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By its very nature, the next Black Swan will be different than the last Black Swan. Many prudent or conservative investors are now fully or partially hedged against a repetition of the last Black Swan. The next one might be the result of a solar flare or a successful hack. What is the ETF for those and other unimaginable hazards?
it doesn't matter which "black swan", BRBond. what matters is that in time of crisis, all risk assets go down. so your solar flare ETF (provided you found one) will go down as well. the few choices are: the long-dated put options that are continuously rolled or short beta swaps, or long volatility options -- for certain percentage of the portfolio. however, like Mo commented above, insurance never comes cheaply. that's why many a portfolio manager do not do it to stay competitive on pricing.
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