几乎从ETF到达现场的那一刻，他们已经参与了可以使用的缓和和速度，以及它们的卓越灵活性。多年来的ETF增长故事在很大程度上通过了使用它们的新方法的一致出现来推动。根据对766名机构投资决策者的新全球调查，保险公司，捐赠，家庭办公室，基金会，养老金和资产管理公司仍然如此。
The survey,管理2021年的市场波动：2020年的机构投资者 - 以及他们所学到的，亚博赞助欧冠was conducted by Institutional Investor in Q3 2020, meaning participants had had ample time to consider how they used ETFs during the heightened volatility that followed quickly on the heels of Covid-19 as it swept the globe.
Broadly speaking, survey respondents said they frequently use ETFs for liquidity management and tactical portfolio solutions. Using ETFs during manager transitions is seen as a way to potentially “reduce portfolio performance drag,” according to one investment decision maker interviewed in conjunction with the survey. How ETFs are deployed in some specific strategies by specific types of investors is also revealed in the survey. For example, 73%1of insurance companies and pensions in the survey use ETFs in their liability-driven investment (LDI) strategies.
Liquidity management, transition management, and tactical adjustments are the top reasons investors use ETFs
这是仔细观察ITF的三个重要特征，机构投资者调查闪耀着光芒。亚博赞助欧冠
- 流动性管理：大多数受访者（52％）2use ETFs to manage liquidity. Fixed income ETFs were cited by 83%3.受访者特别适合流动性管理应用。
One senior analyst interviewed during the survey pointed to an example of how the liquidity of fixed income ETFs enables an interesting use case. “Maybe we have a manager that’s doing significantly better than we think is a reasonable expectation based on how they invest,” said the analyst, based on his experience at an asset management firm. “We could trim from that manager and put some of that into an ETF temporarily while we wait for some performance reversion from the manager. We do that quite often.”
- Transition management:70％4.受访者在从一个经理转移到另一个经理时使用ETF。在经理转型期间使用ETF的大多数人认为固定收益（74％）和股权（51％）ETF，特别适用于该情况。5.
“Often, if you sell out of a manager and go to cash or some other transitional vehicle, there’s a lot of risk. When you park it in an ETF, it minimizes performance drag and it’s a very smooth transition from an asset class perspective,” said a portfolio manager interviewed as part of the survey.
- Tactical adjustments:6.1%6.调查受访者使用ETF进行战术组合调整。这些受访者最有可能使用固定收益（66％）和公平（57％）ETF进行战术调整。7.
“If we’re going into a market where they may have a home bias, ETFs are helpful,” said another portfolio manager who was interviewed. “There’s a lot of regulation outside the U.S., particularly in Asia, around the amount you can invest in underlying funds. When we see we’re reaching those caps, we’ll put an ETF alongside one of our active strategies so we’re not violating regulations and maximum allocations.”
机构投资者使用ETF的另一个情况 - 具体而言，固定收亚博赞助欧冠益ETF - 是在投资组合重新平衡过程中。在这种情况下，投资者更愿意使用固定的收益（41％）而不是单个债券（28％）。8.
根据Frans Scheepers，IHS Markit的索引指数，“基于索引的产品 - 例如，LQD和Hyg等ETF - 在使机构投资者转追究其组合跟踪我们的固定收益指标至关重要。亚博赞助欧冠流动资金的低交易成本和深度有助于投资管理人员在过渡期间最小化绩效拖累。“
当在大流行开始时市场压力最大的时候使用固定收益ETF的方式，随着机构投资者在充满挑战的情景中的资金对资金变得更加舒适的情况下，他们在市场波动期间可能会随着时间的推移而增加。亚博赞助欧冠值得注意的是，调查中的68％的受访者表示他们将重新定位其投资组合，以便继续加剧波动性的可能性。
Download “Use Cases for ETFs,” the third chapter of2021年管理市场波动：2020年的机构投资者 - 以及他们学到的内容亚博赞助欧冠。
1Of 264 respondents.
2Of 762 respondents.
3.Of 394 respondents.
4.Of 762 respondents.
5.Of 534 respondents.
6.Of 762 respondents.
7.468名受访者。
8.759名受访者。
FOR U.S. INSTITUTIONAL INVESTOR USE ONLY.
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.
投资涉及风险，包括校长可能损失。
固定收入风险包括利率和信贷风险。通常，当利率上升时，债券值的相应下降。信用风险是指债券发行人将无法制定本金和利息的可能性。非投资级债务证券（高收益/垃圾债券）可能会受到更大的市场波动，违约风险或收入损失和校长的股票和均优于较高的证券。
国际投资涉及风险，包括与外币有关的风险，有限的流动资金，政府监管，由于政治，经济或其他发展而导致的大量波动的可能性。在新兴/发展市场和浓度的单一国家的投资，这些风险往往提高了。专注于特定行业，行业，市场或资产课程的投资的资金可能表现不足或比其他行业，部门，市场或资产课程和一般证券市场更有挥发。
Transactions in shares of ETFs may result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.
通过任何经纪账户，可以在整个日期购买和销售ETF股票。股票不可单独可被赎回，但是，股票可以通过授权参与者直接从ETF兑换，非常大的创建/赎回单位。
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.
Ishares和Blackrock资金由Blackrock Investments，LLC（与其关联公司）一起分发，“Blackrock”）。
This study was sponsored by BlackRock. BlackRock is not affiliated with Institutional Investor or any of their affiliates.
ishares.and黑石are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.
ICRMH0321U / S-1537659