尊敬的用户您好，这是来自FT中文网的温馨提示：如您对更多FT中文网的内容感兴趣，请在苹果应用商店或谷歌应用市场搜索“FT中文网”，下载FT中文网的官方应用。
The US’s largest issuer of actively managed exchange traded funds is set to launch its first ETFs in Europe, in a move that will widen the choices for UK retail investors.
美国规模最大的主动管理型ETF发行商将首次在欧洲推出ETF，此举将拓宽英国散户投资者的选择。
Texas-based Dimensional Fund Advisors will unveil a core developed markets ETF and a small and mid-cap value fund, both listed in London and Frankfurt, before the end of the year.
总部位于得克萨斯的德明信基金(DFA)计划在年底前推出一只核心发达市场ETF以及一只中小盘股价值型基金，两者都将在伦敦和法兰克福上市。
The move by Dimensional, which runs $206bn of actively managed ETFs in the US — more than $1 in every $6 invested in the sector, according to Morningstar data — will broaden access to retail investors as its mutual funds, which hold $64bn of assets in continental Europe and the UK, are sold to independent financial advisers, wealth managers and institutions.
晨星(Morningstar)的数据显示，德明信基金在美国管理着2060亿美元的主动管理型ETF，占投资该领域资金的六分之一以上。德明信基金此举这将扩大散户投资者的参与渠道，其在欧洲大陆和英国持有640亿美元资产的共同基金目前主要出售给独立理财顾问、财富管理机构和机构投资者。
Active ETFs differ from passive ETFs as they use a portfolio manager or advanced models to make deliberate investment decisions. Passive ETFs are a basket of investments, usually made up of shares or bonds that track a particular index, such as the FTSE 100.
主动型ETF不同于被动型ETF，它们通过投资组合经理或先进模型作出深思熟虑的投资决策。被动型ETF是一篮子投资，通常由追踪特定指数（如富时100指数）的股票或债券组成。
“What we have seen now in Europe is that there has been a lot of growth and acceptance of ETFs in certain markets, especially Germany, and many of the clients we work with would like to work with us using ETFs,” said Gerard O’Reilly, co-chief executive and co-chief investment officer of Dimensional, which has $853bn of assets under management.
“我们现在在欧洲看到的是，ETF在某些市场，尤其是德国，实现了显著增长并被广泛接受，与我们合作的许多客户也希望通过ETF与我们合作。”管理资产规模达8530亿美元的德明信基金联合首席执行官兼联合首席投资官杰拉德•奥莱利(Gerard O'Reilly)表示。
He added that further European ETF launches were lined up for 2026, possibly as separate share classes of its existing mutual funds.
他补充说，更多欧洲ETF计划在2026年推出，可能作为其现有共同基金的单独份额类别。
“There is a bit of a ‘cultiness’ around them, a bit like Vanguard,” said Kenneth Lamont, principal of research at financial services group Morningstar. “They have an ecosystem. You buy into their world. They are maybe the Apple of the fund management universe.”
“他们周围有一点‘狂热崇拜’，有点像先锋集团(Vanguard)，”金融服务集团晨星的研究主管肯尼斯•拉蒙特(Kenneth Lamont)说，“他们有自己的生态系统。你一旦买入，就会进入他们的世界。他们也许是基金管理宇宙中的苹果(Apple)。”
Lamont’s one criticism was that they have been late in entering Europe’s $75bn active ETF market, where 37 managers already run 222 ETFs, according to ETFbook data.
据ETFbook的数据，拉蒙特唯一的批评是，他们太晚才进入欧洲规模750亿美元的主动型ETF市场，该市场目前已有37家管理公司管理着222只ETF。
Elisabeth Kashner, director of global fund analytics at FactSet, added: “Dimensional has been super competitive on pricing, to the point where they are often the low-price leader among active ETFs, similar to the role that Vanguard plays among passive ETFs.”
FactSet全球基金分析主管Elisabeth Kashner补充道：“德明信在定价方面竞争力极强，常常是主动型ETF中的低价领跑者，与先锋集团在被动型ETF中扮演的角色相似。”
Her research suggests most of Dimensional’s US ETFs are among the cheapest 10 per cent of active funds in their sectors.
她的研究显示，德明信在美国的主动型ETF大多数位列其各自板块主动型基金成本最低的前10%。
The annual management charges for its first European ETFs are expected to be about 0.22 per cent for the core fund and 0.4 per cent for the mid- and small-cap vehicle.
其首批欧洲ETF的年度管理费预计为：核心基金约0.22%，中小盘基金约0.4%。
Dimensional has gained something of a cult following for its distinctive take on investing, based on Nobel Prize-winning research spun out of the University of Chicago.
德明信基金凭借其独特的投资理念——基于源自芝加哥大学(University of Chicago)并获得诺贝尔奖的研究——赢得了一群狂热追随者。
Its investment thesis is based on the work of Eugene Fama, the economist most closely associated with the efficient market hypothesis — which states that all publicly available information is already factored into a stock’s price. Fama still sits on Dimensional’s advisory board.
其投资理念基于尤金•法马(Eugene Fama)的研究——这位经济学家与有效市场假说最为密切相关。该假说认为，所有公开可得的信息都已体现在股票价格中。法马至今仍在德明信基金的顾问委员会任职。
While the efficient market hypothesis would seem to argue against the utility of active investing, Fama and Dimensional’s view is that some equities, such as small-caps and value stocks, are higher risk than others and therefore should exhibit stronger returns over time.
尽管有效市场假说似乎不认可主动投资的效用，但法马和德明信基金的观点是：某些股票（如小盘股和价值型股票）风险高于其他股票，因此长期回报应更高。
Dimensional says it combines this belief with a pragmatic approach to trading, buying and selling stocks when its traders deem market conditions to be right, minimising transaction costs.
德明信基金表示，其将这一信念与务实的交易策略相结合：由交易员在认为市场条件合适时买入和卖出股票，以最大限度降低交易成本。