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00:00Volatility has picked up. We saw the VIX get to 25 on Thursday. There’s a rotation to safety. Gold is going gangbusters. U.S. Treasury yields are down to multi-year lows. The S & P 500, the best performers this year, are utilities and health care. How are ETF flows reflecting this, what seem to be increased skittishness? First of all, I think flows are just incredible when you think about shattering that $1 trillion mark, it’s just kind of hard to get your mind wrapped around. So we’re seeing flows across almost everything as far as the ETF structure is concerned. But certainly we are seeing some clients that are looking to reposition themselves and certainly some of the products that offer some downside protection and also some fixed income products that are going to the shorter end of the curve as well, especially given where rates are looking to head going forward through the end of the year and into next year. Well, that’s the thing. But I think it’s so interesting that at the same time you’re seeing so much money shoveled to just, you know, equity exposure. You still have a lot of money going into GLD, as we just showed also into sort of the short term cash like ETFs. It’s hard to make it make sense for lack of a better term. The fact that you do have this really risk on appetite at the same time where it seems like people are reluctant to give up or even stop going into maybe those more haven like ETFs? Well, you’re seeing a little bit of everything again. You are seeing some of that risk on trade, of course, in the flows that we see. But also, again, there is some conservative positioning, I think, on the short term cash products or money market like ETFs. Certainly some of that is a structural play. It’s it’s investors looking to rotate out of money market mutual funds and maybe pick up a little more yield on some of these products and really serve as a replacement or enhancement to what they’re already doing to that $7 trillion we’re seeing and growing into those money market funds today. The debasement trade was all the talk about two or three weeks ago. This idea that people want to dollarized or de-risk their portfolios, go into gold, go into Bitcoin, anything to get away from U.S. dollar assets. But you look at Bitcoin over the past week since really struggled since that weekend sell off. How is this affecting the release of new products tied to crypto? It’s a great question. Look, again, from a ETFs industry standpoint, we are once again at a record that’s kind of been the headline of this year. Over 800 new products launched and certainly crypto is one of those sort of aspects of the industry that is seeing a lot of product development. There’s more than a hundred pending filings with the SEC and we do expect those to continue to come out. These are for bolt spot crypto, different asset types, but also different variants that are giving investors more choice, whether it’s crypto with yield or crypto with downside protection or leveraged crypto. I think we’re going to see a little bit of everything, even despite, you know, backing off its all time high, the appetite for those products is continuing to grow. Well, Ben, speaking of the FCC, something amazing happened in the past couple of weeks where we finally saw the SEC give the green light specifically two dimensional to launch ETF share classes of their existing mutual funds. Dimensional has, of course, gotten that. Okay. We know that there has been a whole raft of applications from the ETF issuer landscape here. I’m curious where this goes from here now that we do have the initial okay, the blessing from the SCC, there’s a lot of concerns as to whether the plumbing of the industry is able to handle this. And I wonder where you fall on that question. This is the multi multibillion dollar question that everybody is asking. So, look, it’s very disruptive and it could be a game changer, but we think this trend is going to take some time to really play out. And I think part of it is really that infrastructure or plumbing, if you will, to be able to facilitate all of this. First of all, just getting all these products to market, but also the process in which all of the asset managers need to go through to figure out what does make a good ETF share class because they’re not all created equal and not all funds make sense as far as having an ETF share class attached to it, but also just the platforms and the ability to actually process what we anticipate will be a number of exchanges coming from the mutual fund into the ETF. And again, that’s going to take some time. And there’s a lot of automation and technology that needs to be built to facilitate it. So huge trend, but it will take some time to play out. So earnings season is now in full swing here in the US, we saw big banks surprise on the upside. Regional banks had some credit concerns that popped up and now it’s the sort of tech earnings season with Netflix, Tesla and Intel due to release in the coming days. How big a trading event are earnings for an ETF crowd that’s increasingly got more complex tools at their disposal? I think in some ways, like you see the trading volume continue to spike and especially what we’ve seen the last, you know, this year and really the last quarter, ETFs have been bouncing around between. 30 to 40% of the market volume. Incredible to think about how much volume and how investors are actually using these products to position around earnings, and it’s just giving investors more choice. So now you have the single stock ETFs. You have leverage versions of those single stock ETFs up and down. But also the ETF structure is, as you know, transparent and allows investors to look through to understand what assets are or what stocks are in these products so they can position their their portfolios accordingly and play those earnings. And we see literally a little bit of both or a little bit of everything when it comes to ETF investors and looking forward to earnings. And certainly we see that in the tech sector. Well, we’ll be talking about levered single stock ETFs in just a minute. But Ben, before we let you go, it’s exciting that it’s earnings season because we’re not getting official government data on where this economy is. Maybe corporate America can fill in the gap. But with the government shutdown, I’m curious about what the implications for the ETF industry are, whether or not this has any bearing on the record pace of ETF launches that we’ve seen so far Year to date, there doesn’t seem to be much of anything that’s slowing down ETFs these days, But maybe the government shutdown could play a little bit of a role. It’s just effectively going to queue some of these new product launches that need FCC or government approval to be able to get to market. And when you see that, you know, again, they’re not going away. They’re just sort of queuing quietly in the background. So we anticipate when the government reopens, certainly there will be a spike in those new product launches, especially headed into year end, where we would anticipate, again, a historically busy season to get new products to market. And, you know, here we go once again, they’re stacking, they’re stacking quietly behind but ready to go.

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See ETF Flows Across Everything: BNY’s Slavin

October 20th, 2025, 8:09 PM GMT+0000

US ETF inflows recently passed $1 trillion, the fastest asset haul the industry has ever seen. Money is flooding in faster than at any point in the industry’s 30-year history, a sign that optimism in the tax-efficient wrapper has hardened into instinct among traders of all stripes. Ben Slavin, head of ETFs at BNY, joins Katie Greifeld and Scarlet Fu from «Bloomberg ETF IQ» to discuss inflows, digital assets and dual-share class. (Source: Bloomberg)

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