Side‐by‐side management of mutual funds and actively managed exchange traded funds
研究了共同基金与主动管理型ETF被同一基金经理并行管理的现象，发现仅21%的配对共享投资目标代码，且并行管理后基金业绩相似但资金流在共享目标时下降，存在替代效应和利益冲突。
Abstract We document the recent rise in the side‐by‐side (SBS) management of mutual funds and actively managed ETFs (AMETFs). Although these funds are run in a SBS manner, only 21% share an investment objective code. This relationship is started by families with more ETF experience and is not used to reward “star” managers. On average, mutual funds with SBS AMETFs perform similarly to comparable funds after SBS formation; however, their flows fall when pairs share the same investment objective. We find evidence of both a substitution effect and conflicts of interest between SBS funds, depending on the contracting and organizational structures.