Fintech is a stupid term. Always was and always will be.As we’ve pointed in the past, financial services and banking have never not been technological, hence using “fintech” to describe businesses which are both financial and technological has always been tautological. But fine, we rolled with it. The marketing and PR industry seemed intent on applying the portmanteau to the challenger and disruptor sector.But given that, it seems somewhat absurd for ETF provider Source to be launching a “Fintech ETF” that includes such prominent incumbents as Visa, Mastercard, Amex and Nasdaq.The ETF tracks the KBW Nasdaq Financial Technology Index, which was launched last July. And here’s what qualifies as “fintech” in the minds of the Source/KBW people:Performance to date explains the appeal of marketing the new product, even if it’s mostly a collection of incumbents:But hey. Any excuse to thematically bundle a bunch of stocks together.
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Fintech is a stupid term. Always was and always will be.
As we’ve pointed