Last week, I had the opportunity to travel to NYC to appear on Bloomberg’s ETF IQ. This week? A bell ringing ceremony at the New York Stock Exchange to celebrate the ETF Industry Exposure & Financial Services ETF (TETF). Michael Venuto and the Toroso team, who were behind the launch of this ETF, were gracious enough to extend an invitation to participate. Between the combination of what this ETF seeks to do, my own passion for ETFs, and the fact that I had never attended a bell ringing, this was an occasion I wouldn’t dream of missing.
Mike is a well-respected ETF industry veteran and Toroso is highly dedicated to the ETF space, focusing on ETF research and asset management. TETF seeks to capitalize on the growth of ETFs by investing in companies deriving revenue from the entire ETF ecosystem. This includes ETF sponsors, index and data companies, trading and custody providers, liquidity providers, and exchanges. A number of industry heavy hitters are involved with the index behind this ETF including Toroso CEO Guillermo Trias, Purview Investments Founder Linda Zhang, Kris Monaco of Level ETF Ventures, and Kevin Carter of Big Tree Capital. Anyone remotely following the ETF space is well aware of the enormous growth potential and Mike and his team are attempting to capture this in an ETF.
In addition to today’s bell ringing event and Bloomberg last week, I recently attended the world’s largest ETF conference. Something that has really stood out to me over the past several weeks is that despite its remarkable growth, the ETF industry has maintained a “small world” feel. I continue to cross paths with the same people and there is a pervasive sense of community. There is also a bit of a “me against the world” mentality that I think is necessary to disrupt the status quo. Even while growing by trillions of dollars, the ETF industry has an upstart, entrepreneurial feel. Everyone seems to be on the same page about where this space is heading and the energy being devoted to get there is real. I’m sure there are plenty of other disruptive industries with a similar vibe, but it’s unmistakable in the ETF universe.
I wish all the success to Mike and Toroso in their effort to provide a tool to help investors capitalize on an exciting growth opportunity. My experience this week reinforces my belief that innovation is alive and well in ETFs – and the future is bright. Capitalism at its finest!