, Columnist
Goldman’s $2 Billion ETF Deal Exposes Shareholder Blind Spots
What’s fair?
Photographer: Michael Nagle/Bloomberg
Every so often a story comes along that encapsulates all the reasons to be ashamed I work in finance. Don’t misunderstand. Overall, I’m moderately proud of my career and think the world might be slightly better for it. But like most careers, finance requires co-existing with some unseemly practices.
Goldman Sachs Group Inc.’s recently announced $2 billion deal to acquire Innovator Capital Management lays bare a few aspects that I find frustrating in the world of exchange-traded funds. Innovator manages $28 billion in 150 “defined-outcome” ETFs.