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.
隨着機構資金越來越多地流入ETF，市場觀察家開始質疑對沖基金經理收取的高額費用是否仍然合理。
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.
科裏·霍夫斯坦的一條推文強調，簡化市場中立股票多頭空頭ETF（紐約證券交易所代碼：EQLS）（支出比率=1％）最近從通用電氣的養老基金中獲得了1.04億美元。此前，密歇根州的養老基金還向Simplify的另一隻ETF投入了3.64億美元。
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.
彭博社報道，鑑於抵押貸款市場的狀況，Simplify最近推出了Simplify MBS ETF（紐約證券交易所代碼：MTBA），投資抵押貸款支持證券（MBS）。該基金旨在提供與同類美國國債相比具有吸引力的收益率，同時幾乎沒有信用風險。
Related: Simplify Launches the MTBA ETF, Revolutionizing Exposure to Mortgage-Backed Securities
相關信息：Simplify 推出了 MTBA ETF，徹底改變了抵押貸款支持證券的敞口
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的網站指出，他們的ETF策略旨在 “有效地對沖投資組合以應對利率上升的影響，創造風險管理收入，獲得另類投資的機會”。與投資對沖基金相比，Simplify通過其機構級另類投資策略爲投資者提供低成本和透明的投資工具。
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.
另一隻模仿對沖基金的ETF，即imGP dBi管理期貨策略ETF（紐約證券交易所代碼：DBI）（ER= 0.85%）“旨在複製領先管理期貨對沖基金的收費前表現，並通過費用/支出去中介來跑贏大盤。”該ETF是imGP基金投資組合的一部分。
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始於2022年，僅有6000萬美元的資產，但現在管理的資產超過8,340億美元。同樣，資產爲1.62億美元的第一信託管理期貨策略ETF（紐約證券交易所代碼：FMF）（ER = 0.95％）和資產管理規模爲1.59億美元的簡化管理期貨策略ETF（紐約證券交易所代碼：CTA）（ER = 0.78％）現在都在吸引機構資金。
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盧卡斯山管理期貨指數策略ETF（紐約證券交易所代碼：KMLM）（ER = 0.90％）是另一種模仿投資工具的對沖基金策略，其資產管理規模迅速獲得了2.95億美元。WisdomTree管理期貨策略基金（紐約證券交易所代碼：WTMF）（ER= 0.65％）是又一個例子。
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.
機構資金湧入這些ETF的一個關鍵原因是對沖基金的費用。對沖基金通常收取基金淨資產價值的2％作爲管理費，並收取基金利潤20％的績效費。鑑於模仿策略的ETF收取的費用不到1％，可以想象，投資者的情緒可能會進一步降低這些費用。
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