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I have been fascinated by the recent discussions of index managers, index strategies, and overall market focus on the growth of indexing, stemming from recent developments such as (a) Massive flows of…

While much of ETF discussion last year focused on record flows, Fed Support, and the dominance of Vanguard's low-fee funds, I think an interesting story that has emerged is that…

Tax loss harvesting is a pretty straightforward concept – cut positions at a loss to lower clients’ overall tax bill today. Once out of a position for 30 days, you…

With this year's record flows into Bond ETFs ($172 B ytd), the vast majority being index funds, explicit Fed support for corporate bond ETFs and indexed corporate bond portfolios (link),…

In this article I review the total size and flows of U.S. ETFs and Mutual Funds through the third quarter of 2020, discuss important trends among asset classes and issuers,…

Following a rout in March and then a well-publicized rally in credit markets, combined with unprecedented inflows into fixed income ETFs, this seems like a good opportunity to evaluate the…

Now that we have experienced three or four different risk regimes in 2020 (see chart below), as well as received detailed data from the Fed, I thought it would be…

For the first time since announcing its plans to buy ETFs on March 23, The Federal Reserve released detailed ETF holdings and transaction data this past Thursday. While they report…