贝莱德的阵容扩张与未来展望

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随着许多顾问和投资者将 ETF 与其他投资配对，以及新投资者的加入，价值 7 万亿美元的美国 ETF 的健康状况依然强劲。贝莱德仍然是行业领导者，并在2023年通过创新策略扩大了产品阵容。贝莱德美洲ETF和指数投资业务主管Dominik Rohe在贝莱德办公室接受了VettaFi的独家采访。所有数据截至2023年10月底。由于涉及的内容太多，我们将发表两篇文章。请在本网站阅读第一部分。  

VettaFi： 您能谈谈 2023 年迄今为止贝莱德是如何扩展其 ETF 产品阵容的吗？

罗赫： 创新一直是我们的重点领域，我们一直在寻找更好的方法。如今，我们是 ETF 领域的领导者，在美国拥有 400 多只 ETF。我们的目标是提供最创新、最全面的产品平台--适合任何类型的投资者在任何类型的市场环境中使用。我们致力于让投资者接触到市场的几乎每一个角落。我们希望帮助客户在建立投资组合时取得更好的结果。

在组建投资管道时，我们花了很多时间考虑客户的需求。我们的目标是打造差异化的增值产品，解决客户面临的挑战。我们希望让更多人能够通过 ETF 进入市场，提供更多低成本、节税的解决方案。

今年，其中一个细分市场就是主动型 ETF。随着资产管理公司寻求将主动型和其他非传统指数投资纳入ETF，主动型投资策略和指数投资策略已趋于一致。这导致市场上出现了更复杂的新产品。我们已经显著加快了2023年主动型ETF产品线，今年已推出18种产品。

VettaFi： 您能回顾一下其中的一些新产品套件吗？

罗赫： 今年 5 月，我们推出了贝莱德灵活收益 ETF (BINC)，这是由贝莱德的 Rick Rieder 管理的第一只 ETF，将我们在 ETF 方面的专业知识与世界一流的投资组合经理相结合，以满足客户不断变化的需求。BINC 的独特之处在于，它是专门为核心债券投资而设计的。这使得顾问们可以定制他们想要的收益提升程度，同时保持多样化，补充他们的核心债券持有量。自成立以来，该基金的资产管理规模已达 1.73 亿美元。

此外，我们还在 6 月份推出了贝莱德的第一套缓冲 ETF：iShares Large Cap Deep Buffer ETF (IVVB) 和 iShares Large Cap Moderate Buffer ETF (IVVM)。与其他缓冲产品不同的是，这两款产品被专门设计为买入并持有策略，为投资者提供标准普尔500指数的回报，同时针对市场下跌提供有针对性的下行保护。其关键在于每季度重置一次，而不是每年重置一次。这使得基金能够更频繁地调整其缓冲范围，以反映当时的市场水平。

最后，我们在 10 月份推出了业内唯一一套目标日期 ETF。iShares LifePath 目标日期 ETF 专为个人投资者设计。它们为数百万美国人提供了一种简单、经济、节税的退休储蓄和投资方式。这套基金可以在许多方面帮助投资者。这包括那些想做得更多但没有工作场所退休计划的人，那些希望通过补充现有 401（k）计划来加强其规划的人，以及那些希望通过熟悉的、久经考验的策略和投资选择从 401（k）计划转入 IRA 的人。(编者注：iShares LifePath Target Date 2045 ETF (ITDE) 就是一个例子。

VettaFi 让我们展望2024年。您对 ETF 市场的哪些细分领域感到兴奋？

罗赫： 我非常高兴能通过创新来推动我们的 ETF 平台向前发展，以应对客户的挑战，并接触到越来越多的投资者。这包括在主动型ETF、模型投资组合和数字财富等领域拓展新的客户和产品细分市场。

主动型 ETF 在 ETF 领域的地位日益重要。它们占美国所有 ETF 的 38%，资产管理规模达 1,010 亿美元。主动型和指数型之间的界限越来越模糊。ETF 不再仅仅是低成本指数或透明规则投资的领域。它们正在融合成为一种产生主动回报的技术。

iShares 于 2013 年推出首只主动型 ETF--贝莱德短期债券 ETF (NEAR)。从那时起，我们加快了创新步伐，推出了36只主动型ETF。其中既有像BINC这样追求阿尔法的ETF，也有像我们的缓冲ETF或贝莱德优势大盘收益ETF (BALI)这样寻求更高收益或更好保护的ETF。此外，我们还有基于目标的 ETF，旨在简单高效地提供示范投资组合，如我们的 LifePath Target Date ETF。

VettaFi： 您能更多地谈谈模型和数字财富对ETF市场的影响吗？

罗赫： 目前，超过一半的财富资产都是基于收费的模型投资组合，它们正以15%的速度增长。随着客户的需求转向以ETF作为模型的首选工具，ETF正在发挥核心作用。在美国，我们预计管理模式的总资产将翻一番多，从目前的4.5万亿美元增至2027年的10万亿美元。

随着受托财富管理成为主流，管理模式投资组合将成为财富管理公司扩大业务规模的主要方式，从而确保更一致的投资体验。随着管理模式的发展，我们相信 ETF 的发展也将远远超越核心模式。

与此同时，免佣金交易与数字平台的发展和技术创新相结合，使投资变得更加容易获得和负担得起，ETF 成为首选工具。

12 万亿美元的美国数字财富市场已成为美国最大、增长最快的渠道，其推动力来自个人投资者利用这些平台作为进入市场的关键切入点。自 2020 年以来，美国新开设了 4000 多万个投资账户。数字投资平台的简单性以及 ETF 的便利性和可及性增强了这些自主投资者的能力。  

此外，我们希望个人能更早地开始他们的投资之旅，并随着时间的推移不断扩大他们的投资组合。我们看到越来越多的终端投资者开始学习市场和投资知识。我们认为这是一个机会，可以通过我们的教育、工具和信息来满足他们的需求。

随着个人投资者参与的加速，我们更加关注最终投资者的需求，并强调将这些需求放在首位。为此，我们推出了以最终投资者为中心的创新产品，如 iShares LifePath Target Date ETF。我们还与富达（Fidelity）、eToro 和 Public 等平台合作，为 ETF 投资者提供更多金融教育和机会。

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BlackRock’s Lineup Expansion and What’s Ahead

The health of the $7 trillion U.S. ETF remains strong, with many advisors and investors pairing ETFs with other investments and new entrants joining the market. BlackRock remains the industry leader and has expanded its lineup with innovative strategies in 2023. Dominik Rohe, head of BlackRock’s Americas ETF and Index Investments business, spoke with VettaFi from BlackRock’s offices in an exclusive interview. All data was as of the end of October 2023. With so much ground covered, we are publishing two articles. Read part one on this website.   

VettaFi: Can you talk about how BlackRock expanded its ETF product lineup thus far in 2023?  
Rohe: Innovation is always a focus area for us and we are constantly looking for ways to be better. Today, we are a leader in ETFs, with 400+ ETFs in the U.S.. Our goal is to offer the most innovative and comprehensive product platform — one that’s for any type of investor in any type of market environment. We’re committed to providing investors access to nearly every corner of the market. We want to help clients achieve better outcomes as they build their investment portfolios.  

When we put our pipeline together, we spend a lot of time thinking about our clients’ needs. Our goal is to build differentiated, value-add products that address our clients’ challenges. We want to empower a wider audience to access the market through ETFs, delivering more low cost and tax-efficient solutions.

This year, one of these segments is active ETFs. There has been a convergence between active and index investing strategies as asset managers look to wrap active and other nontraditional index exposures within ETFs. This results in new, more complex products being launched in the market. We’ve meaningfully accelerated our 2023 active ETF pipeline and have launched 18 products this year.

VettaFi: Can you review some of the new product suites?
Rohe: In May, we launched the BlackRock Flexible Income ETF (BINC), the first ETF managed by BlackRock’s Rick Rieder, combining our expertise in ETFs with a world-class portfolio manager to meet our clients’ evolving needs. What is unique about BINC is that it is specifically designed to sit alongside core bond exposures. This allows advisors to customize how much yield enhancement they want while staying diversified, complementing their core bond holdings. Since inception, the fund has already reached $173 million in AUM.  

In addition, we introduced BlackRock’s first suite of buffer ETFs in June: the iShares Large Cap Deep Buffer ETF (IVVB) and the iShares Large Cap Moderate Buffer ETF (IVVM). Unlike other buffer products, these have been specifically designed as buy-and-hold strategies that give investors exposure to the returns of the S&P 500 while providing a targeted level of downside protection against market drawdowns. Key to that is their quarterly reset, rather than annual. That allows the funds to more frequently adjust their buffer ranges to reflect prevailing market levels.  

Lastly, in October, we launched the industry’s only suite of target date ETFs. The iShares LifePath Target Date ETFs are specifically designed for the individual investor. They provide millions of Americans with a simple, affordable, and tax-efficient way to save and invest for retirement. This suite of funds can help investors in many ways. This includes those who want to do more but don’t have access to a workplace retirement plan, those who are looking to bolster their planning by complementing an existing 401(k), and those who want to roll out of a 401(k) plan into an IRA with a familiar, time-tested strategy and investment choice. (Editor’s note: The iShares LifePath Target Date 2045 ETF (ITDE) is an example.

VettaFi Let’s look ahead to 2024. What segments of the ETF market are you excited about?  
Rohe: I am incredibly excited to drive our ETF platform forward by innovating to address our clients’ challenges and reach more and more investors. This includes expanding into new client and product segments in areas like active ETFs, model portfolios, and digital wealth.  

Active ETFs are a growing part of the ETF landscape. They make up 38% of all ETFs in the U.S. and representing $101 billion in AUM. Lines are being blurred between active and index. ETFs are no longer simply the domain of low cost indexes or transparent rules-based investing. They’re converging to become a technology to generate active return.  

We are focused on expanding our active ETF lineup from specialized exposures to active building blocks for the core of investor’s portfolios. iShares launched our first active ETF in 2013, the BlackRock Short Duration Bond ETF (NEAR). Since then, we have accelerated innovation to 36 active ETFs. This spans alpha-seeking ETFs like BINC and outcome ETFs that seek to generate higher income or better protection using options like our buffered ETFs or the BlackRock Advantage Large Cap Income ETF (BALI). In addition, we have our goals-based ETFs that seek to deliver a model portfolio simply and efficiently, like our LifePath Target Date ETFs.  

VettaFi: Can you talk more about models and digital wealth impacting the ETF landscape?  
Rohe: With more than half of all wealth assets now in fee-based model portfolios, they’re are growing at 15%. ETFs are playing a central role as clients’ needs are shifting to ETFs as the vehicle of choice in models. In the U.S., we expect total assets in managed models will more than double from $4.5 trillion today to over $10 trillion by 2027.

As fiduciary wealth management becomes predominant, managed model portfolios are the main way wealth managers scale their practices, ensuring a more consistent investment experience. As managed models grow, we believe ETFs will also grow well beyond the core.

Meanwhile, commission-free trading combined with the growth of digital platforms and innovation in technologies is making investing more accessible and affordable, with ETFs as the vehicle of choice.

The $12 trillion U.S. digital wealth market has become the largest and fastest-growing channel in U.S. This is driven by individual investors leveraging these platforms as a key entry point to the market. In the U.S., more than 40 million new investment accounts have opened since 2020. These self-directed investors feel empowered by the simplicity of digital investing platforms and the convenience and access of ETFs.   

Plus, we want individuals to start their investing journey earlier and grow their portfolios over time. We are seeing more and more end investors educating themselves about markets and investing. We see this as an opportunity to meet them where they are with our education, tools, and messaging.  

With the acceleration of individual investor participation has come an increased focus on end investors’ needs and an emphasis on putting these needs at the forefront. Doing this has led to launching innovative products with the end investor in mind, like the iShares LifePath Target Date ETFs. We are also partnering with platforms like Fidelity, eToro, and Public to expand financial education and access to ETF investors.