Summary
TLDR: Kyle DaCruz from VanEck says ETFs are mostly retail investors but lack transparency in early days due to trades being executed by authorized participants, market makers, and brokers on behalf of entities.
Key Points
1. Retail investors are a significant portion of those investing in ETFs.
2. Lack of transparency exists in the early days of ETF launches, as trades are often executed by authorized participants, market makers, and brokers on behalf of entities.
3. The involvement of various parties in ETF investments can make it difficult to identify individual investors in the market.