According to @EricBalchunas, a new Charles Schwab survey of 2,000 investors shows ETFs are attracting assets from multiple funding pools, including direct indexing, highlighting broad inflow channels for the ETF wrapper (source: Eric Balchunas; Charles Schwab investor survey). @EricBalchunas added that the survey was highly optimistic, with most respondents planning to increase ETF usage, indicating a strong pipeline of demand for ETF products among retail and advised segments (source: Eric Balchunas; Charles Schwab investor survey). He also noted that while direct indexing was expected to disrupt ETFs, current responses suggest ETFs are instead pulling assets from direct indexing, reinforcing the resilience of the ETF structure in portfolio construction (source: Eric Balchunas; Charles Schwab investor survey).

According to Eric Balchunas, tokenization in traditional finance is mainly a back-office plumbing efficiency upgrade rather than a consumer-facing product shift, source: Eric Balchunas on X, Sep 11, 2025. He does not expect investors to sell broad-market ETFs like VOO to buy tokenized versions because he sees no consumer value-add to justify switching, source: Eric Balchunas on X, Sep 11, 2025. He compares current tokenization hype to past direct indexing promotion and notes he was right that DI would not displace ETFs, reinforcing his view that ETFs remain underestimated, source: Eric Balchunas on X, Sep 11, 2025. For trading strategy, his stance implies low near-term risk of ETF-to-token flow cannibalization and frames tokenization as infrastructure rather than a catalyst for retail rotation, source: Eric Balchunas on X, Sep 11, 2025.