Diese Präsentation wurde erfolgreich gemeldet.
Wir verwenden Ihre LinkedIn Profilangaben und Informationen zu Ihren Aktivitäten, um Anzeigen zu personalisieren und Ihnen relevantere Inhalte anzuzeigen. Sie können Ihre Anzeigeneinstellungen jederzeit ändern.

Digital (Robo) Investment using Exchange Traded Funds

236 Aufrufe

Veröffentlicht am

An invited talk to undergraduates taking Portfolio Theory at University of Belgrade, 13 May 2016 based on lecture given at Judge Business School, Cambridge two weeks earlier. A brief introduction to "robo" investment advisory foundations using ETFmatic as a case study.

Veröffentlicht in: Wirtschaft & Finanzen
  • DOWNLOAD FULL BOOKS INTO AVAILABLE FORMAT ......................................................................................................................... ......................................................................................................................... 1.DOWNLOAD FULL PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • Gehören Sie zu den Ersten, denen das gefällt!

Digital (Robo) Investment using Exchange Traded Funds

  1. 1. Investicione metode za široke narodne mase Dr Drago Indjic Etfm.eu Ekonomski fakultet, Beograd, 13. V 2016
  2. 2. Exchange Traded Products (ETF-matically) Dr Drago Indjic ETFmatic JBS Cambridge, 26 April 2016
  3. 3. Saradnja sa maticom • Akademska – Novi Sad: J. Njegić – Kragujevac: M. Drenovak, V. Ranković – Beograd: I. Janković, M. Božović • Privredna – Beograd: tp.rs • Dobrotvorna – Petnica
  4. 4. Sadržaj • Kriza lične penzione štednje/akumulacije – „Digitalno rođene“, male štediše – „Suitability“ investicionih proizvoda – Algoritmi vs faktori ljudskog rizika • Primer digitalnog savetnika u praksi – EDHEC/Indjic: https://etfmatic.com/whitepaper
  5. 5. Contents • Demand: Investment management (6 slides) – Delegated = contracted, but badly – Products, services, market and economics; • Packaging, costs and value (staple/luxury investments) • Supply: Exchange Traded Products (7 slides) – MiF level: case study + investment strategies • Personalisation and segmentation – Commoditisation. Millenials. Uber-isation.
  6. 6. ETF Gamification • Q1. ETF • http://www.londonstockexchange.com/global/portfolio /portfolio-and-trading-simulator.htm • https://etfmatic.com/start-now • Q2. Estimate required size of pension pot • Glide path, benefit insurability, cumulative cost: • Please write down your Q’s for Q&A • How many more fund products do we need?! At what cost? How about 1/30th of the current cost?
  7. 7. Retail Investments • Advisory gap: suitability – Customisation: profiling – Product or service • Not professional clients or funds – Protection: fiduciary; client money, depositary … • Not wealthy but inclusive clientele – Preferences: path, utility, subjective probabilities – Terminal wealth; goal (ranking); liability driven – Small (vulnerable): portfolio funding problem
  8. 8. Delegated Management • Fund Management: Labour, inputs, brands … – Clients: beneficiary? Preferences? Horizon? Free capital? Counterparty? Trust? Costs? – Protection: De-accumulation stage • Selection vs rebalancing problem: “awards” • Objective ≠ Investment View ≠ Goal Driven – “Hands-free”: self-driving or not. Destination. • Fung: Asset class location, instrument, strategy, timing • Pricing “Alpha”: pay only if it is rare (or unique)
  9. 9. Beta vs Alpha
  10. 10. Definition • IOSCO (2013): ETFs are – OECIS that trade throughout the day like a stock on the secondary market (i.e., through an exchange). – Generally, ETFs seek to replicate the performance of a target index and are structured and operate in a similar way. – Like operating companies, ETFs register offerings and sales of ETF shares and list their shares …
  11. 11. Definition … – Investors may trade ETF shares continuously at market prices, but ETF shares purchased in secondary market transactions usually are not redeemable from the ETF except in large blocks called creation units. – ETFs may be index based or actively managed, and may pursue their investment objectives using a physical or synthetic investment strategy …
  12. 12. ETF Vendors • .
  13. 13. ETP Border • Fund objective – “Classification” • Asset class location and strategy – index vs (alternative) weighting • “Passive” – not buy and hold – Systematic. Transparent; risk manageable • Leveraged (unfunded), inverse .. – tracking error; derivatives on ETFs
  14. 14. “Smart” and Exotic ETF • Bonds – Bond index construction criteria in NIRP regime • Commodities – Plethora: volatility (iPath VIX) • Convertible bonds: index as well as arbitrage – S&P vs ECBD “TR Balanced Euro” .. • ETF^2; strategy replication … • IQShares; managed futures (CTA): Active strategy index replication (vs index fund)
  15. 15. Very, Very Good News • „Living will“, not a moral hazard (nb. fund run) • Huge choice.
  16. 16. Retail Platform • FCA: competition + better outcome • ETFm.eu – USA: Betterment, WealthFront; UK: Nutmeg, MoneyFarm, Scalable Capital … “fintech” • Investment fund platforms (“supermarkets”) • Portfolio management – Customisation; Efficient trading; cost, shortfall – Client experience, share of wallet
  17. 17. etfm.eu • Fully digital, totally transparent, total 0.5% pa
  18. 18. Current Research • Mapping risk profiles to model portfolios
  19. 19. Practice (£) • .
  20. 20. ETFm.eu Universe @ 6/5/16
  21. 21. Stefanova et al (2016)
  22. 22. Q & A • Marketing vs pricing investment management • Absolute or relative; “” as “undiscovered”  • Value for money (or time) – Hedged, more agile strategies outperform; fully digital is downwards scalable – “Use of digital, rise of customer-centricity and shift in end customer base combine to radically alter the fund management industry”, Redington
  23. 23. Student Projects • EU client “localisation”; completion portfolios • Tax losses harvesting • Regulation-proof client risk profile & segments • De-accumulation: (diversified) income • Fractional share trading benefits • Performance attribution and path storytelling • Product performance fees
  24. 24. Appendices • Additional research topics: MiF, PhD • Investment management – Business – Hobby • UK plc fintech terroir. Beats NY.

×