Influence of the growing ETF industry on active investor relations work 55Influence of the ETF industry on IR work The second is that the focus is on main functions of IR that respondents continue to expect to be necessary in the future despite the potential influence of passive investments These include among others basic functions such as creating transparency fulfilling stock exchange obligations and bridging the gap to the capital market The individual positioning of the company remains essential and IR will still have to communicate how the company differs from others Nevertheless some IR experts are expecting changes in the field of IR by the ETF industry the equity story for example will remain relevant for smart beta ETFs Not everything will depend on indices there will also be primarily thematic ETFs Therefore an alignment of passive products with actively managed products is expected to evolve Critical voices see the development for IR in the future somewhat a bit more worrying with increasing ETF investments a large part of the funds will first flow to the large cap compa nies before ETFs then also reach a larger part of the smaller companies and make active managed portfolios the exception The result is even clearer when asked whether activities such as maintaining contact with actively managed funds and buy side analysts in particular are considered to be at risk 95 out of 20 respon dents deny the statement only one person agrees and sees a threat to this activity in the future see figure 26 Figure 27 IR sentiment on the development of the ETF industry Source own survey Sentiment regarding the development of the ETF industry from an IR perspective Figure 26 Forecast of contact to buy side ana lysts Source own survey Is the contact to actively managed funds and buy side analysts in particular at risk yes no 5 95

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