Reports and investment research on ETFs and other fund vehicles, including mutual funds, UCITs and white papers on liquid alternatives. Research on liquid alts has received a lot of attention, as institutional investors and FOHFs show increasing interest in the many different types of liquid alternative mutual funds. For hedge funds, alternative UCITs provide another opportunity to expand...
their investor universe. Research on future trends in UCITs has been popular, as have papers on the use of sub-advisers for liquid alternatives. The most popular ETF research includes papers on smart beta ETFs, best practices for ETF trading, Asian ETFs and bond ETFs. Different ETF articles will appeal to different members. For asset allocators seeking to make short-term allocations to an asset class, research providing a cost comparison of futures and ETFs has received many downloads. For DC Plan Sponsors, the question "should ETFs be an investment option in DC plans?" has generated a lot of interest, whereas for Canadian plan sponsors a paper questioning the use of mutual funds in Canadian pensions has proved popular.
In their first report in 2015, S&P DJI used historical trends to project that insurance companies would double their use of exchange-traded funds (ETFs) in five years. Now five years later, usage of ETFs in insurance general accounts has indeed doubled since 2015. In the one-year period ending Dec. 31, 2019, insurance…
Institutional investors have been increasing their allocations to real assets, and PGIM recently highlighted the diversity of those assets as it relates to their sensitivities to various economic and financial-market factors. We’ve now extended our analysis to real asset portfolios, noting that portfolios with similar asset…
We use a revealed-preference approach to estimate investor expectations of stock market returns. Using data on demand for index funds that follow the S&P 500, we develop and estimate a model of investor choice to flexibly recover the time-varying distribution ofexpected returns. Our analysis is facilitated by the…
In this report, we would look at the Indian ETF industry, various policy issues for consideration, and the way forward. Given the maturity of the US ETF industry, for context we will make qualitative and quantitative comparisons of Indian ETF industry vis-à-vis the US wherever feasible.
Gold ETFs close H1 with record $40bn of net inflows: Gold-backed ETFs (gold ETFs) recorded their seventh consecutive month of positive flows, adding 104 tonnes (t) in June – equivalent to US$5.6bn or 2.7% of assets under management (AUM) – taking global holdings to new all-time highs of 3,621t. Explore and download full gold…
This paper proposes that computational complexity generates noise. The same asset is often held for completely different reasons by many funds following a wide variety of threshold-based trading rules. Under these conditions, we show it can be computationally infeasible to predict how these various trading rules will…
While some trepidation in launching new products during a volatile period is natural, some firms may view it as the right time to enter the ETF market as a new issuer. There are significant opportunities in this competitive market for the right product set. At State Street, we believe investments in ETFs are likely to grow.…
The launch of semi-transparent active ETFs opens the door for a burst of innovative ideas from managers and more choices for investors. State Street's ETF specialists discuss this industry milestone.
While S&P DJI’s SPIVA series regularly looks in more depth around the world and by fund style, perhaps now is a good time to review the longer-term trends and continued value behind indexing. Over the past 20 years (May 2000-April 2020), an investor in an active fund had a roughly 90% chance of being outperformed by the…
Asset managers will need to seriously consider the impact of the IBOR transition on their businesses and, consistent with regulators’ expectations, take action significantly before the end of 2021 to enable them to properly prepare.
Gold ETF inflows through May outpace records for any calendar year in only 5 months.
Continuing their growth streak, gold-backed ETFs (gold ETFs) added 154 tonnes (t) – net inflows of US$8.5bn (+4.3%) across all regions in May, boosting global holdings to a new all-time high of 3,510t. Year-to-date inflows of US$33.7bn…
The purpose of this publication is to highlight disclosure requirements and provide sample disclosures. The disclosures should be adapted to particular situations as required. Alternative disclosures, wording and forms of presentation may be used as long as they include the specific disclosures prescribed in the accounting…
Inflows into gold ETFs for a sixth straight month in April: Globally, gold-backed ETFs (gold ETFs) added 170 tonnes(t) – net inflows of US$9.3bn (+5.1%) – in April, boosting holdings to a new all-time high of 3,355t. Assets under management (AUM) also reached a new record high of US$184bn as gold in US dollars moved higher…
Gold ETF assets realised their largest ever quarterly gain in Q1 2020.
Q1 2020 highlights
Global gold-backed ETFs (gold ETFs) and similar products added 298 tonnes(t), or net inflows of US$23bn, across all regions in the first quarter of 2020 – the highest quarterly amount ever in absolute US dollar terms…
Global volatility and uncertainty drove gold ETF holdings and assets to new all-time highs: Global gold-backed ETFs (gold ETFs) and similar products added 84.5 tonnes(t), or net inflows of US$4.9bn, across all regions in February, boosting holdings to new all-time highs of 3,033t.
Gold-backed ETF holdings made new all-time highs in January.
Global gold-backed ETFs and similar products added 61.7 tonnes(t), or net inflows of US$3.1bn, in January across nearly all regions, boosting holdings to new, all-time highs of 2,947t. Combined with a gold price increase of nearly 5%, assets under…
In this paper, the authors investigate ETF’s further with the following research questions: does ETF activity 1 increase short-run informational efficiency? Is the increase in informational efficiency attributable to systematic or idiosyncratic information? What is the relation between ETF activity and post-earnings-…
It is not unthinkable that other major central banks could follow the Bank of Japan’s lead and buy equity ETFs; the Japanese experience offers lessons on how ETF investors can support society more broadly.
The authors provide a Bayesian panel model to consider persistence in US funds' performance while they tackle the important problem of errors in variables.
