Key Points • There are 20 unique ETF issuers offering Fixed Income ETFs eligible to be reported as bonds approved by the NAIC. • Fixed Income ETFs flows kept very close pace with Equity ETFs as 2019 was the second best year on record for ETFs with over $326 billion of net flows. • The Top 10 Fixed Income ETFs by market cap are all over $20bn and have an average expense ratio of just 9bps. • Non-Transparent Actively Managed ETFs were approved in 2019 and the first ones are expected to list in early 2020.
Overall Flows For 2019, $169 billion flowed into Equity ETFs while Fixed Income ETFs were close behind with $155 billion. For the first month and a half of 2020, Equity ETFs have had $45bn of net flows while Fixed Income ETFs have just over $33bn.
Notable Launches → KDFI – KFA Dynamic | Fixed Income ETF → PFLD – AAM Low Duration | Preferred & Income Securities ETF → MTGP – WisdomTree Mortgage | Plus Bond Fund → EMNT- PIMCO Enhanced Short | Maturity Active ESG ETF → FJNK- Pacific Global Focused | High Yield ETF → IDY – Pacific Global International | Equity Income ETF
By Brownstone Michael Cafiero, Director of Multi-Asset Trading Mike serves as a Director of Multi-Asset Sales and Trading at Brownstone Investment Group providing trade execution services to Institutions throughout North America and Europe. His focus is helping clients find liquidity when trading Equities, Fixed Income Products, and ETFs. His extensive background in ETF trading gave Mike exposure to many asset classes, allowing him to offer liquidity solutions within a wide variety of products now in their primary markets. Mike joined Brownstone in August 2018. His previous experience includes serving as Director of ETF Sales and Trading at Cantor Fitzgerald and at Knight Capital Americas (Virtu). Mike’s career in ETFs began when he worked for iShares ETFs at Barclays Global Investors (BlackRock). Contact Mike with any questions: 212-905-0582 | mcafiero@brownstone.com
Disclaimer: Columnist article opinions and viewpoints expressed by the author(s) do not necessarily reflect the opinions, viewpoints nor official policies of Insurance AUM Journal.
Important Disclosure Brownstone Investment Group, LLC. Is a U.S. registered broker-dealer and FINRA, MSRB & NYSE member. Our headquarters is located at 505 Fifth Avenue, 10th Floor, New York, New York 10017 with branch offices in California, New Jersey, Colorado and Chicago. Brownstone is a registered trademark of Brownstone Investment Group, LLC. Our website is www.brownstone.com
This material is for institutional or broker-dealer use only and is not a solicitation, commitment or offer. The contents herein are for informational purposes only and does not constitute Brownstone’s recommendation to buy or sell a security. All information is indicative and subject to change without prior notice. The information obtained is from sources believed to be reliable, but we do not warrant its completeness or accuracy. Past performance is no guarantee of future results.
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2019 Survey Results based on 46 insurance company CIO’s response to the question, “What are your preferred sources for thought leadership from third party investment managers and consultants?” The Insurance AUM Journal was the most frequently selected source for Thought Leadership from a list of seven specific institutional-focused media. Sample limitations reduce the statistical level of confidence associated with this result.
Michael Cafiero and Aaron Kehoe, Brownstone
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