

Black Hat vs White Hat ETFs
Mar 26, 2025
In this engaging discussion, ETF expert Dave Nadig, author of the insightful Substack post "Trust in a Black Hat World," shares his extensive knowledge of the evolving ETF landscape. He highlights the rise of complex ETFs featuring leverage and private assets, raising concerns about transparency and risks. The conversation dives into the allure of private credit and equity ETFs, while exploring the volatile world of cryptocurrency and the ethical dilemmas within. It's a lively dialogue questioning the balance between innovation and investor protection in today's market.
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ETF Industry Changes
- The ETF industry is becoming less regulated, impacting investor protection.
- Advisors and investors must be more discerning about products and issuers.
XOVR and SpaceX
- The XOVR ETF added SpaceX, attracting significant inflows.
- This highlights market demand for private equity within ETFs, despite imperfections.
XOVR's SpaceX Problem
- Promoting XOVR based on SpaceX is misleading, as it's a small part of the fund.
- SpaceX's valuation is unclear, creating transparency issues.