A NOTE FROM BOB
Globalization in reverse for the fund industry: are parts of the world now "uninvestable?" Several brief years ago, the growth of indexes and the corresponding growth of ETFs allowed investors to put money into parts of the world that were largely inaccessible. That may now be reversing. While markets have closed before and individual stocks have been delisted, it is unprecedented to simply delist and erase the stocks of an entire country, as major indexers have done overnight with Russia. While many would agree that war might be a justification for delisting, there is a strong debate emerging among international investors: what other criteria would qualify for delisting? What about China? What about other regimes that are not at war but we do not approve of? For years we were told to diversify. Now we are told not to diversify. What will the new global investment order look like?
Join us on ETF Edge Monday at 1 PM when our guests will be Dave Mazza, Head of Product at Direxion, who manages the Direxion Russia Bull 2x shares ETF (RUSL), Jim Davolos , CEO of Horizon Kinetics, which runs the Horizon Kinetics Inflation Beneficiaries ETF (INFL), and Ben Johnson Director of Global ETF Research at Morningstar. ETFedge.cnbc.com
On Friday, the NYSE halted trading in three Russia-based ETFs. The lone holdout - the VanEck Russia ETF (RSX), is listed on the CBOE and is still trading.
Active managers still don't perform. It's the same story, year after year, but it's worth telling. Morningstar's Active/Passive Barometer measures active fund managers performance relative to their passive peers. The study spans more nearly 4,000 funds that together accounted for approximately $18.7 trillion in investor assets or about 67% of the U.S. fund market. The latest report, covering 2021, concludes that only 26% of all active funds topped the average of their passive rivals over the 10-year period ended December 2021. The conclusion: if you pick an active manager, pick a low-cost one.
For more analysis and actionable insights, catch me live this Wednesday at 1 PM ET on ETF Edge. |
KEY STORIES
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| Russia stock ETFs trading in U.S. plunge this week with some halted for trading | |||||
| Exchange-traded funds that track Russian stocks have lost over half of their value this week, and some have been halted from trading entirely. | |||||
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| Energy ETFs hit multiyear highs amid Russia-Ukraine conflict. How to trade them | |||||
| Energy sector ETF managers discuss the sharp upward moves in their funds as the conflict between Russia and Ukraine intensifies. | |||||
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| How investors are leveraging ETFs to trade the Russia-Ukraine conflict | |||||
| The man behind the largest Russia-based exchange-traded fund discusses investors' flight to ETFs amid the recent market volatility. | |||||
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