Exchange traded funds (ETFs) have emerged as one of the most transformative financial innovations of this generation. The advent of ETFs over 30 years ago equipped investors with an efficient means of accessing a wide range of market exposures with liquid, transparent execution. Ever since, institutions — including pension funds, insurers, central banks, and many others — have found increasingly innovative ways to integrate ETFs into their investment strategies. Institutional adoption accelerated following the observed efficiency and deep liquidity of ETFs in highly stressed market conditions relative to their underlying asset markets. We’ll be exploring pension funds’ and insurers’ use of ETFs.