【英文】瑞信报告：全球资产与财富管理2021年展望（147页）

Semi-transparent ETFs (STETFs): The first batch of STETFs were just launched in 2020 with American Century’s two STETFs began trading in April (licensing Precidian’s model), then Clearbridge (Precidian) in May, Fidelity in June, TROW in August and we expect additional launches from BLK and JPM. However, we believe STETFs will need to establish a 2Y+ track record before we will see sizable AuM accumulation. In conclusion, these ETF structures have the potential to provide retail the most attractive vehicle option and also could move more fund manager AuM onto exchanges by cutting economics from the brokers (shelf fees). We prefer STETFs to mutual funds because of their low/transparent fee structure, liquidity/trading advantages and also they may have some tax efficiencies (like passive ETFs). 

STETFs will also help active participants in the generational tailwind that includes the millennials/gen-x and migration to RIAs and robos/models. Precidian (BEN) and Blue Tractor offer two third party models, while Fidelity and TROW use their own models. We have favored Precidian due to its simplicity.  Variable Management Fees: Aperture is a private asset management firm established by former AB CEO Peter Kraus which leverages a new vehicle structure that he helped pioneer at AB. Peter’s business is focused on the performance-linked model that solves for three issues with the current active mutual fund vehicle: (1) size – manage capacity tighter, (2) compensation – pay portfolio managers on alpha generation, (3) cost alignment – offer variable management fees that only charge a low ETF-like fee if manager doesn’t outperform. The performance-linked model has already been approved by the SEC and adopted by several other larger managers (AB, PIMCO, Fidelity International).