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  • Trends with Benefits

    Trends with Benefits #40: Evolution of Fixed Income Markets with Phil Cichlar

    Ed Lopez, Head of ETF Product
    January 12, 2021

    In this episode I speak with Phil Cichlar, Fixed Income Specialist for Jane Street about the evolution of fixed income markets, fixed income ETFs and the narrowing divide between retail and institutional investors.

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    Fixed Income ETFs Come of Age

    ETFs are a democratizing vehicle for investors driving new levels of access and transparency into markets. This is true for equity and fixed income markets alike, but fixed income ETF adoption has seemingly been a longer road to travel. In 2020, fixed income ETFs experienced their greatest year yet, in terms of flows and investor adoption. With over $209 billion in net flows, fixed income ETFs captured approximately 43% of all net flows into ETFs.1

    The story behind these figures is one of a market’s evolution and growing adoption of fixed income ETFs by institutions and individual investors alike. Phil has spent his career in the fixed income markets. In his role at Jane Street, Phil works primarily with institutions has seen how electronic trading, ETFs and portfolio trading are intersecting to help make fixed income markets much more accessible and transparent to individual investors.

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    Source: Morningstar Direct, data as of 1/4/2021.

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