Influence of the growing ETF industry on active investor relations work54 Influence of the ETF industry on IR work The question of whether the majority of classic IR work will become redundant if the ETF industry can be expected to further grow is answered quite uni formly 90 of the 20 respondents continue to see traditional IR work as important and do not think that it will become superfluous see figure 25 The motivations are different but can be broken down into two main lines of argument The first is the expected development of active and pas sive investment Active investment decisions are expected to remain the majority and there will still be active investors IR work will continue to be of high importance especially due to the high pro portion of active institutional and private investors As a result IR based on individual shareholders remains a very important instrument One opin ion is that active management remains necessary and is even becoming more attractive again as the share of passive investments in the overall market increases as this can lead to misallocations and exaggerations Figure 24 Degree of influence on IR tasks Source own survey Degree of influence on the following IR tasks Figure 25 Likelihood of IR work becoming super fluous Source own survey Will most of the traditional IR work become superfluous taking into account a further increase in the ETF industry yes no 10 90 moderateslight considerablenoticableno

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