It’s rare to have the opportunity to talk with someone as knowledgeable on ETFs as FactSet’s Elisabeth Kashner. Kashner, FactSet director of global funds research, joined VettaFi’s financial futurist Dave Nadig for wide-ranging post-hike ETF discussion. The pair explored recent news in ETF capital markets, ETF conversions, ETF share classes, and more.
Kashner also touched on FactSet’s use of 13F data to dig into the truth behind ETF AUM data. Kashner shared her thoughts on the regulatory landscape surrounding so-called “heartbeat trades,” a term she coined. Nadig and Kashner also took the opportunity to discuss Kashner’s support for the Northern California Crohn’s & Colitis Foundation.
Prior to joining FactSet, Kashner worked as director of research at ETF.com and as an analyst at Cotango Capital Advisors. She also spent seven years working at Headwaters Capital.
Show Notes — Kashner, Nadig
0:40: What are people missing in the ETF landscape right now?
1:30: What’s new on the trading floor?
2:15: Does the prospective audience of newer ETF issuers matter?
3:30: How FactSet uses 13F data to see who holds what
4:20: Understanding what AUM really means
5:30: The state of mutual-fund-to-ETF conversions
6:45: Conversions aren’t the magic flows bullet
7:30: How model portfolios have grown — where do their flows really go?
9:00: Will ETFs ever seen true mass retail adoption?
10:00: Capital markets’ issues in assessing ETFs vs. mutual funds
11:30: With patents expiring, will mutual fund ETF share classes hit big?
13:45: Is there a strong use case for mutual fund ETF shares that can’t just be cloned?
15:15: The story behind the shirt: Kashner and the Northern California Crohn’s & Colitis Foundation
17:00: Kashner’s definitive article and update on “heartbeat trades”
18:30: Government efforts to regulate heartbeat trades to wash out capital gains
20:30: Heartbeat trades and tax deferral, not tax avoidance
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