Common touch

在汇兑交易资金世界 - 作为个人股票的证券篮子 - 追踪标准差和穷人的500指数和纳斯达克100指数的人数长期以来。这并不奇怪：两者都受到机构投资者的欢迎，特别是使用ETF作为交易车辆的对冲基金。亚博赞助欧冠

但在去年下半年，追踪纳斯达克100的ETF从第二位鲈鱼下降到第三个。它与ETF交换了欧洲州，复制MSCI欧洲，澳大利亚和远东指数。

What the ranking shuffle reflects is that retail investors have become the fastest-growing segment of the ETF market. ETFs that track international stock indexes hold special appeal for individual investors because they offer a simple, low-cost and tax-efficient way to buy often-hard-to-access overseas equities, which were among last year's best performers. Three of the six biggest ETFs now track international equity indexes.

为了捕捉蓬勃发展的零售需求，ETF提供者 - 由巴克莱全球投资者和国家街道全球顾问的压倒性地统治 - 一直在扩大其销售部队，推出额外的ETF并形成战略合作伙伴关系，以使资金由财务顾问制定了一系列投资组合，电线屋和保险公司。

The stakes in this scramble for market share are especially high for State Street. After years of coasting on the success of its now-13-year-old ETF product, S&P SPDRs, nicknamed Spiders -- whose ubiquitous symbol is a daddy longlegs -- the firm finds itself struggling to catch up to Barclays.

"I wouldn't say [Barclays' success] has gone unnoticed," allows James Ross, who recently became co-head of State Street's adviser strategies unit, which handles relationships with financial advisers and markets ETFs, mutual funds and separately managed accounts. "State Street is placing "a significant focus on new product development," Ross says, noting that in addition to three ETFs in registration that follow S&P indexes tracking the bio-technology, semiconductor and homebuilding industries, the firm plans to roll out ETFs pegged to international equities, fixed income and commodities. They may also develop actively managed ETFs.

The success of Spiders enabled State Street to rank as the leading provider of ETFs through December 2001, when it had $35 billion in domestic ETF assets, about double Barclays' total. By the end of December 2005, the two firms had traded places: Barclays had about $171 billion in domestic ETF assets, compared with $85 billion for State Street, according to Boston-based consulting firm Financial Research Corp. "Barclays has just crushed State Street," says one analyst who declines to be identified.

Moreover, State Street faces an uphill struggle to reverse the trend. In 2005, Barclays' ETFs enjoyed net inflows of $44.6 billion, compared with State Street's $10.2 billion, according to the companies. By the end of 2005, State Street had 28 percent of domestically listed ETF assets; Barclays had a whopping 57 percent. Bank of New York's BNY Hamilton Funds had about a 10 percent share. The remaining 5 percent was split up among such firms as Fidelity Investments, PowerShares Capital Management and Vanguard Group.

难道难怪在大而小的公司之间的ETF美元战争已经增长如此强烈。“ETFS正在与共同基金相同的领域，并且在许多地方替换为核心投资类别，”David Haywood，Financial Research Corp.的替代投资研究总监。“那是我们看到增长的地方。”

Analysts reckon that independent financial advisers bring in 30 percent of ETF inflows, at least double what they did three years ago. One factor driving the trend is an increase in the proportion of the average adviser's compensation now generated by fee-only products -- one third, compared with 20 percent in 2000. For advisers who don't take sales commissions, there's no disincentive to push no-load ETFs. Although fees on broad index funds and comparable ETFs are similar, expense ratios for ETFs that invest in sectors of the market remain far below those of open-ended sector mutual funds. According to a Lipper report issued in October, the average asset-weighted expense ratio of sector ETFs was 0.39 percent, compared with 1.09 percent for comparable mutual funds.

2001年，圣路易斯基地竞选A.G.Edwards＆Sons开始销售ETF，包括积极管理ETF的企业组合。“他们可能是我们最迅速增长的计划，”营销管理投资产品的高级副总裁Michael Scafati说。“经纪人就像他们是一种简单的方式来实现多元化的事实。”

1995年末，国内ETF资产从10亿美元的价格升至3010亿美元。根据财务研究公司的咨询公司项目，2005年，2005年净流量总额为537亿美元。将以2006年至2010年的复合年增长率增长32％，促进管理层的总资产超过1万亿美元。咨询公司预计共同资金的年增长率为6％，对冲基金17％。为了确定，互联网和对冲基金资产仍然更大，2005年总计估计为5.8万亿美元，分别为1.2万亿美元。FRC项目各自的资产为9.5万亿美元，2010年的2.7万亿美元。

ETF提供商，如州街和巴克莱，主要通过资产管理费用，其通常在S＆P 500Lind的9 5次基点范围内，以便跟踪新兴市场指数的75个基点。（与大多数其他投资产品不同，ETFS费用机构和个人相同的费用。）由于绝大多数ETF只会复制被动投资策略，所以Paul Mazzilli（执行董事Paul Mazzilli）摩根士丹利＆＆eTF研究的研究

这种利润丰厚的差异底部街道塔拉莱队的竞争。州街，在8月份的守卫更换，名为罗斯和格雷格·埃博雷特的公司顾问战略单位。该对替代了Agustin Fleits，这是一个18年的国家街道退伍军人，现在是马里兰州Bethesda的Cio，Marylandbased Profond Advisors计划进入ETF业务。(Fleites declines to comment on why he left State Street.) Ross played a major role in the successful development of State Street's gold ETF, known as StreetTracks Gold Shares, the first commodity-based ETF in the U.S. The ETF, which launched in November 2004, reeled in $1.2 billion in assets in a week; at the end of 2005 it had assets of $4.3 billion.

扩大产品线,从而吸引我ndividual and institutional investors, State Street in November introduced nine new ETFs, bringing its global total to 56, including 24 listed overseas. One of these is aimed squarely at retail investors: It tracks the S&P High Yield Dividend Aristocrats index, launched in November, which captures the performance of the 50 highest-dividend-yielding stocks that have boosted their dividends annually for the past 25 years. The other eight new ETFs, which track subsectors of the U.S. equity market, are likely to attract interest primarily from institutions wishing to fine-tune or hedge their asset allocations.

"State Street had gotten lazy on product development, but the new team has put out some good products, notably the high-dividend ETF," says Morgan Stanley's Mazzilli.

与巴克莱相比，州街更加重视发展其全球ETF业务，特别是在亚洲。2004年12月，州街在中国推出了第一个ETF;它跟踪上海50指数，并在香港证券交易所上市。该公司还计划今年在其他海外市场推出ETF。

Worldwide, though, Barclays sponsors 145 ETFs, compared with State Street's 56 -- and it remains better positioned to capitalize on the growth of the funds among individual investors.

"When the firm introduced ETFs in 1996, we viewed them as just another institutional product," says James Parsons, who heads global ETF sales at Barclays. "But in 2000 we rebranded our ETFs as IShares and saw the real growth in the intermediated retail space." Assets of Barclays' ETFs remain equally split among individual and institutional investors, but about two thirds of new money now comes from individuals.

在零售marketpl巴克莱的优势之一ace: a sales force that focuses exclusively on selling ETFs to financial intermediaries. "Barclays' sales force is selling only ETFs, but State Street is also selling actively managed products that are more lucrative," notes Mazzilli. State Street's Ross counters that, rather than diluting its effort, its "holistic approach is a competitive advantage," one that better serves the vast majority of financial advisers.

为了加强SPDR品牌，State Street从美国证券交易所获得了美国证券交易所和道琼斯议员的某些商标的许可权，AMEX单位曾担任ETF的牌照和PDR服务。

Says Morgan Stanley's Mazzilli, "State Street can maintain or increase its market share if it can figure out how to leverage its SPDR brand of S&P index related ETFs." But how far do the legs of a spider reach?