The Rise of Retail: From SPYs to Alts

Cory Laing, Head of ETF and Institutional Equity Sales at Citadel Securities, led a discussion with Jim Zelter, President of Apollo Global Management, Yie-Hsin Hung, CEO of State Street Investment Management, and Scott Rubner, Head of Equity and Equity Derivatives Strategy at Citadel Securities. The panel explored how retail investors are transforming markets and influencing product innovation across public and private markets.

Key Takeaways

• Retail as a Market Force: Individual investors now represent more than half of U.S. equity ownership and have become central drivers of trading activity and market momentum.
• Democratizing Alternatives: Private markets are opening to retail through ETFs, bringing institutional-style diversification and yield to individual investors.
• ETFs as Engines of Access: ETFs continue to lead financial innovation, offering transparency, liquidity, and new pathways for exposure to private credit and hybrid assets.
• Retirement and Demographics: Aging populations are fueling demand for outcome-oriented strategies, including target-date and income-focused ETFs designed for decumulation.
• Evolving Market Structure: Regulatory reforms and technology are changing how capital flows, linking retail investors more closely with global private and public markets.

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