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The ETF space is booming,” says Dan Dolan, director of wealth management strategies at Sector SPDRs. Inflows have been massive. “We went from $50 billion to $97 billion in two years,” he says. Indeed, the statistics speak for themselves. Globally, the ETF and ETP (exchange-traded product) industry in 2014 reached a new record of $2.8 trillion in assets, growth of 16 percent, with a record $338.3 billion in new asset inflows. “This dramatic growth demonstrates that ETFs have become a preferred tool for many types of investors,” says Deborah Fuhr, managing partner of ETFGI.
Comparing ETF assets with $23 trillion in traditional mutual fund assets, Daniel Gamba, managing director and head of BlackRock’s iShares Americas Institutional Business, says, “ETFs are an underrepresented investment vehicle compared with less-efficient mutual funds.” More institutions are using ETFs more broadly and more deeply with increased adoption among the largest pension plans, especially in the U.S. Now, foundations and endowments are embracing them as well. Roughly 25 percent of the largest corporate defined-benefit funds employ ETFs in their portfolios, as do one-third of the largest public defined-benefit pension funds and 40 percent of U.S. endowments, according to Greenwich Associates’ 2014 ETF study. The burgeoning growth is expected to continue by $200-$300 billion per year by some estimates.
“简街总经理董事伊恩Schaad说：”尚未选择使用它们的投资者在尚未选择的投资者中，“目前，ETF代表了美国总体资产总额的一小部分，一些机构已开始建立大量的ETF拨款。根据格林威治员工的说法，46％的机构ETF用户将总资产分配到ETF的10％或更多，近33％的报告预报额为10％至25％。五分之一的机构近一次会拨出更大的分配。预计ETF增长将在来年延续。在目前在投资组合中使用ETF的机构中，近一半表示他们希望在未来12个月内扩大使用。三分之一的期望将分配一度为10％，而近15％的计划增加了10％或更多。
我t’s easy to see why. Lower fees and ease of trading and, in some cases, tax advantages are well known reasons. Investment performance is another one. Less than 10 percent of active managers beat the S&P 500, and it’s difficult to add alpha by picking stocks, bonds and commodities. “It’s hard to find active managers that add alpha and beat market benchmarks,” says Fuhr. Even hedge funds have lagged lately, especially when factoring in fees. “Investors want easier access to a greater number of markets and asset classes,” she says. They also want to be treated fairly, and ETFs are transparent and very democratic. “I can’t think of another way to invest in which all investors receive the same product at the same cost with the same ease of trading,” she says. Institutions and individuals achieve the same net results. “It’s a compelling proposition,” she says. “This is a tool to help people do their jobs.”
There are three main uses for ETFs: core exposures, precision exposures, and as a substitute for financial instruments. “We see major new client segments and significant new uses,” says Gamba. The main use of ETFs among institutional investors is to achieve core exposures, such as that of a broad index like the S&P 500, reflecting ETF growth over the past several years. However, most of the action is in utilizing precision exposures to drive alpha. “Contrary to the spirit of ETFs, they are being used to create multi-asset strategies that outperform market benchmarks,” he says. “This represents a majority of our book of business.”
ETFs are a competitive alternative to holding large baskets of equities and fixed-income. “They’re like building blocks,” says Fuhr. Money flowing into these types of strategic products has grown nearly 30 percent last year. Sectors are more popular, factor indices can help to generate alpha, and ETFs allow you to go long and go short. “Some markets don’t allow you to go short,” she says.
事实上,经济增长的一个主要部分是活跃的美国卫生工程师协会(asse)t managers who are using specialty ETFs for multi-strategy solutions. “The third-party segment is growing significantly,” says Dolan. Asset managers are using ETFs to model and optimize their own portfolios, construct portfolios with specific profiles and achieve a broader diversity of returns. “Using sector ETFs, investors are customizing portfolios,” he says. Depending on an investor’s objective, it could generate growth by overweighting with a technology ETF and providing supplementary income with a utility ETF. Interest in utility ETFs has spiked in recent years. “It’s the best-performing sector in the market, with 28 percent growth last year,” he says. As investors continue their search for yield with persistent low interest rates, a utility ETF has done well compared with 10-year bonds. Overall, there has been tremendous investor interest in sectors. Health care has been a steady one. “With aging demographics, it’s been a long-term theme,” he says.
Reducing Volatility
在10年或15年前的剧烈市场，投资者更具侵略性，许多人预计他们的股票的两位数增长。如今，投资者情绪更加专注于降低波动性。“他们说，”不要失去我的钱“，”达兰说。多元化的股票篮子可以减少波动。“你可以买到那个篮子 - 像股票一样看起来和交易的东西，而不必在雪佛龙与德克萨克或苹果对微软之间做出来说，”他说。以低的费用率和轻松的交易，扇区ETF作为库存替代品。能源一直是过去六个月的重点，波动率创造了一个投资者可以扮演ETF的环境。“这是一个具有不同意见的热门话题，”他指出。“投资者说，”我对石油有一个意见。我要长长或短。“”短边一直很受欢迎，当你不确定究竟在哪里下注，ETF有效地工作。 “Why take single stock risk when oil is so volatile,” he asks.
使用精密曝光的其他投资者是区域和国家分配者。“日本股权和货币ETF已经很大，既然羽毛和未成年人，”冈比巴说，因为市场巩固了对经济政策的总理，送股票的支持。“人们对来自日元分开的国家有具体意见，”他说。欧洲也是一个活跃的舞台，特别是在下半场。“欧元目前正在一个方向，所以我们看到的流行贸易是对冲的，”他说。在欧洲，西班牙和葡萄牙的经济加强对这些ETF产生了兴趣。较低的油价鼓励投资者看起来看起来是新兴亚洲。投资者可以通过像建筑块的ETF获得曝光，并将其部署如金融工具。ETF的第三个关键类别是金融工具。“与共同基金和衍生产品相比，ETF更加液体和高效，”Gamba说。 The net cost of futures has risen due to new regulation. “ETFs are fully collateralized and function as replacement trades,” he says.
去年也是美国股票以外的资产课程，特别是固定收入的ETF的记录年份。“投资者正在转向固定收入的ETF来取代债券，”Gamba说。投资级公司债务大幅贡献，收集223亿美元。信贷，高产和新兴市场的ETF也增长。Blackrock的报告描述了许多因素。利率仍然较低，投资者青睐更加安全，更长持续时间的债券类别，与预计2013年的圆锥逐渐减少的较短持续时间不同。欧洲流量是2014年最好的，这一年度加速了，高收益率下降了欧洲央行透露了考虑公司债券购买，以帮助刺激欧元区经济。固定收益率接近竞争股票，比2013年更加温和和波动。
As new ETFs are launched in ever more specific asset classes, concerns about liquidity can arise. Jane Street has been a market maker in the ETF industry for nearly 15 years, providing liquidity to exchanges, banks and broker-dealers. “Now our business is evolving and we’re offering institutional clients direct access to our liquidity,” says Schaad. Operating in all of the ETF asset classes, Jane Street has developed a specialty in parts of the market that are less widely traded, such as corporate bonds, thinly traded commodities and emerging market securities. “The advantage of our offering is scale,” he says. “We have more than 60 ETF traders in the US, Asia and Europe pricing continuously, 24 hours a day, and we can offer block prices for nearly all ETFs globally.”
Another significant use of ETFs supports so-called smart beta investing, also known as advanced beta, strategic beta, or factor investing. These are based on indices that are not weighted by the market capitalization of the underlying components, but by investment factors. “There is increasing demand for smart beta strategies,” says Gamba. The four most used are quality, value, size, and volatility, and as with the sector ETFs, they are often combined to achieve specific investment objectives.
“Institutions have projected increasing ETF allocations for all five years we have conducted the study, and we have seen a steady increase in use and allocations throughout the subsequent periods,” says Greenwich Associates consultant Andrew McCollum. “These results suggest that institutions are not using ETFs on a one-off basis. Instead, they experiment with ETFs in a specific function, discover their utility and broaden their usage to other portfolio applications.”
“The biggest challenge is getting people to try them,” says Fuhr. “Investing in something you can’t buy easily is usually what tips people over.” Once they do, they invest more and use them more broadly. Institutions often adopt ETFs through experimenting for a specific portfolio function, usually cash management, then quickly expand into strategic uses. “We first began implementing ETFs as a way to streamline transitions between managers and to expedite portfolio rebalancing,” says one in the Greenwich Associates report. Now they use ETFs to maintain strategic allocation targets and expects to increase usage in the future. “Our use started as a short-term way to maintain exposure while harvesting losses and has evolved into long-term holdings for asset allocation,” says another who now uses ETFs as a means of obtaining cost-effective exposures in a variety of asset classes, including international bonds.
There are more ETFs in more categories, and more are being launched. In December 2014, BlackRock launched CRBN, a low carbon target ETF. Developed along with the United Nations Joint Staff Pension Fund and University System of Maryland Foundation, it is relevant to pensions, foundations and endowments that wish to pursue environmental sustainability strategies without divestment. “We see a growing demand from global investors who are seeking to invest in way that can have a positive impact on the broader economy without sacrificing potential returns,” says Gamba, “and to be able to do so with the ease, access and efficiency of an ETF.”
Going forward, ETFs face the same challenges for any investment—what will happen in the market. Forecast to grow are actively managed non-transparent ETFs, an increase in factor investing and more ETFs in more markets. Other trends are increased inclusion in 401(k) plans and more distribution through online brokers. “ETFs are maturing but not matured,” says Fuhr.
我n Brazil, Latin America’s largest financial market, ETFs and the concept of passive investing in this kind of instrument is still catching on. The first was launched in 2006, and the market grew to a high of $45 million in daily trading volume in 2012 during Brazil’s high growth years before pulling back to $40.4 million at the end of 2014. “The ETF product is just becoming familiar to Brazilian investors,” says Claudio Jacob, managing director for client business development at BM&FBovespa. “ETF product is not very well known compared with other fund management.” Part of the reason is cultural, as Brazilians are used to human interaction. Part of the reason is regulatory. “Until 2014, ETFs in Brazil were legally restricted to in-kind, equity-based funds,” says Tatiana Grecco, head of index funds and portfolio solutions, Brazil at Itaú Unibanco. Demand and growth are encouraging. “Turnover has reached 1.5 percent of trading volume on the exchange,” says Jacob.
巴西监管机构CVM一直在公开规定，预计新一代ETF将在2015年期间发动。预计是固定收益ETF。“我们预计它于5月推出，”BM＆FBOVESPA的董事总经理，产品和服务工程董事总经理，兼服务工程。巴西投资者在固定收入中持有大部分投资组合。“由于收益率，我们预计对冲基金和外国投资者的新投资，”雅各布说。也会有税收优惠。预计还有新的ETF，为投资者提供外国风险。“巴西这些文书仍然缺乏稀缺，因为抵御资产昂贵的是昂贵的，并且不允许外资的交流，”Grecco解释道。
我n the past, most ETF holders in Brazil were retail investors. “In the last few years, large institutional investors have increased their use of ETFs by combining them with other strategies in their portfolios,” says Grecco. However, their investments have been concentrated in the largest ETFs because regulators ban investors from owning more than 25 percent of any ETF. “As the market develops, assets grow, and as smaller investors increase their use of ETFs, this constraint should become less important,” she says.
There are two main uses for ETFs among institutional investors and asset managers in Brazil. The first is for core long-term holdings, taking advantage of their low cost. This approach is quite commonly employed by institutional investors as a way to maintain performance benchmarks. The second is to take short-term positions in ETFs to time the market. Although this approach is more common among asset managers, some institutional investors actively trade ETFs to increase or reduce their overall positions in equities and thereby take advantage of short-term market trends. By Howard Moore
ETFs Are Booming
The ETF space is booming,” says Dan Dolan, director of wealth management strategies at Sector SPDRs. Inflows have been massive. “We went from $50 billion to $97 billion in two years,” he says. Indeed, the statistics speak for themselves. Globally, the ETF and ETP (exchange-traded product) industry in 2014 reached a new record of $2.8 trillion in assets, growth of 16 percent, with a record $338.3 billion in new asset inflows. “This dramatic growth demonstrates that ETFs have become a preferred tool for many types of investors,” says Deborah Fuhr, managing partner of ETFGI.
Comparing ETF assets with $23 trillion in traditional mutual fund assets, Daniel Gamba, managing director and head of BlackRock’s iShares Americas Institutional Business, says, “ETFs are an underrepresented investment vehicle compared with less-efficient mutual funds.” More institutions are using ETFs more broadly and more deeply with increased adoption among the largest pension plans, especially in the U.S. Now, foundations and endowments are embracing them as well. Roughly 25 percent of the largest corporate defined-benefit funds employ ETFs in their portfolios, as do one-third of the largest public defined-benefit pension funds and 40 percent of U.S. endowments, according to Greenwich Associates’ 2014 ETF study. The burgeoning growth is expected to continue by $200-$300 billion per year by some estimates.
“简街总经理董事伊恩Schaad说：”尚未选择使用它们的投资者在尚未选择的投资者中，“目前，ETF代表了美国总体资产总额的一小部分，一些机构已开始建立大量的ETF拨款。根据格林威治员工的说法，46％的机构ETF用户将总资产分配到ETF的10％或更多，近33％的报告预报额为10％至25％。五分之一的机构近一次会拨出更大的分配。预计ETF增长将在来年延续。在目前在投资组合中使用ETF的机构中，近一半表示他们希望在未来12个月内扩大使用。三分之一的期望将分配一度为10％，而近15％的计划增加了10％或更多。
我t’s easy to see why. Lower fees and ease of trading and, in some cases, tax advantages are well known reasons. Investment performance is another one. Less than 10 percent of active managers beat the S&P 500, and it’s difficult to add alpha by picking stocks, bonds and commodities. “It’s hard to find active managers that add alpha and beat market benchmarks,” says Fuhr. Even hedge funds have lagged lately, especially when factoring in fees. “Investors want easier access to a greater number of markets and asset classes,” she says. They also want to be treated fairly, and ETFs are transparent and very democratic. “I can’t think of another way to invest in which all investors receive the same product at the same cost with the same ease of trading,” she says. Institutions and individuals achieve the same net results. “It’s a compelling proposition,” she says. “This is a tool to help people do their jobs.”
There are three main uses for ETFs: core exposures, precision exposures, and as a substitute for financial instruments. “We see major new client segments and significant new uses,” says Gamba. The main use of ETFs among institutional investors is to achieve core exposures, such as that of a broad index like the S&P 500, reflecting ETF growth over the past several years. However, most of the action is in utilizing precision exposures to drive alpha. “Contrary to the spirit of ETFs, they are being used to create multi-asset strategies that outperform market benchmarks,” he says. “This represents a majority of our book of business.”
ETFs are a competitive alternative to holding large baskets of equities and fixed-income. “They’re like building blocks,” says Fuhr. Money flowing into these types of strategic products has grown nearly 30 percent last year. Sectors are more popular, factor indices can help to generate alpha, and ETFs allow you to go long and go short. “Some markets don’t allow you to go short,” she says.
事实上,经济增长的一个主要部分是活跃的美国卫生工程师协会(asse)t managers who are using specialty ETFs for multi-strategy solutions. “The third-party segment is growing significantly,” says Dolan. Asset managers are using ETFs to model and optimize their own portfolios, construct portfolios with specific profiles and achieve a broader diversity of returns. “Using sector ETFs, investors are customizing portfolios,” he says. Depending on an investor’s objective, it could generate growth by overweighting with a technology ETF and providing supplementary income with a utility ETF. Interest in utility ETFs has spiked in recent years. “It’s the best-performing sector in the market, with 28 percent growth last year,” he says. As investors continue their search for yield with persistent low interest rates, a utility ETF has done well compared with 10-year bonds. Overall, there has been tremendous investor interest in sectors. Health care has been a steady one. “With aging demographics, it’s been a long-term theme,” he says.
Reducing Volatility
在10年或15年前的剧烈市场，投资者更具侵略性，许多人预计他们的股票的两位数增长。如今，投资者情绪更加专注于降低波动性。“他们说，”不要失去我的钱“，”达兰说。多元化的股票篮子可以减少波动。“你可以买到那个篮子 - 像股票一样看起来和交易的东西，而不必在雪佛龙与德克萨克或苹果对微软之间做出来说，”他说。以低的费用率和轻松的交易，扇区ETF作为库存替代品。能源一直是过去六个月的重点，波动率创造了一个投资者可以扮演ETF的环境。“这是一个具有不同意见的热门话题，”他指出。“投资者说，”我对石油有一个意见。我要长长或短。“”短边一直很受欢迎，当你不确定究竟在哪里下注，ETF有效地工作。 “Why take single stock risk when oil is so volatile,” he asks.
使用精密曝光的其他投资者是区域和国家分配者。“日本股权和货币ETF已经很大，既然羽毛和未成年人，”冈比巴说，因为市场巩固了对经济政策的总理，送股票的支持。“人们对来自日元分开的国家有具体意见，”他说。欧洲也是一个活跃的舞台，特别是在下半场。“欧元目前正在一个方向，所以我们看到的流行贸易是对冲的，”他说。在欧洲，西班牙和葡萄牙的经济加强对这些ETF产生了兴趣。较低的油价鼓励投资者看起来看起来是新兴亚洲。投资者可以通过像建筑块的ETF获得曝光，并将其部署如金融工具。ETF的第三个关键类别是金融工具。“与共同基金和衍生产品相比，ETF更加液体和高效，”Gamba说。 The net cost of futures has risen due to new regulation. “ETFs are fully collateralized and function as replacement trades,” he says.
去年也是美国股票以外的资产课程，特别是固定收入的ETF的记录年份。“投资者正在转向固定收入的ETF来取代债券，”Gamba说。投资级公司债务大幅贡献，收集223亿美元。信贷，高产和新兴市场的ETF也增长。Blackrock的报告描述了许多因素。利率仍然较低，投资者青睐更加安全，更长持续时间的债券类别，与预计2013年的圆锥逐渐减少的较短持续时间不同。欧洲流量是2014年最好的，这一年度加速了，高收益率下降了欧洲央行透露了考虑公司债券购买，以帮助刺激欧元区经济。固定收益率接近竞争股票，比2013年更加温和和波动。
As new ETFs are launched in ever more specific asset classes, concerns about liquidity can arise. Jane Street has been a market maker in the ETF industry for nearly 15 years, providing liquidity to exchanges, banks and broker-dealers. “Now our business is evolving and we’re offering institutional clients direct access to our liquidity,” says Schaad. Operating in all of the ETF asset classes, Jane Street has developed a specialty in parts of the market that are less widely traded, such as corporate bonds, thinly traded commodities and emerging market securities. “The advantage of our offering is scale,” he says. “We have more than 60 ETF traders in the US, Asia and Europe pricing continuously, 24 hours a day, and we can offer block prices for nearly all ETFs globally.”
Another significant use of ETFs supports so-called smart beta investing, also known as advanced beta, strategic beta, or factor investing. These are based on indices that are not weighted by the market capitalization of the underlying components, but by investment factors. “There is increasing demand for smart beta strategies,” says Gamba. The four most used are quality, value, size, and volatility, and as with the sector ETFs, they are often combined to achieve specific investment objectives.
我ncreasing Allocations
“Institutions have projected increasing ETF allocations for all five years we have conducted the study, and we have seen a steady increase in use and allocations throughout the subsequent periods,” says Greenwich Associates consultant Andrew McCollum. “These results suggest that institutions are not using ETFs on a one-off basis. Instead, they experiment with ETFs in a specific function, discover their utility and broaden their usage to other portfolio applications.”
“The biggest challenge is getting people to try them,” says Fuhr. “Investing in something you can’t buy easily is usually what tips people over.” Once they do, they invest more and use them more broadly. Institutions often adopt ETFs through experimenting for a specific portfolio function, usually cash management, then quickly expand into strategic uses. “We first began implementing ETFs as a way to streamline transitions between managers and to expedite portfolio rebalancing,” says one in the Greenwich Associates report. Now they use ETFs to maintain strategic allocation targets and expects to increase usage in the future. “Our use started as a short-term way to maintain exposure while harvesting losses and has evolved into long-term holdings for asset allocation,” says another who now uses ETFs as a means of obtaining cost-effective exposures in a variety of asset classes, including international bonds.
There are more ETFs in more categories, and more are being launched. In December 2014, BlackRock launched CRBN, a low carbon target ETF. Developed along with the United Nations Joint Staff Pension Fund and University System of Maryland Foundation, it is relevant to pensions, foundations and endowments that wish to pursue environmental sustainability strategies without divestment. “We see a growing demand from global investors who are seeking to invest in way that can have a positive impact on the broader economy without sacrificing potential returns,” says Gamba, “and to be able to do so with the ease, access and efficiency of an ETF.”
Going forward, ETFs face the same challenges for any investment—what will happen in the market. Forecast to grow are actively managed non-transparent ETFs, an increase in factor investing and more ETFs in more markets. Other trends are increased inclusion in 401(k) plans and more distribution through online brokers. “ETFs are maturing but not matured,” says Fuhr.
Growth Potential in Brazil
我n Brazil, Latin America’s largest financial market, ETFs and the concept of passive investing in this kind of instrument is still catching on. The first was launched in 2006, and the market grew to a high of $45 million in daily trading volume in 2012 during Brazil’s high growth years before pulling back to $40.4 million at the end of 2014. “The ETF product is just becoming familiar to Brazilian investors,” says Claudio Jacob, managing director for client business development at BM&FBovespa. “ETF product is not very well known compared with other fund management.” Part of the reason is cultural, as Brazilians are used to human interaction. Part of the reason is regulatory. “Until 2014, ETFs in Brazil were legally restricted to in-kind, equity-based funds,” says Tatiana Grecco, head of index funds and portfolio solutions, Brazil at Itaú Unibanco. Demand and growth are encouraging. “Turnover has reached 1.5 percent of trading volume on the exchange,” says Jacob.
巴西监管机构CVM一直在公开规定，预计新一代ETF将在2015年期间发动。预计是固定收益ETF。“我们预计它于5月推出，”BM＆FBOVESPA的董事总经理，产品和服务工程董事总经理，兼服务工程。巴西投资者在固定收入中持有大部分投资组合。“由于收益率，我们预计对冲基金和外国投资者的新投资，”雅各布说。也会有税收优惠。预计还有新的ETF，为投资者提供外国风险。“巴西这些文书仍然缺乏稀缺，因为抵御资产昂贵的是昂贵的，并且不允许外资的交流，”Grecco解释道。
我n the past, most ETF holders in Brazil were retail investors. “In the last few years, large institutional investors have increased their use of ETFs by combining them with other strategies in their portfolios,” says Grecco. However, their investments have been concentrated in the largest ETFs because regulators ban investors from owning more than 25 percent of any ETF. “As the market develops, assets grow, and as smaller investors increase their use of ETFs, this constraint should become less important,” she says.
There are two main uses for ETFs among institutional investors and asset managers in Brazil. The first is for core long-term holdings, taking advantage of their low cost. This approach is quite commonly employed by institutional investors as a way to maintain performance benchmarks. The second is to take short-term positions in ETFs to time the market. Although this approach is more common among asset managers, some institutional investors actively trade ETFs to increase or reduce their overall positions in equities and thereby take advantage of short-term market trends. By Howard Moore