Speaker 1:
Welcome to ETF Central, recorded here at the New York Stock Exchange, the home of ETFs. We're diving deep with the people shaping the space, the technologies driving innovation, and the stories behind the tickers. Whether you're an investor, issuer, or industry insider, welcome home.
Bilal Little:
Thank you for being here. I think it's important to always level set, and most importantly, we need to understand who people are in this business because you hide behind the ticker symbols, you hide behind the business, but at the end of the day, we're still dealing with people.
So one of the things that I think would be helpful is just to give a background as far as what you've done in the industry, but more importantly, what was that critical, pivotal moment for you to say, "You know what? ETFs are a thing, and I need to be involved heavily."
Nate Geraci:
So this is actually a pretty interesting backstory, and where I'm going to start is by describing what I'm currently involved in... with, and then I'll go back in time a little bit to pull this all together. So currently, I operate a registered investment advisory firm called The ETF Store.
We're based in Kansas City. We primarily work with retail clients. We have all ETF portfolios, but we do everything. We're a full-service wealth management firm. I also have a podcast called ETF Prime that I have been doing now for, believe it or not, 14 years.
Bilal Little:
Wow.
Nate Geraci:
Was the first ETF podcast ever that was out there, and I'll come back to that in a moment. I also host a crypto podcast.
Bilal Little:
Okay.
Nate Geraci:
And then, of course, I'm of The ETF Institute. So here's what's interesting is that I came from outside the industry. So I was early in at a technology company. This was way back around the dot-com bubble timeframe.
Bilal Little:
Yeah. For sure.
Nate Geraci:
And I had a front-row seat to actually watch that technology company and help build that technology company from essentially scratch to a very successful organization. And it was a wonderful experience. It taught me a tremendous amount about business.
But interestingly, while I was there, I worked directly for the CFO, and I handled a lot of our treasury and risk management at that company. And we had always talked just because of what we were doing professionally about our own personal investments. And this was back around, I'm going to say, 2005, 2006 timeframe.
Bilal Little:
So you're saying like water cooler discussions.
Nate Geraci:
Water cooler discussions, complete water cooler discussions, and we were talking about using ETFs in our own personal accounts at that time. So, we were both... we would invest in individual stocks, individual ETFs, et cetera. And I think around 2007, we both had seen this very successful organization that this company had grown into. I've always been an entrepreneur at heart. I've always been the type of person that I didn't want to just check the box throughout life. I didn't want to be 75 sitting in the rocking chair looking back that I just sat in a-
Bilal Little:
Absolutely.
Nate Geraci:
... cubicle the whole time. And so we just started talking about different business ideas, and one of those ideas was to start an investment advisory firm that focused on ETFs and was branded around ETFs. And so, long story short, we ended up doing that in 2008.
Bilal Little:
Wow.
Nate Geraci:
Well, here's the thing. 2008, what was happening?
Bilal Little:
Absolutely GFC.
Nate Geraci:
We had a global financial crisis, and so it was tough the timing of us launching that firm. Here, you have two people coming into the industry with no experience in terms of running a wealth management firm. I had no background in the space, and we have people scared to death because the market's down significantly. So we bloodied our nose for a few years just learning the business, but we did a lot of right things in terms of building out the infrastructure of the business.
I learned a lot just about the industry itself, and why I think that's important moving forward over the next, say, 10 to 15 years is because I came from outside the industry, which brought a very unique perspective in that I wasn't schooled in the traditional fashion. So, I think I came at the wealth management industry from just a different perch, and that helped in my perspective in terms of building out a business. But I'll tell you a funny story. So the business had some fits and starts through the first few years.
Bilal Little:
Naturally.
Nate Geraci:
Naturally. And I was sitting in a coffee shop, this is in Kansas City, this is a true story, meeting a business acquaintance. And this business acquaintance was saying, "Okay. Hey, you guys have an investment advisory firm branded around ETFs. Nobody knows what an ETF is." This is around 2010.
Bilal Little:
Absolutely.
Nate Geraci:
So I said, "Well, are you sure about that? I think more people are learning about ETFs, more people are using them." He said, "I'm telling you, nobody knows what an ETF is." So I actually got up in that coffee shop. I walked around to every person that was sitting there, so I'm going to say, you 50 people.
I went up. People probably thought I was crazy. I had too much coffee. And I said, "Hey, have you ever heard of an ETF?" And I'm not kidding you. Zero people had heard of an ETF. So I came back to the table, I said, "You know what? You're right. We have a real problem here in that we have an investment advisory firm branded around ETFs. Nobody knows what an ETF is."
Bilal Little:
Oh, my goodness.
Nate Geraci:
I tell you that story, and this is a long-winded journey through my-
Bilal Little:
Yeah. No.
Nate Geraci:
... background.
Bilal Little:
This is great.
Nate Geraci:
But I think you'll appreciate it. I came back. I said, "You're right. We have a real problem. We're branded around ETFs. Nobody knows what that is." And I went back and said, "Okay. Well, how do I solve that problem?"
Bilal Little:
Mm-hmm.
Nate Geraci:
And I'm somebody that I've always been a huge advocate of personal financial literacy. It's something that I don't think we do a good job of teaching in schools. I think about all of the different aspects of life that people must navigate. And I would put personal finances up at the top of the list.
Bilal Little:
Bar none, not even a question.
Nate Geraci:
And we don't teach that. And so, I wanted to come at this problem of helping educate the market on what an ETF is through the lens of personal financial literacy. And so I launched a radio show in Kansas City that was branded around ETFs. It was called The ETF Store Show back at that time. And the sole goal, it was not intended to be a marketing megaphone for the RIA.
Bilal Little:
Sure.
Nate Geraci:
The whole point was to just educate the marketplace on what ETFs-
Bilal Little:
For sure.
Nate Geraci:
... were. So we launched that radio show. Long story short, we started hearing from people saying, "This is interesting. I want to learn more." We took that show, we packaged it up into MP3 format back at that time, started disseminating it through iTunes, Spotify, everywhere else. And we started hearing from people across the country saying, "This is interesting."
Bilal Little:
Absolutely.
Nate Geraci:
"I want to learn more."
Bilal Little:
Absolutely.
Nate Geraci:
Then I started inviting guests onto the podcast, and next thing you know, this podcast, which is now called ETF Prime, took on a life of its own. And so I tell you all that because ETF education has always underpinned everything that I have done, and that ultimately led to the founding of The ETF Institute because it was clear in not only talking to end investors but also interacting with advisors that there was a real lack of ETF education out there-
Bilal Little:
Absolutely.
Nate Geraci:
... and I wanted to figure out a solution to solve that problem for a lack of ETF education.
Bilal Little:
It's funny. I think we level... we're going to complement each other on a couple of different things. One is financial education. I think it's absolutely critical. It's significantly more important than half the subjects that are taught in school. More importantly, because the entire system runs on it, sort of this debt continuum in which we can go down that conversation at some other point. But what I'm hearing is you've leaned in, I would say, innovation and technology because that's what an ETF is, right.
Ultimately, we're talking about innovation technology, but more importantly, I'm going to tell you why we're sitting here today. I left Neuberger Berman in 2014, actually '15. I was in business school, and at the time, BlackRock had called me and they said, "Hey, we're looking for a salesperson in LA." I was in LA at the time. And I'm making this parallel connection because they acquired BGI, which iShares obviously is the birth of that.
And that became a significant catalyst for where obviously BlackRock is today. And I'm just using that because I was there for seven years, but I learned so much about ETFs. But prior to, I would say, me selling against the ETF in the market, I didn't realize how significant it was for the advisor and for the client, not only from a tax perspective but also efficiency within the portfolio.
So the fact that you kind of leaned into the technology, the transformation, but more importantly, the chaos, and you provided and lean... led with education, I think that's phenomenal, and I think that's kind of why we're here today. So let's just kind of switch gears and bring that conversation full circle is in your opinion just right now, generally speaking, what are you seeing from the space as far as new product launches? There's a lot going on, clearly. No shortage of headlines. What are you seeing, and sort of why is it so important?
Nate Geraci:
So it's interesting because if we look at the first quarter of this year and really into the April timeframe, clearly, there's a lot of turbulence in the market. But what's noteworthy is we've had about 300 new ETFs come to market. And if you look at the composition of those ETFs, they're growing ever more complex. So, even over the past several weeks, we've had, for example, a double-leveraged XRP ETF come to market.
We've had a catastrophic bond ETF come to market. We've had a global macro hedge fund strategy ETF, an endowment ETF. Certainly all sorts of buffered and structured outcome, defined outcome ETFs coming to market. That growing complexity presents a lot of challenges to end advisors and investors.
And then, if you fold that in with what we're seeing in the current markets, I think the more volatile markets, the more complex the markets, the more complex the tools are that are launched to help navigate those markets. I don't think that's going to change. I'm not saying the markets are going to stay turbulent, but we've been in a period, if you go back over the past 15 years or so, putting the COVID timeframe aside, where it's been pretty easy sailing in the markets.
Bilal Little:
Absolutely.
Nate Geraci:
And if you've just been in passive market-cap weighted equity ETFs and pretty plain vanilla bond ETFs, you've done pretty well.
Bilal Little:
Mm-hmm.
Nate Geraci:
Now, I think over the long term, certainly, that's a pretty good place to be. But I think that advisors are going to look at some of these new tools coming to market and figure out if they can be helpful in navigating the current turbulence. So I think you have to start there and say, with the growing product set, how as an advisor can you make sure that you are understanding how these products work and how they can best be used for end clients?
Bilal Little:
So I'm glad you bring that up, right, the advisor. I think this is really important. The advisor is spending a lot of time on other aspects other than the portfolio, meaning growing the business, staff, actually running a practice. How can they allocate time effectively to understand what's going on in the ETF space, not get lost, but stay current enough to, I would say, add value to their clients?
Nate Geraci:
Well, I think that's where The ETF Institute comes into play. I think that's the perfect solution because what we have is a living, breathing curriculum that keeps an advisor up-to-date on everything that's occurring in the ETF space. And so when you think about product proliferation, and we talked about all the different flavors of products coming to market, that is difficult as an advisor because priority number one is clearly serving your clients. Advisors are fiduciaries.
Not only that, you are running a practice. You have the business aspect. And so it can be very difficult to stay on top of what's occurring in the market. And so at The ETF Institute, we have set it up to where, first of all, if you go through the entire curriculum, you're going to have a good foundational underpinning on ETFs. But I think, more importantly, we constantly expand that content in that curriculum.
We have an ongoing ETF education series where advisors can stay on top of, for instance, crypto and digital asset ETFs, actively managed ETFs, what's happening with the ETF share a class structure. There are a lot of things where an advisor needs to be conversant to your point, but they may not have all of the hours in the day. We're trying to consolidate that and make it digestible to where they can stay on top of what's happening.
Bilal Little:
So you know what? I'm glad you bring that up, right. We talked about the advisor education and staying current, and one of the biggest challenges, again, there's a lot of product to the point that you just made, the topic that's dominating the headlines is crypto. How are you seeing ETFs play a significant role in the rollout in the, I would say, adoption of crypto?
Nate Geraci:
So here's a really interesting statistic. There was a survey that was done at the beginning of this year, and what that survey found was that 90% plus of advisors have received a question from clients on crypto. So, I'm going to start there before we talk about the ETF aspect. I have always said crypto is a highly polarizing topic.
You have a subset of advisors and investors in general who they believe in it, they feel like they understand it, they think there's significant potential here. And then you have another camp who thinks it's vaporware, and they think this has zero value. There's no intrinsic value. This is not something that belongs anywhere near a portfolio.
Bilal Little:
Sure.
Nate Geraci:
But why... But if you put that aside, if you're an advisor and you're receiving a question from a client on crypto, at a bare minimum, you have to be conversant-
Bilal Little:
Absolutely.
Nate Geraci:
... in the topic.
Bilal Little:
Without a doubt.
Nate Geraci:
And I've always started there. It goes back to what we were talking about just with financial literacy. You may or may not believe in a particular investment or a financial product, but you better understand it as an advisor if you're going to be able to intelligently answer questions for your clients.
And so I always start there that I think it's important for every advisor to at least understand the basics of crypto and be able to answer those questions. So now let's then move into the ETF space as it pertains to crypto. I saw here recently there are right now over 70 crypto-related ETF filings with-
Bilal Little:
Absolutely.
Nate Geraci:
... the SEC.
Bilal Little:
That's right.
Nate Geraci:
We've seen the success that spot Bitcoin ETFs had in 2024. That was followed up by what I thought was a pretty successful debut by spot Ether ETFs. We currently have a pretty significant regulatory shift where it looks like regulators are going to be more open to innovation around crypto-related products. And so go back to what I was just saying about being educated as an advisor and now think about this huge wave of crypto products that are going to be coming to market. To me, that speaks to education.
But again, whether or not you believe in crypto, there's going to be a deluge of products hitting the market that you need to be able to navigate and speak articulately around. Now, let's say you are an advisor who is going to use crypto-related products in a portfolio. Well, obviously, at that point, you have to understand all of the mechanics and how these work, and there's a lot there when it gets into cash creations and redemptions on crypto products. When you talk about custody, there are defined outcome crypto products coming to market. There's every-
Bilal Little:
But aren't...
Nate Geraci:
... flavor.
Bilal Little:
But don't you think that is a regulator-based development right now? There's a lot on the regulation side of that because some of the custodians can't offer in-kind transfers. And then, on top of that, you're talking about what can actually be listed right now from a security perspective. You kind of brought up regulation. You mind kind of sharing some of your thoughts on that.
Nate Geraci:
But that's why I think it's so important to stay on top of what's occurring in the space because the speed in which crypto-related ETFs are... the speed in which they're moving towards is accelerating. And so, from a regulatory standpoint, we don't even have comprehensive crypto regulation in the US. I think that we will have a framework that's put in place.
I think that's going to happen in we'll say the intermediate term. But every day, I mean, we have now a crypto task force with the SEC. They're hosting crypto roundtables. Point being, this is a constantly evolving space. You have to stay on top of that aspect. But as that space evolves on the regulatory side, it's going to involve or evolve on the product side, on the ETF side.
Bilal Little:
So, looking at the, let's just take crypto. I want to stick with this for a second. From an allocation perspective, what are you seeing from advisors as far as like, "Okay, there's crypto, we want to hold something." Is it IBIT or like a spot ETF with one of the other products, or should they be looking at ETH and other things to get their exposure, right?
To your point, the levered XRP non-spot product just came out. What are you seeing from an allocation perspective? And then, so two-part question. Where do they source? Does that come from small-cap equity because it's emerging tech? Where's it fit in the portfolio?
Nate Geraci:
That's a highly nuanced question, and it's a very good question. Spot Bitcoin ETFs were the first mover, right. That was the first opportunity for advisors to really allocate to crypto in a similar fashion to how they allocate to other assets. They could do it on the same financial rails that they do with any other type of investment. And so I think because of that, I think early mover financial advisors who they believed in crypto, they wanted to have an allocation in the client portfolio, that was the first place that they looked.
And then you had spot Ether ETFs come along. That was clearly second mover. I think a lot of advisors who had already made the decision to allocate to crypto, they did so via the spot Bitcoin ETFs. But here's where this is all heading. I believe that longer term we are going to have every flavor of index-based crypto ETFs and actively managed crypto ETFs. And I think advisors, as you know, they love diversification.
And so I think they will have the product set available to where they can access crypto in a diversified manner. But I want to go back to something that you were asking around how do you view, say, Bitcoin and Ether? I think at this point, and it's still early, Bitcoin's only been around for 16 years now, but I think it is established itself, at least perception-wise, as a store of value, is digital gold.
Bilal Little:
For sure.
Nate Geraci:
And I think that because of that, I think you have to put Bitcoin in a category of its own.
Bilal Little:
By its own. Yep.
Nate Geraci:
I think when you start getting into Ether and a lot of the other crypto assets, they're viewed much more as technology plays-
Bilal Little:
Absolutely.
Nate Geraci:
... at this point in time. And so, from a portfolio standpoint, I think Bitcoin could certainly come out of an alternative sleeve. So let's say you're an advisor who you have an allocation to alternatives, gold alternative strategies. I think that's where Bitcoin would likely come out of.
I think that if you're allocating to Ether, and then as we have additional spot crypto ETFs come to market, I believe that would come out of the technology equity sleeve of a portfolio, come out of the equity sleeve at the end of the day.
Bilal Little:
From The ETF Institute's perspective, are you seeing more demand for the education around crypto?
Nate Geraci:
Yeah.
Bilal Little:
What are you hearing?
Nate Geraci:
I would say that is probably one of the areas that advisors are most seeking education on because crypto itself is a highly complex topic.
Bilal Little:
Absolutely.
Nate Geraci:
And I think it's something that is not always easy for advisors to get to their head around. So if you have that aspect and then you start talking about how the spot crypto ETFs are constructed and how they're put together and how they work, those two things really drive the need for education.
And so I think advisors are seeking that out. We have a full module around digital assets, and that I envision, I mentioned our curriculum being a living, breathing thing. I think that we're going to continue to see that digital asset module expand significantly over time.
Bilal Little:
I like that. I want to switch gears, and I want to bring in a different sort of part investor into the conversation. Just given the dynamics of access to ETFs, I think it's important to have some insight into what your thoughts are from the self-directed audience because there are a lot of people since COVID, to your point, that are picking up and engaging conversations around investing in ETFs, but building community around this.
And I also think there's an interesting sort of connection point for the advisor community that actually embraces this generation of investors in the sense they will still need financial planning and all these other aspects, but being able to connect to them on a vehicle that they trust they know through the ETF is really important. So I want to bring them into the conversation. I know you're active on Twitter, so I'm sure you get a lot of engagement.
Nate Geraci:
Just a little bit.
Bilal Little:
Just a little bit. What are you hearing from the self-directed audience around ETFs and just the developments in crypto as well, or just broad topics?
Nate Geraci:
I love this question because if you look at all of the data, you continue to see ETF usage among individual investors, retail investors grow exponentially. And you mentioned the COVID timeframe. I think that was really a turning point for a lot of individual investors where they had the time and they had the ability to go and manage money on their own. And clearly, if you're going to do that, one of the first places you're going to look are ETFs.
Bilal Little:
Absolutely.
Nate Geraci:
And I think there's good and bad there. We talked previously just about the need for financial literacy, and I think that ties into individual investors to where they have to make sure that they have the knowledge and the comfortability in managing their own portfolios. But let's assume that they do, well, then you have to go, "Okay, there's 4,100 plus ETFs on the market. If I'm an individual investor, how do I navigate that?"
Bilal Little:
Fair.
Nate Geraci:
And that's not a very easy thing to do. And I'll tell you what's interesting at The ETF Institute is we will hear from individual investors because as they go out and try to proactively educate themselves on all of these products in the marketplace, the way that they have to do that is by going to each individual issuers website and hope that they have education around whatever the products are.
There's some ETF issuers, you know this very well, there's some ETF issuers who do an excellent job on education, and there are some that don't have those educational materials, but what we've done at The ETF Institute is pull all of the knowledge around ETFs into a singular place. And so it's interesting that we will hear from individual investors who are looking because it's a certified ETF advisor designation, but they'll come to us because we have all of the resources that they need.
Bilal Little:
It's interesting. I think you bring up a fascinating point, and I'll lead you to this question because I think there's an career evolution solution here with the ETF designation. Because you have a lot of legacy managers, asset managers that have adopted ETFs into their sort of a suite of products that they're offering clients, you're now starting to see seasoned investment professionals. Take the designation to better understand the landscape, to better understand the space. Can you talk about some of the trends that you're seeing there?
Nate Geraci:
Well, one of the biggest trends is actually just with traditional asset managers who are entering the ETF space. So certainly traditional advisors, they're coming to us. That's an interest because they're using ETFs more and more in their portfolios. But what's interesting is traditional asset managers who are getting into the ETF space, they're built on understanding mutual funds, and selling mutual funds, and operationally handling mutual funds. Now, they're transitioning into the ETF market.
And if you're a firm of any size attempting to do that and you want to educate your employees on ETFs, make sure that they're armed with the tools so they can then go talk to advisors. "Well, how do you best do that?" And so those traditional asset managers are coming to The ETF Institute because we offer that singular resource for them to bring their entire team up to speed on what's happening in the ETF space. And it's something that I'm really excited about on two fronts. One, just as somebody who is shoulder-deep in the ETF space, I love seeing that pretty much every traditional asset manager now has an ETF presence.
There's a few out there that still don't, but I would say, by and large, a majority now have an ETF presence. I think the next leg of that is the ones who have just dipped their toe in the water. They're slowly going to go all in. They're going to fully jump into the pool. But think about if you're again in their shoes and you're trying to make sure that you are well positioned to offer your ETFs to the marketplace, you better make sure you understand all the intricacies of ETFs. And I think we sit at a perfect point to help them do that.
Bilal Little:
To your point about growth and opportunity, right.
Nate Geraci:
This is the big story of the moment.
Bilal Little:
Absolutely.
Nate Geraci:
The ETF share class structure, if you look at what's going on from a regulatory perspective, the SEC seems like they're moving rapidly to help bring this to fruition. There are dozens and dozens of filings by some of the largest names in asset management to offer either an ETF share class of mutual funds or even vice versa. And what this is going to do is it's going to allow asset managers to much more quickly and efficiently...
Bilal Little:
Standardize.
Nate Geraci:
Yeah, and bring products to market.
Bilal Little:
Yeah.
Nate Geraci:
This is a huge challenge because if you think about legacy asset managers who have predominantly trafficked in the mutual fund space, a lot of them who have been successful have very substantial retirement plan businesses. In other words, their mutual funds are very prominent in 401(k)'s and 403(b)'s. Well, if that's the case, you're not... you can't do a mutual fund to ETF conversion. That's just not feasible.
You can certainly run a clone strategy of those rights. You can launch an ETF that does the same thing as the mutual fund, but that's not really an efficient way to bring a strategy to market. An ETF share class, it allows them to have their cake and eat it too, right. It's the best of both worlds. You can maintain that for them, very lucrative mutual fund retirement plan business, but you can pursue the much faster growth ETF market.
And so I think this is going to be the ETF story of the next year or two years. I think we're going to see an enormous amount of ETFs coming to market. And once again, you know where I'm going to bring this. It comes back to education because there's a lot of nuance here. There's nuance in terms of understanding, first of all, just what is this. What is the share class structure? But also, what are the implications for advisors? How do you decide between using, say, the ETF share class or the mutual fund share class?
Bilal Little:
For sure.
Nate Geraci:
Can you switch between the two? Are there any taxable consequences of that? There's a lot of things that advisors are going to have to get their heads around, and also just industry professionals at large.
Bilal Little:
I think that's the canary in the coal mine that you hit the nail on the head is that defined contribution market. That's where everyone's going. That's what the focus is. You think the largest managers, issuers on the street aren't thinking about that and advocating for that, you're out of your mind.
Nate Geraci:
One thing that I would like to see-
Bilal Little:
Kind of take some time, but that's the focus long term.
Nate Geraci:
It will. But here's another potential opportunity for ETFs. I think absolutely they have this lucrative mutual fund business. They want to maintain that, but I think we're going to continue to see adoption of ETFs within retirement plans themselves. And I think that infrastructure will be built out. So we're going to have this now where these providers will be able to straddle both worlds very easily with a share class structure.
We'll have the mutual fund retirement plan business and then obviously be able to offer the ETF to advisors, investors, the general public. I think, ultimately, we're going to slowly see ETFs work their way into retirement plans. And there's a little bit of that now. And certainly, some of the benefits of ETFs, such as the tax efficiency and intraday tradability, they don't necessarily apply to a 401(k), for example.
Bilal Little:
For sure. For sure.
Nate Geraci:
But there's still a lot of benefits of ETFs that you and I are both very familiar with when we talk about the transparency, the ability to bring just about any strategy into the vehicle.
Bilal Little:
Last question. Fixed income seems to be a very, very hot topic. What are you seeing? What are your thoughts on the growth in the space?
Nate Geraci:
It's a great question because as I look at the entire ETF market, I see fixed income as having the most white space for ETF issuers. And there are a lot of very interesting strategies that have come to market, but I think, in particular, actively managed fixed-income ETFs, there's still a lot of room to grow here in. The reason for that is the market environment, it's challenging out there for advisors and investors. And the way I always describe this is that I think most advisors and investors, they feel pretty comfortable in their ability to navigate the equity side of the equation.
And they've also seen a lot of the data around the performance of index base versus active managers on the equity side. I don't think they're quite as comfortable on the fixed-income side. For whatever reason, it's a more difficult space for them to navigate. And if you look at the data in terms of the ability for active managers to generate outperformance, it looks much better on the fixed income side. And so I think we're going to see a lot of the traditional asset managers who have moved into the ETF space look at how they can bring their best and brightest portfolio managers on the fixed income side into the ETF wrapper.
And I think they're going to find a very receptive audience from advisors and investors because that's a... it solves a challenge for them. It's very difficult navigating the rate environment and trying to understand how much credit risk you should take on and looking at inflation and how that factors into everything. So that, to me, is a spot where there's a real problem that needs to be solved, and ETF issuers can do that. That's white space. So that, to me, is a really exciting category.
Bilal Little:
Total opportunity. Nate, where can they learn more about The ETF Institute?
Nate Geraci:
Best place to go is cetf.org.
Bilal Little:
Thank you so much. It's been a pleasure.
Nate Geraci:
Thank you. Really enjoyed this.
Bilal Little:
Thank you.
Nate Geraci:
Thank you.
Speaker 1:
That's a wrap for today's conversation, but the ETF discussion doesn't stop here. For more insights, deep dives, and voices shaping the market, stay connected on eftcentral.com. From the New York Stock Exchange, we'll see you next time. Information contained in this podcast was obtained in part from publicly available sources and not independently verified.
Neither ICE nor its affiliates make any representations or warranties expressed or implied as to the accuracy or completeness of the information and do not sponsor, approve, or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some portions of the proceeding conversation may have been edited for the purpose of length or clarity.