The latest news on ETFs

Fund managers speak out on crypto funds crackdown; majority of EM assets remain off limits to passive investors

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Fund managers speak out after crypto funds crackdown

Concerns rise that FCA decision could push investors into ‘wild west’ market of underlying securities

Hong Kong’s central bank criticises State Street over US blacklist flip-flop

Fund manager said it would continue investing in Chinese companies on sanctions list after all

Majority of EM bonds remain off limits to passive investors

Only 13% of emerging market bonds are included in flagship indices tracked by ETFs

Sustainable ETF assets jump but most funds fall short on UN goals

New tool developed with Unctad aims to counter practice of ‘green washing’

Norilsk Nickel becomes first miner to launch metals ETPs

The serious polluter’s products will track the price of gold, silver, platinum and palladium

Bitcoin securities trading surges as investors seek crypto exposure

German exchange traded product garners volumes matching those of popular European funds

More from this Series

Annual inflows drive ETF industry assets to all-time high of $8tn

Investors allocated $762.9bn in new cash to exchange traded funds in 2020

One in 20 ETFs axed in 2020 after failing to build scale

Issuers’ appetite for new launches meant the total number of funds still grew by 318

BlackRock and Vanguard face heavy burden of US sanctions on China

The two largest asset managers had heavy exposure to blacklisted Chinese companies

Vanguard’s assets hit record $7tn

World’s second largest asset manager gathered net inflows of $186bn during 2020’s volatile market conditions

US banks to delist hundreds of HK-listed products under Trump rules

Goldman Sachs, JPMorgan and Morgan Stanley among groups reacting to executive order on China investment

Direct indexing allows investors to pick and mix

Fund management industry bets on new products that allow customisation but also broad market exposure

MSCI to drop Chinese telecoms companies from important indices

China Mobile, China Telecom and China Unicom to be removed in compliance with Trump executive order

Active non-transparent ETF provider hits distribution hurdle

Platforms are taking their time to evaluate the new structures, ETF executives say

New York Stock Exchange reverses course again on China delistings

Exchange operator will drop 3 Chinese telecoms after criticism from US Treasury for initial backtrack

EU fund groups call for exemption from maligned performance forecasts

UK decision to diverge from Priips rules could put European funds at disadvantage, trade group warns

NYSE reverses plan to delist Chinese telecoms groups

US exchange was set to drop state-run companies to comply with Trump administration order

ETF costs: what is an OCF or TER and why is it important to know?

Regulators want fund fee disclosures to be comparable because charges erode returns

Eric Syz: ‘80% of active managers are index huggers’

Private banking chief on succession, searching for alpha and partying with Andy Warhol

Cannabis ETF inflows jump but potential problems persist

Lack of investment-grade companies and questions over legality run counter to optimism

Ignorance impedes growth of China ETF market, survey reveals

Only about 90 ETFs have been rolled out this year compared with 1,200 non-ETF funds

Green energy funds top league table in banner year for ESG

Invesco has best performing US equity fund of 2020 — and the second-best

Slow start for Hong Kong-China ETF master-feeder scheme

Four ETFs listed at the launch in August, but the pipeline for more appears to be empty

European ETF investors pull $7.8bn from S&P 500 funds

Data for first 11 months of year show Nasdaq 100 and ESG funds were main attraction

The 12 days of Christmas for canny investors

From partridge to drummers, a seasonal guide to plum funds

Mutual fund conversions to ETFs pose challenge

Complex transitions mean managers have to think every single detail through

Third of low-carbon funds invest in oil and gas stocks

Analysis highlights potential mismatch between investor expectations of green funds and reality

Amundi’s ETF chief on building a scale business

Valérie Baudson assembled the French group’s passive unit from scratch — but can it compete with BlackRock?

BlackRock revamps style ETFs with retail investors in mind

The nine iShares will switch to new Morningstar indices that will go live in January

Tesla’s delayed S&P 500 entry highlights rise of profit metric

Deutsche Börse has announced similar requirements for new entrants to the Dax index

MSCI drops seven Chinese companies from indices

Action follows Trump ban on US investors buying shares in groups with China military ties

China insists Trump sanctions will not deter foreign investors

MSCI has announced it will follow Nasdaq, FTSE Russell and S&P on exclusions from indices

Fee war escalates across Europe’s fund industry

Cut-throat competition intensifies as managers scramble to attract new clients

Cheap tracker funds trounce private equity

Findings raise more questions about claims of superior performance by PE managers

Index providers race to respond to Trump’s Chinese investment bans

FTSE Russell and S&P have already announced exclusions after urgent client consultations

Green and tech stocks are worth the price

As long as rates stay low, investors will keep buying even if these shares look expensive

What are active non-transparent ETFs?

The new structure allows managers to make trades that are invisible to the end investor

ETF inflows surge to beat previous monthly record by 14.5%

Industry is on course for peak year as Joe Biden’s victory and vaccine news lift sentiment

LGIM rolls out first fixed income ETFs

UK’s largest fund house is seeking to leverage expertise to make gains in rapidly expanding market

Passive funds’ share of European investment market jumps to 20%

Many fear ‘kickback’ payments linked to actively managed funds will limit growth in region

FTSE drops 8 Chinese groups from indices after Trump order

Ban on investment by US citizens triggers index reshuffle

Rash of bond defaults tests China’s fixed income fund market

New risks exposed as government retreats from implicit guarantee for debts of risky state-owned companies

Vanguard to close European active ETF range

Quartet of factor funds had just $300m in assets

Equivalence row looms over London ETF hub role

Delayed EU decision is raising frustration rather than fear in the City

DWS reignites European ETF price war with fresh round of fee cuts

German asset manager slashes charges on 21 products as it aims to make its index trackers more competitive

China’s ESG ratings tarnish its allure for sustainable investors

World’s second-largest economy has the worst ESG ratings of any major market

Vanguard’s exit from Asia mandates rattles feeder fund partner

Executive complains of lack of clarity about future intentions from US manager

BlackRock aims for wealthy business with $1.05bn Aperio deal

Asset manager is paying a hefty 50 times earnings for personalised indexing specialist

Mutual fund conversions to ETFs set to gather momentum, experts say

Latest attempt by Dimensional could be start of ‘significant trend’ if move proves to be successful

From mutual fund to ETF: first conversion nears completion

Transfer will be result of months of negotiations and efforts to reach shareholders

European weekly ETF inflows hit highest level this year

Euphoria over Covid-19 vaccine progress sparks rush for equity funds

Multi-factor funds fall out of favour after poor performance

Closures outstrip launches for the first time in nearly two decades

US regulators issue stern warning on volatility ETPs

SEC’s guidance follows sanction of five companies that have been ordered to repay $3m to investors

Vanguard and BlackRock tighten stranglehold on ETF industry

Dominant duo power ahead as allure of active equity managers fades

ETF tax advantage feared at risk if Democrats win Senate

Mutual fund providers have long complained that their higher tax burden is unfair

What is securities lending, why do ETFs do it and is it risky?

The practice introduces some counterparty risk but offers a route to additional earnings

Cut-throat ETF price war is over, industry professionals say

EY survey reveals a jump in the proportion who believe fees are as low as they can go

China corporate bond index draws interest from offshore issuers

Bloomberg Barclays offering tracks liquid, tradable onshore renminbi-denominated corporate credit

Active managers struggle to prove their worth in a turbulent year

Consolidation and increased outflows are predicted as traditional money managers fail to lift performance during the pandemic

Oxford university partners with BlackRock on sustainable tracker fund

Endorsement marks a first for a prestigious UK university endowment

ETF investors set to perform volte-face on US Senate uncertainty

Recent move into value equities was based on having a clear path to fiscal stimulus

From veganism to #BLM: Big Data promises to transform niche ETFs

Better research and targeting of thematic funds is enhancing their appeal, experts say

Early US election results prompt rush for small and mid-cap ETFs

BlackRock’s iShares Russell 2000 attracted $714m in net inflows on Wednesday

BlackRock looks for new profit rockets as rivals play defence

World’s largest asset manager has once again outperformed a rocky stock market in 2020

VanEck applies for China retail fund management licence

US manager plans to differentiate from competitors in index offerings

CSOP’s China bond ETF scoops more than $1bn in assets

Strong inflows since September launch underscore appetite for onshore mainland debt

What the US election could mean for EM investing

If Trump loses there will be a big reallocation to emerging markets

SEC decision on leveraged ETFs sparks concern for retail investors

SEC commissioners reveal sharp disagreements on move to abandon proposed controls

What is an ETF?

Why exchange traded funds are important and why you should know what you are buying

Why ‘tracking difference’ is a vital metric for passive ETFs

The total expense ratio is the ‘price tag’ of a fund — but it does not tell the full story

US SEC opens door to more leveraged ETFs

Pre-clearance requirement removed for exchange traded funds using up to two times leverage

Taiwan asset owner pre-emptively terminates Vanguard mandate

Move comes after US manager signals it planned to pull out

China and Hong Kong ETF markets grow closer with feeders launch

The vehicles link Hong Kong and mainland Chinese asset managers

Demand for cheaper vehicles buoys creation of ETF strategies

Cost cutting is paramount as mutual funds lose appeal, report finds

European bank ETFs lose out as investors flock to US counterparts

Sustained negative rates in the region cited as main reason for divergent fortunes

How do ETFs work?

Authorised participants use the creation redemption mechanism to control how many shares an ETF has

What are authorised participants?

Investment banks and specialist market makers are an essential part of the ETF business

Vanguard active fund closure highlights challenge in Europe

Low-cost provider’s passive fund growth is vastly outpacing its actively managed business

Vanguard exit from China state fund mandates prompts speculation

Move coincides with decision to move regional HQ to Shanghai

Chile’s pension funds join global gold ETP rush

Rule change adds the products to the list of permitted alternative assets

SEC plan to cut fund disclosures faces almost unanimous opposition

Higher threshold for reporting stock holdings would benefit activist investors, US markets regulator told

BlackRock plans huge expansion in Brazilian ETF market

Asset manager aims to cross-list up to 100 overseas funds by end of March

Funds’ hidden currency costs run to hundreds of millions of dollars

New analysis suggests investors continue to overpay for forex trades

Cryptocurrency ETFs under active consideration, says SEC chair

‘Tokenisation’ would allow a crypto asset to represent single securities like ETFs

JPMorgan Asset Management plans ESG ETFs for Asian clients

Fresh direction for investment house that currently offers no pure ESG funds in any market

Better stock selection boosted ESG funds, research suggests

Nine of the 10 largest sustainable ETFs and mutual funds outperformed in H1

Global ETF inflows surge 40% amid ‘tectonic shift’

Investor inflows jump to $488bn in first nine months of 2020

UK active managers fail to prove their mettle in a bear market

Only half of stock pickers outperformed in 2020’s volatile markets

BlackRock S&P 500 fund is Europe’s biggest equity ETF loser in third quarter

The outflows from the physical fund help explain the decision to launch ‘synthetic’ version

Vanguard faces roboadviser competition from Chinese partner

Ant Group signals wish to expand beyond its joint venture platform

BlackRock ETF thrusts climate change into political sphere

Coal-reliant Germany falls foul of first environmentally-weighted sovereign bond fund

BlackRock criticised over drop in climate votes

Rivals including JPMorgan are increasingly backing environmental resolutions at annual meetings

Hunt for answer to bond blues turns to active ETFs

Investors seek to mitigate a world of low returns from fixed income

LGIM to unveil new climate change risk measures

UK’s largest asset manager builds model designed to assess financial effects of global warming

Avoiding ‘sin stocks’ is no longer enough for ESG ETFs

Managers are switching to positive screening for investments with good credentials

BlackRock performs volte-face with swap-based equity ETF

The world’s largest asset manager has launched a synthetic ETF after years spent criticising the structure

Questions raised over Asian ETFs in unyielding market

Despite the industry’s popularity in the west, financial hubs in Hong Kong, Singapore and Seoul fail to be won over

Bloomberg poised to become third largest ETF index provider

The $90bn attracted to its benchmarks this year dwarfs that of MSCI and S&P Dow Jones

First actively managed sharia-compliant ETF to list in London

Fund will invest in companies with low leverage, ethical practices and good governance

FTSE gives China bonds green light for influential index

Decision could lure $140bn into country’s government debt as investors hunt for yield

Vanguard bolstered by ETF sales amid mutual fund outflows

Asset manager’s $4.4tn long-term mutual funds range bled $41bn in year to end of August, Morningstar data show

Leveraged ETP popularity raises gambling risk, experts warn

Inflows have surged to $20.6bn, sparking concerns investors will suffer amplified losses

CSOP aims to scoop huge foreign investment with China bond ETF

Fund will start trading ahead of anticipated inclusion of China in WGBI bond index

New Cabana ETF range will launch with more than $1bn in assets

Products’ huge boost comes from existing clients who chose to switch to ETF format

BlackRock to jump on Hang Seng Tech Index bandwagon with new ETF

The iShares product is set to launch on Thursday and follows CSOP’s record-setting debut

Amundi closes 11 France-domiciled ETFs

Each of the closed funds had assets below €20m at the end of June

Gold rush points to structural shift

Sentiment is likely to remain favourable as long as deficits continue to rise

Stockpickers fight back by modifying the design of ETFs

Investment industry faces test as fees and inconsistent performance drive a shift in focus

US-China trade war threatens passive investors

Calls are growing for the adoption of strategies that exclude China

ESG surges as investors search for better corporate citizens

Pandemic puts spotlight on need to tackle ills such as climate change, income inequality and diversity

Investors salve pandemic wounds with gold in flight to safety

Coronavirus crisis has driven a rush for the millennia-old store of value

How best to invest for Brexit

Finance experts look at the options as the risk of a no-deal remains high

Subscale markets ‘coming of age’ push ETF growth in Asia

Japan, China, Taiwan and South Korea are on the rise at a breakneck pace

BlackRock and Vanguard look set to extend dominance to active ETFs

Survey finds institutional investors prefer them over the leading active ETF managers

Wall Street bids a not-so-fond farewell to exchange traded notes

The unloved cousins of the ETF have been criticised for being riskier than they appear

ETF assets reach $7tn milestone

Investors have ploughed $428bn in new cash into exchange traded products so far this year

Simple trick can deliver outperformance in emerging markets ETFs

Avoiding state-owned enterprises has helped generate double-digit returns for two funds

Roboadvisers make slow progress gaining ground with investors

Use of robos is highest among millennials and Generation X households

Inside ETFs

The FT has teamed up with ETF specialist TrackInsight to bring you independent and reliable data alongside our essential news and analysis of everything from market trends and new issues, to risk management and advice on constructing your portfolio

Niche ETFs provide investment route to future trends

A basket of stocks investing in a particular theme could help provide diversification

How to separate the good from the bad and ugly ESG funds

Even oil majors can achieve good environmental, social and governance scores in some rankings

What we learnt from fixed-income ETFs during the Covid sell-off

Some of the biggest corporate bond funds traded at large discounts to net asset value

ESG bond funds held back by fear of criticising US, research suggests

Concern that evaluating western governments’ debt is pushing managers into politics

Equity fund managers dump banks for software stocks

Stock pickers have increased exposure to sector from 5.1% at start of 2020 to 6.4%, research finds

ETFs set to usurp active funds in world of ethical investing

Shift to passive would be a body blow to traditional ESG investment approach

US ETF employees earn 60% more than European counterparts

Total pay is an average of $392,000 compared to $242,000 earned in Europe

Can active fund managers deliver higher returns than ETFs?

Despite the lure of beating the index, for every winner there is a loser and higher costs can erode gains

Saudi SWF pours $4.7bn into State Street ETFs

Move comes after similar decision by US Federal Reserve, which has $8.7bn in ETFs

Assets in ESG exchange traded funds and products top $100bn

July total of $101bn reached after net inflows of $6.76bn

SEC puts US Oil Fund on notice over investor disclosures

Regulator’s staff likely to recommend action over fund’s manoeuvres as crude prices crashed in spring

China squeezes diversification out of MSCI’s EM equities nest

Three countries in Asia now account for almost two-thirds of MSCI benchmark

‘Downbeat’ US executives dump most stock in a month since 2015

Record-breaking equity rally encourages company executives to cash in

Chinese managers apply to launch first Hang Seng Tech index ETFs

The new index includes Chinese tech giants such as Tencent, Alibaba and Meituan

ETF joins world’s biggest gold owners as investors flock in

State Street fund holds more of the precious metal than some central banks as price passes $2,000