Any entity with over $100 million in assets must file a 13F each quarter with their holdings. The Q1 filings show that ~3% of the ETF market cap is held by investment advisors, ~10% by hedge funds, and ~85% by retail investors – the average ETF is 35% owned by investment advisors. The ETFs appeared to hurt Coinbase's retail volume, as its retail volume is 50% of what it was in 2021. This author, a macro investment researcher, sees the ETFs as “orange FOMO poker chips” and says that the goal of a decentralized financial system should not be pushing money into ETFs.