March 13, 2009 at 2:05 pm by ETF.com
Wall Street may soon open its doors to the first official “doom and gloom” ETF. Harry Dent, best known for predicting the tech bubble in the late 1990s and penning the recent book, The Great Depression Ahead, will soon get his own exchange-traded fund. The new fund will be actively managed by himself and the professional ETF management company AdvisorShares.
MSNBC reports that Dent, known as “Sage of Doom and Gloom” among many prolific investors, will partner with AdvisorShares to create an actively managed ETF for investors who share his economic ideology. Although AdvisorShares is a relatively new name among giants in the exchange-traded fund industry, the new ETF will be one of three it hopes to launch in the near future with two other funds already filed with the SEC.
Dent is hardly known for his positive outlook, with the majority of his predictions forecasting economic hardship rather than prosperity. At this time, it is unknown when the ETF will be launched and under what name; however, investors are anticipating the breakdown of his ETF portfolio to see how the “Sage of Doom and Gloom” plans to tackle Wall Street.