Exchange Traded Funds (ETFs), Index Mutual Funds, & Indexed Separate Accounts
Date Published: April 23, 2019
Summary PowerPoint Deck: 78 Slides
Reference PowerPoint Deck: 850 Slides
The purpose of this research is to provide readers with a comprehensive understanding of the index investing market, including exchange traded funds (ETFs), index mutual funds, & indexed separate accounts. The index investing market is growing rapidly, driven by many factors. BlackRock, The Vanguard Group, & State Street Global Advisors dominate the market. Other firms including Invesco, WisdomTree, & ProShares are developing alternative products. Still other firms including The Charles Schwab Corporation, PIMCO, & Fidelity Investments are challenging the leaders. This research summarizes the highlights of Tiburon's underlying research on exchange traded funds (ETFs), index mutual funds, & indexed separate accounts. This research fits within Tiburon's wealth management series, which includes a wide variety of trending topics.
This research starts by highlighting the index investing trend versus that of active investing, including:
- Companies by Investment Type
- Products by Investment Type
- Clients by Investment Type
- Accounts by Investment Type
- Net New Accounts by Investment Type
- Assets Under Management by Investment Type
- Net Flows by Investment Type
- Revenues by Investment Type
- Net Profits by Investment Type
This research then summarizes the key drivers behind the rapid growth in index investing, including:
- Difficulty in Beating Market Returns
- Lower Expense Ratios
- Better Tax Efficiency
This research addresses the key historical phases of index investing, including:
- Indexed Separate Accounts Emergence Phase
- Index Mutual Funds Emergence Phase
- Exchange Traded Funds (ETFs) Emergence Phase
- Exchange Traded Funds (ETFs) Dominance Phase
This research defines the core product markets in indexing, including:
- Exchange Traded Funds (ETFs)
- Index Mutual Funds
- Indexed Separate Accounts
And this research makes several future predictions for index investing, including:
- Substantial Growth in Index Investing
- Substantial Growth in Factor Investing & Smart Beta Products
- Moderate Growth in Leveraged & Inverse Funds
- Reemergence of Personalized Indexing
- Increased Focus on Cost in Actively Managed Products Market
- Growth in Actively Managed Concentrated Managers
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