Top Traders Unplugged

SI246: The BIG CTA ETF Debate ft. Andrew Beer & Tim Pickering

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Jun 3, 2023
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INSIGHT

ETFs Fit Rules-Based CTA Delivery

  • ETFs are a natural delivery mechanism for rules-based CTA strategies because they map well to index-style rules.
  • Tim Pickering used ETFs to learn indexing and broaden retail access to commodity and CTA exposures.
ANECDOTE

Publishing An Index To Build Trust

  • Ospus published its own index to provide a clear benchmark and investor comfort for its ETF products.
  • Tim says publishing an index lets investors see deviations between manager performance and a theoretic benchmark.
INSIGHT

Indices Often Hide Single-Manager Risk

  • Andrew Beer argues many 'indices' were essentially single-manager products repackaged for marketing use.
  • He warns that hypothetical long backtests can mislead allocators about true multi-manager diversification.
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