The Ledger
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Lydon: 1990s fund companies used custodians to ban short-term market timers
“If a fund company knew you were coming in and putting twenty million dollars, and then you were selling it six months later, they would actually work with the custodian. The custodian would say, they don't want that type of money, so you no longer can buy that…”
Jeffrey Gundlach's Active ETF Holds Over 50% in Mortgage-Backed Securities
“I mean, you look at Gunlock, he's got a great portfolio,
But he's got over 50% in mortgage-backed securities, right?”
Lydon: 95% of ETF marketplace remains index-based
“Still, to this day, 95% of the ETF marketplace is index-based.”
Lydon: U.S. ETF assets grew from $650B in 2009 to $3.7T
“So in U.S., 3.7 trillion, which just at the end of the financial crisis in oh nine was about six hundred and fifty billion.”
Lydon: Top 100 ETFs hold nearly $2T in pure beta strategies
“Almost two trillion dollars is in the top 100 ETFs. So right now they're about 2200 ETFs and we're adding more every day. But the top 100 ETFs, two trillion dollars, still pure beta strategies.”
Lydon: Smart beta fees are down to nine bps at Goldman
“You can get a smart beta strategy at Goldman for nine basis points. You have pure beta strategies now for four.”
Cathie Wood's ARK Invest Quickly Reached $5B AUM by 2018
“In a short period of time, they got five billion under management.”
Lydon: ETFs account for one-third of daily trading volume on high-volume days
“When you look at high volume days on the exchange and people talk about it, ETFs account for one third of the daily asset trading, right?”
Lydon: Very few of the 2,000+ ETFs pay year-end distributions
“Even with over 2000 ETFs that are out there, how very, very few have year-end distributions.”
Lydon: Fixed Income ETFs Hold $700B Compared to $4T in Mutual Funds
“First of all, there's about seven hundred billion dollars in fixed income related ETFs. There's probably four trillion dollars in fixed income mutual funds.”
Barclays Agg Credit Rating Dropped and Duration Doubled Since the GFC
“The Barclays Ag is not the Barclays Ag that it was at the end of the financial crisis, right? So the credit rating, Is a lot less today than it was back then, number one. Duration is doubled since that period of time.”
Lydon: ROBO Global ETF grew from under $100M to $3B in one year
“There's a robo-global that had been around for five years, hung under a hundred million dollars, and then all of a sudden people got it.
And now they're at three billion, you know, in an, in another year.”