Matt Levine's Money Stuff: ETFs Are Where the Fun Is

n-stock ETFs

If you are a retail stockbroker, sometimes your customers will come to you looking to do a trade. “I want to buy this Nvidia,” they say, or “this Bitcoin,” or “I want to buy the S&P 500 index and also write monthly out-of-the-money calls on it for income.” And if their idea is basically sensible you will try to help them do the trade they want to do. Sometimes this means just buying a stock for them; other times it might mean lending them money to buy it on margin, or lending them stock to short, or ...