A historic surge of cash has swept into exchange-traded funds, spurring asset managers to launch new trading strategies that could be undone by a market downturn.
This year's inflows into ETFs world-wide crossed the $1 trillion mark for the first time at the end of November, surpassing last year's total of $735.7 billion, according to Morningstar Inc. data. That wave of money, along with rising markets, pushing global ETF assets to nearly $9.5 trillion, more than double where the industry stood at the end of 2018.
Most of that money has gone into low-cost U.S. funds that track indexes run by Vanguard Group, $貝萊德(BLK.US)$ and $道富銀行(STT.US)$, which together control more than three-quarters of all U.S. ETF assets. Analysts said rising stock markets, including a 25% lift for the S&P 500 this year, and a lack of high-yielding alternatives have boosted interest in such funds. $FIDELITY BLUE CHIP GROWTH ETF(FBCG.US)$ $SPDR 標普500指數ETF(SPY.US)$
You have this historical precedent where you have tumultuous equity markets, and more and more investors have made their way to index products.”
--- said Rich Powers, head of ETF and index product management at Vanguard.
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Asset managers long known for running mutual funds are rushing to take advantage of investors' interest in active ETFs. More than half of the record 380 ETFs launched in the U.S. this year are actively managed.
--- according to FactSet.
Fidelity, Putnam and $普信集團(TROW.US)$ are among the firms that have rolled out actively managed ETFs in 2021. Firms new to ETFs have also entered the fray. The top 20 fastest-growing ETFs, largely run by Vanguard and $貝萊德(BLK.US)$, this year pulled in nearly 40% of all flows, charged an average fee of less than 0.10 percentage point and tracked benchmarks of some sort.
Many active ETFs remain comparatively small and charge fees higher than passive funds, putting a swath of new products at risk of closing over the next several years. ETFs usually need between $50 million and $100 million in assets within five years of launching to become profitable, analysts and executives say; funds below those levels have tended to close.
Of the nearly 600 active ETFs in the U.S., three-fifths have less than $100 million in assets; more than half are below $50 million.
--- according to FactSet data.
You' re going to see a lot of those firms take a hard look at their future.”
--- said Elisabeth Kashner, FactSet’s director of ETF research.
Analysts also said the success of ARK Investment Management Chief Executive Cathie Wood in 2020 showed how active ETFs can score big returns and pull in substantial sums of money. Several of ARK's funds doubled last year, and its assets approached $60 billion earlier this year, though many of its bets have slumped in 2021. $ARK Innovation ETF(ARKK.US)$ $ARK生物基因科技革新主動型ETF(ARKG.US)$
Most other active managers aren't doing much better. Two-thirds of large-cap managers of mutual funds have fallen short of benchmarks this year, while roughly 10% of the 371 U.S. active ETFs with full-year performance data are beating the S&P 500. More than a third are flat or negative for 2021.
Did you invest in ETFs this year? How was your return？
Source: Wall Street Journal

嗨，摩爾們，很高興在 MooHumor 中再次見到你們！
即將到年底了。你的十一月怎麼樣？經過漫長而充滿挑戰性的一年，您還是否仍在那裡？人們通常在生活中面臨重複的模式，並感到厭倦。為您的日常生活帶來儀式感，可以是激發您的熱情的美好方法。有些摩爾們知道 如何使用小儀式帶給自己幸福。讓他們向您展示他們如何慶祝他們的特殊日子和難忘的時刻。
像往常一樣，先投票請先加分〜
下面我們就走 ~
@Deezy_McCheezy: $Longeveron(LGVN.US)$我已經準備好了星期五。音量將在 36 小時內告訴您所有您需要了解的信息。如果我們足夠的話，將推向 43 美元，並將再次重新測試 45 美元。他們不說第三次是一種魅力
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@Revelations 6
本週，我們想邀請您在下面發表評論並介紹： 您如何為您的日常生活或交易生活帶來儀式感？
我們將選擇 20 個頂部評論 在下星期一之前。
優勝者將獲得 88 分 在下週之前，您可以在獎勵俱樂部交換禮物。
* 本週內的評論將被計算在內。
您可以發布：
● GIF 或 JPEG 中的相關模因
● 您的真實生活體驗
● 其他創意方式展現您的幽默感
這就是全部。和平