It's a perfect tool for market manipulation. Say the big firms create a "Trump account" ETF not otherwise available to the general investor. These ETFs would contain only the desired equities - a sort of market basket, but slanted in the desired direction. Suppose these ETFs had limited reporting requirements and did not have to disclose the particulars - just overall performance etc. The firms managing the ETFs would have almost single-click control over the portfolio of the entire TA-ETF...
So "who" invests it (makes the preferred equities decisions), and who gets to vote the shares?
It's a perfect tool for market manipulation. Say the big firms create a "Trump account" ETF not otherwise available to the general investor. These ETFs would contain only the desired equities - a sort of market basket, but slanted in the desired direction. Suppose these ETFs had limited reporting requirements and did not have to disclose the particulars - just overall performance etc. The firms managing the ETFs would have almost single-click control over the portfolio of the entire TA-ETF...
Am I being paranoid?