Hedge Fund Strategies Are Getting ETF-ed: Are Lower Fees Inevitable?
Hedge Fund Strategies Are Getting ETF-ed: Are Lower Fees Inevitable?
As institutional money increasingly flows into ETFs, market watcjers are beginning to question whether the high fees charged by hedge fund managers are still justifiable.
随着机构资金越来越多地流入交易所买卖基金，市场观察家开始质疑对冲基金经理收取的高额费用是否仍然合理。
A tweet by Corey Hoffstein highlighted that the Simplify Market Neutral Equity Long Short ETF (NYSE:EQLS) (expense ratio = 1%) recently bagged $104 million from General Electric's pension fund. Earlier, Michigan's pension fund had also put in $364 million in another of Simplify's ETFs.
科里·霍夫斯坦的一条推文强调，简化市场中立股票多头空头ETF（纽约证券交易所代码：EQLS）（支出比率= 1％）最近从通用电气的养老基金中获得了1.04亿美元。此前，密歇根州的养老基金还向Simplify的另一只ETF投入了3.64亿美元。
Given the state of the mortgage market, Simplify has recently launched its Simplify MBS ETF (NYSE:MTBA) investing in mortgage-backed securities (MBS), as reported by Bloomberg. The fund seeks to provide attractive yields versus comparable U.S. Treasuries while carrying little to no credit risk.
彭博社报道，鉴于抵押贷款市场的状况，Simplify最近推出了Simplify MBS ETF（纽约证券交易所代码：MTBA），投资于抵押贷款支持证券（MBS）。与可比的美国国债相比，该基金旨在提供有吸引力的收益率，同时几乎没有信用风险。
Related: Simplify Launches the MTBA ETF, Revolutionizing Exposure to Mortgage-Backed Securities
相关信息：Simplify推出MTBA ETF，彻底改变抵押贷款支持证券的敞口
Simplify's website states that their ETF strategies are designed to "efficiently hedge portfolios against rising interest rates, generate risk-managed income, gain exposure to alternatives." Through their institutional-grade alternative investment strategies, Simplify is offering investors a low-cost and transparent investment vehicle, as compared to investing in hedge funds.
Simplify的网站指出，他们的ETF策略旨在 “有效地对冲投资组合以抵御利率上升，产生风险管理收入，获得另类投资机会”。与投资对冲基金相比，Simplify通过其机构级另类投资策略，为投资者提供了低成本和透明的投资工具。
Another ETF that mimics a hedge fund, the iMGP DBi Managed Futures Strategy ETF (NYSE:DBMF) (ER= 0.85%) "seeks to replicate the pre-fee performance of leading managed futures hedge funds and outperform through fee/expense disintermediation." The ETF is part of the iMGP Funds portfolio.
另一只模仿对冲基金的ETF，iMGP dBi Managed Futures Strategy ETF（纽约证券交易所代码：DBMF）（ER= 0.85%）“旨在复制领先管理期货对冲基金的预付费表现，并通过费用/支出去中介化来跑赢大盘。”该ETF是iMGP基金投资组合的一部分。
DBMF began in 2022 with just $60 million in assets, but now boasts more than $834 billion in assets under management. Along the same lines, the First Trust Managed Futures Strategy ETF (NYSE:FMF) (ER = 0.95%) with $162 million in assets, and the Simplify Managed Futures Strategy ETF (NYSE:CTA) (ER = 0.78%) with $159 million AUM are all attracting institutional money now.
DBMF始于2022年，当时只有6000万美元的资产，但现在管理的资产超过8,340亿美元。同样，拥有1.62亿美元资产的第一信托管理期货策略ETF（纽约证券交易所代码：FMF）（ER = 0.95％）和资产管理规模为1.59亿美元的简化期货管理策略ETF（纽约证券交易所代码：CTA）（ER = 0.78％）现在都吸引了机构资金。
The KFA Mount Lucas Managed Futures Index Strategy ETF (NYSE:KMLM) (ER = 0.90%) is another hedge fund strategy mimicking investment vehicle which has been quick to garner $295 million in AUM. The WisdomTree Managed Futures Strategy Fund (NYSE:WTMF) (ER=0.65%) is yet another example.
KFA Mount Lucas管理期货指数策略ETF（纽约证券交易所代码：KMLM）（ER = 0.90%）是另一种模仿投资工具的对冲基金策略，已迅速获得2.95亿美元的资产管理规模。WisdomTree管理期货策略基金（纽约证券交易所代码：WTMF）（ER= 0.65％）是另一个例子。
A key reason for the influx of institutional funds into these ETFs is hedge fund fees. Hedge funds typically charge 2% of the fund's net asset value as a management fee, along with a performance fee of 20% of the fund's profit. Given that strategy-mimicking ETFs charge less than 1% in fees, it's conceivable that investor sentiment might drive these fees even lower.
机构资金涌入这些交易所买卖基金的关键原因是对冲基金费用。对冲基金通常收取基金净资产价值的2％作为管理费，同时收取占基金利润20％的绩效费。鉴于模仿策略的ETF收取的费用不到1％，可以想象，投资者情绪可能会进一步降低这些费用。
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