None of this means that ETFs shouldn’t allow investors to speculate on the market. But if ETFs ever aspired to distance themselves from the casino mentality that has long plagued wide swaths of the mutual fund industry, those ambitions are increasingly fading away.
Nir Kaissar is a Bloomberg Opinion columnist covering the markets. He is the founder of Unison Advisors, an asset management firm. He has worked as a lawyer at Sullivan & Cromwell and a consultant at Ernst & Young.
This column was provided by Bloomberg News.