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2021-08-13

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Global ETF Assets Hit $9 Trillion<blockquote>全球 ETF 资产达到 9 万亿美元</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":894234212,"tweetId":"894234212","gmtCreate":1628828085236,"gmtModify":1631888738645,"author":{"id":4090707232019850,"idStr":"4090707232019850","authorId":4090707232019850,"authorIdStr":"4090707232019850","name":"xnegate","avatar":"https://static.tigerbbs.com/7549d1578f4d67f05cd97a41e6bfb844","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Hi uwu</body></html>","htmlText":"<html><head></head><body>Hi uwu</body></html>","text":"Hi uwu","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/894234212","repostId":1159917110,"repostType":4,"repost":{"id":"1159917110","kind":"news","pubTimestamp":1628825559,"share":"https://www.laohu8.com/m/news/1159917110?lang=zh_CN&edition=full","pubTime":"2021-08-13 11:32","market":"other","language":"en","title":"Global ETF Assets Hit $9 Trillion<blockquote>全球 ETF 资产达到 9 万亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159917110","media":"The Wall Street Journal","summary":"Investors poured $705 billion into exchange-traded funds through the first seven months of the year, pushing 2021’s world-wide tally to a record $9.1 trillion, according to data from Morningstar Inc.Net flows so far this year have nearly eclipsed the $736.5 billion investors had moved into ETFs globally in all of 2020. Most of the cash has gone into cheap, index-tracking funds, with large-cap and short-term bond ETFs, as well as products offering inflation protection, attracting significant inve","content":"Net flows so far this year have nearly eclipsed the $736.5 billion investors had moved into ETFs globally in all of 2020.<blockquote>今年迄今为止的净流量几乎超过了 2020 年全年全球投资者流入 ETF 的 7,365 亿美元。</blockquote> Investors poured $705 billion into exchange-traded funds through the first seven months of the year, pushing 2021’s world-wide tally to a record $9.1 trillion, according to data from Morningstar Inc.<blockquote>晨星公司（Morningstar Inc.）的数据显示，今年前七个月，投资者向交易所交易基金注入了7050亿美元，使2021年全球交易所交易基金的资金达到创纪录的9.1万亿美元。</blockquote> Net flows so far this year have nearly eclipsed the $736.5 billion investors had moved into ETFs globally in all of 2020. Most of the cash has gone into cheap, index-tracking funds, with large-cap and short-term bond ETFs, as well as products offering inflation protection, attracting significant investor interest, according to the data.<blockquote>今年迄今为止的净流量几乎超过了 2020 年全年全球投资者流入 ETF 的 7,365 亿美元。数据显示，大部分现金都流入了廉价的指数跟踪基金，包括大盘和短期债券 ETF，以及提供通胀保护的产品，吸引了投资者的浓厚兴趣。</blockquote> <img src=\"https://static.tigerbbs.com/410f9d2305d06d2c68e0d7c714f34841\" tg-width=\"483\" tg-height=\"656\" width=\"100%\" height=\"auto\"><blockquote></blockquote> U.S. ETFs accounted for a record $519 billion of the total, sending assets in U.S. funds to about $6.6 trillion. ETFs now hold more money than index-tracking mutual funds, which had about $8.8 trillion in assets as of June, though mutual funds overall still command more money, with about $40.7 trillion in assets.<blockquote>美国 ETF 占总额的 5190 亿美元，创下历史新高，使美国基金资产达到约 6.6 万亿美元。ETF 现在持有的资金多于跟踪指数的共同基金，截至 6 月份，跟踪指数的共同基金拥有约 8.8 万亿美元的资产，尽管共同基金总体上仍然持有更多资金，资产约为 40.7 万亿美元。</blockquote> ETFs are baskets of securities that are as easy to trade as a stock. They lack the investment minimums found in many mutual funds, are generally more tax efficient and carry lower fees. The success of ETFs was far from guaranteed after the first one launched in 1993. But enthusiasm for low-cost investments has led to an explosion in ETF assets over the past 10 years.<blockquote>ETF 是一篮子证券，与股票一样易于交易。它们缺乏许多共同基金的最低投资要求，通常税收效率更高，费用更低。1993 年推出第一只 ETF 后，其成功还远未得到保证。但对低成本投资的热情导致了过去 10 年 ETF 资产的爆炸式增长。</blockquote> “ETFs are probably the greatest success story in financial services over the last two decades,” said Anaelle Ubaldino, head of ETF research and investment advisory at data firm TrackInsight, which also tracked ETFs crossing the $9 trillion mark last month.<blockquote>“数据公司 TrackInsight 的 ETF 研究和投资咨询主管 Anaelle Ubaldino 说：”ETF 可能是过去二十年来金融服务业最成功的案例。</blockquote> Vanguard Group has been the biggest draw this year, with its ETFs pulling in nearly $224 billion through the first seven months of 2021. That is 45% more than all the money attracted so far in 2021 by&nbsp;<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,&nbsp;the world’s No. 1 ETF manager by assets.<blockquote>先锋集团是今年最大的吸引力，其 ETF 在 2021 年前 7 个月吸引了近 2240 亿美元。这比 2021 年迄今为止吸引的所有资金多 45%<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>按资产计算，全球排名第一的 ETF 管理公司。</blockquote> <img src=\"https://static.tigerbbs.com/d38df5be26f49e34b5860d86719b885d\" tg-width=\"483\" tg-height=\"769\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Two broad, inexpensive stock-market funds run by Vanguard garnered the most interest from investors. Vanguard’s 500 Index Fund and Total Stock Market Index Fund pulled in $32.3 billion and $23.4 billion so far this year. Of the top 10 funds by inflows in 2021, Vanguard managed six, while BlackRock’s iShares ETF unit oversaw the other four.<blockquote>先锋集团运营的两只广泛、廉价的股票市场基金引起了投资者的最大兴趣。Vanguard 的 500 指数基金和 Total Stock Market Index Fund 今年迄今已分别吸引了 323 亿美元和 234 亿美元的资金。在 2021 年流入量排名前 10 的基金中，Vanguard 管理了 6 只，而贝莱德的 iShares ETF 部门则监管了另外 4 只。</blockquote> Since asset managers got regulatory&nbsp;approval in 2019 to run stock-picking ETFs that also shield their daily holdings, Fidelity Investments,&nbsp;<a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>,&nbsp;Putnam Investments and others&nbsp;have launched actively managed funds. These are similar to some of their mutual-fund strategies, yet more accessible and usually cheaper for individual investors. Others such as Guinness Atkinson Funds and Dimensional Fund Advisors have opted to convert some mutual funds into ETFs.<blockquote>自资产管理公司于 2019 年获得监管部门批准运营选股 ETF 以来，富达投资、<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>、Putnam Investments 等公司都推出了主动管理基金。这些策略类似于他们的一些共同基金策略，但对个人投资者来说更容易获得，而且通常更便宜。Guinness Atkinson Funds 和 Dimensional Fund Advisors 等其他公司则选择将一些共同基金转换为 ETF。</blockquote> JPMorgan Chase &amp; Co. has launched some actively managed ETFs, including its Equity Premium Income fund last year, which has pulled in $2.4 billion from investors so far in 2021. The banking giant said Wednesday that it plans to convert four active mutual funds managing some $10 billion in assets into ETFs in 2022 pending approval from their boards.<blockquote>摩根大通去年推出了一些主动管理的 ETF，包括其股票溢价收入基金，该基金在 2021 年迄今已从投资者那里吸引了 24 亿美元。这家银行业巨头周三表示，计划在 2022 年将管理约 100 亿美元资产的四只主动共同基金转换为 ETF，等待董事会批准。</blockquote> Active ETFs still represent a small but growing segment of the overall ETF market. Nonindexed ETFs, including those that actively pick stocks, carried $358 billion in assets as of July, about 4% of the overall ETF market, according to Morningstar’s data. That was up from $193 billion a year ago.<blockquote>主动型 ETF 仍然是整个 ETF 市场的一小部分，但不断增长。晨星公司的数据显示，截至 7 月份，非指数 ETF（包括那些积极选股的 ETF）持有 3580 亿美元的资产，约占整个 ETF 市场的 4%。这比一年前的 1930 亿美元有所增加。</blockquote> ETFs come with some risks, however. Narrow, thematic funds can&nbsp;concentrate billions of dollars in assets in a small roster of companies, making them potentially susceptible to a liquidity crunch in volatile markets, some analysts say. ETFs that track indexes, meanwhile, have the potential to fall out of step with benchmarks, which is known as tracking error.<blockquote>然而，ETF 也存在一些风险。一些分析师表示，狭义的主题基金可以将数十亿美元的资产集中在少数几家公司中，这使得它们在动荡的市场中可能容易受到流动性紧缩的影响。与此同时，跟踪指数的 ETF 有可能与基准不同步，这被称为跟踪误差。</blockquote> <img src=\"https://static.tigerbbs.com/7685b345aab8aeb01f2056972dc2bccf\" tg-width=\"392\" tg-height=\"758\" width=\"100%\" height=\"auto\"><blockquote></blockquote> With stocks hitting records, some expect more growth ahead. In the U.S. alone, Matt Bartolini, head of SPDR Americas Research at State Street Global Advisors, predicts inflows for all of 2021 could reach nearly $800 billion—more than what has flowed into U.S. mutual funds in the past nine years combined.<blockquote>随着股市创下历史新高，一些人预计未来还会有更多增长。道富环球顾问公司 SPDR 美洲研究主管马特·巴托里尼 (Matt Bartolini) 预测，仅在美国，2021 年全年的资金流入就可能达到近 8000 亿美元，超过了过去九年美国共同基金的资金流入总和。</blockquote> “With such dazzling flow totals in a short period of time, it begs the question of how high flows could get in 2021,” said Mr. Bartolini. “Particularly if ETFs can make it into the four commas club.”<blockquote>“巴托里尼先生说：”在如此短的时间内，流量如此惊人，这就引出了一个问题：2021 年的流量会达到多高。“尤其是如果 ETF 能进入四逗号俱乐部的话。”</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>Global ETF Assets Hit $9 Trillion<blockquote>全球 ETF 资产达到 9 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\">\nGlobal ETF Assets Hit $9 Trillion<blockquote>全球 ETF 资产达到 9 万亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-08-13 11:32\n\n</h4>\n</header>\n<article>\nNet flows so far this year have nearly eclipsed the $736.5 billion investors had moved into ETFs globally in all of 2020.<blockquote>今年迄今为止的净流量几乎超过了 2020 年全年全球投资者流入 ETF 的 7,365 亿美元。</blockquote> Investors poured $705 billion into exchange-traded funds through the first seven months of the year, pushing 2021’s world-wide tally to a record $9.1 trillion, according to data from Morningstar Inc.<blockquote>晨星公司（Morningstar Inc.）的数据显示，今年前七个月，投资者向交易所交易基金注入了7050亿美元，使2021年全球交易所交易基金的资金达到创纪录的9.1万亿美元。</blockquote> Net flows so far this year have nearly eclipsed the $736.5 billion investors had moved into ETFs globally in all of 2020. Most of the cash has gone into cheap, index-tracking funds, with large-cap and short-term bond ETFs, as well as products offering inflation protection, attracting significant investor interest, according to the data.<blockquote>今年迄今为止的净流量几乎超过了 2020 年全年全球投资者流入 ETF 的 7,365 亿美元。数据显示，大部分现金都流入了廉价的指数跟踪基金，包括大盘和短期债券 ETF，以及提供通胀保护的产品，吸引了投资者的浓厚兴趣。</blockquote> <img src=\"https://static.tigerbbs.com/410f9d2305d06d2c68e0d7c714f34841\" tg-width=\"483\" tg-height=\"656\" width=\"100%\" height=\"auto\"><blockquote></blockquote> U.S. ETFs accounted for a record $519 billion of the total, sending assets in U.S. funds to about $6.6 trillion. ETFs now hold more money than index-tracking mutual funds, which had about $8.8 trillion in assets as of June, though mutual funds overall still command more money, with about $40.7 trillion in assets.<blockquote>美国 ETF 占总额的 5190 亿美元，创下历史新高，使美国基金资产达到约 6.6 万亿美元。ETF 现在持有的资金多于跟踪指数的共同基金，截至 6 月份，跟踪指数的共同基金拥有约 8.8 万亿美元的资产，尽管共同基金总体上仍然持有更多资金，资产约为 40.7 万亿美元。</blockquote> ETFs are baskets of securities that are as easy to trade as a stock. They lack the investment minimums found in many mutual funds, are generally more tax efficient and carry lower fees. The success of ETFs was far from guaranteed after the first one launched in 1993. But enthusiasm for low-cost investments has led to an explosion in ETF assets over the past 10 years.<blockquote>ETF 是一篮子证券，与股票一样易于交易。它们缺乏许多共同基金的最低投资要求，通常税收效率更高，费用更低。1993 年推出第一只 ETF 后，其成功还远未得到保证。但对低成本投资的热情导致了过去 10 年 ETF 资产的爆炸式增长。</blockquote> “ETFs are probably the greatest success story in financial services over the last two decades,” said Anaelle Ubaldino, head of ETF research and investment advisory at data firm TrackInsight, which also tracked ETFs crossing the $9 trillion mark last month.<blockquote>“数据公司 TrackInsight 的 ETF 研究和投资咨询主管 Anaelle Ubaldino 说：”ETF 可能是过去二十年来金融服务业最成功的案例。</blockquote> Vanguard Group has been the biggest draw this year, with its ETFs pulling in nearly $224 billion through the first seven months of 2021. That is 45% more than all the money attracted so far in 2021 by&nbsp;<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,&nbsp;the world’s No. 1 ETF manager by assets.<blockquote>先锋集团是今年最大的吸引力，其 ETF 在 2021 年前 7 个月吸引了近 2240 亿美元。这比 2021 年迄今为止吸引的所有资金多 45%<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>按资产计算，全球排名第一的 ETF 管理公司。</blockquote> <img src=\"https://static.tigerbbs.com/d38df5be26f49e34b5860d86719b885d\" tg-width=\"483\" tg-height=\"769\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Two broad, inexpensive stock-market funds run by Vanguard garnered the most interest from investors. Vanguard’s 500 Index Fund and Total Stock Market Index Fund pulled in $32.3 billion and $23.4 billion so far this year. Of the top 10 funds by inflows in 2021, Vanguard managed six, while BlackRock’s iShares ETF unit oversaw the other four.<blockquote>先锋集团运营的两只广泛、廉价的股票市场基金引起了投资者的最大兴趣。Vanguard 的 500 指数基金和 Total Stock Market Index Fund 今年迄今已分别吸引了 323 亿美元和 234 亿美元的资金。在 2021 年流入量排名前 10 的基金中，Vanguard 管理了 6 只，而贝莱德的 iShares ETF 部门则监管了另外 4 只。</blockquote> Since asset managers got regulatory&nbsp;approval in 2019 to run stock-picking ETFs that also shield their daily holdings, Fidelity Investments,&nbsp;<a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>,&nbsp;Putnam Investments and others&nbsp;have launched actively managed funds. These are similar to some of their mutual-fund strategies, yet more accessible and usually cheaper for individual investors. Others such as Guinness Atkinson Funds and Dimensional Fund Advisors have opted to convert some mutual funds into ETFs.<blockquote>自资产管理公司于 2019 年获得监管部门批准运营选股 ETF 以来，富达投资、<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>、Putnam Investments 等公司都推出了主动管理基金。这些策略类似于他们的一些共同基金策略，但对个人投资者来说更容易获得，而且通常更便宜。Guinness Atkinson Funds 和 Dimensional Fund Advisors 等其他公司则选择将一些共同基金转换为 ETF。</blockquote> JPMorgan Chase &amp; Co. has launched some actively managed ETFs, including its Equity Premium Income fund last year, which has pulled in $2.4 billion from investors so far in 2021. The banking giant said Wednesday that it plans to convert four active mutual funds managing some $10 billion in assets into ETFs in 2022 pending approval from their boards.<blockquote>摩根大通去年推出了一些主动管理的 ETF，包括其股票溢价收入基金，该基金在 2021 年迄今已从投资者那里吸引了 24 亿美元。这家银行业巨头周三表示，计划在 2022 年将管理约 100 亿美元资产的四只主动共同基金转换为 ETF，等待董事会批准。</blockquote> Active ETFs still represent a small but growing segment of the overall ETF market. Nonindexed ETFs, including those that actively pick stocks, carried $358 billion in assets as of July, about 4% of the overall ETF market, according to Morningstar’s data. That was up from $193 billion a year ago.<blockquote>主动型 ETF 仍然是整个 ETF 市场的一小部分，但不断增长。晨星公司的数据显示，截至 7 月份，非指数 ETF（包括那些积极选股的 ETF）持有 3580 亿美元的资产，约占整个 ETF 市场的 4%。这比一年前的 1930 亿美元有所增加。</blockquote> ETFs come with some risks, however. Narrow, thematic funds can&nbsp;concentrate billions of dollars in assets in a small roster of companies, making them potentially susceptible to a liquidity crunch in volatile markets, some analysts say. ETFs that track indexes, meanwhile, have the potential to fall out of step with benchmarks, which is known as tracking error.<blockquote>然而，ETF 也存在一些风险。一些分析师表示，狭义的主题基金可以将数十亿美元的资产集中在少数几家公司中，这使得它们在动荡的市场中可能容易受到流动性紧缩的影响。与此同时，跟踪指数的 ETF 有可能与基准不同步，这被称为跟踪误差。</blockquote> <img src=\"https://static.tigerbbs.com/7685b345aab8aeb01f2056972dc2bccf\" tg-width=\"392\" tg-height=\"758\" width=\"100%\" height=\"auto\"><blockquote></blockquote> With stocks hitting records, some expect more growth ahead. In the U.S. alone, Matt Bartolini, head of SPDR Americas Research at State Street Global Advisors, predicts inflows for all of 2021 could reach nearly $800 billion—more than what has flowed into U.S. mutual funds in the past nine years combined.<blockquote>随着股市创下历史新高，一些人预计未来还会有更多增长。道富环球顾问公司 SPDR 美洲研究主管马特·巴托里尼 (Matt Bartolini) 预测，仅在美国，2021 年全年的资金流入就可能达到近 8000 亿美元，超过了过去九年美国共同基金的资金流入总和。</blockquote> “With such dazzling flow totals in a short period of time, it begs the question of how high flows could get in 2021,” said Mr. Bartolini. “Particularly if ETFs can make it into the four commas club.”<blockquote>“巴托里尼先生说：”在如此短的时间内，流量如此惊人，这就引出了一个问题：2021 年的流量会达到多高。“尤其是如果 ETF 能进入四逗号俱乐部的话。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/global-etf-assets-hit-9-trillion-11628769548?mod=markets_lead_pos6\">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":{"TROW":"普信集团","FIGB":"Fidelity Investment Grade Bond ETF","BLK":"贝莱德"},"source_url":"https://www.wsj.com/articles/global-etf-assets-hit-9-trillion-11628769548?mod=markets_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159917110","content_text":"Net flows so far this year have nearly eclipsed the $736.5 billion investors had moved into ETFs globally in all of 2020.\nInvestors poured $705 billion into exchange-traded funds through the first seven months of the year, pushing 2021’s world-wide tally to a record $9.1 trillion, according to data from Morningstar Inc.\nNet flows so far this year have nearly eclipsed the $736.5 billion investors had moved into ETFs globally in all of 2020. Most of the cash has gone into cheap, index-tracking funds, with large-cap and short-term bond ETFs, as well as products offering inflation protection, attracting significant investor interest, according to the data.\n\nU.S. ETFs accounted for a record $519 billion of the total, sending assets in U.S. funds to about $6.6 trillion. ETFs now hold more money than index-tracking mutual funds, which had about $8.8 trillion in assets as of June, though mutual funds overall still command more money, with about $40.7 trillion in assets.\nETFs are baskets of securities that are as easy to trade as a stock. They lack the investment minimums found in many mutual funds, are generally more tax efficient and carry lower fees. The success of ETFs was far from guaranteed after the first one launched in 1993. But enthusiasm for low-cost investments has led to an explosion in ETF assets over the past 10 years.\n“ETFs are probably the greatest success story in financial services over the last two decades,” said Anaelle Ubaldino, head of ETF research and investment advisory at data firm TrackInsight, which also tracked ETFs crossing the $9 trillion mark last month.\nVanguard Group has been the biggest draw this year, with its ETFs pulling in nearly $224 billion through the first seven months of 2021. That is 45% more than all the money attracted so far in 2021 by BlackRock, the world’s No. 1 ETF manager by assets.\n\nTwo broad, inexpensive stock-market funds run by Vanguard garnered the most interest from investors. Vanguard’s 500 Index Fund and Total Stock Market Index Fund pulled in $32.3 billion and $23.4 billion so far this year. Of the top 10 funds by inflows in 2021, Vanguard managed six, while BlackRock’s iShares ETF unit oversaw the other four.\nSince asset managers got regulatory approval in 2019 to run stock-picking ETFs that also shield their daily holdings, Fidelity Investments, T. Rowe Price, Putnam Investments and others have launched actively managed funds. These are similar to some of their mutual-fund strategies, yet more accessible and usually cheaper for individual investors. Others such as Guinness Atkinson Funds and Dimensional Fund Advisors have opted to convert some mutual funds into ETFs.\nJPMorgan Chase & Co. has launched some actively managed ETFs, including its Equity Premium Income fund last year, which has pulled in $2.4 billion from investors so far in 2021. The banking giant said Wednesday that it plans to convert four active mutual funds managing some $10 billion in assets into ETFs in 2022 pending approval from their boards.\nActive ETFs still represent a small but growing segment of the overall ETF market. Nonindexed ETFs, including those that actively pick stocks, carried $358 billion in assets as of July, about 4% of the overall ETF market, according to Morningstar’s data. That was up from $193 billion a year ago.\nETFs come with some risks, however. Narrow, thematic funds can concentrate billions of dollars in assets in a small roster of companies, making them potentially susceptible to a liquidity crunch in volatile markets, some analysts say. ETFs that track indexes, meanwhile, have the potential to fall out of step with benchmarks, which is known as tracking error.\n\nWith stocks hitting records, some expect more growth ahead. In the U.S. alone, Matt Bartolini, head of SPDR Americas Research at State Street Global Advisors, predicts inflows for all of 2021 could reach nearly $800 billion—more than what has flowed into U.S. mutual funds in the past nine years combined.\n“With such dazzling flow totals in a short period of time, it begs the question of how high flows could get in 2021,” said Mr. Bartolini. “Particularly if ETFs can make it into the four commas club.”","news_type":1,"symbols_score_info":{"TROW":0.9,"BLK":0.9,"FIGB":0.9}},"isVote":1,"tweetType":1,"viewCount":1958,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/894234212"}