ETF Pioneer: I am Skeptical of Non-Transparent Funds

The video discusses direct indexing, highlighting its appeal and challenges, such as tracking error and tax alpha. It also covers non-transparent active ETFs and their prospects, emphasizing the trend towards transparency. Finally, it explores smart beta as a form of active management, focusing on investor behavior and the need for understanding the product's rationale.

What is tax alpha in the context of direct indexing, and what are its potential limitations?

What are the implications of moving towards non-transparent active ETFs?

How does smart beta relate to active management, and what are its benefits?