Dump Deutsche Bank ETNs Now

Unlike exchange-traded funds (“ETFs”) and mutual funds, which are legally structured as stand-alone entities, exchange-traded notes (“ETNs”) are debt obligations of the issuer. What is more, they are “unsecured” debt obligations without any type of collateral....

Brexit Is Years Away and Might Not Be Bad

I am amazed at all the negative press surrounding the recent U.K. referendum vote in favor of leaving the European Union (“EU”).  Various observers, many of whom are unfamiliar with British politics, have apparently decided that this decision is a bad one.  However,...

SPY Turns 20

The SPDR S&P 500 ETF (SPY) is twenty years old today.  It became the very first U.S. listed exchange traded fund (“ETF”) on January 29, 1993.  About a million shares changed hands that first day, with SPY closing at $43.94.  SPY was designed to have a price...