ETFs are no longer synonymous with sensible investing. The fund management industry is launching hundreds of new actively managed ETFs every year, and, for the first time in U.S. market history, there are more ETFs than there are individual stocks, and more actively managed ETFs than index tracking ETFs.

Many of the ETFs being launched today have been engineered to attract assets rather than improve outcomes for investors. I think what we are seeing is best described as ETF slop.