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Semi-transparent equity exchange-traded funds, iyo isingabudisi pachena kubata zuva nezuva, yakatenderwa neUS Securities and Exchange Commission uye inotarisirwa kuti pakupedzisira iuye kuEurope neAsia. Frank Koudelka, nyanzvi yezvigadzirwa zvepasi rose zveETF paState Street, akataura pamusangano wevatori venhau muLondon nezuro kuti SEC yakabvumidza ActiveShare ETFs muna Chivabvu uye mabhasikiti eproxy svondo rapfuura. Mhando mbiri idzi dzinozivikanwa semi-transparent ETFs, sezvo dzichizivisa kubata neiyo yakafanana frequency seye mutual funds. Vachiri kuda chibvumirano chekuchinjana, saka akati ETFs inogona kuenda kurarama nekota yekutanga yegore rinouya. "Tinotarisira kuti dzikure zvakanyanya sezvo maETF anoonekera akaunganidza $90bn (€81bn) muzvinhu zviri pasi pemaneja, kunyanya mumari yakatarwa," akawedzera Koudelka. "Zvigadzirwa zvichafamba pasi rose uye zvinozozouya kuEurope neAsia." Brown Brothers Harriman vakataura mublog muna Chivabvu kuti Precidian Investments' ActiveShares ETF chimiro chaive chekutanga SEC kubvumidzwa kwechigadzirwa cheETF chakachena apo mamaneja airongedza nzira dzinoshanda nenzira isiri pachena. The Exchange Thoughts blog yakati: “Mamaneja anoshanda akazengurira kupinda muETFs vangangoita kuti nzira dzavo dziwanikwe kune vakawanda vateereri vevanoisa mari pasina kuburitsa 'sosi yavo yakavanzika.' Kusvika parizvino, mamaneja anoshanda anga achipinda mumusika weETF kuburikidza nesmart-beta indexed homwe kana maETF akajeka. Precidian akataura mukutaura muna Chivabvu kuti iyo ActiveShare chimiro chakapihwa rezinesi nemamaneja emidziyo anosanganisira Legg Mason, BlackRock, Capital Group, JP Morgan, Nyika Yose, Gabelli, Columbia, American Century naNuveen. Vagadziri vemari vangada kuona mamwe maETF anoshanda mumusika zvinoenderana neBBH 2019 Global ETF Investor Survey muna Kukadzi. “Izvi zvinoratidza kuti gakava riripo pakati pekuita nekusaziva haringori sarudzo yebhinari - vatengesi veETF vanogona kuramba vachiwana manejimendi anoshanda achikwezva; vanongoda kuputirwa nemutengo wakaderera,” yakawedzera BBH. "Kunyangwe chimiro chePrecidian chiri kupihwa rezinesi muUS chete, sezvo musika wepasi rose weETF uri kuramba uchikura, isu tinotarisira kuti chimiro ichi chinogona kunge chiri chirongwa cheETF dzisina kujeka muEurope neAsia." BBH yakataurawo mune imwe blog mwedzi uno kuti SEC yakapa mvumo isingatarisirwi kune itsva semi-transparent inoshanda ETF zvimiro kubva kuNatixis/New York Stock Exchange (NYSE), T Rowe Price, Fidelity uye Blue Tractor Group inoshandisa 'proxy baskets.' "Izvi zvimiro zvitsva zveETF zvinounza pfungwa yebhasiketi rinomiririra mumiriri, izvo zvinoita kuti mamaneja akwanise kuvharidzira kana kuchengetedza kuchengetedzwa kuri muETF," yakawedzera BBH. "Zvimiro zvitsva zveETF zvinogona kuzivisa nguva itsva yeETF inoshanda." Ciaran Fitzpatrick, mukuru weETF sevhisi Europe, paState Street akataura muchidimbu nezuro kuti zvichatora nguva kuti zvivakwa zvitsva izvi zviuye kuEurope kunyangwe kubvumidzwa kweSEC. "Central Bank yeIreland neUK Financial Conduct Authority vari kushanda neIOSCO mukujeka kweETF kubata sezvo misika zhinji yeEurope ichida kuburitswa zuva nezuva," akawedzera Fitzpatrick. "Panogona kuve nekuchinja mumwedzi gumi nemasere kusvika makumi maviri nemana inotevera asi izvo zvinoda mvumo yakawanda kutanga." Sangano reInternational Organisation of Securities Commissions '2019 chirongwa chebasa chinozvipira kushanda paETFs kubva kune zvese kuchengetedzwa kwemainvesti uye maonero emusika. Boka revatongi vepasi rose riri kushandawo neFinancial Stability Board pamusoro penjodzi dzinogona kugadzikana dzemari kubva kuETFs uye vakaita musangano wakabatana wevatori vechikamu mumaindasitiri muna Chikumi gore rino. Fitzpatrick inotarisirawo kuti ETFs dzezvakatipoteredza, magariro uye hutongi nzira dzikure muEurope uye kune vakawanda vanoburitsa US kuti vatange maETF mudunhu. "Vese vanoburitsa makiyi vari kupinda munzvimbo yeESG uye kune vapinda vatsva," Fitzpatrick akadaro. "Isu tichangotanga nzira muEurope uye ESG ichave mutambi akakosha mumakore anotevera." Akaenderera mberi achiti State Street inogara ichidyidzana nevanopa US vanoda kuburitsa ETF pasi rose, pamwe nevabudisi vekuEurope vanoda kugovera maETF muSouth America, Asia neIsrael. "Vanofanirwa kuve nechigadzirwa chakadai seESG, zvinhu kana dingindira uye dambudziko nderekuti vatambi vakuru vatove munzvimbo idzodzo," akawedzera Fitzpatrick. Semuenzaniso, Goldman Sachs Asset Management yakazivisa kutangwa kwebhizimusi reEuropean ETF munaGunyana gore rino mushure mekupa maETF muUS kubva munaGunyana 2015. GSAM yekutanga European ETF yaive Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF iyo yakanyorwa muLondon. Homwe iyi ndeyeEuropean vhezheni yemureza wayo ETF muUS, iyo ine mari inodarika madhora 6.5bn muzvinhu uye iyo GSAM yakati ndiyo hombe yakawanda-factor equity ETF pasi rose. Nick Phillips, mukuru webhizinesi repasi rose rekutengesa vatengi kuGSAM, akadaro mukutaura: "Mari iyi ichave yakakosha kune vese vatengi nevemasangano. Uku kuwedzera kwakakosha kune yedu zvigadzirwa zvepasi rose uye isu tinofara zvikuru kupinda mumusika uri kukurumidza kukura weEuropean ETF. " GSAM yakati munaGunyana iri kuronga kuparura maETF akasiyana siyana mumwedzi mitanhatu inotevera. Vhiki rapfuura iyo femu yakave mutsva wekuburitsa paSwiss exchange nekutangisa matatu smart beta ETFs. Koudelka inotarisirawo kukura mumusika weEuropean ETF kubva pakatanga mamwe ma robo-advisors. "MuUnited States kune $ 275bn muzvinhu zviri pasi pehutungamiri mumarobos uye zvakawanda zviri muETFs, uye izvo zvichawedzera pasi rose," akadaro. MuEurope kuunzwa kweMiFID II mirau pakutanga kwegore rapfuura yakaraira kutaurwa kwekutengesa kweETF kekutanga mudunhu. Kuyerera kweETF kwakawedzera kubva MiFID II yaenda Iive asi Fitzpatrick akati zvakawanda zvinodikanwa kuvandudza kujeka. "Tepi yakasanganiswa yeEurope ingave shanduko mukuwedzera kujeka uye kupa mufananidzo wakajeka weETF mavhoriyamu uye liquidity pamusika," Fitzpatrick akadaro. Koudelka akawedzera kuti State Street iri kutsvaga kupa mamwe data kuitira kuti iwedzere kudiwa. "Mukubatana neGlobal Markets tiri kugadzira kuzivisa nezve data rekuchengetedza semhando yevanoisa mari vanotenga maETF, nenzvimbo yavo, izvo zvichabatsira kutungamira chizvarwa," akadaro. Fitzpatrick akaenderera mberi kuti gore rinouya State Street ichaburitsa yakamisikidzwa muchina unoverengeka zvisimbiso kune Vakatenderwa Vatori vechikamu (APs), vanopa bhasiketi rezvibatiso kugadzira ETF shares kana kugamuchira tswanda yezvibatiso kuti vadzikinure zvikamu zveETF, uye kupa mari mumusika. "Tiri kuisa mari yakawanda sechikamu chechirongwa chemakore matatu uye zvichabatsira musika wese weEurope uye yakakura ETF ecosystem," akawedzera Fitzpatrick. "Isu tichaparura AP Portal mumusika wedu wekutanga wekutengesa portal Fund Connect kuti tibvumire maAPs, uye vanoburitsa, kuti vawane yakakodzera ETF data senge AP simbiso, net asset value data, portfolio yekuumbwa mafaera, uye matengu emitengo." Markets Media yakavambwa muna 2007 kuti ipe zvakaomesesa, zvakadzama zvemukati zvinotora zvikamu zvese zveindasitiri yezvichengetedzo, zvakaunzwa papuratifomu yesynergistic yekudhinda, online uye zviitiko.