Exchange-traded funds were built for a world where direct ownership was operationally difficult. Custody was complex, settlement was fragmented, and accessing diversified exposure required infrastructure that most investors simply did not have. The ETF solved that problem by wrapping assets into a single, convenient instrument. In his recent conversation on

Exchange-traded funds were built for a world where direct ownership was operationally difficult. Custody was complex, settlement was fragmented, and accessing diversified exposure required infrastructure that most investors simply did not have. The ETF solved that problem by wrapping assets into a single, convenient instrument. In his recent conversation on