Index Investing: Exchange Traded Funds (ETFs), Index Mutual Funds, & Indexed Separate Accounts
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1 Financial Institutions Profiles Series Index Investing: Exchange Traded Funds (ETFs), Index Mutual Funds, & Indexed Separate Accounts (Table of Contents) October 18, 2017
2 TABLE OF CONTENTS Index Investing Business Evolution Context Setting... Companies by Investment Type... Products by Investment Type... Assets Under Managment by Investment Type... Net Flows by Investment Type... Revenues by Investment Type... Net Profits by Investment Type... Key Driving Factors... Modern Portfolio Theory & Asset Allocation... Difficulty in Beating Market Returns... Lower Expense Ratios... Better Tax Efficiency... Market History... Indexed Separate Accounts Emergence Phase... Index Mutual Funds Emergence Phase... Exchange Traded Funds Emergence (ETFs) Phase... Exchange Traded Funds Dominance (ETFs) Phase Exchange Traded Funds (ETFs)... Index Mutual Funds... Indexed Separate Accounts Companies... Leading Index Investing Companies... Product Markets Exchange Traded Funds (ETFs)... Key Driving Factors... Incremental Lower Expenses... Improved Transparency... Additional Tax Efficiency... Lack of Cash Drag... Liquid & Continuously Priced... No Redemption or Short-Term Trading Fees... Ability to Place Stop-Loss, Market, & Limit Orders... Eligibility for Margin Purchases... Advantageous Short Sell Rule Index Investing 2
3 Market History... Emergence Phase... Rapid Growth Phase... Dominance Phase Sponsors... Exchange Traded Funds (ETFs)... Market Definition... Passively Managed Exchange Traded Funds (ETFs)... Actively Managed Exchange Traded Funds (ETFs)... Leading Exchange Traded Funds (ETFs) Sponsors... Exchange Traded Funds (ETFs)... Market Segments... Passively Managed Exchange Traded Funds (ETFs)... Market Growth... Market Definition... Leading Passively Managed Exchange Traded Funds (ETFs) Sponsors... Market Segments... Passively Managed Equity Exchange Traded Funds (ETFs)... Passively Managed Fixed Income Exchange Traded Funds (ETFs)... Actively Managed Exchange Traded Funds (ETFs)... Market History... Market Growth... Market Definition... Leading Actively Managed Exchange Traded Funds (ETFs) Sponsors... Market Segments... Actively Managed Equity Exchange Traded Funds (ETFs)... Actively Managed Fixed Income Exchange Traded Funds (ETFs)... Markets & Distribution Channels... Direct Channels... Financial Advisor Channels... Institutional Channels... Exchange Traded Funds (ETFs) Future Predictions... Substantial Growth in Exchange Traded Funds (ETFs) Index Investing 3
4 Rapid Emergence of Managed Exchange Traded Funds (ETFs) Programs... Successful Push into 401K Plans Market... Rapid Emergence Outside of the United States... Index Mutual Funds... Market History... Indexed Separate Accounts Emergence Phase... Index Mutual Funds Emergence Phase... Exchange Traded Funds (ETFs) Emergence Phase... Exchange Traded Funds (ETFs) Dominance Phase Companies... Index Mutual Funds... Market Definition... Equity Index Mutual Funds... Fixed Income Index Mutual Funds... Leading Index Mutual Fund Companies... Index Mutual Funds... Market Segments... Equity Index Mutual Funds... Leading Equity Index Mutual Fund Companies... Market Segments... Fixed Income Index Mutual Funds... Leading Fixed Income Index Mutual Fund Companies... Market Segments... Index Mutual Funds Future Predictions... Prediction #1... Prediction #2... Indexed Separate Accounts... Market History... Indexed Separate Accounts Emergence Phase... Index Mutual Funds Emergence Phase... Exchange Traded Funds (ETFs) Emergence Phase Index Investing 4
5 Exchange Traded Funds (ETFs) Dominance Phase Companies... Institutional Clients... Market Definition... Equity Index Separate Accounts... Fixed Income Index Separate Accounts... Leading Indexed Separate Accounts Managers... Institutional Clients... Market Segments... Equity Index Separate Accounts... Leading Equity Index Separate Accounts Companies... Fixed Income Index Separate Accounts... Leading Fixed Income Separate Accounts Companies... Future Predictions for Index Separate Accounts... Prediction #1... Prediction #2... Index Investing Business Future Predictions Substantial Growth in Index Investing... Companies... Clients... Accounts... Net New Substantial Growth in Factor Investing & Smart Beta Products... Companies (Sponsors)... Clients... Accounts... Net New Index Investing 5
6 Moderate Growth in Leveraged & Inverse Funds... Leveraged Funds... Companies (Sponsors)... Products... Inverse Funds... Companies (Sponsors)... Products... Reemergence of Personalized Indexing... Companies (Sponsors)... Clients... Accounts... Net New Increased Focus on Cost in Actively Managed Products Market... Sub-Prediction #1... Sub-Prediciton #2... Growth in Actively Managed Concentrated Managers... Sub-Prediction #1... Sub-Prediciton #2... Active Mergers & Acquisitions Market in Indexing Market... Large & Medium Size Active Managers Merging to Lower Costs... Large Active Managers Acquiring Small Index Managers to Boost Growth Rates Index Investing 6
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Table of Contents. Section I: Executive Summary Section II: Introduction and Methodology... 13
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