Alpha Exchange

Launched in 1993, the S&P Depository Receipt, or Spider, will soon turn 30. Over these 3 decades, the ETF product landscape has grown tremendously both in assets under management and in the increasing breadth of risk profiles that can be accessed. Credit-focused ETFs have seen particularly robust growth, with products like the HYG reaching an asset size in the tens of billions. And with this in mind, it was a pleasure to welcome Joanna Gallegos, co-founder of ETF creator BondBloxx, to the Alpha Exchange.Spending her 20 year career in the design and production of exchange traded funds, Joanna shares her perspective on the inputs that have been critical for providers to deliver products at such scale. Here, she cites the operational efficiencies developed by passive index money managers in the years preceding ETFs. Our conversation turns to fixed income ETFs and the founding idea of BondBloxx, a suite of products designed to provide more targeted credit exposure based on both industry and rating. Launching