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Homeexchange-traded funds

Hefty swap bets fail to lift Total Return Fund

24 May 2018Fundsexchange-traded funds, PimcoNick Dunbar

In a time of rising bond yields, active bond funds can use derivatives to manage duration risk. But as the experience of Pimco shows, attempts to generate alpha this way do not justify the risks or management costs.

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ETFs, capital arbitrage and Morgan Stanley

22 January 2017Banksderivative assets, exchange-traded funds, high yield bonds, incremental risk charge, Market RWAs, Morgan Stanley, securities financingNick Dunbar

After making dramatic cuts to its balance sheet and capital requirements, Morgan Stanley is boosting returns in fixed income. Is the bank using bond ETFs for regulatory capital arbitrage?

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