纳斯达克Bolsters Smart Beta ETF业务与DWA收购

在新的一年开始，纳斯达克股市宣布第二次收购智能测试索引提供商。纳斯达克将支付2.25亿美元收购许多注册投资顾问将承认的名称：技术分析研究公司Dorsey，Richmond，Virginia的赖特＆Associates（DWA）。

Index licensing is a highly competitive business with about 140 providers worldwide, says Deborah Fuhr, managing partner at ETFGI, a London-based research and consulting firm specializing in exchange-traded funds and products. But it’s also a lucrative industry that offers plenty of synergies for the exchanges. Nasdaq isn’t the only one that has been making acquisitions, Fuhr notes. In December the London Stock Exchange Group, which sponsors the FTSE indexes, closed its $2.7 billion purchase of Seattle-based Frank Russell Co.; the exchange has said that this deal will boost its index licensing and ETF operations.

DWA co-founder Tom Dorsey won fame in certain circles for the zeal with which he adopted and promoted point and figure charting, a more than 100-year-old method of technical analysis that measures demand for a company’s shares in the market versus the available supply. Developed by Dow Jones & Co. co-founder Charles Dow, it allows investors to see whether the trend in a stock’s price is up or down based on which is greater, demand or supply. If both are in balance, a stock should move sideways.

罗西“dusted that science off, and with the advent of technology, has done great things with it,” says longtime acquaintance Joseph Rizzello, chairman of Creative Financial Group, a Newtown Square, Pennsylvania–based RIA with about $450 million in assets under management.

点和图表曾经是一个繁琐的过程，涉及用手进入XS列（价格上涨）和操作系统（价格下降）的日常收盘价。通过将该任务计算机化，Dorsey能够将他的技术分析能力扩展到“大多数华尔街出来对Dorsey，Wright的技术研究”Rizzello表示。

DWA也是众所周知的，它呼吁其相对强度模型，该模型可以单独或分组进行股票的市场绩效。从2007年开始，Invesco采用该方法构建，建立了亚特兰大的公司系列15个Powershares DWA势头交易所交易资金，这些资金跟踪了Dorsey Wright技术领导者指数。

去年伊利诺伊州惠顿的第一个信托顾问使用了相同的相对强度方法来推出两个新的赛道旋转ETF。他们包括First Trust Dorsey Wright Focus 5 ETF (FV)，2014年第1号美国ETF推出，资产为13亿美元。

Most indexes that track the stock market are weighted based on market capitalization. The termsmart betahas come into vogue to describe a new category of ETFs that follow indexes designed in favor of factors other than market cap, in the quest for greater returns. They’re still passively managed because once the rules of the new index are established, the ETF must follow those rules, with no human intervention.

“所有智能测试版的意思是它是基于规则的，”Dorsey告诉亚博赞助欧冠. “You have rules, and you let the rules run. It’s not that the beta is smart. If you’ve got bad rules and they suck, your results are going to suck.”

Adding DWA’s 17 ETFs to the 69 that currently license one of Nasdaq’s smart beta indexes will give the exchange nearly $45 billion in assets benchmarked to such indexes out of a total of more than $105 billion benchmarked to all of Nasdaq’s indexes, the exchange said in an announcement.

纳斯达克大部分智能测试版指数侧重于股息和固定收入策略，因为该公司2012年10月收购了单位的股息成就者指数。这些股息的重点基准被许多重大ETF使用，例如254亿美元的Vanguard股息升值ETF（VIG），这遵循重新安排的纳斯达克美国股息成就者选择索引。

纳斯达克“利用公司的技术创造了固定收入指标，但我们创造了自己 - 新芽指数，”全球资本访问，技术和见解阿德娜弗里德曼总裁说。纳斯达克现在列出了28个出版物索引，其中18名是以纽约为基础的Guggenheim投资获得许可，这些投资将它们用作一系列债券ETF的基准。

当纳斯达克收购了单位索引业务时，南卡罗来纳州的堡垒厂，南卡罗来纳州的公司有许可交易，八个ETF，代表资产集体139亿美元。来自该基地，纳斯达克发言人表示，从该基地联系的资产已经增长到44亿截至12月31日的331亿美元，截至12月31日。“在其增长目标上大肆宣传的合并率，”辛巴哥的分析师斯蒂芬·埃利斯在一个研究笔记中说。

There’s so much interest in growing the indexing sector because it’s very scalable and profitable at a time when the exchanges are all trying to diversify away from the tightly squeezed transaction business, says Niamh Alexander, a New York–based analyst at research firm Keefe, Bruyette & Woods.

Indexing is part of Nasdaq’s information services segment, which also includes market data, a very profitable division with an operating margin of 72 percent during the third quarter of 2014. According to a company spokesman, the margin on the indexing side of that business is about 65 percent.

纳斯达克表示，纳斯达克表示，从加拿大和欧洲开始，它将有助于DWA的国际扩张。“关于与纳斯达克的酷炫的部分是它真的向我们推出了世界，”Dorsey通过电子邮件说道。“我们是一个全球公司，较小的基础;他们是一个很大的全球性。“

The Nasdaq announcement also said that by combining forces with DWA, it expected to launch “new products in more asset classes, including fixed income, currencies, and commodities.”

Friedman says Nasdaq will take DWA’s web-based analytical tools for financial advisers and see if they can be expanded to “maybe include some other smart beta models,” and try to “accelerate the distribution of the tools to more people.”

Nasdaq has been in the index-licensing game for a long time, most notably with its Nasdaq 100 index, which includes the 100 largest nonfinancial companies listed on the exchange and is traded via the $39.3 billion PowerShares QQQ Trust Series 1 ETF (QQQ). The firm has developed a number of indexes in other areas, including commodities and the green economy. But “where we have decided to become a major player is in smart beta,” Friedman says.

And for good reason: It’s the fastest-growing segment in the ETF industry, says ETFGI’s Fuhr. A recent survey by her firm showed that worldwide over the past year, the smart beta category of equity ETFs had expanded by 27.8 percent, versus 14.2 percent for the more traditional market-cap-weighted ETFs. “Many active managers are not beating their benchmarks,” Fuhr notes.

Therefore, many investors are looking for strategies that can “systemically” deliver returns that are “better than market cap returns,” Fuhr says, adding that with the addition of DWA’s assets, Nasdaq will move up one spot to become the seventh-largest provider of indexes to ETF and ETP providers globally.

DWA在2011年，DWA向北卡罗来纳州夏洛特的Falfurrias Capity合作伙伴销售了65％的利息，因为Watson Wright - Dorsey说，威尔逊赖特 - 希望退休。Falfurrias，Dorsey和其他几位重点高管已经向纳斯达克销售了纳斯达克，这将拥有100％的DWA。但Dorsey没有计划停止在公司工作，这将留在当前的位置。“我会在一个星期几天来，然后在我的家庭办公室咨询DWA和纳斯达克，”67岁的写作。