Sue Lee
APAC Head of Index Investment Strategy, S&P Dow Jones Indices
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For over 20 years, our renowned SPIVA research has measured actively managed funds against their index benchmarks worldwide.
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APAC Head of Index Investment Strategy, S&P Dow Jones Indices
Sue Lee is APAC Head of Index Investment Strategy at S&P Dow Jones Indices (S&P DJI). The group provides research and commentary on S&P DJI’s entire product set, including U.S. and global equities, fixed income, commodities and economic indices. Prior to joining S&P DJI in 2023, Sue worked as an equity derivatives strategist at Merrill Lynch and J.P. Morgan, where she published market analyses and trade ideas for the Asia Pacific region. She also worked for a family office in Hong Kong where she managed a multi-asset portfolio. Sue is a CFA charterholder and holds a master’s degree in financial engineering from University of California at Berkeley, as well as a bachelor’s degree in business from Seoul National University.
As readers of our SPIVA® Scorecards know, beating the market is difficult. Finding those few managers capable of doing so consistently may be even harder. Of the 933 active equity funds domiciled in Japan, more than 80% underperformed their respective benchmarks in 2025.1 Yet even among the minority that did outperform, the bigger question remains:…
In the U.S. market, options-based ETFs have experienced exponential growth in recent years, with total assets reaching USD 245 billion as of December 2025. These strategies have been increasingly adopted as mainstream tools in portfolio construction, offering more predictable outcomes and income diversification. Other regions are catching up with this trend at varying rates, with…
Capital markets offer several primary sources of income to investors, including money market interest, bond coupons and stock dividends. Alternative sources of income abound and, most recently, innovation within the exchange-traded fund (ETF) industry has introduced options-based income strategies to a wider range of market participants. In the U.S., investors both large and small have…
Our latest SPIVA® Australia Scorecard underscored the challenges that Australian active funds faced in converting a favorable stock-picking environment into meaningful results in 2025. Among the 831 active equity funds domiciled in Australia that we examined—spanning global equity, domestic equity and REITs—over two-thirds (570 funds) underperformed their category benchmarks. In contrast, active Australian bond funds…
The investment landscape is in a perpetual state of evolution, with market participants continually seeking innovative tools. In recent years, options-based strategies—particularly those delivered through an ETF wrapper—have surged in popularity. Once the domain of institutional investors or structured product users, options-based strategies like covered call and buffered strategies have been democratized. This growth represents…
The Islamic asset management industry has been experiencing growth in index-based investing, and these trends have accelerated in 2025. As of October 2025, assets under management (AUM) in exchange-traded funds (ETFs) linked to Islamic indices reached USD 7.3 billion, a 44% YTD increase (see Exhibit 1)—outpacing the 30% growth observed in the global ETF market.1…
In the first half of 2025, global equities faced significant volatility, primarily driven by developments related to U.S. tariffs. Steep declines between February and April were followed by a swift recovery, and the S&P Global BMI ultimately finished with a solid 10.0% return. U.S. equities underperformed, breaking their streak of extended outperformance, as the S&P…
Indices play a crucial role in Islamic finance by identifying the universe of securities eligible for Shariah-compliant investments, establishing the benchmarks by which Islamic market participants assess performance and increasingly serving as the basis for index-linked investment products. Islamic finance has also embraced the global trend toward index-based or “passive” investing,1 with assets in exchange-traded…
Global equities continued to trend higher in the third quarter of 2024, as central banks in many parts of the world moved to ease monetary policy on the back of moderating inflation. The S&P Global BMI rose 7.0% for the quarter and was up 18.1% YTD. Emerging market regions drove the market up, with an…
Over the years, the accumulation of assets and trading volumes across index-linked products such as futures, options and exchange-traded funds (ETFs) has led to a trading ecosystem associated with major market indices. Index arbitrageurs and market makers trade different products tracking the same index, keeping their prices sufficiently close to the underlying index. Other market…