The world changed for ETFs this week, writes Paul Amery. The "physical versus synthetic...

|By:, SA News Editor

The world changed for ETFs this week, writes Paul Amery. The "physical versus synthetic replication debate has been reignited" by an IMF report of systemic risk and a BIS report of banks arbitraging ETFs as a funding mechanism and to enhance capital ratios. In the future, the issuer of the ETF will be more important than the fund concept.