How Index-Fund Investing Turned Into an Extreme Sport

U.S. exchange-traded funds have collected some $437 billion in new assets so far this year.

Investors have poured $56 billion into so-called equity hedged funds and ETFs.

New funds offer huge payouts, but harbor even bigger risks.

Markets rebounded from tariff tumult but bond funds still drew the cash. Plus: A Financial Flashback to 30 years ago, when Nasdaq crossed 1000.

Paul Marshall and Ian Wace have almost nothing in common—except a $70 billion fund with a top-secret algorithm. Says Wace: ‘I don’t think I have really ever agreed with anything that Paul has ever said.’

Private-managers now influence the U.S. economy and politics in ways few Americans understand.

There are plenty of choices. They don’t have to be difficult.

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