{"id":6360,"date":"2026-06-04T13:49:12","date_gmt":"2026-06-04T04:49:12","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=6360"},"modified":"2026-06-04T13:49:12","modified_gmt":"2026-06-04T04:49:12","slug":"2026%e5%b9%b47%e6%9c%8820%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-%ef%bc%9a-from-index-trackers-to-ris","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/6360","title":{"rendered":"2026\u5e747\u670820\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar \uff1a From Index Trackers to Risk Managers: The Expanding Role of Derivatives in ETFs\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cFrom Index Trackers to Risk Managers: The Expanding Role\u00a0of Derivatives in ETFs\u300d<\/span><\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2026\u5e747\u670820\u65e5\uff08\u6708\uff0913:10~14:50<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u2460\u5bfe\u9762 \uff0a11\u53f7\u9928\u30001212\u6559\u5ba4
\n\u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528URL\u3092\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nAneel Keswani \u6c0f<\/p>\n

\uff08Professor,\u00a0Bayes Business School,\u00a0City University\uff09<\/td>\n<\/tr>\n

\u8981\u65e8<\/th>\n\n

Using regulatory data from the SEC\u2019s N-PORT filings, we provide the first systematic study of derivative use by exchange-traded funds (ETFs). Nearly 60% of ETFs use derivatives, with greater derivative weight and exposure than mutual funds. Derivative use varies across ETF types: passive ETFs primarily use futures and forwards to reduce costs, while active ETFs rely on options strategies to improve risk profiles. Despite charging higher fees, active derivative-using ETFs attract more flows and exhibit reduced fee sensitivity. We show that these flows appear to be driven by superior downside protection, suggesting that investors value this benefit. Moreover, the extent of derivative reliance predicts both improved risk profiles and higher fees. Overall, our study highlights the strategic role of derivatives in ETF market competition.<\/span><\/p>\n<\/td>\n<\/tr>\n

\u4e16\u8a71\u4eba<\/th>\n\u8c37\u5ddd \u5be7\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n
\u53c2\u52a0\u7533\u3057\u8fbc\u307f\u65b9\u6cd5<\/th>\n\u53c2\u52a0\u306f\u3053\u3061\u3089<\/a>\u304b\u3089\u304a\u7533\u8fbc\u307f\u304f\u3060\u3055\u3044\u3002\u203b7\u670816\u65e5(\u6728\uff0917:00\u7de0\u5207<\/td>\n<\/tr>\n
\u5171\u50ac<\/th>\n\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u90e8\u30fb\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u30fb\u8c37\u5ddd\u5be7\u5f66\u5206\u79d1\u4f1a<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cFrom Index Trackers to Risk Managers: The Expanding Role\u00a0of Derivatives in ETFs\u300d \u65e5\u6642 2026\u5e747\u670820\u65e5\uff08\u6708\uff0913:10~14:50 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-6360","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=6360"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6360\/revisions"}],"predecessor-version":[{"id":6363,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6360\/revisions\/6363"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=6360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=6360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=6360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}