. Phil notes that Laura's teams are defined by their scrappiness, and then Laura explains her leadership style and how trusting and empowering employees can be the best way to motivate them. The conversation closes out with Laura's love of classic cars and which classic car is her all time favorite.

Phil is joined by Sam Huszczo, founder of SGH Wealth Management. Sam talks about how he modernized SGH Wealth Management, and how using single factor ETFs were instrumental in that transition. They talk about Sam's time as head of the CFA Society of Detroit, and what a local chapter head does. The two debate whether the factor framework is replacing classic securities valuation models, and why multi-factor ETFs can water down the point of using smart beta funds. The two talk about ETF sales models and what adds value to Sam and his practice, and round out the conversation with a look at regulation in the industry and some buzz about what is happening in Detroit.

Ed Lopez, Head of ETF Product at Van Eck joins Phil. The two reminisce on their days working together at Rydex Investments and then talk about how marketing and product management are intertwined. They talk about alternative investments, including gold, bitcoin and inflation hedges, and about which products they love. Finally, they round out the conversation with career advice and observations from their years working in the ETF industry.

Linda introduces the new initiative from Women in ETFs: the Speaker's Bureau program which connects conference organizers and media bookers with female leaders in the industry. Linda then shares her journey which began in China and continued in Canada and the US and ultimately had personal experiences that led her to focus on environmental issues and founding Purview. Linda makes the case that ESG as an investment factor can lead to portfolio outperformance and discusses Purview's framework for evaluating investments. Phil and Linda then discuss Chinese Hot Pot and where to find authentic Chinese food, and then discuss a number of macro issues facing China, including the trade war and sovereign debt. Linda then shares some context about how and why she helped to start Women in ETFs and the organization's mission.

To learn more about the Women in ETFs Speaker Bureau program please email Elizabeth Kashner at[email protected] or Linda at [email protected].

Phil and Charles enjoy a Manhattan to reflect on three years of Exponential ETFs.

Phil and Jason Raznick sit down in the middle of the Benzinga offices, in the middle of downtown Detroit as Jason welcomes Exponential ETFs to the neighborhood, having just moved offices from Ann Arbor to Detroit. Jason talks about how Benzinga got started and makes the pitch for businesses to come to Detroit. The two talk about old media versus new media, trading versus investing, and whether trading signals still work. Jason shares his management style and his thoughts on how a company can come together and how people can make a big impact by showing some extra hustle.

Phil and Christian talk about ETF issuers supporting each other, and then attack the misconception that assets under management are a fair measure of ETF liquidity. They take turns drafting specific ETF misconceptions and explain why those misconceptions are wrong. The two end with an explosive rant about anti competitive issues in the ETF industry and how those issues can harm ETF investors down the road.

Phil and Josh are joined by Benjamin Lavine, CIO of 3D Asset Management, a TAMP platform and model portfolio provider. Ben shares his macro outlook in light of the recent yield curve inversion and global events and shows where how the global markets are showing mixed signals. After walking through the macro environment, Ben shares some recent research about the leveraged loan market which leads to a discussion on how to evaluate corporate credit and the efficacy of the rating agencies. The three debate using quantitative factors for evaluating credit risk, as opposed to relying on the rating agencies. Finally, the discussion goes back to the ETF industry and how smart beta funds are a way to use those quantitative factors in place of traditional active management.

Phil talks with Teddy Fusaro, COO of Bitwise Asset Management about Teddy's transition from the ETF industry to being a CryptoCurrency innovator. Phil hits Teddy with some tough questions about the viability of crypto currency, and the two discuss innovation, the future of payments, and the Wisdom of Bitwise board member Naval Ravikant. The conversation circles back to ETFs and why the ETF market is tougher now than ever before, and how Phil and Exponential plan to navigate the storm in the asset management industry.