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ʻO nā kālā kūʻai kūʻai kūʻai semi-transparent, ʻaʻole i hōʻike i nā paʻa i kēlā me kēia lā, ua ʻae ʻia e ka US Securities and Exchange Commission a manaʻo ʻia e hele mai i ʻEulopa a me Asia. Ua haʻi ʻo Frank Koudelka, ka loea huahana ETF honua ma State Street, ma kahi kūkākūkā media ma Ladana i nehinei ua ʻae ka SEC i nā ActiveShare ETF i Mei a me nā hīnaʻi proxy i ka pule i hala. Ua ʻike ʻia nā hiʻohiʻona ʻelua he ETF semi-transparent, no ka mea, hōʻike lākou i nā paʻa me ke alapine like me ke kālā hui. Pono lākou e ʻae i ka papa inoa hoʻololi, no laila ua ʻōlelo ʻo ia e hiki ke ola nā ETF ma ka hapaha mua o ka makahiki e hiki mai ana. "Ke manaʻo nei mākou e ulu nui lākou e like me nā ETF ikaika i hōʻiliʻili i $ 90bn (€81bn) i nā waiwai ma lalo o ka hoʻokele ʻana, ʻoi aku ka nui o ka loaʻa kālā paʻa," wahi a Koudelka. "E huakaʻi nā huahana i ka honua a hiki i ʻEulopa a me Asia." Ua ʻōlelo ʻo Brown Brothers Harriman ma kahi moʻomanaʻo ma Mei ʻo Precidian Investments 'ActiveShares ETF ʻo ia ka SEC mua i ʻae ʻia no kahi huahana ETF maʻemaʻe kahi i hoʻopaʻa ai nā luna i nā hoʻolālā ikaika ma kahi ʻano ʻike ʻole. Ua ʻōlelo ka blog Exchange Thoughts: "Ua hiki i nā luna hoʻokele i hoʻokaʻulua e komo i loko o nā ETF i kēia manawa ke hoʻolako i kā lākou mau hoʻolālā i ka lehulehu o nā mea hoʻopukapuka kālā me ka ʻole o ka hōʻike ʻana i kā lākou 'mea huna.' Aia a hiki i kēia manawa, ke komo nei nā mana ikaika i ka mākeke ETF ma o nā kālā indexed smart-beta a i ʻole ka hoʻokele ikaika ʻana i nā ETF. Ua ʻōlelo ʻo Precidian i kahi ʻōlelo ma Mei ua laikini ʻia ka ʻōnaehana ActiveShare e nā luna waiwai e like me Legg Mason, BlackRock, Capital Group, JP Morgan, Nationwide, Gabelli, Columbia, American Century a me Nuveen. Makemake nā mea hoʻopukapuka e ʻike i nā ETF ikaika hou aku ma ka mākeke e like me ka BBH 2019 Global ETF Investor Survey i Pepeluali. “E hōʻike ana kēia i ka hoʻopaʻapaʻa ma waena o ka hana a me ka passive ʻaʻole ia he koho binary - hiki i nā mea hoʻopukapuka ETF ke ʻike i ka hoʻokele ikaika; makemake wale lākou iā ia i loko o kahi ʻōwili haʻahaʻa haʻahaʻa, "wahi a BBH. "ʻOiai ua laikini wale ʻia ka ʻōnaehana Precidian i ka US, ʻoiai ke hoʻomau nei ka mākeke ETF honua, ke manaʻo nei mākou e hiki ke hoʻolālā ʻia ka hoʻolālā no nā ETF non-transparent ma ʻEulopa a me Asia." Ua ʻōlelo pū ʻo BBH i loko o kahi blog i kēia mahina ua hāʻawi ka SEC i ka ʻae ʻana no ka semi-transparent active ETF hou mai Natixis / New York Stock Exchange (NYSE), T Rowe Price, Fidelity a me Blue Tractor Group e hoʻohana ana i nā 'hīnaʻi proxy.' "Ke hoʻolauna nei kēia mau hale ETF hou i ka manaʻo o kahi hīnaʻi proxy ʻelele, e hiki ai i nā luna ke hoʻopololei a pale paha i nā palekana i mālama ʻia i loko o ka ETF," wahi a BBH. "Hiki i nā hale ETF hou ke hōʻike i kahi au hou o nā ETF ikaika." Ua ʻōlelo ʻo Ciaran Fitzpatrick, ke poʻo o ka ETF e lawelawe ana iā ʻEulopa, ma ke alanui State i ka pōkole i nehinei e lawe i ka manawa no kēia mau hale hou e hele mai i ʻEulopa me ka ʻae ʻana o SEC. "Ke hana nei ka Central Bank of Ireland a me ka UK Financial Conduct Authority me IOSCO ma ka ʻike maopopo o nā paʻa ETF e like me ka hapa nui o nā mākeke ʻEulopa e koi i ka hōʻike ʻana i kēlā me kēia lā," wahi a Fitzpatrick. "Hiki ke hoʻololi i ka 18 a 24 mau mahina e hiki mai ana akā pono ia i nā ʻae mua." Hoʻokumu ka International Organization of Securities Commissions '2019 work program i ka hana ʻana ma nā ETF mai ka pale o ka mea hoʻopukapuka kālā a me ka ʻike kūʻokoʻa o ka mākeke. Ke hui pū nei ke kino no nā mea hoʻoponopono honua me ka Financial Stability Board e pili ana i nā pilikia paʻa kālā mai nā ETF a ua mālama lākou i kahi papa hana hui no nā mea komo i ka ʻoihana i Iune o kēia makahiki. Manaʻo pū ʻo Fitzpatrick i nā ETF no ka hoʻolālā kaiapuni, ka pilikanaka a me ke aupuni e ulu ma ʻEulopa a no nā mea hoʻopuka hou aʻe o ʻAmelika e hoʻolauna i nā ETF ma ia wahi. "Ke komo nei nā mea hoʻopuka koʻikoʻi a pau i ka wahi ESG a aia kekahi poʻe komo hou," wahi a Fitzpatrick. "Aia mākou i ka hoʻomaka ʻana o ke ala ma ʻEulopa a ʻo ESG kahi mea pāʻani koʻikoʻi i nā makahiki e hiki mai ana." Ua hoʻomau ʻo ia e pili mau ana ke alanui Moku'āina me nā mea hoʻopuka US e makemake ana e hoʻolauna i nā ETF ma ka honua, a me nā mea hoʻopuka ʻEulopa e makemake e puʻunaue i nā ETF ma ʻAmelika Hema, ʻAsia a me ʻIseraʻela. "Pono lākou e loaʻa i kahi huahana niche e like me ESG, nā kumu a i ʻole kahi kumuhana a ʻo ka paʻakikī ʻo ia ka poʻe pāʻani nui i loko o ia mau wahi," wahi a Fitzpatrick. No ka laʻana, ua hoʻolaha ʻo Goldman Sachs Asset Management i ka hoʻomaka ʻana o kahi ʻoihana ETF ʻEulopa i Sepatemaba o kēia makahiki ma hope o ka hāʻawi ʻana i nā ETF i ka US mai Kepakemapa 2015. ʻO ka European ETF mua o GSAM ka Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF i helu ʻia ma Lākana. ʻO ka waihona kālā he mana ʻEulopa o kāna hae hae ETF ma US, nona ka ʻoi aku ma mua o $6.5bn i nā waiwai a ʻo GSAM i ʻōlelo ai ʻo ia ka ETF nui loa o ka nui-factor equity ma ka honua. Ua ʻōlelo ʻo Nick Phillips, ke poʻo o ka ʻoihana kūʻai kūʻai kūʻai honua ma GSAM, i loko o kahi ʻōlelo: "E pili ana nā kālā i nā mea kūʻai aku a me nā mea kūʻai aku. He hoʻohui koʻikoʻi kēia i kā mākou hāʻawi huahana honua a hauʻoli nui mākou e komo i ka mākeke ETF ʻEulopa e ulu wikiwiki nei. Ua ʻōlelo ʻo GSAM i ka mahina ʻo Kepakemapa e hoʻolālā ana e hoʻomaka i kahi ākea o nā ETF i nā mahina ʻeono e hiki mai ana. ʻO ka pule i hala aku nei ua lilo ka firm i mea hoʻopuka hou ma ka Swiss exchange ma o ka hoʻokuʻu ʻana i ʻekolu mau beta ETF akamai. Manaʻo ʻo Koudelka i ka ulu ʻana o ka mākeke ETF o ʻEulopa mai ka hoʻomaka ʻana o nā mea aʻoaʻo robo. "Ma ka US aia he $275bn i nā waiwai ma lalo o ka hoʻokele ʻana i nā robos a he nui nā mea i loko o nā ETF, a e hoʻonui ʻia a puni ka honua," wahi āna. Ma ʻEulopa i ka hoʻomaka ʻana o nā lula MiFID II i ka hoʻomaka ʻana o ka makahiki i hala ua kauoha ʻia ka hōʻike ʻana o ke kālepa ETF no ka manawa mua ma ka ʻāina. Ua hoʻonui ʻia nā kahe o ka ETF ma hope o ka hele ʻana o MiFID II i Iive akā ua ʻōlelo ʻo Fitzpatrick he mea pono e hoʻomaikaʻi i ka ʻike. "ʻO kahi lipine i hoʻohui ʻia no ʻEulopa e lilo i mea hoʻololi pāʻani i ka hoʻonui ʻana i ke aniani a hāʻawi i kahi kiʻi ʻoi aku ka maopopo o ka nui o ka ETF a me ka wai ma waena o ka mākeke," wahi a Fitzpatrick. Ua hoʻohui ʻo Koudelka e ʻimi nei ʻo State Street e hāʻawi i nā ʻikepili hou aʻe i mea e hoʻonui ai i ka noi. "Ma ka hui pū ʻana me Global Markets mākou e hoʻomohala nei i ka hōʻike ʻana i ka ʻikepili paʻa e like me ke ʻano o nā mea hoʻopukapuka e kūʻai ana i nā ETF, a me ko lākou wahi, e kōkua i ka hanauna alakaʻi," wahi āna. Ua hoʻomau ʻo Fitzpatrick i ka makahiki aʻe e hoʻokuʻu ʻo State Street i nā palapala hōʻoia i hiki ke heluhelu ʻia no ka poʻe i ʻae ʻia (AP), ka mea e hōʻike nei i kahi hīnaʻi o nā securities e hana i nā ʻāpana ETF a i ʻole e loaʻa i kahi hīnaʻi o nā securities e kūʻai i nā kuleana ETF, a hāʻawi i ka waiwai i ka mākeke. "Ke hoʻolilo nui nei mākou ma ke ʻano he ʻāpana o ka hoʻolālā ʻekolu makahiki a e pōmaikaʻi ia i ka mākeke holoʻokoʻa ʻEulopa a me ka kaiaola ETF ākea," wahi a Fitzpatrick. "E hoʻolauna pū mākou i kahi Portal AP ma kā mākou waihona waiwai kūʻai ma ka mākeke mua Fund Connect e ʻae i nā AP, a me nā mea hoʻopuka, e kiʻi i ka ʻikepili ETF kūpono e like me ka hōʻoia AP, ka ʻikepili waiwai waiwai, nā faila haku mele, a me nā hīnaʻi kumu kūʻai." Ua hoʻokuʻu ʻia ʻo Markets Media i ka makahiki 2007 e hāʻawi i nā ʻike maʻalahi a hohonu e pili ana i nā ʻāpana āpau o ka ʻoihana palekana, i hāʻawi ʻia ma kahi kahua synergistic o paʻi, pūnaewele a me nā hanana.