Tom Eckett
- Assistant Vice President, Passive Coverage, DWS Group
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Articles by Tom Eckett
An editor’s farewell: What next for ETFs?
After an incredible five years at ETF Stream, I will be leaving in August to start a new opportunity What a journey it has been! With highlights such as creating ETF Ecosystem Unwrapped, the ETF Buyers Club and the ETF Issuer Power Rankings, it is fair to say the title has truly cemented itself as the leading media brand for ETFs in Europe Looking forward to updating my profile once I start my new role (which will still be within the ETF industry!) https://lnkd.in/eia-7ts7
European ETFs: Amundi loses ground to DWS, Vanguard in Q2
Europe Flag DWS, Vanguard and State Street Global Advisors (SSGA) saw strong ETF inflows in Q2 as demand for core equities remained solid. According to data from ETFbook, investors piled $59.1 billion into European-listed ETFs in the previous quarter, up from $49.4 billion in Q1, as bullish sentiment for risk assets continued. BlackRock captured $23.4 billion inflows over the quarter, the most across all ETF issuers, taking its overall assets under management (AUM) to $880 billion.
European ETFs: Amundi loses ground to DWS, Vanguard in Q2
DWS, Vanguard and State Street Global Advisors (SSGA) saw strong ETF inflows in Q2 as demand for core equities remained solid. According to data from ETFbook, investors piled $59.1 billion into European-listed ETFs in the previous quarter, up from $49.4 billion in Q1, as bullish sentiment for risk assets continued. BlackRock captured $23.4 billion inflows over the quarter, the most across all ETF issuers, taking its overall assets under management (AUM) to $880 billion.
Mexico ETFs: 'Multi-Year' Opportunity Approaches
Mexico - Flag - ETFs - Investing Mexico was among the best-performing single-country ETFs in 2023 on a strong Mexican peso following the Banco de Mexico’s decision to start its monetary policy tightening cycle a year before the Federal Reserve. Despite the rally of over 40% last year, nearshoring represents a “multi-year” opportunity following two decades of “meagre” growth, according to Sekar Indran, senior portfolio manager at Titan Asset Management.
Mexico ETFs: 'Multi-Year' Opportunity Approaches
Mexico was among the best-performing single-country ETFs in 2023 on a strong Mexican peso following the Banco de Mexico’s decision to start its monetary policy tightening cycle a year before the Federal Reserve. Despite the rally of over 40% last year, nearshoring represents a “multi-year” opportunity following two decades of “meagre” growth, according to Sekar Indran, senior portfolio manager at Titan Asset Management.
Active ETFs: The Death of Smart Beta?
Analyze Investment The rise of active ETFs in Europe has sparked questions about the role of smart beta within multi-asset portfolios, an asset class that has struggled to gain traction over the past decade. Active investing is the latest trend to take the European ETF market by storm as investors pile into quantitative-driven ETFs from the likes of JP Morgan Asset Management (JPMAM) and Fidelity International.
Active ETFs: The Death of Smart Beta?
The rise of active ETFs in Europe has sparked questions about the role of smart beta within multi-asset portfolios, an asset class that has struggled to gain traction over the past decade. Active investing is the latest trend to take the European ETF market by storm as investors pile into quantitative-driven ETFs from the likes of JP Morgan Asset Management (JPMAM) and Fidelity International.
Cathie Wood: Macro Environment Will Dictate Launch Timing
Emerging Markets Cathie Wood, founder, CEO and CIO at ARK Invest, has said the macro environment will dictate the timing around future ETF launches following the firm’s entry into Europe. Wood revealed the firm was looking to acquire an ETF business in Europe since 2017 before it bought Rize ETF from AssetCo in September 2023. “The number one question we received on our website was ‘do you have any offering in Europe?’,” Wood said.
Commodity ETFs: The Perfect Barbell Allocation?
Commodities Rising geopolitical risks and stickier inflation are forcing fund selectors to look at commodity ETFs as a key portfolio construction tool. Demand for commodity ETFs has been weak so far this year as investors rotated out of the asset class amid forecasts of falling inflation and a U.S. recession.
Thematic ETFs: Timing Is Everything
ETF Investing Tools First it was clean energy then artificial intelligence. Thematic ETFs offer exposure to structural long-term megatrends. However, timing the entry point is just as important as selecting the right theme. BlackRock’s clean energy ETF provides a perfect example of this.
Thematic ETFs: Timing Is Everything
First it was clean energy then artificial intelligence. Thematic ETFs offer exposure to structural long-term megatrends. However, timing the entry point is just as important as selecting the right theme. BlackRock’s clean energy ETF provides a perfect example of this.
BlackRock Europe ETF Inflows Slow As Bond Demand Wanes
BlackRock Europe ETF Inflows Slow As Bond Demand Wanes BlackRock Inc., the world's biggest exchange-traded fund issuer, had inflows into its European ETF range slow in the first quarter as investors turned away from fixed income due to changing U.S. rate cut expectations. According to data from ETFbook, the world’s largest asset manager captured $15.2 billion inflows last quarter, a 29% market share, taking its overall assets under management in Europe to $830bn.
BlackRock Europe ETF Inflows Slow As Bond Demand Wanes
BlackRock Inc., the world's biggest exchange-traded fund issuer, had inflows into its European ETF range slow in the first quarter as investors turned away from fixed income due to changing U.S. rate cut expectations. According to data from ETFbook, the world’s largest asset manager captured $15.2 billion inflows last quarter, a 29% market share, taking its overall assets under management in Europe to $830bn.
European Investors Buy Small Cap ETF on Rate Cut Hopes Original
Investors have poured more than $350 million into BlackRock Inc.’s Europe small cap ETF after European Central Bank (ECB) president Christine Lagarde hinted at a first rate cut in the summer. According to data from ETFbook, the iShares STOXX Europe Small 200 UCITS ETF (EXSE) saw $357 million inflows this month, as of March 21. EXSE tracks the STOXX Europe Small 200 index which offers exposure to the 200 smallest companies in the STOXX Europe 600.
ETF Insider - March 2024. Out now!
The latest ETF Insider is out now! Crypto ETP liquidity, the UK's stance on crypto ETPs and bitcoin's inherent value are all assessed in this issue of Europe's leading ETF magazine for professional investors. Despite the hype – and significant flows into digital asset ETPs across the globe – ETF Stream, along with many fund selectors,remains highly sceptical about the inherent value of bitcoin, or any other crypto asset for that matter.
European ETF market review 2023
The European ETF market has been in full growth mode this year, powered by the return of fixed income as a viable asset allocation play and the rise of retail driving continued growth in core products. Given market conditions, ETFs saw particularly strong inflows this year. According to data from ETFbook, exchange-traded products (ETPs) in Europe have pulled in $143bn net new assets since the start of the year, up from $67bn net new assets in 2022.
ETF Issuers Face Regulatory Maze Amid Brexit Uncertainty
The call for harmonization between the U.K. and the European Union has never been greater from the ETF industry as issuers grapple with a number of regulatory challenges on the horizon. UCITS equivalence, the Overseas Funds Regime, or OFR, T+1 settlement and the differences between SFDR and SDR are just a few of the regulatory developments set to have a heightened impact on the European ETF market in the wake of Brexit.
ETF Issuers Face Regulatory Maze Amid Brexit Uncertainty
Tom Eckett December 12, 2023 at 1:27 PM·3 min read United Kingdom The call for harmonization between the U.K. and the European Union has never been greater from the ETF industry as issuers grapple with a number of regulatory challenges on the horizon. UCITS equivalence, the Overseas Funds Regime, or OFR, T+1 settlement and the differences between SFDR and SDR are just a few of the regulatory developments set to have a heightened impact on the European ETF market in the wake of Brexit.
ETF Issuers Face Regulatory Maze Amid Brexit Uncertainty
The call for harmonization between the U.K. and the European Union has never been greater from the ETF industry as issuers grapple with a number of regulatory challenges on the horizon. UCITS equivalence, the Overseas Funds Regime, or OFR, T+1 settlement and the differences between SFDR and SDR are just a few of the regulatory developments set to have a heightened impact on the European ETF market in the wake of Brexit.
ETF issuers face regulatory maze amid Brexit uncertainty
The call for harmonisation between the UK and EU has never been greater from the ETF industry as issuers grapple with a number of regulatory challenges on the horizon. UCITS equivalence, the Overseas Funds Regime (OFR), T+1 settlement and the differences between SFDR and SDR are just a few of the regulatory developments set to have a heightened impact on the European ETF market in the wake of Brexit.
Invesco’s Goldie on T+1 settlement challenges in Europe
Jim Goldie, head of ETF capital markets and indexed solutions, EMEA, at Invesco, has called on the EU and the UK to harmonise the move to T+1 settlement. In a recent ETF Stream webinar, titled ETF Investigations: The European ETF market’s biggest trends in 2023, Goldie predicted a move to T+1 settlement in Europe could be implemented anywhere between 2026 and 2029.
New active ETF entrants signal beginning of the end for mutual funds
According to this year’s Brown Brothers Harriman Global ETF survey of 325 professional investors, 42% of European respondents cited index mutual funds as the structure they allocated capital from when purchasing an active ETF, the most across all options. This was followed by active mutual funds which 33% of respondents highlighted while 25% and 20% stated smart beta ETFs and cap-weighted passive ETFs, respectively...
MainFirst enters ETFs with Article 9 strategy
MainFirst is the latest asset manager to enter the ETF market in Europe with the launch of an active strategy. The CASE Invest Sustainable Future UCITS ETF (CSECH) is listed on Deutsche Boerse with a total expense ratio (TER) of 0.75%. CSECH is an actively managed equity ETF that invests in companies contributing to the shift to a more sustainable and socially responsible world.
Is RFQ dominance of European ETFs set to stay?
Request-for-quote (RFQ) platforms are the dominant mechanism for ETF trading in Europe, driven by the fragmented and institutional nature of the market. According to data from Jane Street, RFQ platforms have accounted for 53.5% of all ETF trades in Europe this year, as at the end of July, up from 43.4% in 2020. The fragmented nature of the European ETF market is a key reason behind the significant market share.
Larger ETFs Are Not Always More Liquid
Tom Eckett November 30, 2023 at 6:00 AM·2 min read Finance Secondary market volumes and assets under management, or AUM, are limited ways to assess an ETF’s liquidity, according to a Jane Street report. The report, titled "The European ETF Liquidity Landscape," said the “temptation” from small secondary market volumes in Europe is to conclude that “liquidity in European ETFs is typically thin”.
PwC’s Coady: Global reach of UCITS ETFs ‘real opportunity’ for asset managers
Marie Coady, global ETF leader at PwC, has predicted more US-based ETF issuers will enter the European market due to the global reach of UCITS. In a recent ETF Stream webinar, titled ETF Investigations: The European ETF market’s biggest trends in 2023, Coady said the global reach of UCITS ETFs is a “real opportunity” for ETF issuers. In particular, she highlighted Latin America as a region where demand for UCITS ETFs has been strong due to the distribution efficiencies of the structure.
Larger ETFs are not always more liquid
Secondary market volumes and assets under management (AUM) are limited ways to assess an ETF’s liquidity, according to a Jane Street report. The report, titled The European ETF Liquidity Landscape, said the “temptation” from small secondary market volumes in Europe is to conclude that “liquidity in European ETFs is typically thin”.
Investors pull $1bn from PIMCO’s ultrashort US Treasury ETF
Investors have yanked over $1bn from PIMCO’s ultrashort US Treasury ETF this month, a sign of increasing demand for longer-duration. According to data from ETFbook, the PIMCO US Dollar Short Maturity UCITS ETF (MINT) has seen $1bn outflows this month, as at 17 November. MINT is an actively-managed ETF that is benchmarked against the ICE BofAML US 3-Month Treasury Bill index and currently has an effective maturity of 0.18 years with an estimated yield of 6.4%.
Rivals must respond to State Street’s S&P 500 ETF fee cut
State Street Global Advisors’ (SSGA) decision to take a major revenue cut on its S&P 500 ETF is paying dividends for the US giant, leaving questions for rivals BlackRock and Vanguard. According to data from Morningstar, the SPDR S&P 500 UCITS ETF (SPY5) – which cut fees from 0.09% to 0.03% on 23 October – has seen over €1bn inflows since the announcement, as at 17 November. This is the only S&P 500 UCITS ETF to register over €1bn inflows since the aggressive fee reduction.
State Street’s Fitzpatrick on importance of ETF harmonisation between EU and UK
Ciaran Fitzpatrick, head of ETF solutions for Europe, has stressed the importance of regulatory harmonisation between the UK and the European Union for the UCITS ETF market’s development.
Dzanis departure leaves questions over future of NTAM’s European ETF business
The departure of Northern Trust Asset Management’s head of EMEA Marie Dzanis and a number of senior employees has called into question the future of the firm’s ETF business in Europe. Dzanis (pictured) was instrumental in bringing NTAM’s ETF range – FlexShares – to Europe in March 2021, which started with the launch of two smart beta ESG strategies.
Implications for investors amid European ETF market’s profitability challenge Original
Innovation drives the European ETF market forward, however, the ecosystem is at risk of stagnating if only a handful of players can remain profitable. In the latest ETF Insider, ETF Stream research revealed just over half of UCITS ETFs are currently in profit-making territory, a figure that makes for stark reading for any advocate of the ETF wrapper.
Fund selectors demand more granularity in fixed income ETFs
Duration positioning has driven the biggest divergence in views this year as fund selectors grapple with a combination of recession fears and the risk of a second spike in inflation. With interest rates at over 5%, fixed income is once again interesting as markets enter a new regime of structurally higher inflation and potentially lower returns. ETFs play a crucial role in enabling investors to pinpoint specific parts of the yield curve which they believe offer the best value.
Global X expands defined outcome S&P 500 ETF range with double launch
Global X has expanded its defined outcome S&P 500 ETF range with the launch of two strategies aiming to protect investors from downside risks of the S&P 500 on a yearly basis. The Global X S&P 500 Annual Buffer UCITS ETF (SPAB) and the Global X S&P 500 Annual Tail Hedge UCITS ETF (SPAH) are listed on the London Stock Exchange and Deutsche Boerse with total expense ratios (TERs) of 0.50%.
Tabula adds unlisted share class to Paris-aligned ultrashort bond ETF
Tabula Investment Management has launched an unlisted share class on its Paris-aligned euro-denominated investment grade ultrashort bond ETF. The firm will offer two sterling-hedged share classes of the Tabula EUR Ultrashort IG Bond Paris-Aligned Climate UCITS ETF (TUCP) which launched in October. The first is an ETF listed on the London Stock Exchange and the second is the fixed income ETF issuer’s first non-exchange-traded share class.
big xyt unveils real-time consolidated tape for European ETFs
big xyt has created a consolidated tape for European equities and ETFs that enables market participants to track pre- and post-trade volumes. The tape, which was developed in partnership with one of the world’s largest asset managers, allows firms to monitor consolidated liquidity across the European ecosystem. This includes unexpected off-book trading activity, trades of unusually large size, pending trades and sudden increases in over-the-counter (OTC) volumes.
Time to lock in long-dated US Treasury bond ETF exposure
It is now or never. With 10-year US Treasury yields spiking above 5% to their highest level since 2007, investors are staring in the face of a generational opportunity. The past 18 months have been a bloodbath for bond markets. After a tumultuous 2022 which saw inflation skyrocket to its highest level in four decades and interest rates quickly follow suit, this year was lauded as the return of fixed income.
Are investors underestimating geopolitical risks?
Geopolitics is a constant threat to portfolios, however, incorporating these risks can pose asset allocation challenges for fund selectors. The latest conflict in the Middle East combined with the ongoing war in Ukraine is creating a headache for developed market central banks and their 2% inflation targets. Wars are inflationary, yet broad markets have not reacted to the Israel-Hamas conflict in any meaningful way so far apart from a small spike in oil and gold prices.
State Street's 'SPY' Fee Cuts Sparked by European Price War
State Street Global Advisors’ latest move has caught the attention of the European ETF market, however, its decision to slash fees across three S&P 500 ETFs has been made from a position of weakness. The U.S. giant is set to offer the cheapest ETF in Europe on Nov. 1 after it reduced fees on its S&P 500 product by two-thirds.
State Street fee cuts driven by pressure to compete with ETF rivals
State Street Global Advisors’ (SSGA) latest move has caught the attention of the European ETF market, however, its decision to slash fees across three S&P 500 ETFs has been made from a position of weakness. The US giant is set to offer the cheapest ETF in Europe on 1 November after it reduced fees on its S&P 500 product by two-thirds.
Product Panel: BlackRock's iBond Fixed Maturity ETF range
In August, BlackRock launched Europe’s first fixed-maturity bond ETFs. The world’s largest asset manager’s iBonds ETF range offers investors exposure to corporate and government bonds across various countries and sectors with specific maturities.
EQ Investors’ fund research head Hasler departs
Victoria Hasler, head of fund research at EQ Investors, has left after almost three years with the business, ETF Stream can reveal. Hasler’s departure will see EQ Investors’ CIO Kasim Zafar assume responsibilities for the firm’s research capabilities. The wealth manager also has plans to expand the research team with a fund analyst appointment over the next few months.
Roundtable: Future of asset allocation and investment implementation ideas with ETFs
Roundtable: Future of asset allocation and investment implementation ideas with ETFs ETFs are an increasingly important part of any investor’s portfolio, from both a long-term strategic horizon and a short-term tactical perspective. What are the biggest risks to portfolios and how are fund selectors allocating to asset classes with ETFs?
BlackRock: Total ETF savings plans in Europe to rise to 32 million by 2028
The number of ETF savings plans across Europe is set to quadruple over the next five years, according to research conducted by BlackRock and extraETF. The research forecasted there will be 32 million ETF savings plans executed on a monthly basis across Europe by 2028, up from 7.6 million in September. Total annual investments in ETF savings plans will increase to €64.3bn, up from current levels of €15bn, as retail ETF adoption continues to grow across the continent.
Europe must follow US in move to T+1 settlement
The prospect of a spike in failed trades looms large as the European Union weighs up moving to T+1 settlement, however, following the US will be crucial if the block wants to remain competitive from a capital markets perspective.
DWS closes gap on Amundi following strong ETF inflows in Q3
The battle to be Europe’s second-largest ETF issuer behind BlackRock is on after DWS captured more than double Amundi’s inflows in Q3. According to data from ETFbook, DWS saw $7.5bn UCITS ETF inflows in the third quarter – almost 20% of all exchange-traded product (ETP) flows – taking its overall assets under management (AUM) to $164bn.
KraneShares unveils China clean tech ESG ETF
KraneShares has expanded its China range with the launch of an environmental clean tech ETF. The KraneShares MSCI China Clean Technology Index UCITS ETF (KGRN) is listed on the London Stock Exchange, Euronext Milan and Deutsche Boerse with a total expense ratio (TER) of 0.78%. KGRN tracks the MSCI China IMI Environment 10/40 index which currently offers exposure to 56 companies that have at least 50% of their revenues based on environmentally sustainable products and services.
Tabula unveils world’s first Paris-aligned ultrashort bond ETF
Tabula Investment Management has expanded its fixed income range with the launch of the world’s first Paris-aligned investment-grade ultrashort bond ETF. The Tabula EUR Ultrashort IG Bond Paris-Aligned Climate UCITS ETF (TUCP) is listed on Deutsche Boerse with a total expense ratio (TER) of 0.15%.
Can ETF investors hold their nerve as bond yields soar?
The rotation to fixed income this year has not been kind to ETF investors so far as 10-year US Treasury yields surged to 16-year highs amid increasing concerns over a hawkish Federal Reserve. ‘Bonds are back’ has been the mantra since the end of last year as investors piled into fixed income ETFs to capture the attractive yields on offer amid a rapidly changing macro landscape.
Waverton’s Paris Jordan to depart
Waverton Investment Management’s senior multi-asset fund analyst Paris Jordan is set to depart after two and a half years with the firm, ETF Stream can reveal. Jordan’s next move is yet to be announced but she will be going on a period of gardening leave. She joined Waverton in February 2021 as a multi-asset analyst, responsible for managing the firm’s third-party fund research. Jordan (pictured) had a particular focus on environmental, social and governance (ESG) investing at the firm.
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