When ETFs are far too ‘clever’
As passive investments that represent an underlying index, exchange traded funds (ETFs) are great. Access to the passive replication of something that would be very hard for individual investors to do alone is a real service. Where they go wrong is when an issuer creates an “active” ETF because of some fad-like and often momentary demand for one particular investment theme.
The most obvious ones to me are some of the capital-destroying income-focused ETFs
