ETF TV

Deborah Fuhr & Margareta Hricova

Each week, ETF TV, brought to you by Deborah Fuhr and Margareta Hricova, are joined by industry leaders to look at the business of ETFs from every angle; regulatory, construction, trading, risk and investment trends like ESG, Active and Crypto. We provide a weekly insight into the ETF ecosystem globally for ETF professionals and investors.

  1. 5d ago

    State Street’s Frank Koudelka discusses the ETF Inflection Point Senior Executives Still Underestimate on ETF TV (Part 2)

    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 deborah.fuhr@etftv.net.

    14 min
  2. May 3

    State Street’s Frank Koudelka discusses the ETF Inflection Point Senior Executives Still Underestimate on ETF TV

    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 deborah.fuhr@etftv.net

    9 min
  3. Mar 19

    3iQ’s Greg Benhaim discusses growing institutional demand for digital assets in ETFs 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 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 deborah.fuhr@etftv.net

    14 min
  4. Feb 18

    Cullen Rogers, Wedbush Funds Advisers discusses the evolution in the use of Thematic ETFs 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 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 deborah.fuhr@etftv.net

    7 min
  5. 12/16/2025

    Seana Smith of Global X Discusses Her 2026 Market Outlook on ETF TV

    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 deborah.fuhr@etftv.net

    8 min
  6. 09/23/2025

    Paul Lohrey of CRSP discusses the Evolution of Market Indexes and Financial Inclusion

    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 deborah.fuhr@etftv.net

    10 min
  7. 07/29/2025

    André Müller-Wegner of UBS Asset Management discusses how investor expectations for ETFs are evolving

    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 deborah.fuhr@etftv.net.

    4 min
  8. 07/22/2025

    David Tsoi of Nasdaq discusses the evolving role of index providers

    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 deborah.fuhr@etftv.net.

    6 min

About

Each week, ETF TV, brought to you by Deborah Fuhr and Margareta Hricova, are joined by industry leaders to look at the business of ETFs from every angle; regulatory, construction, trading, risk and investment trends like ESG, Active and Crypto. We provide a weekly insight into the ETF ecosystem globally for ETF professionals and investors.

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