Chairman Dan Wiener recently spoke with Bob Pisani of CNBC’s “ETFA type of security which allows investors to indirectly invest in an underlying basket of financial instruments (these may include stocks, bonds, commodities or other types of instruments). Shares in an ETF are publicly traded on an exchange, and the price of an ETF’s shares will fluctuate throughout the trading day (traditional mutual funds trade only once a day). For example, one popular ETF tracks the companies in the S&P 500, so buying a share of the ETF gets an investor exposure to all 500 companies in the index. Edge” about factor investing—ETFs that track indexes constructed out of active input into the factors ruled in (and ruled out) of asset selection. Wiener discusses Vanguard’s 2018 entry into the factor-ETF marketplace and the mutual fund giant’s new products’ wildly variant performance history—and that the two that have attracted the most assets have been the worst performers.