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DoubleLine Podcasts

TSS Episode 122: VettaFi’s Todd Rosenbluth Discusses the $7 Trillion ETF Market

Todd Rosenbluth, head of research at VettaFi, an ETF data and analytics company, joins The Sherman Show on Aug. 11, 2022. The talk with hosts Jeffrey Sherman and Samuel Lau begins (1:13) with Mr. Rosenbluth discussing his career that progressively saw him advance from client adviser to equities analyst to mutual fund and exchange-traded fund analyst to director of ETF research. Mr. Rosenbluth describes (3:08) the regrouping of ETF Trends, ETF Database, $14 billion of assets in index strategies and other business lines under the newly branded name VettaFi.

Turning to the state of the ETF world (6:53), Mr. Rosenbluth notes the U.S. market totals $7 trillion in assets, “boosted by $900 billion of net inflows in 2021. We are on pace to probably have about $600 billion of money go into ETFs this year,” which for inflows would make 2022 “the second strongest year ever.” Where the money is going (9:16) has been interesting, he says, with dividend ETFs enjoying a record year, and covered-call strategies and defensive equity strategies focused on the real estate sector also attracting assets.

After the hellish first half of 2022 for fixed income, Mr. Rosenbluth says (11:58), “Certainly tax-loss harvesting is playing a role.” But he also notes that “money is going into both the short end, ultrashort ETFs have been relatively popular,” and investment grade and high yield bond ETFs. While the ETF marketplace has been much quicker (21:21) than mutual funds to roll out niche and thematic products, Mr. Rosenbluth remains impressed by the prudence of advisers in limiting these products to the edges of diversified core bond ETF holdings.

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