Influence of the growing ETF industry on active investor relations work 27Fundamentals of passive investments and ETFs Factor ETFs are further developed smart beta ETFs and can be seen as a subgroup of them With fac tor indices an index is created that is modified from the market index and selects only those companies that meet certain criteria known as factors Riedl 2020a The shift away from classic index tracking towards using factors is called tilt or bias Bloch 2020 Mostly there are either technical factors like momentum e g share price movement variance and risk e g low volatility or fundamental factors like growth price earn ings ratio or return on equity that define the weighting of the index Deutsche Börse 2018 p 24 Additionally size accounts to one of the most successful factors Riedl 2020a The two factors growth with its focus on growth stocks and value focusing on undervalued stocks are among the most represented factors Wiebe 2021 p 37 Further thematic categories focus on economic exposure ESG interest rate exposure or size e g small cap Stevenson and Tuckwell 2019 p 56 The idea behind the selection of small cap companies rather than choosing large or mid cap companies is that former are often underesti mated and thus overlooked Bloch 2020 The possibility of several factors included in an ETF is available in so called multi factor ETFs Deut sche Börse 2018 p 25 Since factors and in gen eral smart beta ETFs can be applied on variable countries and asset classes and usually do not correlate with each other which makes a balance between an under and outperformance possible they got more and more successful over the last years Riedl 2020a A basic approach is a com posite index which contains two equally split fac tors Stevenson and Tuckwell 2019 p 58 ESG ETFs Sustainability ETFs are growing strongly in impor tance as investors are placing more and more emphasis on taking sustainability criteria into account which include not only economic but also environmental social and governance factors Kühn 2020a p 3 This trend is also reflected in the volume of US 288bn invested in ESG Envi ronmental Social Governance funds and ESG ETFs between January and November 2020 represent ing an increase of 96 compared to the previous year Fink 2021 AUM of ESG ETFs on the Xetra trading venue rose to 23bn in 2019 more than tripling compared to the previous year As a result ESG ETFs were by far the fastest growing category in the ETF segment on the German stock exchange in 2019 The assets of ESG ETFs in the European market have undergone exponential growth over the last five years Kühn 2020b p 17 A study by the European Bank for Financial Services showed that 55 of those surveyed want to give greater consideration to sustainability criteria in their per sonal investment strategy Kühn 2020a p 7 17 The sustainability of companies and funds is assessed by rating agencies on an ESG basis In 2016 for example Sustainalytics was intro duced an ESG rating by the fund rating company Morningstar for all investment funds and ETFs Deutsche Börse 2018 p 31 Index providers play a major role as they decide which companies ful fill certain criteria and count as ESG and as a result receive investments from ETFs Stevenson and Tuckwell 2019 p 76 The MSCI World mentioned earlier is now also offered in different ESG vari ants for example the World Leaders only con tains companies with the best ESG scores Wiebe 2021 p 37 New ESG ETFs are constantly created specializing on specific topics and reaching high returns For instance there are feminist ESG ETFs or fossil free ESG ETFs Stevenson and Tuckwell 2019 p 78 As another example 80 of the approximately 300 new ETFs launched in 2020 were classified as ESG ETFs Riedl 2020b 2 2 3 3 Active ETFs In addition to passively managed funds also called classic index funds there are actively man

Hinweis: Dies ist eine maschinenlesbare No-Flash Ansicht.
Klicken Sie hier um zur Online-Version zu gelangen.