Alexander (Alex) Altmann

speaker

337 appearances 1 recordings 1 series first heard Jul 2026 last heard 10 Jul

Alexander (Alex) Altmann’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Odd Lots · The Korean Levered ETFs Shaking Markets All Around the World · 10 Jul 2026 podcast

And I think that's an important point to highlight when it comes to all these levered ETFs is whatever your opinion on them may be, the fact is that the SEC, the regulator has approved all of these.

So in the same way, these funds will then get approved.

And from there, of course, the question is, where do you get the leverage?

so typically the leverage will come from a banking partner so through a prime channel that they will effectively seek to get that exposure synthetically through the bank and that in turn obviously will effectively create the balance of of their notional exposure now from a bank's perspective that goes through the prime balance and the interesting thing about the about that is is that

Some market participants have been talking about an increase in financing rates that has been driven by these levered ETFs.

I think we need to debunk that for a hot second.

Because I know I've gone a little bit off topic, but it is still very much related.

So it is...

perhaps a contributor.

You have to acknowledge the fact that if you've got north of $200 billion of AUM that has materialized in relatively short order or grown exponentially recently, and you're obviously putting over two times leverage on that, you're creating an additional $400 billion plus of stuff that's being bought and put on balance sheets in swap format.

It's going to create a degree of tightness within bank balance sheets.

That's not in isolation true.

The fact of the matter is that

bank balance sheets have become tighter because primary reason is markets have gone up.

And as markets gone up, the price of stuff has gone up.

And so that has been, without a doubt, the biggest reason for financing rates rocketing is the fact that spot levels are higher.

This has been a contributing factor, but we shouldn't overlook the fact that if you just look at the biggest driver of AUM growth within the hedge fund community, it's the multi-manager platform.

We're talking about those guys are effectively a trillion dollars of AUM now.

That's essentially tripled since COVID.

And obviously, those guys are deploying a huge amount of risk on a long and a short side.

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