The Road Ahead for ETFs
|
|
- Brooke Crawford
- 5 years ago
- Views:
Transcription
1 The Road Ahead for ETFs
2 Global ETF assets and number of funds 1993 to February 2010 US$ billions 1,200 1, Totalassets assets Number of funds Number of funds 2,500 2,000 1,500 1, Feb Source: BlackRock, ETF Landscape Industry Review.
3 ETFs market share is increasing ETFs as a percentage of all NYSE equity trading volume Source: NYSE.
4 U.S. ETF assets and number of funds 1993 to 2009 US$ billions Totalassets assets Number of funds Number of funds Source: BlackRock, ETF Landscape Industry Review.
5 U.S. ETF fund assets February 2010 Hybrid <1% Total assets=us$750 billion February 2010 Bonds 15.0% Global 26.3% Broad based equity 38.5% Sector 20.2% Source: Investment Company Institute.
6 Active or passive: Which is a better management style? Total return index, 2002= Money market 140 S&P AAA corporates Sources: Bloomberg, Milken Institute.
7 Return on selected asset classes 2000 to March 2010 As of March 2010, $100 investment in 2000 gives you: 300 $ $100 $109 $162 $193 $ S&P 500 AAA corporates Commodities Treasuries High yield bonds Emerging markets Sources: DataStream, Milken Institute.
8 Federal Reserve has little maneuvering room What is next? Percent 3 Effective federal funds rate 2 1 Target federal funds rate Apr. 30, 2008: 2% Oct. 8, 2008: 1.5% Oct. 29, 2008: 1% Dec. 16, 2008: % 0 Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Sources: Federal Reserve, Milken Institute.
9 Steve Baffico slides
10 ETFs vs. open-end mutual funds Assets held,us$ billions U.S. listed ETF growth US$ billions / Number of ETFs $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $8,801 1,200 1, $2,000 $1,000 $0 Open-ended mutual funds $837 Exchangetraded funds YTD Assets Total ETFs Sources: Morningstar, Bloomberg, Claymore Securities, Inc. All data as of 4/16/2010 and includes all U.S. ETF and open-end mutual funds.
11 ETFs vs. open-end mutual funds Estimated net flows (US$ millions) U.S. Exchange-Traded Funds U.S. Open-End Mutual Funds March 2010 Q March 2010 Q U.S. stock (2,926) (14,479) U.S. stock 1,316 1,600 (25,748) International 1, ,533 International 6,642 19,725 25,532 stock stock Balanced Balanced 1,372 6,153 (3,290) Taxable bond 4,435 8,223 35,319 Taxable bond 31,731 74, ,465 Municipal bond ,387 Municipal bond 3,905 14,002 72,123 Alternative 1,297 2,427 24,211 Alternative 1,485 6,120 14,103 Commodities 758 (1,022) 26,509 Commodities 1,080 3,091 10,224 Total 19,734 7, ,820 Total 47, , ,409 Sources: Morningstar Direct Fund Flows, April All asset classes are defined by Morningstar.
12 Changing ETF landscape Annual ETF net cash flows by market segment Most International Equity International Equity International Equity Large-Cap Large-Cap Fixed Income Large-Cap Large-Cap USSector & Industry International Equity USSector & Industry International Equity USSector & Industry Fixed Income Commodity Fixed Income Fixed Income Commodity Small-Cap USSector & Industry Small-Cap USSector & Industry International Equity Lev/Inverse Dividend Income Mid-Cap Fixed Income Lev/Inverse Lev/Inverse USSector & Industry Net Cash Flows Fixed Income Dividend Income Lev/Inverse Commodity Commodity Currency Mid-Cap Commodity US Broad-Mkt Equity Mid-Cap Small-Cap Global US Broad-Mkt EquityUS Broad-Mkt Equity Global US Broad-Mkt Equity Mid-Cap Mid-Cap Commodity Global Currency Global US Broad-Mkt Equity Small-Cap Global l Small-Cap Mid-Cap Currency Global l Dividend id d Income Dividend Income Dividend Income Currency US Broad-Mkt Equity Large-Cap Small-Cap Dividend Income Alternative Large-Cap Least Source: Exchange Traded Funds Quarterly Report, February 23, 2010 by Dominic Maisters Morgan Stanley. Assets classes defined by Morgan Stanley.
13 Asset class trends ETFs vs. world market There is currently a disparity between ETF asset class market share breakdown and the world market capitalization. World market capitalization ETF Market Share by Asset Class Percent As of 1/31/ MSCI EM 13% MSCI United States 43% MSCI Canada 4% MSCI EAFE 40% Source: Exchange Traded Funds Quarterly Report, February 23, 2010 by Dominic Maisters Morgan Stanley. Assets classes defined by Morgan Stanley. See last slide for index definitions. Indices are unmanaged and it is not possible to invest directly in an index.
14 ETFs average daily volume Number of funds % of total Over 1 Million Shares % 100,000 to 999, % 25,000 to 99, % Under 25,000 Shares % Less than 30 Days of Trading % Total % Source: Claymore Securities, Inc. and Bloomberg as of 4/16/2010. Data includes all U.S. ETFs.
15 Liquidity actual vs. perceived ETF s average daily volume (ADV) Underlying securities ADV ETF s ADV/ Underlying securities ADV OTP Claymore /Ocean Tomo Patent ETF $110,722 $67,134,562, % IWL - ishares Russell Top 200 Index Fund $42,539 $76,456,668, % PJO - PowerShares FTSE RAFI Japan Portfolio $164,450 $8,615,948, % IWC - Russell Microcap Index Fund $11,057,495 $3,042,111, % EPI - Wisdom Tree India Earnings Fund $24,501,835 $2,041,739, % PPTL - ETFS Physical Platinum Shares $16,616,392 $326,789, % LQD - ishares iboxx Investment Grade Corporate Bond Fund $81,864,076 $795,842, % ETF s ADV is the ETF closing price multiplied by 30-day average daily volume. Underlying Securities ADV is the Individual securities closing price times its 30 day average daily volume added to the same calculation for other securities that comprise the ETF. The ETFs selected are not to be considered a recommendation by the panel, but an illustration of the broad spectrum of liquidity among ETFs and their underlying securities. Consider the investment objectives, risks, charges and ongoing expenses of any ETF carefully before investing. The prospectus or summary prospectus, if available, contains this and other relevant information. Please read the prospectus carefully before investing. To obtain a prospectus, visit the firms respective websites or contact a securities representative. Source: Bloomberg as of 4/14/2010
16 ETFs currently filed with SEC Number of ETFs Source: Bloomberg for all data except for Claymore as of 4/11/2010. Claymore data provided by Claymore Securities, Inc. Note: All ETFs currently on file with SEC, but not yet available for purchase.
17 U.S. ETF universe Inverse ETFs 1% Leveraged inverse ETFs 4% Leveraged long ETFs 5% Non-leveraged or inverse ETFs 90% Source: Bloomberg as of 4/11/2010. Data includes all U.S. ETF.
18 Important information Index Definitions: The MSCI EAFE Index is broadly diversified and comprises 21 MSCI country indices and over 1,100 securities representing the developed markets outside of North America: Europe, Australasia and the Far East. The MSCI Emerging Markets Index measures equity market performance in the global emerging markets and consists of over 800 securities from 26 countries. The MSCI Europe Index consists of around 600 stocks in 16 developed European countries. Most of the index is comprised of companies in the UK, France, Switzerland and Germany. The MSCI Canada Index consists of stocks representing Canadas larger and most established public companies. It is floatadjusted and market capitalization weighted. MSCI targets that their indexes represent about 85% of total market capitalization by country and industry. The MSCI USA Index is a free float adjusted market capitalization index that is designed to measure large and mid cap US equity market performance. Indices are unmanaged and it is not possible to invest directly in an index. The comments during this presentation should not be construed as a recommendation, but as an illustration of broader themes. You are cautioned that any forward-looking statements are subject to significant business, economic and competitive uncertainties and actual results could be materially different. Information presented during this presentation is not a solicitation for any investment product. This material has been prepared using sources of information generally believed to be reliable. No representation can be made as to its accuracy. Claymore Securities, Inc. Member FINRA/SIPC (04/2010)
19 David Kastner slides
20 Schwab mutual fund rating system may be applicable to active ETFs Quantitative system to evaluate actively-managed mutual funds on A-F scale Rates funds within Morningstar categories Forward-looking, multi-factor approach Not one size fits all Rating system factors Alpha: Risk- and style-adjusted performance Adjusts for equity, capitalization, style, term to maturity, credit default, and sector-specific risks Measured over non-overlapping overlapping short, medium, and long periods Expenses operating expense ratio (OER) Fund family resources Fund size Cash inflows Security diversification
21 What are Exchange Traded Funds? Similarities and differences to mutual funds ETFs Mutual funds Diversification Same Same Actively managed Less More Trading flexibility More Less Accessibility More Less Transparency More Less Cost effectiveness More Less Tax efficiency More Less *ETFs are generally more cost effective when trading activity is low. Bear in mind that each trade of an ETF may incur a commission. Some mutual funds are managed for cost effectiveness and tax efficiency.
22 Tax efficiency of ETFs Tax advantage of ETFs over mutual funds In-kind exchange process gives ETFs an upper hand in terms of taxes due to capital gains distributions Five-year tax cost ratios: Average mutual fund in various Morningstar categories versus largest ETF Fund category Average mutual fund Largest ETF Difference Large blend 0.86% 0.57% 0.29% Small blend 1.25% 0.42% 0.83% Foreign large 1.24% 0.87% 0.37% Emerging market 1.77% 0.55% 1.22% Intermediate term bonds 1.61% 1.55% 0.06% Source: Morningstar. Annualized data as of 12/31/2009. The ticker symbols for the largest ETF in the large blend, small blend, foreign large, emerging market, and intermediate term bonds categories are: SPY, WM, EFA, EEM, AGG respectively. For more information on tax cost ratios, see disclosures at the end of the presentation.
23 ETF portfolio management Defining the process Strategic asset allocation Construct highly diversified portfolios to meet your desired risk tolerance ETF selection Select ETFs that match the index or viewpoint Portfolio tilts Make small tactical adjustments within asset groups Risk control Limit deviations from the strategic allocation Ongoing monitoring and rebalancing
24 ETF portfolio management Defining the process Strategic asset allocation Construct highly diversified portfolios to meet your desired risk tolerance ETF selection Select ETFs that match the index or viewpoint Portfolio tilts Make small tactical adjustments within asset groups Risk control Limit deviations from the strategic allocation Ongoing monitoring and rebalancing
25 Strategic asset allocation Long-term strategic allocation specifically for ETFs Additional diversification, inflation protection Additional diversification, current income Additional global and currency diversification, long-term growth Long-term growth Int'l emerging markets Int'l small cap Int'l large cap Stability & liquidity Commodities Cash TIPS Inflation protection ti REITs Treasurys U.S. micro cap U.S. small cap U.S. large cap Agencies Corporates Securitized High yield Int'l bonds Additional global and currency diversification Risk control, current income, diversification Current income
26 Strategic asset allocation Select the appropriate portfolio based on your investment characteristics Conservative income Income with growth Balanced Real Assets 5% Fixed Income 70% Cashh 25% Int'l Stocks 8% US Stocks 11% Real Assets 6% Balanced with growth Growth Aggressive growth Int'l Stocks 25% Real Assets 11% Cash 5% Fixed Income 30% US Stocks 29% Int'l Stocks 33% Real Assets 11% Cash 5% Cash 20% Fixed Income 55% Fixed Income 13% US Stocks 38% Real Assets 10% Int'l Stocks 17% Int'l Stocks 40% US Stocks 20% Real Assets 9% Cash 5% Cash 15% Fixed Income 38% US Stocks 46%
27 ETF portfolio management ETF selection CSIA considers a variety of factors in choosing among eligible ETFs: How closely l the underlying index matches the sub-asset class or the viewpoint i Structure of the index Structure of the ETF Fit of the ETF with other funds in the portfolio Tracking error Expenses Discounts and premiums to NAV Liquidity History of the ETF management firm
28 David Hall slides
29 ETFs now a viable alternative for institutional investing ETF use among U.S. pension funds, endowments and foundations has grown to about 14% Almost half [of that group] say that they employ ETFs for tactical reasons; another one-fifth indicated that they used ETFs for strategic reasons Tactics include temporal adjustments to market exposures, cash equitization and manager transitions Source: Greenwich Associates ETFs Gain Foothold in Institutional Market, March 2010
30 What has driven this growth? Techniques to separate and harvest alpha require pure beta to adhere to a risk budget Increasing preference for passive management, especially for efficient subasset classes Tactical flexibility Cost advantages due to a shift in the tradeoffs
31 Examining the tradeoffs 3 ways to create passive exposure: Hire an external manager DIY: create an internal passive investment process DIY: use ETFs
32 Hire an external manager Considerations Initial search costs, due diligence, contracts, etc. Ongoing monitoring and due diligence Coordination with other investments/investors involves a third party Securities lending may be available Management fee hierarchy: Open-end mutual funds have highest h costs Separate accounts Collective trusts have lowest costs Transition costs if funds are re-allocated in whole or in part
33 Build an internal investment process Considerations Staffing Initial and ongoing recruitment, compensation issues, training Administration Vendor relationships, custody, data management Compliance Research and danalysis tools Managing tracking error requires skill and experience Headline risk lurks as a consequence Customizable beta may be achievable at lower cost
34 Use ETFs Considerations Minimal search costs Due diligence on ETF fund manager may pose a challenge Low entry and exit friction Immediate, and in some cases deep, liquidity Beta can become a tactical tool Securities lending a possibility For taxable investors, may be more tax efficient
35 Materials Notice This material contains confidential and proprietary information of Wilshire Associates and is intended for the exclusive use of the person to whom it is provided. It may not be modified, sold or otherwise provided, in whole or in part, to any other person or entity without prior written permission from Wilshire Associates. The information contained herein has been obtained from sources believed to be reliable. Wilshire Associates gives no representations or warranties as to the accuracy of such information, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information and for results obtained from its use. Information and opinions are as of the date indicated, and are subject to change without notice. This material is intended for informational purposes only and should not be construed as investment t advice. Wilshire Associates assumes no duty to update any such statements. t t This Presentation may include estimates, projections and other forward-looking statements. Due to numerous factors, actual events may differ substantially from those presented. Copyright 2010, Wilshire Associates Incorporated. All rights reserved.
36 Raman Suri slides
37 $11 trillion investment universe is only part of the story Money market funds, $2,900 Asset under management US$ billions ETFs, $823 Mutual funds, $7,300 New opportunities ETFs Increased Institutional Usage: Tactical Adjustments Rebalancing Portfolio Completion Long & Lend Increased use in Defined Contribution Plans Increased use in 529 and other advised platforms Increased use by Sovereign Wealth Funds Source: BlackRock, Morningstar as of 3/31/10
38 How are institutions using ETFs? Strategy Cash Equitization Hedging Transitions ETF Overlay Portfolio Completion Tactical/Macro Adjustments Securities Lending Objective Maintain liquidity while remaining fully invested Ability to go long a sector s stocks and short* corresponding ETF. ETFs are attractive alternative to swaps due to their operational simplicity and lack of counterparty risk. Maintain liquid beta exposure while searching for new managers Reduce implementation time and t-costs to change exposures in asset classes Help ensure a portfolio s complete diversification by helping to minimize benchmark risk while maintaining alpha objectives Over- or underweight certain styles, region/specific countries, or target duration or credit quality on the basis of short-term views Potential for investors to achieve index-like returns, plus additional lending returns due to borrower demand for certain ETFs** Duration of Allocation * With short sales, you risk paying more for a security than you received from its sale. **There is no guarantee that there will be borrower demand for shares of ETFs, or that securities lending will generate any level of income. Distributions paid out of the Fund s net investment income, including income from securities lending, if any, are taxable to investors as ordinary income.
39 Seven strategic questions to ask when evaluating ETFs 1) What is the structure of the ETF? 2) What are the underlying instruments used by the ETF to achieve its investment exposure? 3) What are the total costs to consider? 4) Who is the company and the management behind the funds? 5) Can ETF liquidity support institutional-sized sized transactions? 6) Are there institutional resources available to support customized needs and questions? 7) Does the ETF participate in securities lending?
40 ETF liquidity 6 of the top 10 most actively traded US equities by $ volume are ETFs ETF market share as share of total US monthly equity $ trading volume was 27% Product Ticker Shares (M) $Billions % SPDR S&P 500 SPY 12,168 1, % Apple Inc. AAPL 1, % PowerShares QQQ QQQQ 5, % ishares Russell 2000 IWM 3, % Bank of America BAC 12, % ishares MSCI Emerging Markets EEM 4, % Direxion Financial Bull 3x FAS 1, % Google GOOG % Goldman Sachs GS % SPDR Gold Trust GLD 1, % Total of Top 10 3,048 21% Source: BlackRock, Bloomberg as of 3/31/10 Information on Funds and securities is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any funds or securities, other than ishares Funds that are described in this presentation.
41 ETF liquidity offers price improvement 20,000 16,000 12,000 8,000 4,000 ishares MSCI Emerging Markets (EEM) Annual shares traded,millions EEM trading volume (left axis) Spread (right axis) EEM current underlying portfolio spread (right axis) Sources: NYSE Arca, Bloomberg, as of 12/31/09. Spread, US$ ishares Russell 2000 (IWM) Annual shares traded,millions d Spread, US$ 30, ,000 20,000 15,000 10,000 5, IWM trading volume (left axis) Spread (right axis) IWM current underlying portfolio spread (right axis)
42 Fixed income ETFs offer price improvement ishares Barclays Aggregate Bond (AGG) ishares iboxx $ Investment Grade Bond (LQD) Annual shares traded, millions Spread, US$ Annualshares traded, millions Spread, US$ LQD trading volume (left axis) Spread (right axis) AGG trading volume (left axis) Spread (right axis) AGG current underlying portfolio spread (right axis) Sources: NYSEArca, Bloomberg, 12/31/09. LQD current underlying portfolio spread (right axis)
43 Carefully consider the ishares Funds investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds prospectuses, which may be obtained by calling iShares ( ) or by visiting Read the prospectuses carefully before investing. Investing involves risk, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. The strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, an offer to sell or a solicitation it ti of an offer to buy any security. There is no guarantee that any strategies discussed will be effective. With short sales, you risk paying more for a security than you received from its sale. There can be no assurance that an active trading market for such shares will develop or be maintained.
44 The information provided is not intended to be a complete analysis of every material fact respecting any strategy and has been presented for educational purposes only. Asset allocation models and diversification do not promise any level of performance or guarantee against loss of principal. Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Mutual funds and ishares Funds are obliged to distribute portfolio gains to shareholders by year-end. These gains may be generated due to index rebalancing or to meet diversification requirements. Trading shares of the ishares Funds will also generate tax consequences and transaction expenses. Certain traditional mutual funds can be tax efficient as well. When comparing stocks or bonds and ishares Funds, it should be remembered that management fees associated with fund investments, like ishares Funds, are not borne by investors in individual stocks or bonds. The annual management fees of ishares Funds may be substantially less than those of most mutual funds. Buying and selling shares of ishares Funds will result in brokerage commissions, but the savings from lower annual fees can help offset these costs. Neither BlackRock Institutional Trust Company, N.A., and its affiliates nor SEI and its affiliates provide tax advice. Please note that (i) any discussion of US tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor. Index returns are for illustrative purposes only and do not represent actual ishares Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
45 The ishares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones & Company, Inc., European Public Real Estate Association ( EPRA ), FTSE International Limited ( FTSE ), FTSE/Xinhua Index Limited ( FXI ), iboxx, J.P. Morgan Securities Inc., MSCI Inc., Morningstar Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts ( NAREIT ), New York Stock Exchange, Inc., Russell Investment Group, or Standard & Poor s s, nor are they sponsored, endorsed or issued by Barclays Capital. None of these companies make any representation regarding the advisability of investing in the Funds. Neither SEI, nor BlackRock Institutional Trust Company, N.A., nor any of their affiliates, are affiliated with the companies listed above. FXI does not make any warranty regarding the FTSE/Xinhua Index. All rights in the FTSE/Xinhua Index vest in FXI. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/Retail/Mortgage or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-us/north America/Europe/Asia Index; all rights vest in FTSE, NAREIT, and EPRA. All rights in the FTSE Developed Small Cap ex- North America Index vest in FTSE. FTSE is a trade- and servicemark of London Stock Exchange and The Financial Times Limited; Xinhua is a trade- and servicemark of Xinhua Financial Network Limited. The ishares Funds are distributed by SEI Investments Distribution Co. (SEI). BlackRock Fund Advisors (BFA) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI BlackRock Institutional Trust Company, N.A. All rights reserved. ishares is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks or registered trade- marks are the property of their respective owners. is Not FDIC Insured No Bank Guarantee May Lose Value
ishares Municipal Bond ETF Offerings Dominic Maister ishares Due Diligence Team FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION
ishares Municipal Bond ETF Offerings Dominic Maister ishares Due Diligence Team FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION ishares offers the broadest lineup of Municipal Bond ETFs
More informationSchwab Diversified Growth Allocation Trust Fund (Closed to new investors) Institutional Unit Class As of June 30, 2017
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Allocation - 50-70% Equity Benchmark Global Growth Custom Index 1 Unit Class Inception Date 3/7/2012 Fund Inception
More informationMunicipal Bond ETF Applications. Solomon Stewart, CFA ishares Fixed Income Strategy
Municipal Bond ETF Applications Solomon Stewart, CFA ishares Fixed Income Strategy Municipal Bond Market Update FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. Jan-07 Jun-07 Nov-07 Apr-08
More informationNavigating the ETF Landscape
Navigating the ETF Landscape Daniel Prince, CFA Director, Head of ishares Product Consulting May 3, 2017 Agenda What are Exchange Traded Funds (ETFs) What is driving ETF usage ETF trends and innovation
More informationETF Mechanics. Matthew Tucker, CFA. Managing Director, Head of ishares Fixed Income Strategy
ETF Mechanics Matthew Tucker, CFA Managing Director, Head of ishares Fixed Income Strategy The Changing Fixed Income Market As the corporate bond market grows, trading volume declines Since 2005, the size
More informationSchwab Diversified Growth Allocation Trust Fund
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Global Asset Allocation Benchmark Global Growth Custom Index 1 Unit Class Inception Date 11/21/2012 Fund Inception Date 3/7/2012
More informationSchwab Indexed Retirement Trust Fund 2040
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Target Date 2036-2040 Benchmark 2040 Custom Index 1 Unit Class Inception Date Fund Inception Date 1/5/2009 Net Asset Value
More informationSPDR MSCI Strategic Factors Monthly Performance Update
SPDR MSCI Strategic Factors Monthly Performance Update September 2017 Public Use IBG-25389 SPDR MSCI StrategicFactors Suite The funds seek to track an index that blends low volatility, quality and value
More informationSAMPLE. Portfolio Insights Analysis. May 16, years, 1 month. Improve growth. Minimize impact of market volatility BENCHMARK DATE RANGE GOAL
May 16, 2018 Portfolio Insights Analysis ILOVEJP Sample Portfolio BENCHMARK JPMorgan 80-20 Benchmark DATE RANGE 10 years, 1 month GOAL Improve growth CONCERN Minimize impact of market volatility As the
More informationConfronting Market Volatility
Confronting Market Volatility December 4, 2014 Brian Matthews, CFA Executive Director Head of ETF Licensing and Factor Index Business Management MSCI Joseph Nelesen, PhD Director Head of Institutional
More informationIntroducing BlackRock's Target Allocation ETF Models
Introducing BlackRock's Target Allocation ETF Models Eve Cout Director, Managed Accounts Business Thomas Wood, CFA Lead Strategist, US Model Portfolios Tuesday January 23 rd, 2018 BENEFIT # 1 Scale and
More informationT he ABC s. Lorayne Fiorillo Managing Director Investments, Wells Fargo Advisors
n s t i t u t e I N Y C L A - C L E T he ABC s of ETF s : C ombining the D iversity of Mutual F unds with the F lexibility of Stocks to G ain Tax E fficiency Prepared in connection with a Continuing Legal
More informationUBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017
UBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017 UBS Select Treasury Institutional* ** UBS Select Government Institutional+ Metropolitan West Total Return
More informationAsset Allocation & Performance
COMMUNITY FOUNDATION OF GREATER DES MOINES LONG TERM GROWTH Asset Allocation & Performance As of March, 208 Asset Allocation on March, 208 Actual $ Actual (%) Target (%) Equity $68,6,297 62.4 62.8 Fixed
More informationExchange-traded funds ETF Flows - 2Q15 2 July 2015
ETF Flows - 2Q15 2 July 2015 CIO WM Research David Perlman, ETF Strategist, david.perlman@ubs.com This report highlights quarterly ETF flows by issuer and market segment. Flow estimates are obtained through
More informationishares If you have additional questions, please call iShares ( ).
ishares ishares Trust (the Trust ) Supplement dated January 26, 2018 (the Supplement ) to the Summary Prospectus dated March 1, 2017 (as revised May 9, 2017), Prospectus dated March 1, 2017 (as revised
More information32 % 4 % of fixed income mutual funds paid capital gains in 2016
Fixed income ETFs: New asset class, same benefits This guide takes a deeper look at fixed income ETFs and highlights three ideas to help you get started. 1 Diversify with a low cost core ETF 2 Put cash
More informationClaymore Presentation. Som Seif President & CEO Claymore Investments, Inc.
Claymore Presentation Som Seif President & CEO Claymore Investments, Inc. Claymore ETFs: Intelligent ETFs for Canada Claymore Investments (Canada) is a subsidiary of Claymore Group (US) Designed for Canadian
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationU.S. ETP MONTHLY FLASH
U.S. ETP MONTHLY FLASH JANUARY 2013 Source: NYSE Arca ETP Database and Arc vision. Statistics include only NYSE Arca listed ETPs which are derivatively priced securities that can trade intraday on a securities
More informationING Strategic Allocation Portfolios Adviser Class, Class I and Class S Prospectuses dated April 7, 2008
ING Variable Funds ING Variable Portfolios, Inc. ING VP Balanced Portfolio, Inc. ING VP Intermediate Bond Portfolio ING VP Money Market Portfolio Adviser Class, Class I and Class S Prospectuses dated April
More informationishares Core ETFs Build a strong foundation ICRMH0119U /10
ishares Core ETFs Build a strong foundation ICRMH0119U-726651-1/10 What are ETFs? ETFs offer a low cost, tax efficient way to invest STOCK TRADABLE DURING THE DAY ETFs DIVERSIFIED FUNDS THAT TRADE LIKE
More informationKP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX
The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationUsing ETFs in Private Client Portfolio Management: Why? Why Not? How?
Using ETFs in Private Client Portfolio Management: Why? Why Not? How? GREG WALKER, CFA VP, BlackRock Asset Management Canada Ltd. DEBORAH FRAME, CFA VP & CCO, Cougar Global Investments LP CHRISTOPHER GUTHRIE,
More informationMorgan Stanley ETF-MAP 2 Index Information
Morgan Stanley ETF-MAP 2 Index Information Investing in instruments linked to the Morgan Stanley ETF-MAP 2 Index involves risks not associated with an investment in other instruments. See Risk Factors
More informationCommunity Foundation of Northern Virginia - Pooled Investment Fund
//207 through 3/3/207 Quarterly Performance Report 207 Black Diamond Performance Reporting, LLC - 42008 Page of 3 Portfolio Overview Portfolio Value Summary Month Quarter Year to Date Last 2 Months Last
More informationImportant information on BlackRock U.S. Debt Index Fund
Important information on BlackRock U.S. Debt Index Fund The information provided on the following pages has been provided by BlackRock, Inc. Neither TIAA nor its affiliates has independently verified the
More informationInvesting in real assets
MULTI-ASSET SOLUTIONS Investing in real assets Income, diversification and inflation protection INVESTED. TOGETHER. What are real assets? A real asset is a tangible asset you can touch like a bridge, or
More informationIncome Solutions Beyond Investment Grade Bonds
October 2017 Income Solutions Beyond Investment Grade Bonds Multiple Fixed Income Approaches Direction of interest rates Reduce Duration Limit Duration to Near Zero with: Floating rate notes (FRNs) for
More informationETF portfolio review, 30th September ETF portfolios with ESG overlay. market overview. portfolio performance
ETF portfolio review, 30th September 2017 market overview All our ETF portfolios performed better than s in September and all portfolios bar fixed-income continued to add to their gains year-to-date. Our
More informationishares Edge Minimum Volatility ETFs
ishares Edge Minimum Volatility ETFs A new approach for the core of your portfolio Min Vol USA ETF Exp. Ratio: 0.15% Min Vol EAFE ETF Net Exp. Ratio: 0.20% Min Vol Emerging Markets ETF Net Exp. Ratio:
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction
More informationAsset Allocation and Holdings Guide
Asset Allocation and Holdings Guide Quantitative Advantage, LLC, 10400 Yellow Circle Drive, Suite 303, Minnetonka, MN 55343 866-767-8007 toll-free www.qainvest.com QA GLOBAL EQUITY Seeks long-term growth
More information3 MANAGE CURRENCY RISK
GLOBALIZE YOUR PORTFOLIO INVEST INTERNATIONALLY WITH ishares ETFs As the world economy grows and globalizes, there is a strong case for international investing. Allocating to international markets can
More informationSchwab Institutional Diversified International Trust Fund
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Foreign Large Blend Benchmark MSCI EAFE Index (Net) 1 Unit Class Inception Date 10/26/2010 Fund Inception Date
More informationImportant information on BlackRock MSCI ACWI ex-u.s. IMI Ind Fund
Important information on BlackRock MSCI ACWI ex-u.s. IMI Ind Fund The information provided on the following pages has been provided by BlackRock, Inc. Neither TIAA nor its affiliates has independently
More informationWith Rates Retreating, Bonds Back in Fashion
Defensive ETFs: December U.S. ETF 2011 Flows: Performance May 2014 FINANCIAL PRODUCTS RESEARCH ETF RESEARCH January & STRATEGY 9, 2011 U.S. ETF flows were $12.7 billion in May representing 0.7% of assets
More informationSchwab ETFs. Discover the value of ETF investing with Charles Schwab Investment Management. For Institutional Investor Use Only
Schwab ETFs Discover the value of ETF investing with Charles Schwab Investment Management. The importance of ETFs in today s portfolio Investment professionals face a challenging and ever-changing environment.
More informationSponsored by Scottrade Disclosure -
www.fa-mag.com www.pw-mag.com Sponsored by Scottrade Disclosure - Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully
More informationGS Momentum Builder Multi-Asset 5 ER Index-Linked Certificates of Deposit Due 2021
GS Momentum Builder Multi-Asset 5 ER Index-Linked Certificates of Deposit Due 2021 OVERVIEW The CDs do not bear interest. At maturity an investor in the CDs will be paid an amount in cash equal to the
More informationAspiriant Risk-Managed Equity Allocation Fund RMEAX Q4 2018
Aspiriant Risk-Managed Equity Allocation Fund Q4 2018 Investment Objective Description The Aspiriant Risk-Managed Equity Allocation Fund ( or the Fund ) seeks to achieve long-term capital appreciation
More informationGlobal ETF Assets Break Through $1 Trillion Milestone
Contact: Media: Media: Christine Hudacko Caroline Hancock Christine.hudacko@BlackRock.com Carolyn.hancock@BlackRock.com +1-415-67-2687 +44-2-7668-8649 ETF Research contact: Deborah Fuhr, Global Head of
More informationJ.P. Morgan Structured Investments
July 2017 J.P. Morgan Structured Investments ent JPMORGAN EFFICIENTE (USD) INDEX STRATEGY GUIDE The JPMorgan ETF Efficiente 5 Index Strategy Guide Important Information The information contained in this
More informationFocus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets
Portfolio A diversified 403(b) portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies
More informationKP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX
The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement
More informationHSBC Vantage5 Index Methodology Guide
HSBC Vantage5 Index Methodology Guide Table of contents Index overview 1 Index components 2 Vantage5 Index methodology 3 Monthly rebalancing process 4 Simulated historic volatility 5 Simulated portfolio
More informationImportant information on BlackRock Strategic Completion Non- Lendable Fund
Important information on BlackRock Strategic Completion Non- Lendable Fund The information provided on the following pages has been provided by BlackRock Institutional Trust Company, N.A.. Neither TIAA
More informationHow Institutional Investors are Changing the ETF Industry
How Institutional Investors are Changing the ETF Industry Sue Thompson 09/22/2015 FOR INSTITUTIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION Overview of ETFs What is an ETF? Two great investment ideas brought
More informationSince Inception Driehaus Micro Cap Growth-Gross (1/1/96) 0.17 % 4.78 % % % % % % 21.78%
DRIEHAUS CAPITAL MANAGEMENT DECEMBER 2017 Performance Update Annualized Returns Composite/Index (Inception Date) Dec QTR YTD 1 Year 3 Year 5 Year 10 Year Since Inception Driehaus Micro Cap Growth-Gross
More informationFactor Investing by ishares
Factor Investing by ishares Smart Beta strategies for the core of your portfolio ICRMH0219U-732979-1/24 Active funds are under pressure Underperformance. High fees. Capital gains distributions. Active
More informationIntroduction to the KraneShares CICC China Leaders 100 Index ETF: A Smart Beta Approach to Investing in Mainland China s Top 100 Companies
KFYP 12/31/2018 Introduction to the KraneShares CICC China Leaders 100 Index ETF: A Smart Beta Approach to Investing in Mainland China s Top 100 Companies info@kraneshares.com 1 Introduction to China International
More informationTactical Stocks-Bonds Strategy
Tactical Stocks-Bonds Strategy FACT SHEET December 31, 2017 60 State Street, Suite 700 Boston, Massachusetts 02109 team@modelcapital.com 617-854-7417 http://modelcapital.com/ FIRM S INVESTMENT PHILOSOPHY
More informationInvestment Guide. Explore new possibilities for diversified investing. MEMBERS Life Insurance Company
M E M B E R S H O R I Z O N Guide Explore new possibilities for diversified investing MEMBERS Life Insurance MHA-1449442 NOT FDIC/NCUA/NCUSIF INSURED NOT BANK OR CREDIT UNION GUARANTEED MAY LOSE VALUE
More informationSmart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance 2017 marked another year of factor performance shifts. s comeback in the US on the heels of the US election and the potential for a Trump-flation
More informationAI: Weighted Sector Strategy DEC
KEN STERN & ASSOCIATES DEC 31 2016 1 Tactical Rebalanced AI: Strategy DEC 31 2016 Ken Stern & Associates Strategy seeks to track the investment results of the Morgan Stanley Capital International USA Investable
More informationETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018
ETFs: Regulatory (High) Impact Commerzbank, leaders in ETF February 2018 What are ETFs? Securities that track the value of an index, commodities or a basket of assets and trade like a stock on the exchange
More informationInvestment Perspectives. From the Global Investment Committee
Investment Perspectives From the Global Investment Committee Introduction Domestic equities continued to race ahead during the fourth quarter of 2014 amid spikes in volatility, dramatic declines in oil
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationGS Momentum Builder Multi-Asset 5S ER Index-Linked CDs Due 2024
GS Momentum Builder Multi-Asset 5S ER Index-Linked CDs Due 2024 OVERVIEW The CDs do not bear interest. At maturity an investor in the CDs will be paid an amount in cash equal to the face amount of their
More informationTACTICAL INVESTMENT STRATEGIES TRADE DECISIONS AND RATIONALE December 5, 2017
EQUITY TICKER ACTION QA Global Equity QA International Equity QA US Equity QA US Sector ishares U.S. Technology ETF IYW Trimmed QA Global Style The information provided in this report should not be considered
More informationSmart Beta ETFs: 3 ways to address investor needs
Smart Beta ETFs: 3 ways to address investor needs Help achieve investor goals with smart beta ETFs This guide highlights three ways investors are using ishares smart beta ETFs: 1 Lower volatility can help
More informationSmart Beta Dashboard. Thoughts at a Glance. March By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance For the first two months of Q1, US outperformed the broader market by nearly 5%. However, as 10-year Treasury yields and inflation expectations came
More informationNew Risk Management Strategies
Moderator: Jon Najarian, Co-Founder, optionmonster.com New Risk Management Strategies Wednesday, May 4, 2011; 2:30 PM - 3:45 PM Speakers: Jim Lenz, Chief Credit and Risk Officer, Wells Fargo Advisors John
More informationDESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES
DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES PRUDENTIAL REAL ASSETS FUND EFFECTIVE JUNE 11, 2018, THE FUND S NEW NAME WILL BE PGIM REAL ASSETS FUND. FUND SYMBOLS WILL NOT CHANGE. Potential
More informationq merrill edge guided investing strategy profile CIO Moderately Conservative ETF Core Tax Aware
Overview This Strategy seeks to provide diversified exposure among three major asset classes for a client's account with a moderately conservative target asset allocation. In normal market conditions,
More informationBMO Exchange Traded Funds
BMO Exchange Traded Funds June 2012 Alfred Lee, CFA, CMT, DMS Vice President & Investment Strategist BMO BMO Global Asset Management Agenda The Growing ETF Landscape Institutional Usage of ETFs Mechanics
More informationMSCI China A-Share Inclusion: A Long Term Catalyst For The Mainland Chinese Equity Market
KBA 6/30/2017 MSCI China A-Share Inclusion: A Long Term Catalyst For The Mainland Chinese Equity Market Overview of the KraneShares Bosera MSCI China A Share ETF (ticker: KBA) 1 Introduction Introduction
More informationPrepared By: David Advisor Prepared for: Joe Investor
Prepared By: David Advisor Prepared for: Joe Investor Content Investment philosophy Risk preference Asset mix History performance Portfolio constitution Disclaimer Date: 2009 10 2 RiskFile Porfolio Composer:
More informationSchwab Institutional Large Cap Value Trust Fund (Closed to new investors)
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Large Value Benchmark Russell 1000 Value Index 1 Unit Class Inception Date 1/3/2002 Fund Inception Date 1/3/2002
More informationBrexit and Market Implications Special Commentary & Webinar
Brexit and Market Implications Special Commentary & Webinar June 27, 2016 SR# 904360 Today s Speakers Envestnet PMC Zachary Karabell Head of Global Strategy, Envestnet As Head of Global Strategy, Mr. Karabell
More informationNVIT Investor Destinations Funds
NVIT Investor Destinations Funds Nationwide VIT Quarterly Asset class: Allocation Share class Class II Strategy Overview The NVIT Investor Destinations Funds (NVIT ID Funds) consist of seven risk-based
More informationMorgan Stanley Dynamic Balance Index
Morgan Stanley Dynamic Balance Index Return MORGAN STANLEY DYNAMIC BALANCE INDEX Morgan Stanley Dynamic Balance Index A rules-based index offering risk-controlled exposure to a broad range of asset classes
More informationSelective Opportunistic Portfolios December 20, 2016
Selective Opportunistic Portfolios December 20, 2016 Prepared by Morningstar Investment Management LLC on behalf of TD Ameritrade Investment Management, LLC. Economic & Investment Outlook As the S&P 500
More information5 Year Certificates of Deposit Linked to the HSBC Vantage5 Index
5 Year Certificates of Deposit Linked to the HSBC Vantage5 Index Overview The CDs provide at least 175% exposure (to be determined on the Pricing Date) to any positive return of the HSBC Vantage5 Index.
More informationHow to index invest in the new world
How to index invest in the new world Pollyanna Rhodes BlackRock Selecting Best Beta Pollyanna Rhodes October 2012 FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE RELIED UPON BY INDIVIDUAL INVESTORS. 1 Agenda
More informationSeptember 30, 2013
www.cempindex.com September 30, 2013 Compass Efficient Model Portfolios Compass EMP was founded in 1996. Compass EMP has served as consultants to large institutions such as governments, endowments, foundations,
More informationGOAL ENGINEER SERIES PORTFOLIO HIGHLIGHTS:
GOAL ENGINEER SERIES The Goal Engineer Series combines Northern Trust s asset allocation, portfolio construction and risk management expertise with Engineered Equity TM and active fixed income strategies
More informationExchange Traded Funds ETFs
Exchange Traded Funds ETFs Table of Content: Topic Page Exchange Traded Funds Definition 3 Exchange Traded Funds Creation and Redemption 3 Exchange Traded Funds benefits 4 Exchange Traded Funds Types 6
More informationFixed Income ETFs: The Good, The Bad and The Ugly
Fixed Income ETFs: The Good, The Bad and The Ugly Elisabeth Kashner, CFA, Moderator Senior Vice President of Analytics, IndexUniverse Anthony B. Davidow, CIMA, Panelist Managing Director, Portfolio Strategist,
More informationIQ Hedge Multi-Strategy Tracker ETF (QAI) Summary. Description. Historical prices (1 year) RATINGS* DIAMONDS* ETFG RISK RATING 3.
IQ Hedge Multi-Strategy Tracker ETF (QAI) Tearsheet as of 7:55 pm, May 02, 2014. Summary RATINGS* DIAMONDS* ETFG RISK RATING 3.59 Description The IQ Hedge Multi-Strategy Tracker ETF is an exchange-traded
More informationDiscover the power. of ETFs. Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee
Discover the power of ETFs Not FDIC Insured May May Lose Lose Value Value No No Bank Bank Guarantee Discover exchange-traded funds (ETFs) Financial television programs and publications continue to give
More informationSmart Beta Dashboard. Thoughts at a Glance. June By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance Factor performance diverged across regions in Q2. In the US, all factors with the exception of underperformed broad US equities. As volatility in
More informationPotential Growth Opportunities in Healthcare
Potential Growth Opportunities in Healthcare November 10, 2017 by Christopher Dhanraj of ishares Healthcare legislative headlines have shifted the focus from fundamentals to politics. However, we believe
More informationBROAD COMMODITY INDEX
BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS JULY 2018 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) -80.00% ABCERI S&P GSCI ER BCOMM
More informationFTSE Nareit All Equity REITs equity market capitalization = $986.8 billion
Nareit REIT Industry Fact Sheet Data as of, except where noted. Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs. Industry Size FTSE Nareit All REITs equity
More informationThe Evolution of Alternative Beta: Using Index-Based Investment Strategies
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 Investor Solutions The Evolution of Alternative Beta: Using Index-Based Investment Strategies This presentation may not be altered except
More informationBOYNTON BEACH POLICE PENSION FUND INVESTMENT PERFORMANCE PERIOD ENDING MARCH 31, 2013
BOYNTON BEACH POLICE PENSION FUND INVESTMENT PERFORMANCE PERIOD ENDING MARCH 31, 2013 NOTE: For a free copy of Part II (mailed w/i 5 bus. days from request receipt) of Burgess Chambers and Associates,
More informationAddition Through Subtraction: Thinking Strategically About Managing Tax Liabilities
Strategic Advisory Solutions April 2015 Addition Through Subtraction: Thinking Strategically About Managing Tax Liabilities Maximizing returns is a key goal for most investors, but many overlook an important
More information(R)evolution of ETFs
(R)evolution of ETFs Agenda The global ETP marketplace Indexing adoption accelerates Fee and regulatory (r)evolution ETF usage trends Trading evolution 2 Global ETP marketplace Assets (US$ billions) $2,000
More informationSector Investing: Essential Building Blocks for Portfolio Construction
Sector Investing: Essential Building Blocks for Portfolio Construction April 30, 2014 Brett Hammond Managing Director Head of Index Applied Research MSCI Matthew Goulet, CFA Vice President Sector Investment
More informationVanguard Total Stock Market ETF
Vanguard Product Summary Seeks to track the performance of the CRSP US Total Market. Large-, mid-, and small-cap equity diversified across growth and value styles. Employs a passively managed, index-sampling
More informationMorgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation
Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit
More informationSchwab Institutional Small Cap Trust Fund (Closed to new investors)
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Small Blend Benchmark Russell 2000 Index 1 Unit Class Inception Date 6/24/2004 Fund Inception Date 6/25/2004
More informationPrudential Premier Retirement Variable Annuity B Series SM
Prudential Premier Retirement Variable Annuity B Series SM Portfolio Analysis Customized for: Joe Client Prepared by: John Q. Doe Firm name: Prudential Annuities Date Prepared: February 25, 2011 Pg. 1
More informationGlobal Investment Strategy Report
Global Investment Strategy Global Investment Strategy Report June 5, 2017 Tracie McMillion, CFA Head of Global Asset Allocation Strategy Weekly market insights from the Global Investment Strategy team»
More informationTax-Managed SMAs: Better Than ETFs?
June 2018 Tax-Managed SMAs: Better Than ETFs? Rey Santodomingo, CFA Managing Director of Investment Strategy Tim Atwill, PhD, CFA Head of Investment Strategy Exchange-traded funds, or ETFs, are popular
More informationGS Momentum Builder Multi-Asset 5 ER Index-Linked Certificates of Deposit Due 2024
GS Momentum Builder Multi-Asset 5 ER Index-Linked Certificates of Deposit Due 2024 OVERVIEW The CDs do not bear interest. At maturity an investor in the CDs will be paid an amount in cash equal to the
More informationRisk-Efficient Investment Portfolios from AlphaSimplex Group. Strategies that put risk management first
Risk-Efficient Investment Portfolios from AlphaSimplex Group Strategies that put risk management first Agenda About AlphaSimplex Group (ASG) The need for active risk management Introducing the AlphaSimplex
More information85.3% 0.3% 3.3% 6.5% 0.5% 3.4% U.S. PENSION FUNDING UPDATE. U.S. corporate pension funding decreased by 0.3% in December 2017
U.S. PENSION FUNDING UPDATE BlackRock U.S. Client Solutions U.S. corporate pension funding decreased by. in December 217 December 217 BlackRock estimates the average funded status of the largest 1 U.S.
More information