Jeff sits down with Gavin Filmore of Tidal for a deep dive into why, even after three decades, the ETF industry is still, potentially only in the “second or third inning.” Gavin walks through the evolution from simple, passive equity ETFs to today’s surge in active and derivatives-based products, explaining how his experience running an oil ETN through the negative-oil shock convinced him of the importance of flexibility over rigid index rules. They break down how market makers and regulation (like 6c-11 and the derivatives rule) have reshaped the landscape, why semi-transparent ETFs fizzled, and how white-label platforms like Tidal have ridden this innovation wave to roughly $80 billion across hundreds of largely active funds. Jeff and Gavin also get tactical on what it really takes to launch and grow an ETF now, from differentiated “white space” ideas and realistic AUM milestones, to operating capital, distribution strategy, and the contrasting roles of grassroots retail demand versus platform-driven institutional flows, before looking ahead to areas like prediction markets and single-stock futures as the next potential frontiers.
Chapters:
00:00-01:12=Intro
01:13-3:51=Early Innings: Gavin’s New York Roots and ETF Growth Setup
3:52–13:30 = Active ETFs, Derivatives, and Why the ETF Boom Is Still Early
13:31–21:48 = Why Derivatives Need Active ETFs: Oil Going Negative, Flexibility, and Hidden ETF Plumbing
21:49–32:57 = Market Makers, Liquidity Myths, and the Hidden Frictions of ETF Trading
32:58–44:13 = Building Tidal: Inside a White-Label ETF Platform Built on Active and Derivatives
44:14–01:02:12 = How to Launch an ETF: Capital, Distribution, Retail vs. Institutional, and Platform Hurdles
01:02:13-01:13:40 = Prediction Markets, Single-Stock Futures, and the Next Frontiers for ETFs
01:13:41-01:19:16 = ETF Inning Count, Industry Outlook, and Parting Shots
Follow along with Gavin and Tidal on LinkedIn and be sure to check out tidalfinancialgroup.com for more information!
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Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
