"An investor should move to cash and cash alternatives," he advised.
The ongoing trend to passive or smart beta products will continue, according to Maxwell Gold, the director of investment strategy at ETF Securities.
The catalyst is Trump, whose election, according to Macquarie Group analyst David Konrad, will usher in a "new world order" for the industry.
The mechanism for creating and turning over shares of ETFs needs more automation, Virtu told the SEC in a letter.
Advisors Asset Management CEO Scott Colyer says loosening regulatory reigns may free up spending previously directed toward compliance.