Millennial Spending Is Just One Angle for Thematic ETFs

千禧一代是美国历史上最大的一代，即使是婴儿潮一代，也超过了一年的集体2万亿美元。根据一些预测，这种有影响力的队伍从1981年到1997年出生的队伍，可以占2025年的收入高达8万亿美元。

但到目前为止，除了缩短学生贷款或收集这些债务外，华尔街发现它难以兑现Millennials. Investment firm Global X aims to change that with its Millennials Thematic ETF (MILN), which offers exposure to the 75 million-strong generation’s spending patterns. New York–based Global X, which manages nearly 50 exchange-traded funds and almost $3 billion in assets, launched MILN this month as part of its People suite of thematic ETFs.

该公司与纽约总部指数提供商Indxx合作，也推出了全球X长寿专题ETF和全球X健康和健康专题ETF。前者专业从事迎合老年消费者的医疗保健，药品和其他公司;后者分配给服务健康有意识和身体活跃的企业。“我们觉得我们有一个良好的群体商店和长期兴趣的地方，”全球X研究总监Jay Jacobs说。

Thematic investing has long been a core part of institutional portfolios, but it used to require dedicated research teams and pricey active management. Now a growing number of ETFs are offering thematic exposure; increasingly, investors can pick almost any topic and find a fund that tracks it. For example, the Video Game Tech ETF offered by New York–headquartered PureFunds invests in companies such as Electronic Arts and Nintendo Co. But are these products all they’re cracked up to be?

According to MILN’s prospectus, the ETF targets eight Millennial spending categories: social and entertainment; clothing and apparel; travel and mobility; food, restaurants and consumer staples; financial services and investments; housing and home goods; education and employment; and health and fitness. The fund’s top holdings include Facebook, student housing provider American Campus Communities, restaurant chain Chipotle Mexican Grill and a handful of retailers that skew young, such as Francesca’s Holdings Corp. — all obvious Millennial favorites.

其他名称更令人惊讶：学生贷款服务员并注意到短目标NELNET使列表成为贷款俱乐部，现在是联邦大陪审团探究的一部分，用于销售旧金山的对等贷款人可能无法获得的贷款在不绘制资产负债表的情况下良好。在某些方面，这些夹杂物看起来更像是对千禧年的赌注，而不是他们未来的经济健康的认可。与此同时，持有高档零售商的整个食品市场和Lululemon Athletica，或家庭拥有的挑选，如家庭仓库和在线房地产市场Zillow，表明了一种生活方式，大多数千禧一代可能渴望，但很难承担。

Jacobs由ETF的组成公司代表，尽管他承认该指数可能会随着千禧一代的偏好变化而发展。“我们看到有证据表明，更多传统的家庭形成在地平线上，”他说，这一代代表的成员们从父母那里继承了总共约40万亿美元。千禧一代用来偿还他们的财富助学贷款and credit cards, maybe they can afford a studio apartment on the outskirts of a major city, along with yoga classes above Lululemon — or so MILN investors might hope.

It’s early days for MILN and other thematic ETFs, but the category looks like it’s here to stay. Dave Gedeon, Washington-based vice president of Nasdaq Global Information Services, who works on ETF construction and research, says everyone from retail to institutional investors has taken an interest.

虽然这些新的ETF是未经证实的，但名称识别可以帮助吸引投资者。最近survey of 250 U.S. advisers私人银行棕色兄弟哈里曼兄弟们和新闻网站etf.com，60％的受访者表示，他们将投资于一年或更短的市场上一直在市场的ETF。BBH的基于波士顿的全球ETF服务负责人的Shawn McNinch，为ETF提供了一个分发平台，表示顾问们愿意在他们所信任的品牌或提供他们寻求的曝光的品牌中来看一段短暂的赛道记录。

"高盛来到时引起一场轩然大波market with their ETFs, in large part because of the brand, for example,” explains McNinch, who has seen some ETF start-ups join forces with established index providers to gain credibility. “The willingness of investors to come in on branding has been a real wake-up call for some mutual funds and other firms that don’t have their own ETFs,” he says. “We see a really strong pipeline of product into the future as more firms bring their ideas to market.”

Nasdaq’s Gedeon points out that thematic and niche ETFs are replacing costlier investment strategies in institutional portfolios: “In some cases we’ve seen that institutions are looking at thematic ETFs either in addition to or instead of an in-house thematic strategy because they can get the exposure they want without having to devote as many resources to research.”

对于ETF投资者热衷于千禧一代或任何其他主题，关键是要了解驾驶产品的指数方法以及它是否是可持续的回报来源，Gedeon补充道。“没有投资者将完全熟悉一家给定产品的公司，”他说。“但如果您了解产品的工作原理以及如何重量公司的指数，您应该能够对性能做出一些假设。”•