U.S. Exchange-Traded Fund Markets 2022
Identifying Fixed Income Product Development Opportunities
Explore ETF Product Innovation
- Analyze issuer buildout of sustainable and thematic ETF product lines
- Evaluate issuer use of index providers, including smaller firms and self-indexing
- Review enhanced coverage of direct channel and institutional use of ETFs
- Review ETF product distribution trends, including sales organizational structures and strategic partnerships with intermediaries
- Gain insight into the Canadian ETF market, strategic product development plans, distribution channel sizing, and challenges surrounding growth and distribution
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Summary
Examine the U.S. exchange-traded product industry from the perspective of existing issuers and new entrants, as well as those using their products, including advisors, institutions, and households. Monitor ongoing industry trends such as fee compression, the shift toward a wider variety of products, including actively managed equity (transparent and semi-transparent) and fixed-income ETFs, and identify other product trends.
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A Note from the Author
Opportunity Emerges for Active Fixed-Income ETFs Products
Daniil Shapiro, CFA
Director
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Daniil Shapiro, CFA
Director
Daniil is part of Cerulli’s Product Development practice, where he works on the identification, analysis, and reporting of asset management industry trends with a focus on exchange-traded funds (ETFs) and alternative investments.
Prior to joining Cerulli Associates, Daniil was part of the Product Management and Business Intelligence teams with the MainStay Funds, part of New York Life Investment Management. At MainStay, Daniil supported sales efforts via fund and ETF competitive analysis, product research, and development of marketing materials, as well as performance reporting. Before New York Life, Daniil was part of the risk management practice at Accenture, and held risk and compliance roles at HSBC’s investment bank.
Full biography here.
66% of exchange-traded fund (ETF) issuers consider fixed income a primary focus for product development, overtaking even U.S. equity (57%). Cerulli believes a strong product development opportunity exists for those firms offering active fixed-income exposures given the existing white space to offer fee-competitive, attractively priced product within categories that have few competitors.
Managers looking to offer active fixed-income strategies should look to categories that are not product-saturated and offer room for fee competition relative to existing incumbents. While Cerulli believes that fee dynamics in active fixed-income ETFs will intensify, managers that provide excellent performance, offer uniquely positioned exposures, and manage strategies meant to generate greater returns will likely be able to charge some premium relative to ultra-low-cost short-term exposures.
To learn more, access The Cerulli Report—U.S. Exchange-Traded Fund Markets 2022: Identifying Fixed Income Product Development Opportunities for a comprehensive overview on ETF product development and distribution trends, including a close look into the industry’s expansion beyond low-cost passive exposures to more active product.
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