Ken Fisher's Side Bet in an Arcane and Controversial Corner of Wall Street

The video discusses Fisher Investments' significant stake in ETNs, accounting for over 25% of US-listed ETN assets. It highlights the unique structure and risks of ETNs, which offer quarterly leverage and are used to outperform benchmarks. Despite their potential, ETNs are costly, with fees ranging from 1.5% to 4%, and involve complexities like floating fees with Libor. The video raises concerns about client awareness of these high-cost, complex products, especially for those seeking low-cost, broad-based asset allocation.

Discuss the fees associated with the ETNs compared to traditional ETFs.

What concerns might clients have regarding Fisher's investment strategy with high-cost products?