Who's Really Using Smart Beta Funds

April 04, 2016

AMLP = $7.00 Bn in AUM

Name % Ownership
Morgan Stanley Smith Barney LLC 4.5
Wells Fargo Advisors LLC 3.7
Merrill Lynch, Pierce, Fenner & Smith, Inc. 2.8
UBS Financial Services, Inc. 2.8
Citigroup Global Markets, Inc. (Broker) 2.6
Goldman Sachs & Co. (Private Banking) 2.4
RBC Capital Markets LLC 1.9
ThomasPartners, Inc. 1.9
QS Investors LLC 1.3
Managed Account Advisors LLC 1.2
Total number of filers 491
Total percent ownership 45.20%

ICF = $3.54 Bn in AUM

Name % Ownership
BlackRock Fund Advisors 21.9
JPMorgan Chase Bank, NA (Investment Management) 6.5
Bank of America, NA (Private Banking) 4.5
Merrill Lynch, Pierce, Fenner & Smith, Inc. 1.9
PNC Bank, NA (Investment Management) 1.6
Morgan Stanley Smith Barney LLC 1.6
Wells Fargo Advisors LLC 1.5
ClearArc Capital, Inc. 1.4
Creative Planning, Inc. 1.4
LPL Financial LLC 1.3
Total number of filers 297
Total percent ownership 64.60%

AMJ = $3.15 Bn in AUM

Name % Ownership
MLP Investment Holdings, Inc. 8.3
AT Investment Advisers, Inc. 3.1
Eagle Global Advisors LLC 2.7
Morgan Stanley Smith Barney LLC 2.5
Miller/Howard Investments, Inc. 2.1
Wells Fargo Bank, NA (Private Banking) 2.1
The Dow Chemical Co. Pension Fund 1.7
Fund Evaluation Group LLC 1.5
The Haverford Trust Co. 1.2
Susquehanna Financial Group LLLP 1.1
Total number of filers 321
Total percent ownership 57.10%

FXG = $2.43 Bn in AUM

Name % Ownership
First Trust Advisors LP 36.4
Morgan Stanley Smith Barney LLC 13.1
Wells Fargo Advisors LLC 10.4
UBS Financial Services, Inc. 4
Merrill Lynch, Pierce, Fenner & Smith, Inc. 3.8
LPL Financial LLC 2.6
Raymond James & Associates, Inc. (Invt Mgmt) 2.4
Columbia Management Investment Advisers LLC 1.7
Raymond James Financial Services Advisors, Inc. 1.6
MetLife Securities, Inc. 1.3
Total number of filers 160
Total percent ownership 96.50%

FXH = $2.41 Bn in AUM

Name % Ownership
First Trust Advisors LP 34.7
Morgan Stanley Smith Barney LLC 14.4
Wells Fargo Advisors LLC 9.6
Merrill Lynch, Pierce, Fenner & Smith, Inc. 4.3
LPL Financial LLC 4
UBS Financial Services, Inc. 3.4
Raymond James & Associates, Inc. (Invt Mgmt) 2.2
Raymond James Financial Services Advisors, Inc. 1.4
RBC Capital Markets LLC 1.2
Columbia Management Investment Advisers LLC 1.1
Total number of filers 170
Total percent ownership 93.90%

Interestingly, for three of these funds, ownership is dominated by the wealth management arms of the funds' sponsors: BlackRock Fund Advisors, in the case of ICF; and First Trust Advisors, in the case of FXG and FXH.

For the First Trust funds, it's especially striking, because 13F filer ownership represents the vast majority of investment. It accounts for 97% and 94% of FXG and FXH, respectively.

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