AI Summary
5 min readStructured Notes Are Growing, Not Shrinking — Here's Why
The structured note market is booming even as buffered ETFs and defined-outcome funds flood the advisor space. Matt Radkowski, CEO of Halo Investing, puts it plainly: "We've not seen the cannibalization. Actually, we've seen the opposite. Our volumes continue to grow, wallet share continues to grow. So bring it on." That counterintuitive outcome — where competing products should shrink the market but instead expand it — comes down to a secular shift in investor psychology and the technology that now makes these products manageable.
Why Investors Want Defined Outcomes
Radkowski points to two converging trends. First, the massive baby boomer demographic is moving into retirement with concentrated wealth and a growing need for security. Second, younger investors are showing interest in protection earlier than expected. The result is a broad-based demand for what Radkowski calls "definition of outcome security" — knowing what happens to your money in different market scenarios.
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What you'll learn
- 1 Talk Your Book: The Alternative to Alternatives
- 2 (00:00) **Show Introduction & Sponsor** - Halo Investing sponsor and host introductions
- 3 (00:48) **Jevon's Paradox for Structured Notes** - Why the rise of buffer ETFs hasn't cannibalized the structured note market
- 4 (02:32) **Matt Radkowski Reintroduction & Market Context** - CEO of Halo explains why structured notes continue growing despite new competition
- 5 (04:26) **Secular Drivers Behind Product Demand** - Three forces creating sustained demand for structured products
- 6 (05:25) **Introducing Halo Aura** - A new tool that quantifies the portfolio impact of structured notes
- 7 (07:21) **AI as the Perfect Match for Structured Notes** - How AI solves the complexity problem
+ Full timestamped outline available in the app
Show Notes
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Matt Radgowski from Halo to discuss: the structured notes space, how AI is improving reporting capabilities, how advisors use structured notes in client portfolios, the impact of defined outcome ETFs and much more.
Find complete show notes on our blogs...
Michael Batnick’s The Irrelevant Investor
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
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