Jacob Joseph "Jack" Lew U.S. Secretary of the Treasury

U.S. Treasury Secretary Jack Lew apparently is on the cutting edge when it comes to his mutual fund investments. The new Treasury chief and former chief of staff for President Obama likes ETFs — not traditional open-end mutual funds. That revelation came through Lews financial disclosures ferreted out by Bloomberg.

Lew's ETF holdings come from SSgA and BlackRock and Invesco and specifically are: SPDR S&P 500 (SPY), PowerShares Nasdaq 100 (QQQ), SPDR Mid Cap 400 (MDY), iShares Russell 2000 (IWM) and SPDR Dow Jones Industrial Average (DIA).

He also has retirement assets in an account managed by New York City-based TIAA-CREF.

One takeaway from the disclosures may be that Lew holds no soft spot in his heart for boutique managers of traditional funds. 

Edited by: Sean Hanna, Editor in Chief


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