The Wrapper Wars: How Institutions Actually Buy the Future
Everyone can name the trend. Far fewer can name the instrument. ETFs and ETPs, structured products, private vehicles and direct positions — and why the wrapper often decides the return as much as the asset does. Fees, liquidity, tracking, tax and counterparty risk, argued by people who build and issue these products for a living rather than people who comment on them.
Bilal Little
Caleb Silver
Trinity Chavez 