金融革命が続く米国

多様化する米国のETF（ビジネス・ウィーク誌）

One-Stop Dividend Shopping

A portfolio of dividend-paying stocks in a single security can simplify your life. But mind those ETF differences

S&Pが１９９３年に開発したETFという商品は、今や米国では２１２種類、３５兆円を越える規模に膨らんでいるそうです。加えて、新たな新商品が次々登場しています。
Exchange-traded funds (ETFs) have come a long way since Standard & Poor's Depositary Receipts (SPDRs) first appeared in 1993. By the end of the first quarter of 2006, there were 212 ETF portfolios in the U.S., holding more than $321 billion in assets, according to the Investment Company Institute. The first ETF of dividend-paying stocks arrived in 2003. Now, there are eight such ETFs available to U.S. investors, with more on the way.

One reason for the spread of dividend-based and other specialized ETFs is the evolution of indexes, says James Pacetti, president of ETF International, a New York consultant (see BW Online, 5/5/06, "ETFs: Sliced, Diced, and Razor-Thin" ). Indexes initially served to describe markets, and were later tweaked into growth and value segments.

INDEXES A GO-GO. Today, says Pacetti, cheap computer power means that "quantitative strategies are being packaged as indexes." Current dividend ETFs are based on indexes created by four providers (see table): Dow Jones (DJ ), Mergent, Morningstar (MORN ), and Standard & Poor's, a division of The McGraw-Hill (MHP ) Companies.

The first ETF devoted to dividend payers was the iShares Dow Jones Select Dividend Index Fund (DVY ). The fund tracks the Dow Jones U.S. Select Dividend Index, which is based on the company's U.S. Total Market Index. To be in the dividend index, a stock must have positive historical five-year dividend-per-share growth, have paid out an average 60% or less of earnings over the past five years, and meet trading volume requirements. The dividend index consists of the top 100 stocks, ranked by yield, that meet these criteria. （後略）

独断的コメント：

「ダウ・インデックスを買いたい」という笑い話を商品化したETFは、コロンブスの卵のようなものですが、一旦実現し、成功を収めれば、後は順列組み合わせのように、様々なETFが登場します。後追いが得意なわが国もこれに追随して、今後次々にETF新商品が売り出されるのでしょう。

更に興味のある方は、　　　　　　↓

http://www.businessweek.com/print/investor/content/may2006/pi20060512_643703.htm

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