Almost a dozen funds got off to a strong start, with some $4.6 billion of shares changing hands.
Investors are leaving defensive measures behind and focusing on buying and holding the benchmark gauge.
He bemoaned the high regulatory burden faced by publicly traded companies.
State Street's $478 billion SPDR S&P 500 ETF raked in its biggest inflow ever on Friday.
Fresh research claims the flood of index-chasing cash on Wall Street is distorting stock prices.
Envestnet serves some 100,000 advisers and has overseen a total $300 billion in model-portfolio trades.
Bets on ETFs focused on dividends have left investors with deep losses.
“The Federal Reserve has overdone it," the fund manager said.
Moving to T+1 settlement is likely to make the cost of operating and owning ETFs rise.
Twenty percent of the stocks in the S&P 500 currently fail to meet the $14.5 billion market-cap threshold for membership.
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