Core Viewpoint - Eight 31 Financial has fully exited its position in the iShares iBonds Dec 2026 Term Treasury ETF (IBTG), selling 267,196 shares valued at approximately $6.13 million, which represented 4.05% of its assets under management prior to the sale [2][3][6]. Company Actions - The SEC filing on November 13 revealed that Eight 31 Financial sold its entire holding in IBTG, marking a significant reduction in its investment strategy [3][6]. - The exit from IBTG is interpreted as a routine adjustment rather than a shift in investment conviction, as the firm retained exposure to other related funds [10][11]. ETF Overview - The iShares iBonds Dec 2026 Term Treasury ETF has an asset under management (AUM) of $2.2 billion, a dividend yield of 4.05%, and a current price of $22.89, which has remained relatively stable over the past year [5][4]. - The ETF focuses on U.S. Treasury securities maturing in 2026, providing investors with predictable income and minimal credit risk [9][8]. Investment Strategy - IBTG's strategy is designed to provide targeted exposure to U.S. Treasury bonds maturing between January 1, 2026, and December 15, 2026, with at least 90% of its assets allocated to these securities [8]. - The fund operates as a non-diversified ETF, appealing to investors seeking defined maturity exposure [9]. Market Context - The exit from IBTG while maintaining exposure to other high-yielding bonds indicates a cautious and diversified investment posture amidst stabilizing Treasury yields and ongoing discussions about potential rate cuts [11].

Core Insights - Building wealth differs from generating retirement income, emphasizing the importance of accumulating money now rather than relying on portfolio income during market volatility [1][8] Income ETFs - Income ETFs are crucial for long-term investment strategies, focusing on stability rather than chasing high yields or trending sectors like AI [3][4] - The evolution of income ETFs over the past decade has led to a new generation designed for sustainability, global diversification, and reduced concentration risk [5] - The stability provided by diversified income ETFs is more valuable than higher yields from less diversified options, as they are better equipped to withstand market downturns [6] ETF Characteristics - The highlighted ETFs are built on principles of quality, diversification, and proven business models, ensuring minimal redundancy in investment portfolios [7] - Modern income ETFs mitigate sector concentration risk by diversifying across hundreds of companies and multiple countries [8]

2025 年 12 月 22 日 对冲基金 Man Group 发行主动 ETF ——海外创新产品周报 20251222 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品：Man Group 发行主动 ETF。上周美国共 35 只新发产品，新发数量 维持高位。知名对冲基金 Man Group 上周发行 2 只主动 ETF，1 只为新兴市场选股产 品，主要采用基本面量化结合的方式选择长期有价值的股票并采用量化模型优化组合，产 品可同时选择多头、空头方向；另 1 只为趋势跟踪+股票产品，产品在 100%投资于美国 股票的同时，另有 100%的头寸投资于量化驱动的趋势跟踪策略，该策略通过国内外股 票、债券 ...