This is the fourth in a series of posts on ETFs with the first three focusing on potential liquidity problems in a financial crisis which was in response to a Noah Smith column, order completion in a rapidly down trending market, and difficulties of ETF market makers.
In 2012, Morningstar did an extensive global study of synthetic ETFs which is a good starting point to understanding the risks in synthetic ETFs.
Synthetic ETFs do not track an index. They use swaps with counter-party risk and/or futures contracts which are more difficult and expensive to manage. They are usually commodities ETFs or
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