Nancy Davis

Nancy Davis worked at Goldman Sachs as a derivatives and volatility trader before founding Quadratic Capital Management. She launched the IVOL (Quadratic Interest Rate Volatility and Inflation Hedge ETF) in 2019, which uses interest rate options to provide retail investors with exposure to interest rate volatility and inflation expectations — strategies previously only available to institutional investors. IVOL grew to over $2 billion in assets. Davis has been a prominent voice on interest rate risk and the democratization of complex fixed income derivatives through ETF structures. Her work in packaging institutional-grade interest rate volatility strategies into a retail-accessible wrapper has opened a new category of fixed income risk management tools for individual investors, contributing to the broader trend of product innovation in the ETF industry that has blurred the traditional distinction between institutional and retail investment access.