Jon Sindreu

speaker

150 appearances 3 recordings 1 series first heard Aug 2017 last heard Jan 2025

Jon Sindreu’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Your Fancy, New ETF Might Be Too Fancy · 16 Jan 2025 podcast

And

In some cases, for example, we are even having ETFs that are promising to match returns of other assets in a tax-efficient way.

And this might work out, but you also don't know what the IRS is going to say a few years down the line.

You don't know whether they structure this correctly or whether you're going to get a tax bill down the line.

So again, a lot more small print that needs to be read and a lot more unknowns that will clear themselves out in the near future.

much of the concern about them has to do with liquidity.

That is the typical concern that has been thrown around whenever you mention ETFs.

Essentially, the assets underlying these ETFs are getting more illiquid because, well, providers want to broaden investor access to these assets.

And there is the fear that at some point, this is not going to go well.

It must be said, so far, these fears have proven unfounded.

Like we had in 2020, for example,

A situation because of the COVID crisis in which the corporate debt market completely froze and ETFs remained very liquid.

Actually, people kept trading the ETFs even as the underlying assets were not really moving.

That's the key question.

And many people can always argue that there is the right buyer for every product, and they're probably right.

So for example, for a single name leverage ETF, there's probably some professional that really has a trade to place that specific day and makes a lot of money from it.

And this is a cheap, easy way to do this.

But at the same time, you're not getting the upside from owning stocks, and it's pretty tax inefficient.

And if the market really slides, you're going to lose a lot of money.

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