A Breakneck Pace (Americas)

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Institutional use of ETFs continues to grow, with total ETF assets expected to reach $3 trillion in mid-2015. Investors are directing inflows into Europe, Japan and currency strategies. Alternatives are growing as well, and new product development is focused on smart beta, real estate and active management.

“ETF增长突破了突破性的速度，”富时罗塞尔全球ETF总部董事总经理Ken O'Keeffe说。“2014年的流入是3290亿美元，我们今年4月底看到了1030亿美元的流入，因此我们去年追逐重复。”事实上，据研究公司和咨询etfgi，ETF和ETPS的资产全球增长至4月底的近3万亿美元。“我们预计资产将在今年中期突破3万亿美元的里程碑，”埃特法格州埃特法尔·富汉·富汉·富汉·诺姆4月底，在美国亚太欧洲，亚太地区欧洲，欧洲欧洲，欧洲，亚太地区，日本，日本亚太地区，亚洲航海市亚太地区及加拿大的价格为511亿美元，欧洲，欧洲的ETFS和ETPS的纪录及ETPS的资产也达到了4月底。十亿。

"The whole ETF market is shifting," says Adam Patti, founder and CEO of IndexIQ. Phase one was focused on the development of basic ETF building blocks based on broad, benchmark indexes, like the S&P 500 and Russell 2000. "That phase is complete," he says.

Phase two is about solutions oriented products designed for better portfolio construction "We're starting to see this take hold now," he says. Indeed, the assets in QAI, IndexIQ's IQ Hedge Multi-Strategy Tracker ETF, its flagship hedge fund replicator, has grown more than 200 percent in the last two years. "Th e market is looking for these types of solutions," he says.

智能测试策略在ETF的使用情况下剧烈地增长，特别是在较大，更复杂的投资者中。“看到智能测试版正在采用的快速是有趣的，”O'Keeffe说。再次，欧元。欧洲机构在欧洲机构拥有超过100亿美元的资产，导致智能测试博物馆的采用，其中68％的计划进行了分配，而北美相似规模计划的采用率为27％到最近的富时罗素调查。“用法很高，越来越高，”他说。欧洲机构领先于他们的美国，采用和使用ETF，但增长较低。“欧洲人早期的采用者和稳定的用户，”他说。

2011年，只有14％的计划是使用ETF的战略智能测试申请，现在它达到了21％的令人责任。为FTSE Russell调查。六十一级机构表示，他们计划将分配增加给智能测试，39％表示他们将保持其分配和零表示他们将在未来18个月内减少它们。“有强烈的迹象表明机构满意，”奥基夫说。2011年最常见的用途是现金公平，但越来越多的投资者是我们的核心拨款。此外，它们正在延长其ETF的保持期。

Broad Trends
The strong inflows to ETFs reflect several general broad trends. "One theme is investors using ETFs to get exposure to energy," says Ian Schaad, managing director at Jane Street Capital. "After a significant drop in crude oil prices we've seen inflows into ETFs that offer exposure to energy stocks and also directly to commodities such as crude oil." In international stocks, currency hedged ETFs have been strong. "Investors have shown a preference for currency-hedged ETFs, particularly in the European markets amid the ECB's bond-buying program" he says. On the fixed income side, there has been demand for the very broad exposures of aggregate bond ETFs and also the very precise exposures of target-maturity corporate bond ETFs.

On the equity side, investors are switching their positions away from the S&P 500 index. "Flows into the US are slowing, and investors are increasing their exposures to Europe and Japan, both hedged and unhedged," says Daniel Gamba, managing director and head of BlackRock's iShares Americas institutional business. Currency risk is becoming a much larger concern. "Growth in the hedged part is new to the market," he says. "Invest.ing abroad used to be about local market risk, but now we see greater concern about currency risk," he explains. Few investors were able to hedge currency risk successfully. Furthermore, U.S. equities, plus the U.S. dollar, are looking increasingly expensive, while those in Europe and Japan are looking more and more like bargains. Quantitative easing is playing a role, with both Japan and Europe announcing programs to buy bonds. "The expected rise in U.S. interest rates is encouraging investors to consider hedging Eu.rope and Japan," he says. Outflows from emerging markets continue. "Some investors wonder if it's at the bottom, but growth there is still negative," he says. Inflows into commodity ETFs have been about $9 billion year to date. "Commodities had been flat, but we're seeing some inflows now, particularly in crude oil" he says. "In 2014 it was zero."

在部门ETF市场,。截至目前,增长been sideways, typical of the first quarter. "Th ere's been some consolidation in the first quarter of 2015 on the heels of phenomenal growth in 2013 and 2014," says Dan Dolan, director of wealth management strategies at Sector SPDRs. Over that two-year period, assets nearly doubled, with Sector SPDRs having seen assets grow to $97 billion from $50 billion. The more cyclical sectors are now leading the way, as investors have their eye on the US Federal Reserve and an expected rise in interest rates. "Investors are all asking, ÔWhen will it happen,'" he says. So far, investors are looking more closely at consumer discretionary and materials. In addition, health care continues to grow, up 23 percent in 2014 and 6 percent in the first quarter of 2015. "It's a thematic play," he says. "People spend their money on healthcare first," he says. "The demand will be there, and rising rates won't affect that."

Alternatives and Commodities
The alternatives space has seen strong growth as well. "As indexing has taken hold as an investment strategy for equities, fixed-income, and even currencies, investors are looking for indexed approaches in other asset classes as well," says Patti.

Leaving ETF products derived from the broad benchmark indexes to others, IndexIQ focuses on developing institutional-class investment strategies as low-cost and trans.parent ETFs. "Ten years ago, we recognized the great opportunity in alternatives. We did a lot of research to determine exactly what drives hedge fund performance," he says. "We asked ourselves the fundamental question, is it really alpha?"

他们发现，对冲基金提供的大多数回报实际上是一种β的形式，可以使用液体证券复制。

While there was some true alpha, many of the alpha opportunities tend to be competed away with crowded trades. "Everyone was pursuing the same opportunities," says Patti. "Across the board, we found that the vast majority of hedge fund performance boiled down to a form of beta composed of a diversified stream of risk premia."

This was driven by a combination of multiple asset classes, including equities, fixed income, real estate, currencies and commodities. "Replication of this hedge fund beta is accomplished through a rules based process where we use liquid proxies for those asset classes in the form of low-cost, broad asset class ETFs, and combine them with a weight.ing methodology, similar to a hedge fund, that provides diversification, dampens volatility and provides upside potential," he explains.

2009年3月，INDEXIQ推出了QAI，IQ对冲多策略跟踪仪ETF。“我们希望它尽可能透明，所以我们使用其他公司的ETF来建立一篮子众所周知，低成本，广泛的资产课程，”他说。

随着时间的推移，QAI已成为许多机构投资组合的核心替代品。“这是对冲基金市场的标准普尔500指数，”他说。“这是廉价的核心曝光，如果您拥有技能和资源，您可以尝试找到卫星投资的好阿尔法管理人员。”

There are also significant tax advantages, as the ETF structure is inherently tax efficient, and QAI has never paid out short term capital gains on portfolio turnover. IndexIQ also offers a series of single strategy alternative ETFs, like MNA, the IQ Merger Arbitrage ETF, for investors who prefer to focus on specific strategies or to create their own customized hedged portfolios that are more conservative or aggressive based on investor needs.

在过去的几年里，商品和自然资源部门的相对估值已经下降。“当您考虑各种经济活动和特定商品类别的供应/需求方程时，这是长期投资者购买低的好时机，”Patti说。

The available commodity ETFs are either derivative-based or equity-based. The derivative-based ETFs are subject to contango, price volatility based on a mismatch between the future spot price and the current price, as well as K-1 tax documents that report income from partnerships.

Equity-based ETFs, on the other hand, tend to be consistently overweight in energy stocks and subject to higher volatility and correlation to equity markets. “Th e diversification benefits for many equity based commodity ETFs aren’t often there, because many of the underlying stocks are already components of the S&P 500, MSCI World, or EAFE Indices. When constructing GRES, its equity-based IQ Global Resources ETF, IndexIQ solved some of these issues by having broader diversification among eight commodity sectors.

格蕾丝倾斜其部门每月分配来避免a consistent overweight in any one sector, overweighting those sectors that are undervalued and underweighting those that are overvalued. In addition, to reduce correlation to the equity markets and reduce volatility, GRES employs a consistent short position against the S&P 500 and MSCI EAFE to negate equity beta and isolate the commodity exposure embedded in the individual securities.

固定收入和积极的ETF
Growth in fixed-income ETFs is nearly double what it was in the same period a year ago. “We’re seeing a much faster rate of growth this year,” says Gamba. “It comes up in every conversation that we have with investors that use ETFs,” he says. It comes down to liquidity. “There isn’t enough inventory for investment-grade and high-yield credit,” he says. ETFs are a proxy for investing in bonds. Two years ago, investors had been skeptical of fixed-income ETFs, as they maintained strong relationships with their broker-dealers, inventories were higher, the ETF product was seen as new, and they simply weren’t used to buying bonds on an exchange. “Now it’s the only way some of them invest in fixed income,” he says, “especially over the past four months.”

“Compared to 2007, there is less liquidity in the OTC bond market, but perhaps the situation is not as dire as I read sometimes in the press,” says Schaad. “The markets are still functioning well.” ETF markets are, of course, transparent and traded on exchanges, versus traditional OTC fixed income markets that are conducted primarily over the phone and tend to be more opaque. “In addition to those advantages, they are attracting new types of investors and that has helped liquidity,” he says.

There has been a lot of discussion about whether they can withstand a liquidity crisis. “They held up well in 2008 and the ‘taper-tantrum’ volatility in 2013,” he says. However, if interest rates rise significantly, bonds will fall commensurately, and ETFs will follow.

“Ultimately the price of an ETF will be linked to the underlying fixed income market,” he says. “Fixed income ETFs bring a transparent, readily observable price on an exchange, and I expect them to play a significant and growing role in fixed income price discovery.”

With low yields and liquidity squeezed across the global fixed income landscape, major institutional investors are increasingly turning to ETFs for bond exposures, according to Greenwich Associates’ 2015 U.S. Fixed-Income ETF Study. Among the fixed income ETF investors surveyed, 59 percent have increased their usage since 2011, with one-third of the respondents employing them as liquidity enhancement tools, often alongside individual bonds.

Forty percent of asset managers plan to increase fixed-income ETF usage in the next 12 months, and none indicated they would reduce these allocations. Institutions are increasingly comfortable making large trades, with 20 percent of respondents having traded over $50 million. Among these traders, 93 percent were satisfied with the trading experience, and 98 percent said they would do it again. Investor education efforts are working.

Only 13 percent reported that their investment committees expressed concerns over fixed income ETFs, down from 19 percent in the previous study. “In the wake of the financial crisis, with bond issuance down and many fixed income trading partners pulling back from the markets, many institutions have found it difficult to execute trades and manage appropriate allocations in fixed income,” says Matt Tucker, head of iShares fixed income strategy for the Americas.

“投资者正在将固定的收益ETF视为进入债券市场的基本文书，以及各个债券和衍生物。”

“我们看到增长的其他区域是活跃的经理s listing their strategies in an ETF format with full disclosure of their portfolios,” says Schaad. “We have helped with several successful launches.” Many active managers are looking to continue this as a way to broaden their distribution. “From a market-making perspective, the active strategies we’ve seen listed in an ETF format have been very manageable.”

Investors, of course, like relative ease, tax advantages, and intraday liquidity relative to traditional mutual funds. According to data provided by Morningstar, actively managed ETFs are fairly new, with these types of funds launched only in the last seven years. Nearly half of those funds have been launched since the start of 2014. They are growing quickly, with some 128 funds and $19 billion in assets as of March 31.

New ETF Development
Smart Beta策略是发展努力的关键重点，投资者对未按市场资本化的ETF的兴趣更多，但通过风险因素，例如质量，价值，规模，势头和低波动性。

“We’re expanding the factor suite with a multi-factor product,” says Gamba, “so you don’t have to build a portfolio yourself.” There is a lot of interest in smart beta strategies among pension plans and other institutional investors as they review the performance, strategies and fees of their active managers and determine how much of the returns are based on factor tilts. “All pension plans are talking about factors, and how best to approach this strategy,” he says.

其他新产品开发专注于货币对冲。“有很多投资者对国际市场的兴趣，但对美国美元的北京，”冈比拉说。美元赞赏欧元兑欧元约20％，并为欧洲市场曝光而启动了新的ETF，但对冲。“我们向欧洲以及当地德国​​市场推出了货币对冲ETF，”他说。Blackrock正在为英国英镑，瑞士法郎和韩国赢得的对冲单一货币ETF启动。

社会的ly responsible investing has long appealed to foundations and endowments, and the discourse has generally been around divestment, which can lead to underperformance against certain benchmarks.

Blackrock最近推出了一个低碳ETF，超重超重基于低碳足迹，而且重量较重。

“这导致关键基准的跟踪误差低，因为我们仍然包括该行业的全部频谱，”Gamba说。

“The variety of ETFs allows institutional investors to make focused and specific bets in a reasonably well managed way in terms of risk,” says Baer Pettit, global head of products, MSCI.

Indeed, investors are using ETFs for a greater variety of uses. Th ere is a lot of new product development, especially around factors and diversified multi-factors, active managers, and currency hedging. Real estate is another area, and MSCI recently developed a liquid and transparent real estate strategy that blends fixed income to dampen some of the equity market volatility found in REITs.

"There are very few asset classes exempt from interest,” he says. It’s important for investors to focus on what they’re getting in the wrapper, and to understand that the ETF trades in tandem with the underlying assets. “When creating an ETF, keeping the benefits of transparency and liquidity are key,” he says. “Otherwise, you risk investors losing confidence in the category.”

By Howard Moore