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The long-running debate over whether ETFs are replacing mutual funds is asking the wrong question, according to Richard Malinowski, Co-CEO and General Counsel of Exchange Traded Concepts (ETC). Speaking with Deborah Fuhr, producer of ETF TV, and Margareta Hricova, Malinowski argued that the future of asset management will be defined not by competition between wrappers, but by investor access, tax efficiency, and the ability to deliver investment strategies through multiple channels. "Reports of the mutual fund's death are greatly exaggerated," said Malinowski. "What we're seeing is not replacement. We're seeing evolution." Strategy First, Wrapper Second According to Malinowski, one of the most important structural shifts underway is the increasing separation of investment strategy from investment wrapper. "The strategy will become the product, while the ETF or mutual fund share class becomes the vehicle used to deliver that strategy where it best fits," he said. This evolution is expected to accelerate following the SEC's approval of ETF share classes, which allows asset managers to offer both mutual fund and ETF exposure within the same fund structure. ETF Share Classes Create New Distribution Opportunities According to Malinowski, managers are no longer limited to choosing between mutual funds and ETFs. Instead, they can increasingly provide both structures simultaneously, expanding investor access while preserving existing distribution relationships. "ETF share classes create a dual benefit," he explained. "They allow investors to access strategies on an exchange while also potentially opening the ETF structure to channels that historically only supported mutual funds." The Rise of the 351 Exchange Another area generating significant interest among asset managers is the use of Section 351 exchanges, particularly among firms managing large separately managed account (SMA) businesses. A 351 exchange allows qualifying SMA assets to be contributed into a corresponding ETF in a tax-efficient manner, enabling investors to maintain exposure to the same investment strategy while potentially benefiting from the ETF's structural tax advantages. "Traditional tax-loss harvesting eventually reaches its limits," said Malinowski. "A 351 exchange can provide a pathway to a more tax-efficient structure while maintaining continuity of investment strategy." Retirement Assets Represent a Major Growth Opportunity Looking ahead, Malinowski expects ETFs to continue expanding into retirement and qualified account markets, areas historically dominated by mutual funds. "Retirement systems are becoming more capable of handling ETFs," he said. "Managers that fail to think about how investors want to access strategies risk being left behind." Key Takeaways for Asset Managers Mutual funds are evolving, not disappearing. ETF share classes are likely to expand distribution flexibility. 351 exchanges are becoming an important tool for SMA managers. Product design is becoming increasingly wrapper-agnostic. ETFs are expected to gain further adoption in retirement and qualified accounts. Investor choice is becoming a critical competitive differentiator. As the distinction between mutual funds and ETFs continues to blur, success may depend less on selecting a single structure and more on delivering investment strategies through whichever wrapper investors prefer. "Ultimately, this isn't about ETFs versus mutual funds," concluded Malinowski. "It's about giving investors access to the strategies they want, in the format that works best for them."About ETF TVETF TV provides insights, interviews and analysis on the global ETF industry, featuring leading voices from across asset management, regulation and capital markets. Thank you to Exchange Traded Concepts (ETC) for sponsoring this episode. For further information on ETC visit https://exchangetradedconcepts.com/ Register to receive updates and watch prior episodes at www.ETFtv.net

Steven Cheung, Director, Specialist Sales, ETFs, Asia Pacific ex Japan at Fidelity International, joins ETF TV’s Deborah Fuhr todiscuss how Active ETFs Drive Growth in Asia-Pacific as Investors Seek More Targeted Outcomes on ETF TV.  Fidelity International says demand for diversification, income and risk management is accelerating adoption of active ETFs across the region. Active ETFs are becoming an increasingly important portfolio tool for investors across Asia-Pacific as they seek to diversify away from concentrated market-cap-weighted indices and address geopolitical, credit and market risks. Speaking on ETF TV with Deborah Fuhr, producer at ETF TV, Steven Cheung, Director, Specialist Sales, ETFs, APAC ex Japan at Fidelity International, said active ETFs are increasingly being used alongside passive ETFs rather thanreplacing them. "Active ETFs and passive ETFs are complements, not substitutes," said Cheung. "Investors can use passive ETFs as a core holding while active ETFs can be used for alpha generation, income opportunities and managing marketinefficiencies." Cheung noted that many investors are looking beyond broad beta exposure and are increasingly seeking more targeted allocations and specific investment outcomes. The opportunity is particularly significant in Asia-Pacific, where the ETF market has grown to approximately US$2.7 trillion and demand from both institutional and wealth-management channels continues to increase. "Wealth investors want more than traditional market exposure," said Cheung. "They are looking for higher conviction strategies and outcome-oriented solutions. Active ETFs combine the benefits of active management with theefficiency and transparency of the ETF wrapper." As investors look for diversification, income and greater precision in their portfolios, active ETFs are becoming an increasingly important part of the investment toolkit across Asia-Pacific. To watch this and other ETF TV interviews, visit ETFTV.net.About ETF TV ETF TV provides insights, interviews and analysis on theglobal ETF industry, featuring leading voices from across asset management, regulation and capital markets.You can watch this episode and previous episodes on ETF TV and YouTube.   Thank you to Fidelity International for sponsoring thisepisode. For further information on Fidelity International visit https://www.fidelityinternational.com/ETFTV is your insight into the world of exchange-traded funds, issuers and investment.  Register to receive updates and watch prior episodesat www.ETFtv.net and make sure to follow us on LinkedIn – ETFTV company page and ETFs Network group.

Ketaki Garg, APAC Head of Quantitative Index Research Solutions at MSCI, joined ETF TV’s Deborah Fuhr and Margareta Hricova to discuss how ETF Connect is reshaping cross-border investing and giving mainland Chinese investors greater access to international markets and diversified investment opportunities.Garg noted that investor demand across Asia Pacific is increasingly focused on strategies such as income generation, climate-transition aware, thematic exposures and managing concentration risk. While high-dividend strategies remain popular, investors are exploring other approaches to enhance income and yield. Interest is also growing in themes such as artificial intelligence, electrification and rare earth minerals.Since its launch in 2022, ETF Connect has grown significantly, particularly through the Southbound channel, reflecting strong demand from mainland Chinese investors. The channel has also emerged as a complement to Qualified Domestic Institutional Investor (QDII) routes for mainland Chinese investors seeking global exposure. More ETFs now provide access to overseas equity markets, including U.S. equities, highlighting investor interest in greater global diversification. MSCI works closely with ETF issuers to translate a thematic view into a transparent, rules-based and investable index, tailored to their specific product needs. Many of these indexes are built on a 65/35 framework, anchoring the core allocation in Hong Kong Southbound-eligible securities while allocating the remainder to targeted international exposures.The discussion also covered the latest development of MSCI's ETF Connect Index Series and the considerations involved in meeting regulatory requirements while addressing diversification rules and demand for differentiated exposures. Looking ahead, MSCI is exploring the next-generation of ETF Connect indexes, which may combine different sector, factor and thematic exposures across Hong Kong and other international markets while remaining compliant with ETF Connect requirements. One direction under exploration is asymmetric design, where the Hong Kong Southbound sleeve serves as a stable core while the international sleeve carries a more targeted exposure, rather than mirroring the same theme across both sides of the 65/35 structure. "ETF Connect has become an increasingly important gateway for mainland Chinese investors seeking access to global investment opportunities," said Garg. "As the market evolves, innovation will increasingly come from differentiated exposures and more sophisticated portfolio construction."The interview highlighted ETF Connect's growing role in expanding investment choice, broadening access to cross-border investment opportunities and supporting the continued development of Asia Pacific's ETF ecosystem. ▶ Watch the full ETF TV interview: Beyond Market Access: MSCI on the Next Phase of ETF Connect▶ Learn more: MSCI ETF Connect IndexSeries About ETF TV ETF TV provides insights, interviews and analysis on the global ETF industry, featuring leading voices from across asset management, regulation and capital markets.You can watch this episode and previous episodes on ETF TV and YouTube.  Thank you to MSCI for sponsoring this episode. For further information on MSCI visit https://www.msci.com/ ETF TV is your insight into the world of exchange-traded funds, issuers and investment.  Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group.

Asia-Pacific ETF Boom Accelerates as Active ETFs Enter a New Growth Phase In a recent episode of ETF TV, Deborah Fuhr, Managing Partner of ETFGI, and Margareta Hricova, Managing Director at ETFGI, spoke with Philippe El-Asmar, Managing Director, Head of ETF, Direct & Digital, Asia Pacific at J.P. Morgan Asset Management, about the trends reshaping the Asia-Pacific ETF market and the growing momentum behind active ETFs. El-Asmar highlighted that Asia-Pacific has become one of the fastest-growing ETF regions globally, with locally listed ETF assets reaching approximately US$2.7 trillion(1). While the global ETF industry has historically doubled in size every five years, Asia-Pacific ETF assets have been doubling roughly every three years. Japan has recently overtaken China as the region's largest ETF market, while Taiwan, Korea, India, and China markets are expected to be among the key drivers of future growth. A central theme of the discussion was the rapid development of active ETFs across the region. Although many Asia-Pacific markets only approved active ETFs within the past decade, active ETF assets have already reached approximately US$180 billion(2). El-Asmar noted that adoption remains uneven because regulatory approvals have occurred at different times across markets, but he expects the pace of growth to accelerate as more countries open their markets to active ETFs China is expected to become a major catalyst for the next phase of industry growth, with the first active ETF launches anticipated in the coming months. El-Asmar also suggested that India could eventually follow, creating additional opportunities for issuers and investors. The discussion also explored changing investor preferences. Across Asia-Pacific, income remains one of the strongest investment themes, with covered call and derivative-income ETFs proving particularly popular among retail investors. Institutional investors, meanwhile, are increasingly using ETFs for cash management, yield enhancement, and benchmark-plus strategies designed to generate alpha while maintaining core market exposure. Looking ahead, El-Asmar believes investor education will be critical. With nearly 5,200 active ETFs globally(3), helping investors understand the benefits, risks, and appropriate use cases of these products will be essential to sustaining long-term adoption. As active ETFs gain traction and new markets open to innovation, the Asia-Pacific region appears poised to remain one of the most dynamic growth engines in the global ETF industry. About ETF TV ETF TV provides insights, interviews and analysis on the global ETF industry, featuring leading voices from across asset management, regulation and capital markets. You can watch this episode and previous episodes on ETF TV and YouTube.  ETF TV is your insight into the world of exchange-traded funds, issuers and investment.  Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group. ________________________________________________________ 1. Source: Bloomberg, Morningstar, Local ETF AUM data as of 30 June 2026. Local AUM is for locally domiciled ETFs only. 2. Source: ETFGI, Bloomberg, J.P. Morgan Asset Management projection, data as of 31 July 2026. 3. Source: Bloomberg, J.P. Morgan Asset Management, as of 30 Jun 2026.

During an interview with ETF TV host Deborah Fuhr at the  ICI ETF Conference in Nashville, ICI President and CEO Eric Pan called for reforms to the taxation of U.S. mutual funds and defended the tax efficiency of ETFs. Pan highlighted that mutual fund investors can receive annual capital gains tax bills even when they have not sold their investments, while ETF investors generally defer taxes until they sell their holdings. He argued that the current mutual fund tax treatment can discourage long-term saving and investing. Pan expressed support for the proposed Growth Act, legislation that would modernize mutual fund taxation, while acknowledging the challenges of advancing tax reform amid federal budget concerns. He also pushed back against proposals to alter ETF taxation, emphasizing that ETF investors are not avoiding taxes but simply paying them when gains are realized. “Tax policy should encourage Americans to invest and save for the future, not penalize them for doing so,” Pan said. Pan concluded by stressing the importance of investor education and advocacy, noting that many investors remain unaware of the potential impact tax policy changes could have on their long-term savings and investment outcomes. Key Takeaways: ICI supports reforms to modernize mutual fund taxation.ETFs continue to provide tax-efficient exposure for investors.ICI opposes proposals that would reduce ETF tax advantages.Investor education will be critical as tax policy debates continue in Washington.Encouraging long-term investing remains a key public policy objective. About ETF TV ETF TV provides insights, interviews and analysis on the global ETF industry, featuring leading voices from across asset management, regulation & capital markets. You can watch this episode and previous episodes on ETF TV and YouTube. You can also listen to this and previous ETF TV episodes as podcasts on: ⁠ETF TV⁠ is your insight into the world of exchange-traded funds, issuers and investment.  Register to receive updates & watch prior episodes at ⁠www.ETFtv.net⁠ and make sure to follow us on LinkedIn – ⁠ETF TV⁠ company page & ⁠ETFs Network⁠ group

Speaking at the Investment Company Institute (ICI) 2nd Annual ETF Conference in Nashville, Shelly Antoniewicz, Chief Economist at the Investment Company Institute, shared key insights on the continued growth and evolving use of exchange traded funds among US retail investors in an interview with Deborah Fuhr of ETFGI for ETF TV. The conference attracted a large audience of industry participants and highlighted the increasing importance of ETFs in portfolio construction across both institutional and retail segments. Retail ETF adoption continues to expand Antoniewicz noted that 20 million US households now own ETFs, representing approximately 15% of all US households. This marks a significant increase from 2010, when only 3 million households (3%) held ETFs, underlining a sustained trend of rising adoption. “While adoption is not yet universal, the growth over the past 15 years has been substantial,” said Antoniewicz. Broad demographic appeal across age groups Contrary to common perceptions, ETF ownership in the US spans a broad demographic base: ·       The median age of ETF investors is 51 ·       15% of ETF investors are under 35 ·       14% are aged 65 and above ·       Ownership is broadly distributed across age brackets “This data highlights that ETFs are being adopted across generations, not just by a single demographic group,” Antoniewicz explained. Key drivers: cost, diversification and flexibility According to ICI research, the primary drivers behind retail ETF adoption include: ·       Cost efficiency ·       Diversification benefits ·       Intraday trading flexibility Investors value the ability to trade ETFs throughout the day, even if they do not actively trade, as well as the wide range of exposures available for portfolio construction. Growing role of ETFs in retirement portfolios ETFs are increasingly being used as part of long-term savings strategies: ·       60% of ETF-owning households hold ETFs within IRAs This trend highlights the growing role of ETFs as core building blocks for retirement investing in the US. Education remains a key barrier to entry Despite the strong growth, Antoniewicz identified financial literacy and understanding of ETF trading mechanics as a barrier, particularly for newer & younger investors. Key challenges include: ·       Understanding liquidity ·       Navigating bid-ask spreads ·       Using appropriate order types While educational resources & digital platforms are helping address these gaps, trust in information sources—particularly online communities & social forums—remains critical. Outlook: younger investors to drive future growth Looking ahead over the next three to five years, Antoniewicz emphasised that millennials and Gen Z investors will be the primary drivers of ETF growth: ·       Millennials already represent approximately one-third of ETF-owning households ·       As these cohorts enter their peak earning years, ETF usage is expected to increase significantly ·       Financial advisors continue to expand ETF usage, with ETF allocations rising to about 50% of client assets among fee-based advisers, up from 17% a decade ago In addition, intergenerational wealth transfer is expected to reinforce ETF adoption, as younger investors are likely to allocate inherited assets into familiar ETF products. Conclusion The interview underscores the continued evolution of ETFs from a niche investment vehicle to a mainstream solution for retail investors, supported by strong structural drivers including cost efficiency, portfolio versatility, & increasing advisor adoption. About ETF TV ETF TV provides insights, interviews and analysis on the global ETF industry, featuring leading voices from across asset management, regulation & capital markets. ETF TV is your insight into the world of exchange-traded funds, issuers and investment.  Register to receive updates & watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page & ETFs Network group

In this second instalment of ETF TV’s in-depth interview series, Frank Koudelka, Senior Vice President, ETF Product Solutions at State Street, joins Deborah Fuhr and Margareta Hricova to explore the forces shaping the global evolution of exchange-traded funds—and what lies ahead for the industry. The conversation highlights how ETFs have demonstrated resilience across multiple periods of market volatility, supported by their structural advantages, including transparency, liquidity, and intraday tradability. These characteristics have enabled investors to respond dynamically to changing market conditions and reinforce ETFs as a core portfolio building block. A central theme throughout the discussion is the critical role of regulation in accelerating ETF adoption globally. Koudelka points to reforms such as the elimination of retrocessions and enhanced fee transparency—across markets including Australia, Canada, and Europe—as catalysts that have driven investor demand toward ETFs. These regulatory shifts have reinforced the value proposition of ETFs by highlighting lower costs, transparency, and alignment with investor outcomes. Looking beyond the U.S., the interview underscores that while the U.S. remains the dominant ETF market, global success requires a far more nuanced, market-by-market approach. Europe and Asia present distinct regulatory frameworks, investor bases, and distribution channels, requiring issuers to tailor strategies to institutional versus retail demand and to navigate fragmented regulatory environments. Koudelka and Fuhr also examine emerging growth regions, identifying Latin America—where cross-border structures such as UCITS play a key role—and the Middle East, where rising wealth and increasing investor sophistication are expected to drive significant ETF adoption in the coming years. The discussion further explores how the ETF value chain is evolving, with innovation continuing to expand the use cases for ETFs. Active ETFs, income-generating strategies, downside protection, and access to private markets are reshaping the product landscape, while advances in digital infrastructure—such as tokenisation—have the potential to broaden distribution and, over time, fundamentally transform market structure. These trends are consistent with broader industry shifts toward innovation, digitalisation, and expanding asset class access within the ETF wrapper. Reflecting on his career, Koudelka emphasises a pivotal insight: the ETF should be viewed not as a passive product, but as a highly efficient delivery vehicle capable of supporting a wide range of investment strategies. This evolution is driving increased competition, greater investor choice, and continued industry growth. Looking ahead, the interview concludes with a clear message for the next generation of ETF leaders: remain nimble, embrace innovation, and avoid constraining ETFs within traditional definitions. As the industry continues to broaden its applications—from income solutions to alternative assets—ETFs are positioned to play an increasingly central role in global investment portfolios. Thank you, Frank for your contributions to the ETF industry.  Enjoy your retirement! This episode is essential viewing for ETF leaders, board members, and strategists.This is part one of a two part interview. 🎥Watch at www.ETFtv.netYou can watch this episode and prior episodes at: ETF TV and on YouTube.ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group. Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products. If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected].

ETF TV, the premier source for insights into the global ETF industry, shares its latest episode featuring Frank Koudelka, Senior Vice President, ETF Product Solutions at State Street, in conversation with Margareta Hricova and Deborah Fuhr.In one of his final interviews ahead of retirement, Koudelka reflects on the key inflection points that reshaped ETFs—from the shift beyond “passive vs. active” to ETFs’ emergence as core market infrastructure and policy tools. The discussion offers candid insights into what senior executives still underestimate, including the importance of capital markets expertise, distribution opacity, and ETFs’ role in price discovery during periods of market stress.From regulatory change unlocking active ETFs to governments and central banks using ETFs for market stabilization.Equally striking is the discussion on what continues to be misunderstood—even by experienced asset managers entering the ETF space. Koudelka highlights two recurring blind spots: Capital markets expertise and distribution opacity.Unlike mutual funds, ETFs operate simultaneously in primary and secondary markets, making market quality, liquidity management, and data strategy mission‑critical rather than ancillary.This episode is essential viewing for ETF leaders, board members, and strategists.This is part one of a two part interview. 🎥Watch at www.ETFtv.netYou can watch this episode and prior episodes at: ETF TV and on YouTube. ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group.Register to attend one or more of our 6 annual regional in person ETFGI Global ETFs Insights Summits  2026 events: 7h Annual - Latin America, May 20th in Mexico City at BIVA Bolsa Institucional de Valores and May 21st virtual. Register now.7th Annual - Asia Pacific, September 9th in Hong Kong and September 10th virtual. Register now.7th Annual - United States, September 29th in New York City. Register now.7th Annual - Middle East & GCC, October 20th in Dubai. Register now.7th Annual - Europe & Africa, November 19th in London and November 20th virtual. Register now.8th Annual- Canada, December 8th in Toronto at Borden Ladner Gervais LLP (BLG)'s office. Register now.🆓 Free Registration: For CFA members, buy-side institutional investors, and financial advisors.📚 CPD Credits: Earn educational credits.Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products.If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected]

ETF TV, the premier source for insights into the world of exchange traded funds (ETFs), issuers, and investments, is pleased to share its latest episode featuring Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, outlines why regulated ETF structures, active digital‑asset management, and next‑generation market infrastructure are driving the next wave of innovation across global portfolios on ETF TV with Margareta Hricova and Deborah Fuhr. Benhaim highlighted that traditional banks—particularly in Canada—are shifting from observers to active participants as digital assets integrate further into mainstream finance. After years of waiting for regulatory clarity and building internal expertise, banks are now either listing existing regulated crypto ETFs on their platforms or developing their own products. He cited 3iQ’s partnership with Scotiabank on DXMC, Canada’s first actively managed, bank‑sponsored crypto product, as a pivotal milestone signaling broadening institutional willingness to engage through transparent, regulated ETF structures. He noted that this shift is being driven by strong client demand from both institutional and retail allocators, combined with banks’ desire to keep assets within their ecosystems while positioning ahead of technological disruption. As banks act as gatekeepers to significant pools of capital, their growing participation is expected to accelerate adoption, de‑risk implementation, and validate digital assets as a distinct, scalable investment category within multi‑asset portfolios. Looking ahead, Benhaim emphasized that the next wave of digital asset ETP innovation will move beyond single‑asset beta exposure—a segment that has become increasingly commoditized across Canada, the U.S., Europe, and Asia. Future growth, he argued, lies in active management, where digital assets’ structural inefficiencies, unique cycles, and evolving sectors offer opportunities for alpha, risk management, and dynamic allocation. He also anticipates the emergence of multi‑asset solutions—including blended indices such as “S&P 500 + Bitcoin”—as advisors and CIOs seek tools that integrate digital assets into portfolio construction rather than treat them as standalone exposures. On tokenization, Benhaim stressed that it is not a product but an upgraded distribution and market‑infrastructure rail, analogous to the shift from paper certificates to electronic trading. Near‑term adoption is likely to focus on tokenized versions of familiar instruments—funds, treasuries, and credit—operating within established compliance and investor‑protection frameworks. Longer term, he expects natively on‑chain financial products to unlock meaningful advances in settlement speed, programmability, collateral efficiency, and global access—potentially reshaping market structure and broadening participation far beyond traditional intermediaries. Together, these developments underscore a defining moment: digital assets are transitioning from a niche allocation to an integrated component of institutional portfolio architecture, supported by regulated ETF wrappers, bank participation, active management, and the emergence of next‑generation infrastructure through tokenization. You can watch this episode and prior episodes at: ETF TV and on YouTube. Thank you to 3iQ for sponsoring this episode. For further information on 3iQ visit https://www.3iq.io/ ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group. Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products. If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected]

ETF TV, the premier source for insights into the world of exchange traded funds (ETFs), issuers, and investments, is pleased to share its latest episode featuring Cullen Rogers, CIO of Wedbush Fund Advisers, who joins Margareta Hricova and Deborah Fuhr on ETF TV to provide a sharp look at how ETF usage and product innovation are evolving across advisor and institutional portfolios.He highlights a meaningful shift in thematic ETFs, which have matured from short‑term tactical tools used by active managers into more structurally differentiated building blocks within modern portfolios. Rogers notes that the days of “ticker-first, strategy-later” thematic launches are fading; today’s investors expect credible, targeted exposures that capture long-term secular themes such as AI, compute power, and other emerging technological pillars. Rogers emphasizes that Wedbush’s ETF approach differs from many newer entrants due to the firm’s 70-year heritage, deep research resources, and disciplined product design philosophy. Rather than flooding the market with undifferentiated offerings, Wedbush focuses on structural innovation, identifying gaps where existing ETFs are incomplete, outdated, or too generic. Their upcoming launches—including strategies centered on return on leadership and power and infrastructure—aim to blend thematic relevance with core portfolio utility. Looking ahead, Rogers sees significant opportunity in the next phase of ETF evolution: More precise thematic exposures supported by advances in technology and data.A rapid expansion in structured ETF products, offering institutional-style payoff profiles in liquid vehicles.Continued growth in defined‑outcome, autocallable, and more complex income-oriented structures.A major push into liquid alternatives as investors demand tools that hedge, diversify, and perform across varied market regimes. He underscores that after years of bull‑market conditions, the industry must now focus on strategies engineered to behave consistently through volatility and shifting macro environments. As investor needs become more specialized, the ETF wrapper’s flexibility and tax efficiency position it as the preferred vehicle for delivering next‑generation strategies. You can watch this episode and prior episodes at: ETF TV and on YouTube. Thank you to Wedbush Funds Advisers for sponsoring this episode. For further information on Wedbush Funds Advisers visit https://wedbushfunds.com/ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group. Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products. If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected]

Seana Smith of Global X Discusses Her 2026 Market Outlook on ETF TV  ETF TV, the premier source for insights into the world of exchange traded funds (ETFs), issuers, and investments, is pleased to share its latest episode featuring Seana Smith, SVP & Senior Investment Strategist at Global X. Seana joins Margareta Hricova and Deborah Fuhr to examine her 2026 market outlook, focusing on the key drivers, risks and opportunities shaping markets and institutional portfolios in the year ahead. Watch the interview. 2026 Market Outlook & Strategic Themes Positive Market Setup Strong Fundamentals: Earnings growth remains robust, supporting current valuations with expectations for double-digit EPS growth in 2026.Fed Policy Tailwind: We see one to two rate cuts in 2026 following the Federal Reserve’s December decision. The resumption of $40 billion in net asset purchases should also help support markets.Consumer Resilience: Despite mixed data, retail sales grew 4.3% YoY in September, and steady consumer spending boosted third-quarter earnings results from major retailers, signaling solid momentum heading into the holiday season.Key Growth Catalyst: AI Investment Cycle Early Innings of AI Build-Out: Revenues tied to AI growing at double-digit rates, driving a long-term structural trend.Infrastructure Bottleneck: U.S. data center construction at record highs yet demand for AI compute far outstrips data center buildout.Monetization Supercycle: 2026 expected to be a “prove-it” year for AI, with CapEx from big tech accelerating.Investor Concerns & Risk Factors Valuations: Multiples in the 20s are elevated but supported by profit margins and cash flow growth; historically, valuations have not always been a reliable short-term predictor.AI Bubble Fears: Global X does not see an AI bubble—growth is backed by real cash flows and infrastructure investment.Macro Uncertainty: Mixed signals—consumer confidence at lowest point since April, unemployment at 4.6%, inflation sticky at 2.7%—but Fed easing expected to help offset near-term weakness.Opportunities for Institutional Investors AI Phase Two: Beyond mega-cap tech—focus on data centers, semiconductors, and energy infrastructure.Energy Trade: Rising AI-driven power demand favors uranium and natural gas as critical resources.Domestic Infrastructure: Long-term factors including trade policy and supply-chain resilience efforts are expected to accelerate reshoring and lead to potentially record levels of infrastructure investment, likely creating significant opportunities for U.S. infrastructure developers.Strategic Perspective Global X sees the path of least resistance pointing to the upside in 2026, driven by earnings strength, Fed support, and the accelerating AI investment cycle. Institutional portfolios should consider AI infrastructure, energy resources, and domestic infrastructure plays as strategic allocations. You can watch this episode and prior episodes at: ETF TV and on YouTube. Thank you to Global X for sponsoring this episode. For further information on Global X visit www.globalxetfs.com. ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at www.ETFtv.net and make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group. Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products. If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected]

ETF TV welcomes Paul Lohrey of CRSP to discuss the Evolution of Market Indexes and Financial Inclusion ETF TV, the premier source for insights into the world of exchange-traded funds (ETFs), issuers, and investments, is pleased to announce its latest episode featuring industry expert Paul Lohrey, Managing Director of Strategy and Analytics at CRSP, who joins Margareta Hricova and Deborah Fuhr on ETF TV to discuss the Evolution of Market Indexes and Financial Inclusion.  In a compelling conversation, Paul Lohrey of CRSP and Margareta Hricova and Deborah Fuhr explore how stock market indexes have evolved—and why it matters for investors today. Lohrey highlights how daily market volatility often masks deeper structural shifts in equity markets, including changes in the number of listed companies and increasing concentration. From the Dow Jones to the S&P 500 and Russell 3000, index construction has historically been limited by technology and fixed constituent counts. Lohrey explains how CRSP’s dynamic approach—capturing 99.8% of U.S. market capitalization—offers a more adaptive and inclusive framework. This methodology adjusts to market size and concentration, enabling more accurate segmentation across large-, mid-, and small-cap stocks. The discussion underscores the importance of using benchmarks that evolve with the market, especially for institutional investors seeking long-term consistency and portfolio relevance. Watch ETF TV YouTube. And make sure to follow us on LinkedIn – ETF TV company page and ETFs Network group For further information on CRSP visit  www.crsp.org To watch other episodes of ETF TV: https://www.etftv.net/ If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected]

ETF TV welcomes André Müller-Wegner of UBS Asset Management to discuss how investor expectations for ETFs are evolving ETF TV, the premier source for insights into the world of exchange traded funds (ETFs), issuers, and investments, is pleased to announce its latest episode featuring industry expert André Müller-Wegner, Head of Client Coverage at UBS Asset Management, who joins Margareta Hricova and Deborah Fuhr on ETF TV to discuss how investor expectations for ETFs are evolving. André Müller-Wegner discusses the ETF Evolution and UBS Asset Management’s Strategic Response Investor Expectations Are Evolving Investor demand is shifting from purely passive strategies to more actively managed ETFs that align with long-term goals such as sustainability, income generation, and diversification. UBS is responding by leveraging its 25 years of ETF experience and 35 years in index strategies to deliver cost-efficient, high-quality solutions for clients. UBS’s Differentiated ETF Platform Leadership in sustainable ETFs, including the first MSCI SRI ETFs launched in 2011Innovation in currency-hedged share classesStrong presence in commodity ETFs with over $10 billion AUMExpansion into core fixed income ETFs, offering diversified exposure to high-quality bondsPlans to integrate active fixed income and thematic equity strategies into ETF wrappers Strategic Outlook: 2025 and Beyond UBS sees ETFs becoming central to portfolio construction, not just as passive tools but as strategic building blocks. The firm is focused on: Expanding core and active offeringsEnhancing sustainable and thematic solutionsDelivering value, choice, and confidence through innovation and scale UBS’s client-first approach and broad capabilities position it for the next phase of ETF industry growth. You can watch this and previous ETF TV episode on: YouTube. Learn More For further information on UBS Asset Management visit UBS Asset Management | UBS Global Follow ETF TV on LinkedIn via our company page and join the ETFs Network group Visit our website to watch other episodes of ETF TV, explore ETF industry news, and register to receive updates at: www.ETFtv.net  Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products. If you are interested in sponsoring, being a guest, or have any questions about ETF TV, please email [email protected].

ETF TV Welcomes David Tsoi of Nasdaq to discuss the evolving role of index providers   ETF TV, the premier source for insights into the world of exchange-traded funds (ETFs), issuers, and investments, is pleased to announce its latest episode featuring industry expert David Tsoi, Head of Index Research, APAC at Nasdaq, who joins Margareta Hricova and Deborah Fuhr on ETF TV to discuss the evolving role of index providers. David Tsoi emphasizes that index providers have transitioned from being mere creators of benchmarks to strategic partners in the investment ecosystem. Their role now encompasses: Accessibility & Inclusivity: Making investments more approachable for a broader audience.Comprehensive Services: Offering research, distribution, and marketing support.Thought Leadership: Providing educational content that enhances client engagement and supports financial advisors in guiding investment decisions.Acting as unbiased entities compared to product providers, which adds credibility. Asset managers can extract significant value by: Collaborating on Product Development: Especially for niche and thematic exposures.Leveraging Nasdaq’s Expertise: In identifying long-term megatrends and aligning index construction with client goals.Brand Enhancement: Using Nasdaq’s reputation for innovation to boost product visibility and investor trust. Innovation in Thematic Indexing Thematic indexing is undergoing a transformation driven by technology and AI:Advanced Data & Design: More sophisticated inputs and transparent methodologies.AI-Driven Screening: Nasdaq’s Global AI and Big Data Index uses AI to analyze patent filings and identify companies deeply involved in themes like deep learning and cybersecurity.Transformer-Based Models: These models tag patent data to relevant tech labels, ensuring pure-play exposure to thematic areas. Key Takeaway Index providers like Nasdaq are no longer just data suppliers—they are strategic enablers of innovation, education, and growth in the investment landscape. Their evolving role supports asset managers in creating differentiated products and engaging investors more effectively. Make sure to follow us on LinkedIn – ETF TV LinkedIn page and group: https://www.linkedin.com/company/40664263/admin/dashboard https://www.linkedin.com/company/2498839/admin/dashboard For further information on Nasdaq visit www.nasdaq.com To watch other episodes of ETF TV:  https://www.etftv.net/ ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at www.ETFtv.net.   Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products. If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected].

ETF TV welcomes Ronald Landry of CIBC Mellon to discuss changing investor demographics and impact on ETFs ETF TV, the premier source for insights into the world of exchange-traded funds (ETFs), issuers, and investments, is pleased to announce its latest episode featuring industry expert Ronald Landry, Vice President, Head of Segment Solutions and Canadian ETF Services at CIBC Mellon, joins Deborah Fuhr on ETF TV to discuss changing investor demographics and impact on ETFs.  Changing Investor Demographics and Impact on ETFs Ron Landry highlighted a significant shift in investor demographics, noting that younger generations are increasingly entering the investment market through ETFs, unlike their parents or grandparents who preferred mutual funds. Despite this trend, ETFs are now popular across all age groups. Landry emphasized the importance for ETF providers to tailor their engagement strategies to resonate with different generational investors. For example, younger investors are more engaged through platforms like Reddit, while older generations prefer traditional methods. Successful engagement requires meeting investors where they are and effectively communicating the message. Outlook for 2025 Landry expressed optimism for the ETF market in 2025, marking the 35th anniversary of ETFs, which were first launched in Canada. The year has started strong with $16 billion in inflows, nearly $6 billion more than the same period last year. He anticipates a great year for ETFs, despite some challenges faced by smaller ETF issuers in distribution. These issuers are shifting towards direct-to-investor models. Notably, over 80% of the flows are directed to the top ten issuers in Canada. ETFs have grown remarkably, from 6% of investment fund assets in 2014 to 20% last year. Landry projects that ETFs could constitute 50% of investment fund assets in Canada within the next seven to ten years, driven by lower costs and better product access. Overall, the Canadian ETF market continues to evolve with innovative products tailored to highlighting the changing demographics of investors, the growing popularity of ETFs, and the optimistic outlook for the ETF market in 2025. This episode provides valuable insights into the current trends in the ETFs industry in Canada. Or make sure to follow us on ETF TV LinkedIn and Twitter. The episode was sponsored by CIBC Mellon. For further information go to cibcmellon.com To watch other episodes of ETF TV: etftv.net   ETF TV is your insight into the world of exchange-traded funds, issuers and investment. Register to receive updates and watch prior episodes at etftv.net   Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products. If you are interested in sponsoring, being a guest, or have any questions on ETF TV, please email [email protected]