S&P Dow Jones Indices wins "Best ETFs Paper 2019"
ETFs are continuing to attract an increasing share of investor assets. Our winning paper in this category examines in great detail how one particular class of asset owner - insurance companies - are using ETFs to meet their portfolio objectives. S&P Dow Jones Indices provides very granular details of insurers' ETF holdings in their 54-page report.
WINNER: S&P DOW JONES INDICES
For the most part, insurers increased their usage of ETFs in 2018. In this report, S&P Dow Jones Indices slices and dices insurance companies' ETF holdings in a multitude of ways, examining this data by company size, type, ownership structure, ETF asset class, allocation, equity sectors, fixed income credit quality, fixed income duration, SV holdings, and smart beta category.
For compliance reasons, this paper is only accessible in the United States and Canada
Why have index-based leveraged credit ETFs (high yield bonds and floating-rate loans) underperformed versus active managers in these same asset classes? Eaton Vance identifies the root causes of this performance gap and inquires into its likely persistence.
Stock pickers are becoming mindful of the individual security-level holdings of ETFs and how these ETFs are traded. This is because circumstances may arise where securities become mispriced due to ETF trading. Because ETFs often trade around a particular theme, the securities held within these ETFs frequently move in lockstep with thematic ETF trading. Astute stock pickers are taking advantage of these opportunistic circumstances by recognizing seemingly nonsensical moves in equity prices as being ETF-related.
For compliance reasons, this paper is only accessible in certain geographies
The Guide to ETFs highlights information about ETF adoption by the institutional investment community, as well as four trends in ETF usage. Amongst other reasons, investors are using ETFs to tilt portfolios towards particular factor exposures, to access illiquid markets, to replace derivative holdings, and to invest in sustainable assets.
Despite the tsunami of money flowing into passive investment vehicles, Robeco finds little evidence for the perceived superiority in performance of ETFs over actively managed mutual funds - they tend to lag the market's return by a similar amount.
This report is based upon the EDHEC-Risk Institute's 12th survey of European investors, which examines how ETFs are perceived and how they are used within institutional portfolios. It also surveys the indexing and smart beta landscape. ETFs are increasingly being used for tactical allocation purposes and for gaining broad market exposure.
Certain factors have been proven to outperform actively managed funds, but ETFs that replicate these specific factors do not currently exist. This CFA Institute Research Foundation study attempts to determine which ETFs capture variation in indices and have the potential to outperform active funds in future periods.
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Savvy Awards 2019 Magazine
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