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2021-12-13

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ETF Inflows Top $1 Trillion for First Time<blockquote>ETF流入量首次突破1万亿美元</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":604367540,"tweetId":"604367540","gmtCreate":1639352251378,"gmtModify":1639352257804,"author":{"id":3568604152273081,"idStr":"3568604152273081","authorId":3568604152273081,"authorIdStr":"3568604152273081","name":"InvKeJ","avatar":"https://static.tigerbbs.com/eb46c2d2a0ca796984a96209e201759d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":26,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Wow</body></html>","htmlText":"<html><head></head><body>Wow</body></html>","text":"Wow","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/604367540","repostId":1103671470,"repostType":4,"repost":{"id":"1103671470","kind":"news","pubTimestamp":1639352060,"share":"https://www.laohu8.com/m/news/1103671470?lang=zh_CN&edition=full","pubTime":"2021-12-13 07:34","market":"us","language":"en","title":"ETF Inflows Top $1 Trillion for First Time<blockquote>ETF流入量首次突破1万亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103671470","media":"The Wall Street Journal","summary":"A historic surge of cash has swept into exchange-traded funds, spurring asset managers to launch new","content":" A historic surge of cash has swept into exchange-traded funds, spurring asset managers to launch new trading strategies that could be undone by a market downturn.<blockquote>历史性的现金激增席卷了交易所交易基金，促使资产管理公司推出新的交易策略，而这些策略可能会被市场低迷所抵消。</blockquote> This year’s inflows into ETFs world-wide crossed the $1 trillion mark for the first time at the end of November, surpassing last year’s total of $735.7 billion, according to Morningstar Inc. data. That wave of money, along with rising markets, pushed global ETF assets to nearly $9.5 trillion, more than double where the industry stood at the end of 2018.<blockquote>根据晨星公司（Morningstar Inc.这波资金浪潮加上不断上涨的市场，将全球 ETF 资产推至近 9.5 万亿美元，是 2018 年底该行业水平的两倍多。</blockquote> Most of that money has gone into low-cost U.S. funds that track indexes run by Vanguard Group, BlackRock Inc. BLK 0.66% and State Street Corp. STT -0.50% , which together control more than three-quarters of all U.S. ETF assets. Analysts said rising stock markets, including a 25% lift for the S&amp;P 500 this year, and a lack of high-yielding alternatives have boosted interest in such funds.<blockquote>这些资金大部分流入了追踪先锋集团、贝莱德公司 (BlackRock Inc.) BLK 0.66% 和道富银行 (State Street Corp.) STT -0.50% 运营的指数的低成本美国基金，这些基金合计控制着超过四分之三的美国 ETF 资产。分析师表示，股市上涨，包括今年标普500上涨 25%，以及高收益替代品的缺乏，提高了人们对此类基金的兴趣。</blockquote> “You have this historical precedent where you have tumultuous equity markets, and more and more investors have made their way to index products,” said Rich Powers, head of ETF and index product management at Vanguard.<blockquote>“先锋集团（Vanguard）ETF 和指数产品管理主管里奇-鲍尔斯（Rich Powers）说：”股票市场动荡，有这样的历史先例，越来越多的投资者选择了指数产品。</blockquote> Asset managers are looking to actively managed funds, some with narrow themes, in search of an unfilled niche not already dominated by the industry’s juggernauts, analysts and executives said. VanEck, for example, earlier this month rolled out an active ETF targeting the food industry. In March, Tuttle Capital Management launched its FOMO ETF, which is bullish on stocks popular with individual investors.<blockquote>分析师和高管表示，资产管理公司正在寻找主动管理基金，其中一些基金的主题较窄，以寻找一个尚未被行业巨头主导的空白领域。例如，VanEck 本月早些时候推出了一只针对食品行业的主动型 ETF。今年 3 月，塔特尔资本管理公司 (Tuttle Capital Management) 推出了 FOMO ETF，该基金看好个人投资者喜爱的股票。</blockquote> Firms including Dimensional Fund Advisors have converted mutual funds into active ETFs. Meanwhile, bigger firms have rolled out ETFs that mimic popular mutual funds, including Fidelity Investments’ Magellan and Blue Chip Growth funds.<blockquote>包括 Dimensional Fund Advisors 在内的公司已将共同基金转换为主动型 ETF。与此同时，一些大公司也推出了模仿流行共同基金的 ETF，包括富达投资公司的麦哲伦基金和蓝筹增长基金。</blockquote> “We should have a broad offering of ETFs that stand alongside a broad offering of mutual funds,” said Gerard O’Reilly, Dimensional’s co-chief executive, of his company. “Choose your own adventure.”<blockquote>“Dimensional 联席首席执行官杰拉德-奥赖利（Gerard O'Reilly）在谈到他的公司时说：”我们应该有广泛的 ETF 产品，与广泛的共同基金产品并驾齐驱。“选择你自己的冒险。”</blockquote> As ETFs, baskets of securities that trade as easily as stocks, have boomed this year, investors poured a record $84 billion into ones that pick combinations of securities in search of outperformance rather than tracking swaths of the stock market. That represents about 10% of all inflows into U.S. ETFs, up from nearly 8% last year, according to Morningstar.<blockquote>随着 ETF（与股票一样易于交易的一篮子证券）今年蓬勃发展，投资者向那些选择证券组合以寻求优异表现而不是跟踪股票市场大片的 ETF 投入了创纪录的 840 亿美元。晨星公司的数据显示，这约占美国 ETF 所有资金流入总额的 10%，高于去年的近 8%。</blockquote> Asset managers long known for running mutual funds are rushing to take advantage of investors’ interest in active ETFs. More than half of the record 380 ETFs launched in the U.S. this year are actively managed, according to FactSet. Fidelity, Putnam and T. Rowe Price are among the firms that have rolled out actively managed ETFs in 2021. Firms new to ETFs have also entered the fray.<blockquote>长期以来以管理共同基金而闻名的资产管理公司正急于利用投资者对主动型 ETF 的兴趣。FactSet 的数据显示，今年在美国推出的创纪录的 380 只 ETF 中，有一半以上是主动管理的。富达 (Fidelity)、普特南 (Putnam) 和 T. Rowe Price 等公司已在 2021 年推出主动管理 ETF。ETF 的新公司也加入了这场竞争。</blockquote> The top 20 fastest-growing ETFs, largely run by Vanguard and BlackRock, this year pulled in nearly 40% of all flows, charged an average fee of less than 0.10 percentage point and tracked benchmarks of some sort.<blockquote>增长最快的 20 只 ETF 主要由 Vanguard 和 BlackRock 运营，今年吸引了近 40% 的资金流量，平均费用不到 0.10 个百分点，并跟踪了某种基准。</blockquote> Many active ETFs remain comparatively small and charge fees higher than passive funds, putting a swath of new products at risk of closing over the next several years. ETFs usually need between $50 million and $100 million in assets within five years of launching to become profitable, analysts and executives say; funds below those levels have tended to close.<blockquote>许多主动型 ETF 规模仍然相对较小，而且收取的费用高于被动型基金，这使得一系列新产品在未来几年内面临关闭的风险。分析师和高管表示，ETF 通常需要在推出五年内拥有 5000 万至 1 亿美元的资产才能盈利；低于这些水平的基金往往会关闭。</blockquote> Of the nearly 600 active ETFs in the U.S., three-fifths have less than $100 million in assets, according to FactSet data. More than half are below $50 million.<blockquote>FactSet 数据显示，在美国近 600 只活跃 ETF 中，五分之三的资产低于 1 亿美元。超过一半的人低于5000万美元。</blockquote> “You’re going to see a lot of those firms take a hard look at their future,” said Elisabeth Kashner, FactSet’s director of ETF research.<blockquote>“FactSet 的 ETF 研究总监伊丽莎白-卡什纳（Elisabeth Kashner）说：”你会看到很多这样的公司都在认真审视自己的未来。</blockquote> The stock market’s bull run has helped buoy many ETF providers, Ms. Kashner said, adding that firms have in 2021 closed the fewest number of funds in eight years. But a market pullback, which most stock-market strategists anticipate, could flush out weaker players, she said.<blockquote>卡什纳女士说，股市的牛市帮助提振了许多 ETF 提供商，并补充说，2021 年公司关闭的基金数量是八年来最少的。但她表示，大多数股市策略师预计的市场回调可能会挤出较弱的参与者。</blockquote> ETF closures generally climbed over the past decade, and firms closed a record 277 ETFs last year as the coronavirus pulled markets down. Many held few assets. About a third of all active ETFs are marked as having a medium or high risk of closure, according to FactSet data that take into account assets, flows and fund closure history.<blockquote>过去十年，ETF 的关闭量普遍攀升，由于冠状病毒拖累市场，去年公司关闭了创纪录的 277 只 ETF。许多人持有的资产很少。根据考虑资产、流量和基金关闭历史的 FactSet 数据，约三分之一的活跃 ETF 被标记为具有中等或高风险关闭。</blockquote> Factors that have helped stoke active launches, analysts and executives said, include rules streamlined by regulators in late 2019 that made ETFs easier to launch. The approval of the first semitransparent active ETFs, which shield some holdings from the public’s eye, followed.<blockquote>分析师和高管表示，促使 ETF 积极推出的因素包括监管机构在 2019 年底简化的规则，使 ETF 更容易推出。随后，首批半透明主动式 ETF 获得批准，这些 ETF 将部分持有的股票从公众视线中屏蔽开来。</blockquote> Analysts also said the success of ARK Investment Management Chief Executive Cathie Wood in 2020 showed how active ETFs can score big returns and pull in substantial sums of money. Several of ARK’s funds doubled last year, and its assets approached $60 billion earlier this year, though many of its bets have slumped in 2021.<blockquote>分析师还表示，ARK Investment Management 首席执行官凯西·伍德 (Cathie Wood) 在 2020 年的成功表明，主动型 ETF 如何获得丰厚回报并吸引大量资金。ARK 的几只基金去年翻了一番，今年早些时候其资产接近 600 亿美元，不过 2021 年它的许多押注都出现了下滑。</blockquote> Most other active managers aren’t doing much better. Two-thirds of large-cap managers of mutual funds have fallen short of benchmarks this year, while roughly 10% of the 371 U.S. active ETFs with full-year performance data are beating the S&amp;P 500. More than a third are flat or negative for 2021.<blockquote>大多数其他现役经理的表现也好不到哪里去。今年，三分之二的大型共同基金经理的表现低于基准，而拥有全年业绩数据的 371 只美国主动 ETF 中约有 10% 的表现优于标普500。2021 年，超过三分之一的人持平或负数。</blockquote> “Active management is a zero-sum game,” said FactSet’s Ms. Kashner. “Beating the benchmark quarter after quarter, year after year, is a very difficult task at which active managers have traditionally struggled. The ETF wrapper doesn’t change that calculus.”<blockquote>“FactSet 的卡什纳女士说：”主动管理是一场零和游戏。“一个季度又一个季度、年复一年地跑赢基准是一项非常艰巨的任务，主动型基金经理历来都在努力完成这项任务。ETF 包装并没有改变这种计算”。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ETF Inflows Top $1 Trillion for First Time<blockquote>ETF流入量首次突破1万亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nETF Inflows Top $1 Trillion for First Time<blockquote>ETF流入量首次突破1万亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-12-13 07:34\n\n</h4>\n</header>\n<article>\n A historic surge of cash has swept into exchange-traded funds, spurring asset managers to launch new trading strategies that could be undone by a market downturn.<blockquote>历史性的现金激增席卷了交易所交易基金，促使资产管理公司推出新的交易策略，而这些策略可能会被市场低迷所抵消。</blockquote> This year’s inflows into ETFs world-wide crossed the $1 trillion mark for the first time at the end of November, surpassing last year’s total of $735.7 billion, according to Morningstar Inc. data. That wave of money, along with rising markets, pushed global ETF assets to nearly $9.5 trillion, more than double where the industry stood at the end of 2018.<blockquote>根据晨星公司（Morningstar Inc.这波资金浪潮加上不断上涨的市场，将全球 ETF 资产推至近 9.5 万亿美元，是 2018 年底该行业水平的两倍多。</blockquote> Most of that money has gone into low-cost U.S. funds that track indexes run by Vanguard Group, BlackRock Inc. BLK 0.66% and State Street Corp. STT -0.50% , which together control more than three-quarters of all U.S. ETF assets. Analysts said rising stock markets, including a 25% lift for the S&amp;P 500 this year, and a lack of high-yielding alternatives have boosted interest in such funds.<blockquote>这些资金大部分流入了追踪先锋集团、贝莱德公司 (BlackRock Inc.) BLK 0.66% 和道富银行 (State Street Corp.) STT -0.50% 运营的指数的低成本美国基金，这些基金合计控制着超过四分之三的美国 ETF 资产。分析师表示，股市上涨，包括今年标普500上涨 25%，以及高收益替代品的缺乏，提高了人们对此类基金的兴趣。</blockquote> “You have this historical precedent where you have tumultuous equity markets, and more and more investors have made their way to index products,” said Rich Powers, head of ETF and index product management at Vanguard.<blockquote>“先锋集团（Vanguard）ETF 和指数产品管理主管里奇-鲍尔斯（Rich Powers）说：”股票市场动荡，有这样的历史先例，越来越多的投资者选择了指数产品。</blockquote> Asset managers are looking to actively managed funds, some with narrow themes, in search of an unfilled niche not already dominated by the industry’s juggernauts, analysts and executives said. VanEck, for example, earlier this month rolled out an active ETF targeting the food industry. In March, Tuttle Capital Management launched its FOMO ETF, which is bullish on stocks popular with individual investors.<blockquote>分析师和高管表示，资产管理公司正在寻找主动管理基金，其中一些基金的主题较窄，以寻找一个尚未被行业巨头主导的空白领域。例如，VanEck 本月早些时候推出了一只针对食品行业的主动型 ETF。今年 3 月，塔特尔资本管理公司 (Tuttle Capital Management) 推出了 FOMO ETF，该基金看好个人投资者喜爱的股票。</blockquote> Firms including Dimensional Fund Advisors have converted mutual funds into active ETFs. Meanwhile, bigger firms have rolled out ETFs that mimic popular mutual funds, including Fidelity Investments’ Magellan and Blue Chip Growth funds.<blockquote>包括 Dimensional Fund Advisors 在内的公司已将共同基金转换为主动型 ETF。与此同时，一些大公司也推出了模仿流行共同基金的 ETF，包括富达投资公司的麦哲伦基金和蓝筹增长基金。</blockquote> “We should have a broad offering of ETFs that stand alongside a broad offering of mutual funds,” said Gerard O’Reilly, Dimensional’s co-chief executive, of his company. “Choose your own adventure.”<blockquote>“Dimensional 联席首席执行官杰拉德-奥赖利（Gerard O'Reilly）在谈到他的公司时说：”我们应该有广泛的 ETF 产品，与广泛的共同基金产品并驾齐驱。“选择你自己的冒险。”</blockquote> As ETFs, baskets of securities that trade as easily as stocks, have boomed this year, investors poured a record $84 billion into ones that pick combinations of securities in search of outperformance rather than tracking swaths of the stock market. That represents about 10% of all inflows into U.S. ETFs, up from nearly 8% last year, according to Morningstar.<blockquote>随着 ETF（与股票一样易于交易的一篮子证券）今年蓬勃发展，投资者向那些选择证券组合以寻求优异表现而不是跟踪股票市场大片的 ETF 投入了创纪录的 840 亿美元。晨星公司的数据显示，这约占美国 ETF 所有资金流入总额的 10%，高于去年的近 8%。</blockquote> Asset managers long known for running mutual funds are rushing to take advantage of investors’ interest in active ETFs. More than half of the record 380 ETFs launched in the U.S. this year are actively managed, according to FactSet. Fidelity, Putnam and T. Rowe Price are among the firms that have rolled out actively managed ETFs in 2021. Firms new to ETFs have also entered the fray.<blockquote>长期以来以管理共同基金而闻名的资产管理公司正急于利用投资者对主动型 ETF 的兴趣。FactSet 的数据显示，今年在美国推出的创纪录的 380 只 ETF 中，有一半以上是主动管理的。富达 (Fidelity)、普特南 (Putnam) 和 T. Rowe Price 等公司已在 2021 年推出主动管理 ETF。ETF 的新公司也加入了这场竞争。</blockquote> The top 20 fastest-growing ETFs, largely run by Vanguard and BlackRock, this year pulled in nearly 40% of all flows, charged an average fee of less than 0.10 percentage point and tracked benchmarks of some sort.<blockquote>增长最快的 20 只 ETF 主要由 Vanguard 和 BlackRock 运营，今年吸引了近 40% 的资金流量，平均费用不到 0.10 个百分点，并跟踪了某种基准。</blockquote> Many active ETFs remain comparatively small and charge fees higher than passive funds, putting a swath of new products at risk of closing over the next several years. ETFs usually need between $50 million and $100 million in assets within five years of launching to become profitable, analysts and executives say; funds below those levels have tended to close.<blockquote>许多主动型 ETF 规模仍然相对较小，而且收取的费用高于被动型基金，这使得一系列新产品在未来几年内面临关闭的风险。分析师和高管表示，ETF 通常需要在推出五年内拥有 5000 万至 1 亿美元的资产才能盈利；低于这些水平的基金往往会关闭。</blockquote> Of the nearly 600 active ETFs in the U.S., three-fifths have less than $100 million in assets, according to FactSet data. More than half are below $50 million.<blockquote>FactSet 数据显示，在美国近 600 只活跃 ETF 中，五分之三的资产低于 1 亿美元。超过一半的人低于5000万美元。</blockquote> “You’re going to see a lot of those firms take a hard look at their future,” said Elisabeth Kashner, FactSet’s director of ETF research.<blockquote>“FactSet 的 ETF 研究总监伊丽莎白-卡什纳（Elisabeth Kashner）说：”你会看到很多这样的公司都在认真审视自己的未来。</blockquote> The stock market’s bull run has helped buoy many ETF providers, Ms. Kashner said, adding that firms have in 2021 closed the fewest number of funds in eight years. But a market pullback, which most stock-market strategists anticipate, could flush out weaker players, she said.<blockquote>卡什纳女士说，股市的牛市帮助提振了许多 ETF 提供商，并补充说，2021 年公司关闭的基金数量是八年来最少的。但她表示，大多数股市策略师预计的市场回调可能会挤出较弱的参与者。</blockquote> ETF closures generally climbed over the past decade, and firms closed a record 277 ETFs last year as the coronavirus pulled markets down. Many held few assets. About a third of all active ETFs are marked as having a medium or high risk of closure, according to FactSet data that take into account assets, flows and fund closure history.<blockquote>过去十年，ETF 的关闭量普遍攀升，由于冠状病毒拖累市场，去年公司关闭了创纪录的 277 只 ETF。许多人持有的资产很少。根据考虑资产、流量和基金关闭历史的 FactSet 数据，约三分之一的活跃 ETF 被标记为具有中等或高风险关闭。</blockquote> Factors that have helped stoke active launches, analysts and executives said, include rules streamlined by regulators in late 2019 that made ETFs easier to launch. The approval of the first semitransparent active ETFs, which shield some holdings from the public’s eye, followed.<blockquote>分析师和高管表示，促使 ETF 积极推出的因素包括监管机构在 2019 年底简化的规则，使 ETF 更容易推出。随后，首批半透明主动式 ETF 获得批准，这些 ETF 将部分持有的股票从公众视线中屏蔽开来。</blockquote> Analysts also said the success of ARK Investment Management Chief Executive Cathie Wood in 2020 showed how active ETFs can score big returns and pull in substantial sums of money. Several of ARK’s funds doubled last year, and its assets approached $60 billion earlier this year, though many of its bets have slumped in 2021.<blockquote>分析师还表示，ARK Investment Management 首席执行官凯西·伍德 (Cathie Wood) 在 2020 年的成功表明，主动型 ETF 如何获得丰厚回报并吸引大量资金。ARK 的几只基金去年翻了一番，今年早些时候其资产接近 600 亿美元，不过 2021 年它的许多押注都出现了下滑。</blockquote> Most other active managers aren’t doing much better. Two-thirds of large-cap managers of mutual funds have fallen short of benchmarks this year, while roughly 10% of the 371 U.S. active ETFs with full-year performance data are beating the S&amp;P 500. More than a third are flat or negative for 2021.<blockquote>大多数其他现役经理的表现也好不到哪里去。今年，三分之二的大型共同基金经理的表现低于基准，而拥有全年业绩数据的 371 只美国主动 ETF 中约有 10% 的表现优于标普500。2021 年，超过三分之一的人持平或负数。</blockquote> “Active management is a zero-sum game,” said FactSet’s Ms. Kashner. “Beating the benchmark quarter after quarter, year after year, is a very difficult task at which active managers have traditionally struggled. The ETF wrapper doesn’t change that calculus.”<blockquote>“FactSet 的卡什纳女士说：”主动管理是一场零和游戏。“一个季度又一个季度、年复一年地跑赢基准是一项非常艰巨的任务，主动型基金经理历来都在努力完成这项任务。ETF 包装并没有改变这种计算”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/etf-inflows-top-1-trillion-for-first-time-11639257534?mod=hp_lead_pos2\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIV":"美国中期债券ETF-Vanguard","BLK":"贝莱德","STT":"道富银行",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/etf-inflows-top-1-trillion-for-first-time-11639257534?mod=hp_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103671470","content_text":"A historic surge of cash has swept into exchange-traded funds, spurring asset managers to launch new trading strategies that could be undone by a market downturn.\n\nThis year’s inflows into ETFs world-wide crossed the $1 trillion mark for the first time at the end of November, surpassing last year’s total of $735.7 billion, according to Morningstar Inc. data. That wave of money, along with rising markets, pushed global ETF assets to nearly $9.5 trillion, more than double where the industry stood at the end of 2018.\n\nMost of that money has gone into low-cost U.S. funds that track indexes run by Vanguard Group, BlackRock Inc. BLK 0.66% and State Street Corp. STT -0.50% , which together control more than three-quarters of all U.S. ETF assets. Analysts said rising stock markets, including a 25% lift for the S&P 500 this year, and a lack of high-yielding alternatives have boosted interest in such funds.\n\n“You have this historical precedent where you have tumultuous equity markets, and more and more investors have made their way to index products,” said Rich Powers, head of ETF and index product management at Vanguard.\n\nAsset managers are looking to actively managed funds, some with narrow themes, in search of an unfilled niche not already dominated by the industry’s juggernauts, analysts and executives said. VanEck, for example, earlier this month rolled out an active ETF targeting the food industry. In March, Tuttle Capital Management launched its FOMO ETF, which is bullish on stocks popular with individual investors.\n\nFirms including Dimensional Fund Advisors have converted mutual funds into active ETFs. Meanwhile, bigger firms have rolled out ETFs that mimic popular mutual funds, including Fidelity Investments’ Magellan and Blue Chip Growth funds.\n\n“We should have a broad offering of ETFs that stand alongside a broad offering of mutual funds,” said Gerard O’Reilly, Dimensional’s co-chief executive, of his company. “Choose your own adventure.”\n\nAs ETFs, baskets of securities that trade as easily as stocks, have boomed this year, investors poured a record $84 billion into ones that pick combinations of securities in search of outperformance rather than tracking swaths of the stock market. That represents about 10% of all inflows into U.S. ETFs, up from nearly 8% last year, according to Morningstar.\nAsset managers long known for running mutual funds are rushing to take advantage of investors’ interest in active ETFs. More than half of the record 380 ETFs launched in the U.S. this year are actively managed, according to FactSet. Fidelity, Putnam and T. Rowe Price are among the firms that have rolled out actively managed ETFs in 2021. Firms new to ETFs have also entered the fray.\n\nThe top 20 fastest-growing ETFs, largely run by Vanguard and BlackRock, this year pulled in nearly 40% of all flows, charged an average fee of less than 0.10 percentage point and tracked benchmarks of some sort.\n\nMany active ETFs remain comparatively small and charge fees higher than passive funds, putting a swath of new products at risk of closing over the next several years. ETFs usually need between $50 million and $100 million in assets within five years of launching to become profitable, analysts and executives say; funds below those levels have tended to close.\n\nOf the nearly 600 active ETFs in the U.S., three-fifths have less than $100 million in assets, according to FactSet data. More than half are below $50 million.\n\n\n“You’re going to see a lot of those firms take a hard look at their future,” said Elisabeth Kashner, FactSet’s director of ETF research.\n\nThe stock market’s bull run has helped buoy many ETF providers, Ms. Kashner said, adding that firms have in 2021 closed the fewest number of funds in eight years. But a market pullback, which most stock-market strategists anticipate, could flush out weaker players, she said.\n\nETF closures generally climbed over the past decade, and firms closed a record 277 ETFs last year as the coronavirus pulled markets down. Many held few assets. About a third of all active ETFs are marked as having a medium or high risk of closure, according to FactSet data that take into account assets, flows and fund closure history.\n\nFactors that have helped stoke active launches, analysts and executives said, include rules streamlined by regulators in late 2019 that made ETFs easier to launch. The approval of the first semitransparent active ETFs, which shield some holdings from the public’s eye, followed.\n\nAnalysts also said the success of ARK Investment Management Chief Executive Cathie Wood in 2020 showed how active ETFs can score big returns and pull in substantial sums of money. Several of ARK’s funds doubled last year, and its assets approached $60 billion earlier this year, though many of its bets have slumped in 2021.\n\n\nMost other active managers aren’t doing much better. Two-thirds of large-cap managers of mutual funds have fallen short of benchmarks this year, while roughly 10% of the 371 U.S. active ETFs with full-year performance data are beating the S&P 500. More than a third are flat or negative for 2021.\n\n“Active management is a zero-sum game,” said FactSet’s Ms. Kashner. “Beating the benchmark quarter after quarter, year after year, is a very difficult task at which active managers have traditionally struggled. The ETF wrapper doesn’t change that calculus.”","news_type":1,"symbols_score_info":{"BLK":0.9,".SPX":0.9,"STT":0.9,"BIV":0.9}},"isVote":1,"tweetType":1,"viewCount":1433,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/604367540"}