Influence of the growing ETF industry on active investor relations work56 Influence of the ETF industry on IR work The sentiment regarding the development of the ETF industry from an IR perspective is very divers the answers range from 15 to 75 see figure 27 with the value 0 being seen as completely skep tical and the value 100 as an absolute chance for the IR work 43 of the 14 respondents are crit ical of the development with values between 15 and 25 29 see the trend as an opportunity with values between 50 and 70 and 14 are positive about future IR work with a value of 75 On aver age the development is seen as neutral with a slightly skeptical tendency with a median of 44 5 Motivations for a rather skeptical attitude are on the one hand the increasing volatility On the other hand the focus would be too much on large liquid indices This artificially increases the pressure for M A and growth The rather neutral attitude comes from the conviction of the advan tages of active investment strategies and from the statement that ETFs make up just 10 of open end mutual funds in Germany and are therefore not seen as too threatening from an IR point of view On the one hand it is seen as an oppor tunity for IR work that ETFs promote interest in equity investments On the other hand active index targeting can be an opportunity to attract more investors which can result in an opportunity for the overall IR work In addition although the tasks are becoming more complex they are also becoming more exciting which can also be seen as a chance for the future IR work At the end of the survey an open input field is used to leave further ideas suggestions or com ments One participant left the following com ment ETFs actively approach companies in the corporate governance area There could be more meetings In principle however ETFs are largely keeping a low profile 4 4 Discussion of the results and recommendations The following part first gives a summary of the current situation capturing the status quo and the sentiment of IR professionals before recommend ing measurements on how IR can prepare them selves and what the expectations of the develop ment of IR work are in the future 4 4 1 Status quo of the importance of ETFs Importance of ETFs for IR At the moment ETFs are not seen as a major topic among IR experts and thus the focus does not lie on passive investment products which is also reflected in the average time spent on this topic In average less than 5 of the working time is spent on ETFs but this percentage is expected to fur ther increase in the future as the overall increasing development of passive investments is also fore casted to continue The tendency is towards an average time spent on ETFs of 15 The average 5 spent today are mostly tasks like understand ing the market development and overall invest ment approach Additionally a small part of the time spent on ETFs is about analyzing in which indices and ETFs the company is listed in There is usually no real active approach with regard to ETFs in IR departments This is also reflected in the per centage 90 of IR professionals which are not having an index targeting strategy yet From this it can be concluded that such an index strategy is not really important for the majority of IR experts and will not become a major topic in the future as only one third would be willing to change this strategy in the future However the situation is different for the topic of indices which is much more present and therefore more important in today s IR departments 80 of the respondents check the listing in indices and those who do not analyze it yet are likely to do it in the future Additionally a clear yes with regard to the future analysis of certain index criteria from an IR perspective is given Moreover the vast

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