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交易所買賣基金，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說 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.
鑑於抵押貸款市場的狀況，Simplify最近推出了其 簡化 MBS ETF 據彭博社報道，紐約證券交易所代碼：MTBA）投資抵押貸款支持證券（MBS）。與可比的美國國債相比，該基金旨在提供有吸引力的收益率，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MTBA ETF，徹底改變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抵禦利率上升，產生風險管理收入，獲得另類投資機會”。與投資對沖基金相比，Simplify通過其機構級另類投資策略，爲投資者提供了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， imGP dBi 管理期貨策略 ETF 紐約證券交易所代碼：DBMF）（ER= 0.85％）“旨在複製領先的管理期貨對沖基金的預付費表現，並通過費用/支出去中介化來跑贏大盤。”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，當時只有6000萬美元的資產，但現在管理的資產超過8,340億美元。按照同樣的思路， 第一信託管理期貨策略 ETF （紐約證券交易所代碼：FMF）（ER = 0.95%）擁有1.62億美元的資產，以及 簡化管理期貨策略 ETF 紐約證券交易所代碼：CTA）（ER = 0.78%）的資產管理規模爲1.59億美元，現在都吸引了機構資金。
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.
這個 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，該投資工具已迅速獲得2.95億美元的資產管理規模。那個 WisdomTree 管理期貨策略基金 紐約證券交易所代碼：WTMF）（ER= 0.65％）是另一個例子。
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.
機構資金湧入這些交易所買賣基金的關鍵原因是對沖基金費用。對沖基金通常收取基金淨資產價值的2％作爲管理費，同時收取佔基金利潤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，投資者情緒可能會進一步降低這些費用。
Read Next: SEC Mandates Hedge Funds To Disclose Short Positions Following GameStop Frenzy
繼續閱讀：在GameStop狂潮之後，美國證券交易委員會要求對沖基金披露空頭頭寸
Photo: Shutterstock
照片：Shutterstock
譯文內容由第三人軟體翻譯。