etf radar magazine issue aug-sept 2011 (european edition)
DESCRIPTION
ETF Radar Magazine Issue Aug-Sept 2011 (European Edition)TRANSCRIPT
www.etf-radar.com
Issue No. 12ISSN 2150-9166
European Edition
August/September 2011
Feature
for Rattled Financial Markets
Defensive ETFs
Rankings
ETF Landscape At A Glance
The Global
Magazine
People
Ossiam ETFAntoine Moreau
Index InvestorStoxx 600Tactical Portfolio UpdateETF of the Month
Sector Map
THE HOTSPOTSAT A GLANCE
ADVERTISING
etfRadarSM
This information is provided in the UK by Source UK Services Limited, 14th Floor, One Angel Court, London EC2R 7HJ, authorised and regulated by the Financial Services Authority. Source ETFs are
UCITS III compliant and recognised under s.264 of the Financial Services and Markets Act 2000. Source Exchange Traded Commodities (ETCs) are approved for distribution in Europe. The Source
products may not be sold to US persons. For persons who are eligible counterparties or professional clients only. © 2011 Source UK Services Limited. All rights reserved.
For further information+Call us on 44 (0)20 3370 1100
Email us at [email protected]
Visit our website www.source.info
ETF Manager 2011
etfexpress Awards 2011
Since launch in April 2009, Source has gathered US$2 BN across 31 Exchange Traded Commodities (ETCs):
• US$1.5 BN raised in the Source Physical Gold P-ETC (SGLD SW):
one of the most cost-eff cient gold products in Europe with a 0.29% fixed fee p.a.
• Three physical precious metals P-ETCs (silver, platinum and palladium):
the most cost-eff cient products in Europe with a 0.39% fixed fee p.a.
• Source Crude Oil Enhanced T-ETC (SEWTI SW) provides improved exposure to NYMEX WTI oil
using dynamic roll rules
• TM26 T-ETCs secured by US Treasury Bills that track S&P GSCI total return commodity indices
• Listed on SIX, LSE and Deutsche Börse (XETRA)
Best Commodity
www.etf-radar.com
Issue No. 12ISSN 2150-9166
European Edition
August/September 2011
Feature
for Rattled Financial Markets
Defensive ETFs
Rankings
ETF Landscape At A Glance
The Global
Magazine
People
Ossiam ETFAntoine Moreau
Index InvestorStoxx 600Tactical Portfolio UpdateETF of the Month
Sector Map
THE HOTSPOTSAT A GLANCE
ADVERTISING
etfRadarSM
This information is provided in the UK by Source UK Services Limited, 14th Floor, One Angel Court, London EC2R 7HJ, authorised and regulated by the Financial Services Authority. Source ETFs are
UCITS III compliant and recognised under s.264 of the Financial Services and Markets Act 2000. Source Exchange Traded Commodities (ETCs) are approved for distribution in Europe. The Source
products may not be sold to US persons. For persons who are eligible counterparties or professional clients only. © 2011 Source UK Services Limited. All rights reserved.
For further information+Call us on 44 (0)20 3370 1100
Email us at [email protected]
Visit our website www.source.info
ETF Manager 2011
etfexpress Awards 2011
Since launch in April 2009, Source has gathered US$2 BN across 31 Exchange Traded Commodities (ETCs):
• US$1.5 BN raised in the Source Physical Gold P-ETC (SGLD SW):
one of the most cost-eff cient gold products in Europe with a 0.29% fixed fee p.a.
• Three physical precious metals P-ETCs (silver, platinum and palladium):
the most cost-eff cient products in Europe with a 0.39% fixed fee p.a.
• Source Crude Oil Enhanced T-ETC (SEWTI SW) provides improved exposure to NYMEX WTI oil
using dynamic roll rules
• TM26 T-ETCs secured by US Treasury Bills that track S&P GSCI total return commodity indices
• Listed on SIX, LSE and Deutsche Börse (XETRA)
Best Commodity
Global Summary
Industry Highlights
4
Global Round-Up
stnevE detceleS
mocr.adar-fte.www no noitces tneve eht tisiv esaelp sliated tneve lluf roF
BOSTON3rd Annual FundForum USA07–09 November 2011Westin Boston Waterfront
Shenzhen exchanges are eligible for margin trading. The entitled ETFs include the China AMC Shanghai 50 ETF, the E-fund Shenzhen 100 ETF and the Hua An Shanghai 180 ETF.
ASIA: TOKYO STOCK EXCHANGE LISTS NEW ETNSThe Tokyo Stock Exchange has accepted the listing of Japanese depositary receipts whose indicator-tracking securities are exchange-traded notes. Barclays Bank will manage the nine freshly listed ETNs. The new products will lead the total number of Tokyo ETFs and ETNs to 112. The ETNs include the iPath S&P GSCI Total Return Index JDR and the iPath S&P 500 VIX Mid-Term Futures JDR.
►
►
►
EUROPE: EUREX ADDS ETCS AS FUTURE-UNDERLYINGThe international derivatives exchange Eurex announced that from 29 July 2011 it will be offering futures and options on two commodity ETCs: ETF Securities' Physical Gold ETC and the ETFS Crude Oil ETC. The Physical Gold ETP is one of the world’s largest with assets under management of over EUR 4 billion. The new derivatives complement the ETF derivatives segment of Eurex Exchange where 3 futures and 21 options on ETFs are currently tradable.
ASIA: CHINA ETFS CAN TRADE ON MARGINChinese ETFs will be permitted to trade on margin by August. To qualify for margin trading, ETFs must be listed for over three months with a net asset value greater than $147 million and a minimum of 4,000 clients. Less than half of the total 26 ETFs on the Shanghai and
►
►
US: GLOBAL X BOOSTS INFRASTRUCTURE ETFSGlobal X is planning to roll out five new exchange-traded funds (ETFs). The global ETF issuer has also filed with the SEC for the Global X FTSE Toll Roads & Ports ETF, the Global X FTSE Railroads ETF, the Global X Farmland & Timberland ETF, the Global X Cement ETF and the Global X Advanced Materials ETF. With the launch of the new funds, the company will offer a total of 40 ETFs.
AFRICA: GHANA TO SETUP ETF MARKET The Ghana stock exchange has unveiled plans to list exchange-traded funds in a sign that the booming ETF market is making inroads into the African continent. The exchange has teamed up with ABSA Capital to list the commodity-backed NewGold ETF, which is already listed on the Johannesburg and Botswana Stock exchanges.
►
►
OVERALL MARKET ETF/ETPAccording to BlackRock‘s latest data, at the end of H1 2011, the global ETF industry had 2,825 ETFs with 6,229 listings and assets of US$ 1,442.7 Bn, from 146 providers on 49 exchanges around the world. This compares to 2,252 ETFs with 4,570 listings and assets of US$1,025.9 Bn from 130 providers on 42 exchanges at the end of H1 2010.
In the first half of 2011, the ETF average daily trading volume in US dollars increased by +46.7% to US$68.0 Bn in June 2011. This compares to an average daily trading volume of US$77.9 Bn in June 2010.
Taking ETFs and ETPs together, United States AUM should reach US$2 trillion in 2013, with European AUM reaching US$500 billion in 2012.
ADVISERS CONCERNED ABOUT ETFSAdvisers are getting influenced by warnings issued by regulators about exchange-traded funds (ETFs), as per a survey conducted by Skandia, the FT reports. The survey reviewed 1,000 advisers, out of which 80% agreed with warnings from the Financial Stability Board (FSB) about the complexity of some of the products. The survey found that 46% of advisers have not used ETFs for any clients. However, out of those who had used the products, 75% said they found them suitable for just 10% of their clients.
NORTH [email protected] Naples (FL) +1 239 384 6090
EUROPE, MIDDLE EAST and [email protected] London +44 203 519 1179
ETF RADAR IS A PRIVATE AND INDEPENDENT INFORMATION PROVIDER.
NO STATEMENT IN THIS ISSUE IS TO BE CONSTRUED AS A RECOMMENDATION TO BUY OR SELL SECURITIES OR TO PROVIDE INVESTMENT ADVICE. PLEASE SEE OUR DISCLAIMER PAGE FOR FURTHER INFORMATION.
© 2009-2011 ETF Radar Global Investor Services. All rights reserved.
For all subscription enquiries, thoughts or general questions please contact us directly by email:
Global Summary
ContentsIssue August-September 2011
4
Industry Highlights
Global Round-Up
Top20 Global Index Provider
Hot Product Debuts
Upcoming Events
Number CruncherAssets under Management
Top20 AuM
Top20 ADV
Best-
Worst-Performer
Performer
Stoxx 600 Sector Map
Tactical
ETF of the Month
Portfolio Update
IndexInvestor 6
Rankings 13
Antoine Moreau,
Ossiam ETF
People 11
Fast Lane
Get In Touch
Feature 8
Defensive ETFs for Rattled Financial Markets
IndexCompanies and People
Dear Reader,
Last Friday, the United States lost their top credit rating and dropped from AAA to AA+. Standard & Poor's considered U.S. Treasuries to be no longer among the safest investments in the world. This will heat up the recent volatile financial markets even more.
We currently believe that there is too much uncertainty to maintain a pure buy & hold passive strategy. On page 8 David Cohne is focussing on Defensive ETF's giving some advice on how your ETF portfolio could withstand a potential large drop. Also he presents some hints how to make money in declining markets with inverse ETFs.
Antoine Moreau, Deputy CEO of the new French ETF player Ossiam, speaks in our exclusive interview about their motivation to enter the market and their product strategy. This includes a new equal weight ETF that is based on a minimum variance strategy which is interesting for investors in shaky markets as they intend to keep volatility under control.
Enjoy reading and let us know your thoughts.
Silvan SchellingHead of Relationship Management
Absa (pg. 4) Ossiam (pg. 11)
Antoine Moreau (pg. 11) SPDR (pg. 7)
Barclays (pg. 4) Tokyo Stock Exchange (pg. 4)
BlackRock (pg. 4)
Comstage (pg. 9)
Deutsche Bank (pg. 4)
ETF Securities (pg. 4, 7)
Eurex (pg. 4)
Global X (pg. 4)
IndexIQ (pg. 5)
iShares (pg. 7)
Lyxor (pg. 5, 7)
Natixis (pg. 11)
NEW YORK CTIYETF 360October 12, 2011The Metropolitan Club
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Global Summary
Industry Highlights
4
Global Round-Up
stnevE detceleS
mocr.adar-fte.www no noitces tneve eht tisiv esaelp sliated tneve lluf roF
BOSTON3rd Annual FundForum USA07–09 November 2011Westin Boston Waterfront
Shenzhen exchanges are eligible for margin trading. The entitled ETFs include the China AMC Shanghai 50 ETF, the E-fund Shenzhen 100 ETF and the Hua An Shanghai 180 ETF.
ASIA: TOKYO STOCK EXCHANGE LISTS NEW ETNSThe Tokyo Stock Exchange has accepted the listing of Japanese depositary receipts whose indicator-tracking securities are exchange-traded notes. Barclays Bank will manage the nine freshly listed ETNs. The new products will lead the total number of Tokyo ETFs and ETNs to 112. The ETNs include the iPath S&P GSCI Total Return Index JDR and the iPath S&P 500 VIX Mid-Term Futures JDR.
►
►
►
EUROPE: EUREX ADDS ETCS AS FUTURE-UNDERLYINGThe international derivatives exchange Eurex announced that from 29 July 2011 it will be offering futures and options on two commodity ETCs: ETF Securities' Physical Gold ETC and the ETFS Crude Oil ETC. The Physical Gold ETP is one of the world’s largest with assets under management of over EUR 4 billion. The new derivatives complement the ETF derivatives segment of Eurex Exchange where 3 futures and 21 options on ETFs are currently tradable.
ASIA: CHINA ETFS CAN TRADE ON MARGINChinese ETFs will be permitted to trade on margin by August. To qualify for margin trading, ETFs must be listed for over three months with a net asset value greater than $147 million and a minimum of 4,000 clients. Less than half of the total 26 ETFs on the Shanghai and
►
►
US: GLOBAL X BOOSTS INFRASTRUCTURE ETFSGlobal X is planning to roll out five new exchange-traded funds (ETFs). The global ETF issuer has also filed with the SEC for the Global X FTSE Toll Roads & Ports ETF, the Global X FTSE Railroads ETF, the Global X Farmland & Timberland ETF, the Global X Cement ETF and the Global X Advanced Materials ETF. With the launch of the new funds, the company will offer a total of 40 ETFs.
AFRICA: GHANA TO SETUP ETF MARKET The Ghana stock exchange has unveiled plans to list exchange-traded funds in a sign that the booming ETF market is making inroads into the African continent. The exchange has teamed up with ABSA Capital to list the commodity-backed NewGold ETF, which is already listed on the Johannesburg and Botswana Stock exchanges.
►
►
OVERALL MARKET ETF/ETPAccording to BlackRock‘s latest data, at the end of H1 2011, the global ETF industry had 2,825 ETFs with 6,229 listings and assets of US$ 1,442.7 Bn, from 146 providers on 49 exchanges around the world. This compares to 2,252 ETFs with 4,570 listings and assets of US$1,025.9 Bn from 130 providers on 42 exchanges at the end of H1 2010.
In the first half of 2011, the ETF average daily trading volume in US dollars increased by +46.7% to US$68.0 Bn in June 2011. This compares to an average daily trading volume of US$77.9 Bn in June 2010.
Taking ETFs and ETPs together, United States AUM should reach US$2 trillion in 2013, with European AUM reaching US$500 billion in 2012.
ADVISERS CONCERNED ABOUT ETFSAdvisers are getting influenced by warnings issued by regulators about exchange-traded funds (ETFs), as per a survey conducted by Skandia, the FT reports. The survey reviewed 1,000 advisers, out of which 80% agreed with warnings from the Financial Stability Board (FSB) about the complexity of some of the products. The survey found that 46% of advisers have not used ETFs for any clients. However, out of those who had used the products, 75% said they found them suitable for just 10% of their clients.
NORTH [email protected] Naples (FL) +1 239 384 6090
EUROPE, MIDDLE EAST and [email protected] London +44 203 519 1179
ETF RADAR IS A PRIVATE AND INDEPENDENT INFORMATION PROVIDER.
NO STATEMENT IN THIS ISSUE IS TO BE CONSTRUED AS A RECOMMENDATION TO BUY OR SELL SECURITIES OR TO PROVIDE INVESTMENT ADVICE. PLEASE SEE OUR DISCLAIMER PAGE FOR FURTHER INFORMATION.
© 2009-2011 ETF Radar Global Investor Services. All rights reserved.
For all subscription enquiries, thoughts or general questions please contact us directly by email:
Global Summary
ContentsIssue August-September 2011
4
Industry Highlights
Global Round-Up
Top20 Global Index Provider
Hot Product Debuts
Upcoming Events
Number CruncherAssets under Management
Top20 AuM
Top20 ADV
Best-
Worst-Performer
Performer
Stoxx 600 Sector Map
Tactical
ETF of the Month
Portfolio Update
IndexInvestor 6
Rankings 13
Antoine Moreau,
Ossiam ETF
People 11
Fast Lane
Get In Touch
Feature 8
Defensive ETFs for Rattled Financial Markets
IndexCompanies and People
Dear Reader,
Last Friday, the United States lost their top credit rating and dropped from AAA to AA+. Standard & Poor's considered U.S. Treasuries to be no longer among the safest investments in the world. This will heat up the recent volatile financial markets even more.
We currently believe that there is too much uncertainty to maintain a pure buy & hold passive strategy. On page 8 David Cohne is focussing on Defensive ETF's giving some advice on how your ETF portfolio could withstand a potential large drop. Also he presents some hints how to make money in declining markets with inverse ETFs.
Antoine Moreau, Deputy CEO of the new French ETF player Ossiam, speaks in our exclusive interview about their motivation to enter the market and their product strategy. This includes a new equal weight ETF that is based on a minimum variance strategy which is interesting for investors in shaky markets as they intend to keep volatility under control.
Enjoy reading and let us know your thoughts.
Silvan SchellingHead of Relationship Management
Absa (pg. 4) Ossiam (pg. 11)
Antoine Moreau (pg. 11) SPDR (pg. 7)
Barclays (pg. 4) Tokyo Stock Exchange (pg. 4)
BlackRock (pg. 4)
Comstage (pg. 9)
Deutsche Bank (pg. 4)
ETF Securities (pg. 4, 7)
Eurex (pg. 4)
Global X (pg. 4)
IndexIQ (pg. 5)
iShares (pg. 7)
Lyxor (pg. 5, 7)
Natixis (pg. 11)
NEW YORK CTIYETF 360October 12, 2011The Metropolitan Club
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Index Investor
In July the STOXX 600 Index dropped -2.79% due to the sector, the contrarian pick with the uncertainness about the US-American debt ceiling. would be Furthermore doubts about the development of the the best choice. Best performing sector with a performance of economy led to volatile markets. Having a look at the +2.42% in July 2011 was the STOXX 600 Health Care Index. sector performances, the Construction & Materials Sector Especially defensive sectors showed the best performance in was the worst performing with a loss of -8.21% in July 2011. July. If you believe in an ongoing trend, the Generally cyclical stocks fell due to doubts about the would be your best economic recovery. If investors believe in a recovery of this pick.
Comstage ETF STOXX 600 Construction & Materials (LU0378435639)
Comstage ETF STOXX 600 Health Care (LU0378435985)
n
Cyclicals tumble, defensive sectors lead.by Sebastian Stahn
The Action Plan
Stoxx 600 Sector Map
6
stnevE detceleS
Global Summary
5
Top10 Global Index Provider(Ranked by AuM; Data as of July, 29 2011)
Hot Product Debuts
► EMMA STRATEGY ETF LAUNCHEDEmerging Global Advisors announced the successful launch of HILO, an emerging markets fund designed to be significantly less volatile than funds based on the broad-based MSCI Emerging Markets Index. HILO is passively managed and doesn't use options, swaps, or other derivatives in its portfolio. The underlying INDXX is rebalanced annually in September.
FRANKFURTCommodities Deutschland20-22 September 2011Le Meriden Parkhotel
Ticker/ISIN: HILO TER: 0.85% p.a.CCY: USD
LONDONEuropean Cup of ETFs19–20 September 2011Great George Street Conference Hall
Sources: Event organizers, Reuters, Bloomberg, BusinessWire, BlackRock, ETF Radar Global Research
Number Cruncher
Number of new launched ETFs worldwide since January 1, 2011.
↑
↑
→
→
→
→
Ticker/ISIN: LU0514694370TER: 0.50% p.a.CCY: USD
Number of new planned ETFs/ETPs worldwide as of July 29, 2011.
Ticker/ISIN: XMPTTER: 1.43% p.a.CCY: USD
MSCI 25.4%
S&P 22.6%
Barclays Capital 8.8%
STOXX 7.3%
Russell 5.9%
FTSE 4.2%
Dow Jones 3.8%
Markit 3.3%
NASDAQ OMX 2.3%
NYSE Euronext 1.2%
Other 15.2%↑
HONG KONGETF Index Investment Summit 201131 Aug. - 1 Sept. 2011JW Marriot Hotel
393 750
LONDONETF & Indexing Investments Europe17–19 October 2011Guoman Tower Hotel
CONTRARIAN PICK BEST-TREND PICK
HIGH LOW LOWSXOP SXDP
ComStage STOXX 600 Construction & Materials ETFISIN/Ticker: LU0378435639/SXOPTER / AUM: 0.25% / 25mn. 1 Year Return: +3.70%Last Price/High/Low 52-Weeks: €43.59 / 50.23 / 37.40Replication: Synthetic
ComStage STOXX 600 Health Care ETFISIN/TIcker: LU0378435985/SXDPTER / AUM: 0.25% / 61mn. 1 Year Return: +19.36%Last Price/High/Low 52-Weeks: €61.27 / 62.25 / 51.08Replication: Synthetic
RISK-REWARD-ANALYSISbased on an investment horizon of one month
RISK-REWARD-ANALYSISbased on an investment horizon of one month
Monthly Performance. As of July 29, 2011.
Chemicals-2.52%
Food & Beverages+0.62%
Oil & Gas+0.07%
Real Estate-1.75%
Financial Services-2.02%
Telecommunications+0.92% Personal &
Household Goods+2.03% Health Care
+2.43%
Construction & Materials–8.21%
Banks–6.71%
Media-5.72%
Industrial Goods & Services-5.69%
Insurance -6.54%
Technology-6.25%
Utilities
-4.87%
Automobiles & Parts
-3.87%Basic Resources
-3.45%Retail
-2.80%
BESTPERFORMINGSECTORS
WORSTPERFORMING
SECTORS
HIGH
Travel & Leisure-4.08%
► NEW EMMA IBOXX ETF LISTEDLyxor has launched a new emerging market sovereign fund. The Lyxor ETF iBoxx $ Liquid Emerging Markets Sovereigns has started trading on the Xetra trading platform. The bond index ETF enables investors to partici-pate in the performance of USD-denominated govern-ment bonds of 20 emerging market countries providing highest liquidity.
Ticker/ISIN: FR0010967323TER: 0.30% p.a.CCY: USD
LYXORSOCIETE GENERALE GROUP
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
► SET OF NEW MSCI ETFS LISTED db x-trackers recently launched a set of new MSCI ETFs. Notable is the MSCI Malaysia ETF. The country is one of the most powerful economies in South-Asia. All funds have been tradable on Deutsche Börse’s XTF segment. The product offering in Deutsche Börse’s XTF segment currently comprises a total of 858 exchange-listed index funds, making it the largest offering of all European stock exchanges.
► NEW MUNI BOND ETF LAUNCHEDVan Eck recently launched its new Market Vectors CEF Municipal Income ETF. The fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S-Network Municipal Bond Closed-End Fund Index. This is a rules based benchmark for U.S. closed-end funds that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield.
Index Investor
In July the STOXX 600 Index dropped -2.79% due to the sector, the contrarian pick with the uncertainness about the US-American debt ceiling. would be Furthermore doubts about the development of the the best choice. Best performing sector with a performance of economy led to volatile markets. Having a look at the +2.42% in July 2011 was the STOXX 600 Health Care Index. sector performances, the Construction & Materials Sector Especially defensive sectors showed the best performance in was the worst performing with a loss of -8.21% in July 2011. July. If you believe in an ongoing trend, the Generally cyclical stocks fell due to doubts about the would be your best economic recovery. If investors believe in a recovery of this pick.
Comstage ETF STOXX 600 Construction & Materials (LU0378435639)
Comstage ETF STOXX 600 Health Care (LU0378435985)
n
Cyclicals tumble, defensive sectors lead.by Sebastian Stahn
The Action Plan
Stoxx 600 Sector Map
6
stnevE detceleS
Global Summary
5
Top10 Global Index Provider(Ranked by AuM; Data as of July, 29 2011)
Hot Product Debuts
► EMMA STRATEGY ETF LAUNCHEDEmerging Global Advisors announced the successful launch of HILO, an emerging markets fund designed to be significantly less volatile than funds based on the broad-based MSCI Emerging Markets Index. HILO is passively managed and doesn't use options, swaps, or other derivatives in its portfolio. The underlying INDXX is rebalanced annually in September.
FRANKFURTCommodities Deutschland20-22 September 2011Le Meriden Parkhotel
Ticker/ISIN: HILO TER: 0.85% p.a.CCY: USD
LONDONEuropean Cup of ETFs19–20 September 2011Great George Street Conference Hall
Sources: Event organizers, Reuters, Bloomberg, BusinessWire, BlackRock, ETF Radar Global Research
Number Cruncher
Number of new launched ETFs worldwide since January 1, 2011.
↑
↑
→
→
→
→
Ticker/ISIN: LU0514694370TER: 0.50% p.a.CCY: USD
Number of new planned ETFs/ETPs worldwide as of July 29, 2011.
Ticker/ISIN: XMPTTER: 1.43% p.a.CCY: USD
MSCI 25.4%
S&P 22.6%
Barclays Capital 8.8%
STOXX 7.3%
Russell 5.9%
FTSE 4.2%
Dow Jones 3.8%
Markit 3.3%
NASDAQ OMX 2.3%
NYSE Euronext 1.2%
Other 15.2%↑
HONG KONGETF Index Investment Summit 201131 Aug. - 1 Sept. 2011JW Marriot Hotel
393 750
LONDONETF & Indexing Investments Europe17–19 October 2011Guoman Tower Hotel
CONTRARIAN PICK BEST-TREND PICK
HIGH LOW LOWSXOP SXDP
ComStage STOXX 600 Construction & Materials ETFISIN/Ticker: LU0378435639/SXOPTER / AUM: 0.25% / 25mn. 1 Year Return: +3.70%Last Price/High/Low 52-Weeks: €43.59 / 50.23 / 37.40Replication: Synthetic
ComStage STOXX 600 Health Care ETFISIN/TIcker: LU0378435985/SXDPTER / AUM: 0.25% / 61mn. 1 Year Return: +19.36%Last Price/High/Low 52-Weeks: €61.27 / 62.25 / 51.08Replication: Synthetic
RISK-REWARD-ANALYSISbased on an investment horizon of one month
RISK-REWARD-ANALYSISbased on an investment horizon of one month
Monthly Performance. As of July 29, 2011.
Chemicals-2.52%
Food & Beverages+0.62%
Oil & Gas+0.07%
Real Estate-1.75%
Financial Services-2.02%
Telecommunications+0.92% Personal &
Household Goods+2.03% Health Care
+2.43%
Construction & Materials–8.21%
Banks–6.71%
Media-5.72%
Industrial Goods & Services-5.69%
Insurance -6.54%
Technology-6.25%
Utilities
-4.87%
Automobiles & Parts
-3.87%Basic Resources
-3.45%Retail
-2.80%
BESTPERFORMINGSECTORS
WORSTPERFORMING
SECTORS
HIGH
Travel & Leisure-4.08%
► NEW EMMA IBOXX ETF LISTEDLyxor has launched a new emerging market sovereign fund. The Lyxor ETF iBoxx $ Liquid Emerging Markets Sovereigns has started trading on the Xetra trading platform. The bond index ETF enables investors to partici-pate in the performance of USD-denominated govern-ment bonds of 20 emerging market countries providing highest liquidity.
Ticker/ISIN: FR0010967323TER: 0.30% p.a.CCY: USD
LYXORSOCIETE GENERALE GROUP
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
► SET OF NEW MSCI ETFS LISTED db x-trackers recently launched a set of new MSCI ETFs. Notable is the MSCI Malaysia ETF. The country is one of the most powerful economies in South-Asia. All funds have been tradable on Deutsche Börse’s XTF segment. The product offering in Deutsche Börse’s XTF segment currently comprises a total of 858 exchange-listed index funds, making it the largest offering of all European stock exchanges.
► NEW MUNI BOND ETF LAUNCHEDVan Eck recently launched its new Market Vectors CEF Municipal Income ETF. The fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S-Network Municipal Bond Closed-End Fund Index. This is a rules based benchmark for U.S. closed-end funds that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield.
8
Feature
QUICK FACTS does this mean for the average investor or financial All major equity markets suffered enormous losses professional? At the very least, it means we should
during the last days. really start considering defensive positions in our S&P’s downgrade of the US debt may have a large
portfolios.impact on the markets.
Investors should protect their portfolios now. Shaky markets ahead – in the US and EuropeIn my opinion there is too much uncertainty to As we end a volatile July and enter into uncertain maintain a buy & hold passive strategy. Too much is at August, the economy and the markets are risk. Even with the new debt deal, government weighing heavily on investors' minds. Much of the spending is out of control. The Fed continues to print discussion over the summer has been related to the money at the cost of the buying power of the middle uncertainty over American debt. Even if the class American. Whether or not there is a default, default risk is meanwhile banned, the markets American debt is likely to get downgraded to an AA reacted very negative. A similar picture in Europe: rating, meaning the United States will have to pay All major equity markets were hammered. What even more interest on their debt, raising government
►
►
►
by David Cohne
HIGHQUICK FACTS
Increasing risks make defensive stocks and strategies attractive.
Rising gold prices may heavily support gold mining stocks.
►
►
. In the midst of the U.S. debt talk debacle, lingering is the ETF of the economic issues and a not so rosy month. It tracks the performance of future; gold prices continue to hit record gold mining companies. It has an highs. Investors and traders are looking expense ratio of 0.65% and $65 million for safe havens to put their money in. under management.
The ETF Radar Tactical portfolio is a model portfolio that invests in five One of the oldest and most used safe ETFs based on a tactical ETF rankings havens is gold. In addition, many system. The portfolio trades at the countries are buying gold in large end of each month. The holdings for quantities that is preventing gold prices August include to drop. This has led to increases in
prices of companies involved in gold , mining. The other place to be according , to the ranking system is in Treasury
Inflation Protected Securities or TIPs. , Yields continue to drop in these bonds
as prices are taking into account a very and weak economy and persistent inflation
fears. Based on the rankings
(FR0010589101) DAXglobal Gold Mining Fund (DE000A0Q8NC8)
ETF Securities DAXglobal Gold Mining Fund (DE000A0Q8NC8) iShares $ TIPS (DE000A0LGQF7) SPDR MSCI Eu ro p e He a l t h C a re E T F (FR0000001737) iShares MSCI J a p a n I n d e x F u n d (DE000A0DPMW9) Lyxor ETF STOXX Europe 600 Daily Short ETFX
n
Index Investor
Tactical Portfolio Update
by David Cohne
Defensive Duo: TIPS and gold stocks
ETF Radar Tactical Portfolio
Source: Cohne Investment Group, exclusively for ETF Radar / August 1, 2011 Ranking
7
ETF of the Month
ETFX DAXglobal Gold Mining Fund(DE000A0Q8NC8)
52-Week Range EUR 31.11 - EUR 41.87Market Cap EUR 64.5 millionDividends -TER 0.65% p.a.Last Volume n/a ETF Issuer ETF SecuritiesReplication Swap-based
TICKER ETF NAME TER AUM WEIGHT Currently there is too much uncertainty to maintain a buy & hold passive strategy. As strategists revised their views on the economic outlook rapidly, investors should act now. S&P meanwhile cut the US credit rating to AA, which means there is some trouble ahead.
Defensive ETFs for Rattled Financial Markets
DE000A0Q8NC8 ETFX DAXglobal Gold Mining Fund 0.65% $64.5 million 20%
DE000A0LGQF7 iShares $ TIPS 0.25% $316.5 million 20%
FR0000001737 SPDR MSCI Europe Health Care ETF 0.30% $64.2 million 20%
DE000A0DPMW9 iShares MSCI Japan Index Fund 0.59% $1.5 billion 20%
FR0010589101 Lyxor ETF STOXX Europe 600 Daily Short 0.40% $18 million 20%
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
8
Feature
QUICK FACTS does this mean for the average investor or financial All major equity markets suffered enormous losses professional? At the very least, it means we should
during the last days. really start considering defensive positions in our S&P’s downgrade of the US debt may have a large
portfolios.impact on the markets.
Investors should protect their portfolios now. Shaky markets ahead – in the US and EuropeIn my opinion there is too much uncertainty to As we end a volatile July and enter into uncertain maintain a buy & hold passive strategy. Too much is at August, the economy and the markets are risk. Even with the new debt deal, government weighing heavily on investors' minds. Much of the spending is out of control. The Fed continues to print discussion over the summer has been related to the money at the cost of the buying power of the middle uncertainty over American debt. Even if the class American. Whether or not there is a default, default risk is meanwhile banned, the markets American debt is likely to get downgraded to an AA reacted very negative. A similar picture in Europe: rating, meaning the United States will have to pay All major equity markets were hammered. What even more interest on their debt, raising government
►
►
►
by David Cohne
HIGHQUICK FACTS
Increasing risks make defensive stocks and strategies attractive.
Rising gold prices may heavily support gold mining stocks.
►
►
. In the midst of the U.S. debt talk debacle, lingering is the ETF of the economic issues and a not so rosy month. It tracks the performance of future; gold prices continue to hit record gold mining companies. It has an highs. Investors and traders are looking expense ratio of 0.65% and $65 million for safe havens to put their money in. under management.
The ETF Radar Tactical portfolio is a model portfolio that invests in five One of the oldest and most used safe ETFs based on a tactical ETF rankings havens is gold. In addition, many system. The portfolio trades at the countries are buying gold in large end of each month. The holdings for quantities that is preventing gold prices August include to drop. This has led to increases in
prices of companies involved in gold , mining. The other place to be according , to the ranking system is in Treasury
Inflation Protected Securities or TIPs. , Yields continue to drop in these bonds
as prices are taking into account a very and weak economy and persistent inflation
fears. Based on the rankings
(FR0010589101) DAXglobal Gold Mining Fund (DE000A0Q8NC8)
ETF Securities DAXglobal Gold Mining Fund (DE000A0Q8NC8) iShares $ TIPS (DE000A0LGQF7) SPDR MSCI Eu ro p e He a l t h C a re E T F (FR0000001737) iShares MSCI J a p a n I n d e x F u n d (DE000A0DPMW9) Lyxor ETF STOXX Europe 600 Daily Short ETFX
n
Index Investor
Tactical Portfolio Update
by David Cohne
Defensive Duo: TIPS and gold stocks
ETF Radar Tactical Portfolio
Source: Cohne Investment Group, exclusively for ETF Radar / August 1, 2011 Ranking
7
ETF of the Month
ETFX DAXglobal Gold Mining Fund(DE000A0Q8NC8)
52-Week Range EUR 31.11 - EUR 41.87Market Cap EUR 64.5 millionDividends -TER 0.65% p.a.Last Volume n/a ETF Issuer ETF SecuritiesReplication Swap-based
TICKER ETF NAME TER AUM WEIGHT Currently there is too much uncertainty to maintain a buy & hold passive strategy. As strategists revised their views on the economic outlook rapidly, investors should act now. S&P meanwhile cut the US credit rating to AA, which means there is some trouble ahead.
Defensive ETFs for Rattled Financial Markets
DE000A0Q8NC8 ETFX DAXglobal Gold Mining Fund 0.65% $64.5 million 20%
DE000A0LGQF7 iShares $ TIPS 0.25% $316.5 million 20%
FR0000001737 SPDR MSCI Europe Health Care ETF 0.30% $64.2 million 20%
DE000A0DPMW9 iShares MSCI Japan Index Fund 0.59% $1.5 billion 20%
FR0010589101 Lyxor ETF STOXX Europe 600 Daily Short 0.40% $18 million 20%
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Feature
10
HIGH
9
Feature
HIGH
costs and eventually prices of everyday goods.
There is unrest in the Middle East and Northern
Africa that can largely be attributed to poor
economic situations in the respective countries.
In addition to the United States, Europe has its
own economic and austerity problems.
This can be done with inverse ETFs. We recommend
How to defend your portfolio… the and the
This is enough to scare me. Being a quant, my . If you want
portfolio decisions are based on my proprietary to be more aggressive you could consider the double
signals, but whether or not you invest using leveraged versions of those indexes with the
formulas or gut feeling, you should definitely re- and the
evaluate your ETF holdings to make sure your . With
portfolio can withstand a large market drop. Now I focus on the European blue chip indices the
am not saying that the market will indeed and
plummet, but you should at least very prepare. the
The easiest way to defend your portfolio is to go to would be attractive products to defend your European
Cash when things start getting bad. A good hint equity portfolio – or just to participate on weak stock
would be when interest start to skyrocket. If you markets. Especially Germany's DAX index could test
don't follow any type of market timing new lows near the 6.600 points level as soon as new
methodology or believe in it, you could also apply bad news from the Southern member states of the
a decent size hedge in your portfolio. Eurozone arrive.
ProShares Short S&P 500 (SH)
ProShares Short Russell 2000 (RWM)
ProShares Ultra Short S&P 500 (SDS)
ProShares Ultra Short Russell 2000 (TWM)
DB x-
trackers Short EuroStoxx 50 (LU0292106753)
Comstage Short Dax ETF (LU0603940916)
S&P 500 & the Russell 2000. In this strategy we want …also on the long run to analyze what will be affected most by another
financial disaster or serious market downturn. If you plan on keeping some long holdings, you Right off the bat I would say that financial should consider defensive sectors such as consumer companies, real estate and the dollar could be hit staples, health care, and utilities that typically don't hardest. Large financial firms such as banks are get hit as bad. You can access these sectors through probably in no better shape than they were before the following ETFs: 2008, so betting against financial firms could prove to be a nice defensive play. This can be done with the North American picks: The
or the leveraged version, the and the . Real
Estate is another area that will continue to bear the Companies in brunt of another economic downturn. these sectors typically have steady and predictable Unemployment is still up, so people aren't buying earnings in both bull and bear markets. Another homes and if things get worse, home prices may defensive holding is gold. Some analysts believe that continue to drop, so betting against real estate is also gold is overpriced and some believe that it can still an interesting but opportunistic defensive play. This climb, but exposure to gold in a downturn can better can be down through the help protect your portfolio. This can be accessed
. Finally, better against the dollar can with the .be used as a defensive play. As the Fed continues to
Some hot alternative plays print money and inflation takes hold, the value of The third type of defensive strategy is with specific the dollar will drop which makes a short or inverse funds. In the first strategy, I covered inverse intermediate term play against the dollar another index funds that tracked the inverse return of the interesting opportunity.
SPDR Consumer Staples (XLP), Stoxx Europe 600 Optimised Health Care Source ETF (IE00B5MJYY16), SPDR Health
ProShares Short Care (XLV), MSCI Europe Health Care Financials (SEF)(FR0000001737) SPDR Utilities (XLU) or ProShares Ultra Short Financials (SKF)the STOXX Europe 600 Optimised Utilities
Source ETF (IE00B5MTXK03).
ProShares Short Real Estate (REK)SPDR Gold (GLD)
n
You should definitely re-evaluate your ETF holdings to make sure your portfolio can withstand a large drop.
THE PARTY IS OVER – FOR NOWPerformance comparison S&P500 Ultra-Short vs. S&P500, DIJA and DAX
Jan Feb Mar Apr May Jun Jul
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
S&P500 Ultra-Short
S&P500DJIA
DAX30
2011
Weekly Performance(Aug 1 - Aug 5)
-7,00 %-7,73 %
-12,89 %
Dow
Jon
es In
d. A
v.
S&P
500
DA
X30
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Country Sovereign local currency ratings
(LT/Outlook/ST)
Sovereign foreign currency
ratings (LT/Outlook/ST)
Australia AAA/Stable/A-1+ AAA/Stable/A-1+
Canada AAA/Stable/A-1+ AAA/Stable/A-1+
Denmark AAA/Stable/A-1+ AAA/Stable/A-1+
Finland AAA/Stable/A-1+ AAA/Stable/A-1+
France AAA/Stable/A-1+ AAA/Stable/A-1+
Germany AAA/Stable/A-1+ AAA/Stable/A-1+
Hong Kong AAA/Stable/A-1+ AAA/Stable/A-1+
Netherlands AAA/Stable/A-1+ AAA/Stable/A-1+
New Zealand AAA/Stable/A-1+ AA+/Negative/A-1+
Norway AAA/Stable/A-1+ AAA/Stable/A-1+
Singapore AAA/Stable/A-1+ AAA/Stable/A-1+
Sweden AAA/Stable/A-1+ AAA/Stable/A-1+
Switzerland AAA/Stable/A-1+ AAA/Stable/A-1+
United Kingdom AAA/Stable/A-1+ AAA/Stable/A-1+
Belgium AA+/Negative/A-1+ AA+/Negative/A-1+
United States AA+/Negative/A-1+ AA+/Negative/A-1+
Abu Dhabi AA/Stable/A-1+ AA/Stable/A-1+
Kuwait AA/Stable/A-1+ AA/Stable/A-1+
Qatar AA/Stable/A-1+ AA/Stable/A-1+
China AA-/Stable/A-1+ AA-/Stable/A-1+
Israel AA-/Stable/A-1+ A/Stable/A-1
Saudi Arabia AA-/Stable/A-1+ AA-/Stable/A-1+
Taiwan AA-/Stable/A-1+ AA-/Stable/A-1+
Source: Standard&Poor‘s as of Aug 5, 2011.
THE CLUB OF LONELY TRIPLE-A‘SSelected sovereign S&P credit ratings (AAA and lower)
Feature
10
HIGH
9
Feature
HIGH
costs and eventually prices of everyday goods.
There is unrest in the Middle East and Northern
Africa that can largely be attributed to poor
economic situations in the respective countries.
In addition to the United States, Europe has its
own economic and austerity problems.
This can be done with inverse ETFs. We recommend
How to defend your portfolio… the and the
This is enough to scare me. Being a quant, my . If you want
portfolio decisions are based on my proprietary to be more aggressive you could consider the double
signals, but whether or not you invest using leveraged versions of those indexes with the
formulas or gut feeling, you should definitely re- and the
evaluate your ETF holdings to make sure your . With
portfolio can withstand a large market drop. Now I focus on the European blue chip indices the
am not saying that the market will indeed and
plummet, but you should at least very prepare. the
The easiest way to defend your portfolio is to go to would be attractive products to defend your European
Cash when things start getting bad. A good hint equity portfolio – or just to participate on weak stock
would be when interest start to skyrocket. If you markets. Especially Germany's DAX index could test
don't follow any type of market timing new lows near the 6.600 points level as soon as new
methodology or believe in it, you could also apply bad news from the Southern member states of the
a decent size hedge in your portfolio. Eurozone arrive.
ProShares Short S&P 500 (SH)
ProShares Short Russell 2000 (RWM)
ProShares Ultra Short S&P 500 (SDS)
ProShares Ultra Short Russell 2000 (TWM)
DB x-
trackers Short EuroStoxx 50 (LU0292106753)
Comstage Short Dax ETF (LU0603940916)
S&P 500 & the Russell 2000. In this strategy we want …also on the long run to analyze what will be affected most by another
financial disaster or serious market downturn. If you plan on keeping some long holdings, you Right off the bat I would say that financial should consider defensive sectors such as consumer companies, real estate and the dollar could be hit staples, health care, and utilities that typically don't hardest. Large financial firms such as banks are get hit as bad. You can access these sectors through probably in no better shape than they were before the following ETFs: 2008, so betting against financial firms could prove to be a nice defensive play. This can be done with the North American picks: The
or the leveraged version, the and the . Real
Estate is another area that will continue to bear the Companies in brunt of another economic downturn. these sectors typically have steady and predictable Unemployment is still up, so people aren't buying earnings in both bull and bear markets. Another homes and if things get worse, home prices may defensive holding is gold. Some analysts believe that continue to drop, so betting against real estate is also gold is overpriced and some believe that it can still an interesting but opportunistic defensive play. This climb, but exposure to gold in a downturn can better can be down through the help protect your portfolio. This can be accessed
. Finally, better against the dollar can with the .be used as a defensive play. As the Fed continues to
Some hot alternative plays print money and inflation takes hold, the value of The third type of defensive strategy is with specific the dollar will drop which makes a short or inverse funds. In the first strategy, I covered inverse intermediate term play against the dollar another index funds that tracked the inverse return of the interesting opportunity.
SPDR Consumer Staples (XLP), Stoxx Europe 600 Optimised Health Care Source ETF (IE00B5MJYY16), SPDR Health
ProShares Short Care (XLV), MSCI Europe Health Care Financials (SEF)(FR0000001737) SPDR Utilities (XLU) or ProShares Ultra Short Financials (SKF)the STOXX Europe 600 Optimised Utilities
Source ETF (IE00B5MTXK03).
ProShares Short Real Estate (REK)SPDR Gold (GLD)
n
You should definitely re-evaluate your ETF holdings to make sure your portfolio can withstand a large drop.
THE PARTY IS OVER – FOR NOWPerformance comparison S&P500 Ultra-Short vs. S&P500, DIJA and DAX
Jan Feb Mar Apr May Jun Jul
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
S&P500 Ultra-Short
S&P500DJIA
DAX30
2011
Weekly Performance(Aug 1 - Aug 5)
-7,00 %-7,73 %
-12,89 %
Dow
Jon
es In
d. A
v.
S&P
500
DA
X30
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Country Sovereign local currency ratings
(LT/Outlook/ST)
Sovereign foreign currency
ratings (LT/Outlook/ST)
Australia AAA/Stable/A-1+ AAA/Stable/A-1+
Canada AAA/Stable/A-1+ AAA/Stable/A-1+
Denmark AAA/Stable/A-1+ AAA/Stable/A-1+
Finland AAA/Stable/A-1+ AAA/Stable/A-1+
France AAA/Stable/A-1+ AAA/Stable/A-1+
Germany AAA/Stable/A-1+ AAA/Stable/A-1+
Hong Kong AAA/Stable/A-1+ AAA/Stable/A-1+
Netherlands AAA/Stable/A-1+ AAA/Stable/A-1+
New Zealand AAA/Stable/A-1+ AA+/Negative/A-1+
Norway AAA/Stable/A-1+ AAA/Stable/A-1+
Singapore AAA/Stable/A-1+ AAA/Stable/A-1+
Sweden AAA/Stable/A-1+ AAA/Stable/A-1+
Switzerland AAA/Stable/A-1+ AAA/Stable/A-1+
United Kingdom AAA/Stable/A-1+ AAA/Stable/A-1+
Belgium AA+/Negative/A-1+ AA+/Negative/A-1+
United States AA+/Negative/A-1+ AA+/Negative/A-1+
Abu Dhabi AA/Stable/A-1+ AA/Stable/A-1+
Kuwait AA/Stable/A-1+ AA/Stable/A-1+
Qatar AA/Stable/A-1+ AA/Stable/A-1+
China AA-/Stable/A-1+ AA-/Stable/A-1+
Israel AA-/Stable/A-1+ A/Stable/A-1
Saudi Arabia AA-/Stable/A-1+ AA-/Stable/A-1+
Taiwan AA-/Stable/A-1+ AA-/Stable/A-1+
Source: Standard&Poor‘s as of Aug 5, 2011.
THE CLUB OF LONELY TRIPLE-A‘SSelected sovereign S&P credit ratings (AAA and lower)
11
People
ETF Radar Magazine | Issue August-September 2011
Expert Talk with
VITA
►►►
►
►
Ossiam Minimum Variance ETFs
Born: 1970Lives in: Neuilly (France)
Antoine Moreau is Deputy CEO and one of the founding partners of Ossiam, a french based investment management company created in 2009, which became an affiliate of Natixis Global Asset Management in 2010. Ossiam’s goal is to be the first European ETF provider dedicated to providing a full range of specialty ETFs. Antoine previously held trading positions on interest rate, fund and equity derivatives for 15 years. He was head of fund derivatives trading for Europe at Société Générale, then global head of fund derivatives and exotic equity derivatives trading at Calyon. He graduated from the Ecole Polytechnique, the ENSAE and the French Institute of Actuaries.
My first ETF: Various iShares countries ETFs
My favourite investments:
Career:
Antoine Moreau
What was the motivation for offers a global multi-boutique Ossiam to enter the market? approach putting together the The European ETF Market is unique expertise of more than 20 extremely competitive. Ossiam's specialized affiliates that manage strategy consists in focusing on independently their range of specialty ETFs to gain market products and have more than 750 share by offering through our first billion USD AuM as of 31/03/2011. products efficient alternatives to As part of the group, we benefit Market Capitalization Index from a wide and highly Funds; then other types of ETFs sophisticated range of support will be launched. skills and facilities from IT
infrastructures to legal know At the moment, Ossiam offers a how. Moreover, we can leverage unique range of strategies that on the global distribution have never been implemented network of Natixis Global through ETFs in Europe, or Associates. The multi-boutique worldwide in the case of approach of Natixis Global Asset Minimum Variance ETFs. We feel Management allows us to that our positioning constitutes a maintain a total independence in real differentiation and added our investment objectives but value compared to the main ETF also in decisions such as the players that do not currently choice of our partners or the address the market segment we selection of the counterparts of are targeting. We are confident the swaps in case of synthetic that our concentrated approach replication that is performed based on strong quantitative through a competitive bidding.skills will be well received by Investors all around Europe.
How is the Ossiam's corporate Which role plays Natixis structure? Global Asset Management Natixis Global Asset Manage-and how overlapping are your ment is the majority shareholder internal processes? of Ossiam with 51% of the capital Ossiam is a subsidiary of Natixis while Founding partners own the Global Asset Management that remaining shares. Ossiam is now
by Silvan Schelling
Deputy CEO, Ossiam
“Obecome the Leader of specialty ETFs.”
ur ambition is to
People
Across the Atlantic:
a structure of 14 professionals fully Equities with a buy and hold strategy subscription and redemption. dedicated to the conception, that focuses on keeping volatility Every day Ossiam publishes the full structuration, management and under control and aiming at composition of its ETF Assets on its promotion of a range of specialty minimizing drawdowns. website (with a delay of 2 working ETFs. days because of index providers'
What kind of replication do you constraints).Which goals you have for this year use? with regards to AuM? Ossiam, as a policy, selects the Which reactions did you get We don't give any AuM targets; replication method of an Index from the buy-side - and have you however our ambition is to become (Synthetic or Physical) in order to got some feedbacks from your the European Leader of specialty minimize the tracking error with the competitors?ETFs. Reference Index and having in mind The first reactions on the buy-side,
the best interest for the final investor. as well as from our competitors Which product focus you are The first batch of ETFs uses Synthetic have been extremely welcoming. planning? replication. The Fund Assets are Our first products have gathered a We are currently working on different invested, for at least 93%, in a basket lot of attention especially from products that we hope will be available of securities and for a maximum of institutional clients. The current for the European investor as soon as 7%, in an Equity Performance Swap uncertainty on Equity and Bonds possible. In particular, we also want to with an external counterparty. The markets has favored our Minimum offer specialty ETFs based on other Equity Performance Swap allows for Variance Strategies that offer an asset classes than equities. We will be the Fund to receive the performance alternative to traditional Market able to communicate on those of the tracked index while paying to Capitalization Indices, either for products after the necessary the counterparty the performance of investors that want to tactically authorization from regulators. the substitute basket. For the sake of overweight equities with a
transparency and in order to respect defensive instrument trying to investor's best interest: minimize drawdowns, or for buy
and hold investors that are seeking The counterparty of the Swap is an attractive entry point on Equity selected through a bidding contest Markets. that takes into consideration the notoriety and rating of the counterparty, the price, the quality and management of the substitute basket provided by the counterparty,
What kind of investors do you the bid-ask spread for increases and mainly target and why? decreases and the cut off times. At Equal Weight ETFs are an alternative the moment, 8 counterparties have to Market Capitalization Index Funds been included in the selection and will suit Institutional Investors process and the first swaps have been such as long only Asset Managers and implemented with BNP Paribas and Pension Funds but also Private Natixis. Investors that want to invest in an Index Fund that overweights shares of The quality of the substitute basket is companies with a smaller Market a crucial parameter for Ossiam in the Capitalization compared to traditional selection of the counterparty. As a Market indices. All institutions or general rule, the composition of the private investors that already invested substitute basket includes 100% of in benchmarked equity funds are European Economic Area equity possible investors for these ETFs as securities that have a first rate they should consider these as a tool for standing. beta diversification of their current holdings. Minimum Variance The total amount of swaps Strategies appeal to Institutional (summing all counterparties) can't Investors and Private Investors as well, be superior to 7% of the Fund's willing to position themselves on Assets. Swaps are “restriked” at every
Thank you! n
The rbuy-side, as well as from our competitors have been extremely welcoming.
eactions on the
People
Interview withTom Lydon, ETF Trendsin the Magazine’sNorth American Edition.www.etf-radar.com
12
ETF Radar Magazine | Issue August-September 2011
11
People
ETF Radar Magazine | Issue August-September 2011
Expert Talk with
VITA
►►►
►
►
Ossiam Minimum Variance ETFs
Born: 1970Lives in: Neuilly (France)
Antoine Moreau is Deputy CEO and one of the founding partners of Ossiam, a french based investment management company created in 2009, which became an affiliate of Natixis Global Asset Management in 2010. Ossiam’s goal is to be the first European ETF provider dedicated to providing a full range of specialty ETFs. Antoine previously held trading positions on interest rate, fund and equity derivatives for 15 years. He was head of fund derivatives trading for Europe at Société Générale, then global head of fund derivatives and exotic equity derivatives trading at Calyon. He graduated from the Ecole Polytechnique, the ENSAE and the French Institute of Actuaries.
My first ETF: Various iShares countries ETFs
My favourite investments:
Career:
Antoine Moreau
What was the motivation for offers a global multi-boutique Ossiam to enter the market? approach putting together the The European ETF Market is unique expertise of more than 20 extremely competitive. Ossiam's specialized affiliates that manage strategy consists in focusing on independently their range of specialty ETFs to gain market products and have more than 750 share by offering through our first billion USD AuM as of 31/03/2011. products efficient alternatives to As part of the group, we benefit Market Capitalization Index from a wide and highly Funds; then other types of ETFs sophisticated range of support will be launched. skills and facilities from IT
infrastructures to legal know At the moment, Ossiam offers a how. Moreover, we can leverage unique range of strategies that on the global distribution have never been implemented network of Natixis Global through ETFs in Europe, or Associates. The multi-boutique worldwide in the case of approach of Natixis Global Asset Minimum Variance ETFs. We feel Management allows us to that our positioning constitutes a maintain a total independence in real differentiation and added our investment objectives but value compared to the main ETF also in decisions such as the players that do not currently choice of our partners or the address the market segment we selection of the counterparts of are targeting. We are confident the swaps in case of synthetic that our concentrated approach replication that is performed based on strong quantitative through a competitive bidding.skills will be well received by Investors all around Europe.
How is the Ossiam's corporate Which role plays Natixis structure? Global Asset Management Natixis Global Asset Manage-and how overlapping are your ment is the majority shareholder internal processes? of Ossiam with 51% of the capital Ossiam is a subsidiary of Natixis while Founding partners own the Global Asset Management that remaining shares. Ossiam is now
by Silvan Schelling
Deputy CEO, Ossiam
“Obecome the Leader of specialty ETFs.”
ur ambition is to
People
Across the Atlantic:
a structure of 14 professionals fully Equities with a buy and hold strategy subscription and redemption. dedicated to the conception, that focuses on keeping volatility Every day Ossiam publishes the full structuration, management and under control and aiming at composition of its ETF Assets on its promotion of a range of specialty minimizing drawdowns. website (with a delay of 2 working ETFs. days because of index providers'
What kind of replication do you constraints).Which goals you have for this year use? with regards to AuM? Ossiam, as a policy, selects the Which reactions did you get We don't give any AuM targets; replication method of an Index from the buy-side - and have you however our ambition is to become (Synthetic or Physical) in order to got some feedbacks from your the European Leader of specialty minimize the tracking error with the competitors?ETFs. Reference Index and having in mind The first reactions on the buy-side,
the best interest for the final investor. as well as from our competitors Which product focus you are The first batch of ETFs uses Synthetic have been extremely welcoming. planning? replication. The Fund Assets are Our first products have gathered a We are currently working on different invested, for at least 93%, in a basket lot of attention especially from products that we hope will be available of securities and for a maximum of institutional clients. The current for the European investor as soon as 7%, in an Equity Performance Swap uncertainty on Equity and Bonds possible. In particular, we also want to with an external counterparty. The markets has favored our Minimum offer specialty ETFs based on other Equity Performance Swap allows for Variance Strategies that offer an asset classes than equities. We will be the Fund to receive the performance alternative to traditional Market able to communicate on those of the tracked index while paying to Capitalization Indices, either for products after the necessary the counterparty the performance of investors that want to tactically authorization from regulators. the substitute basket. For the sake of overweight equities with a
transparency and in order to respect defensive instrument trying to investor's best interest: minimize drawdowns, or for buy
and hold investors that are seeking The counterparty of the Swap is an attractive entry point on Equity selected through a bidding contest Markets. that takes into consideration the notoriety and rating of the counterparty, the price, the quality and management of the substitute basket provided by the counterparty,
What kind of investors do you the bid-ask spread for increases and mainly target and why? decreases and the cut off times. At Equal Weight ETFs are an alternative the moment, 8 counterparties have to Market Capitalization Index Funds been included in the selection and will suit Institutional Investors process and the first swaps have been such as long only Asset Managers and implemented with BNP Paribas and Pension Funds but also Private Natixis. Investors that want to invest in an Index Fund that overweights shares of The quality of the substitute basket is companies with a smaller Market a crucial parameter for Ossiam in the Capitalization compared to traditional selection of the counterparty. As a Market indices. All institutions or general rule, the composition of the private investors that already invested substitute basket includes 100% of in benchmarked equity funds are European Economic Area equity possible investors for these ETFs as securities that have a first rate they should consider these as a tool for standing. beta diversification of their current holdings. Minimum Variance The total amount of swaps Strategies appeal to Institutional (summing all counterparties) can't Investors and Private Investors as well, be superior to 7% of the Fund's willing to position themselves on Assets. Swaps are “restriked” at every
Thank you! n
The rbuy-side, as well as from our competitors have been extremely welcoming.
eactions on the
People
Interview withTom Lydon, ETF Trendsin the Magazine’sNorth American Edition.www.etf-radar.com
12
ETF Radar Magazine | Issue August-September 2011
Harriman House is one of the UK's leading independent publishersof finance, trading and investment books.
There’s Never Been A Better Time To Learn More About The ETF Industry.
Hh Harriman HouseOn Sale Now:
www.harriman-house.com/etfradarGet 30% off the regular price!
Rankings
Top 25 ETF providers around the world ranked by Assets under ManagementAs at end June 2011
WORLDWIDE
In association with
Source: BlackRock Global ETF Research and Implementation Strategy Team
13
Rankings
10
Top 10/Top 5 ETFs by Assets under ManagementAs at end June 2011
UNITED STATES
EUROPE
MIDDLE-EAST/AFRICA
ASIA-PACIFIC
JAPAN
14Source: BlackRock Global ETF Research and Implementation Strategy Team
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
SPDR S&P 500 SPY US $89,227.2 148,564 $19,913.5
Vanguard MSCI Emerging Markets ETF VWO US $48,702.2 19,791 $954.6
iShares MSCI EAFE Index Fund EFA US $40,810.7 17,529 $1,075.8
iShares MSCI Emerging Markets Index Fund EEM US $40,204.7 58,105 $2,777.4
iShares S&P 500 Index Fund IVV US $28,279.8 2,715 $365.0
PowerShares QQQ Trust QQQ US $24,368.2 45,740 $2,666.9
iShares Barclays TIPS Bond Fund TIP US $20,509.1 746 $82.6
Vanguard Total Stock Market ETF VTI US $20,338.2 1,297 $90.5
iShares Russell 2000 Index Fund IWM US $16,683.8 59,529 $4,976.4
iShares Russell 1000 Growth Index Fund IWF US $13,981.6 1,867 $115.2
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
iShares DAX (DE) DAXEX GY $10,719.7 3,503 $343.0
iShares S&P 500 IUSA LN $9,573.8 7,530 $100.5
ZKB Gold ETF (CHF) ZGLD SW $8,445.9 12 $31.1
iShares MSCI Emerging Markets IEEM LN $7,060.0 1,187 $55.5
Lyxor ETF Euro STOXX 50 MSE FP $6,723.6 3,301 $140.5
db x-trackers DAX ETF XDAX GY $6,269.3 686 $72.2
iShares FTSE 100 ISF LN $6,003.2 10,024 $98.3
db x-trackers MSCI Emerging Market TRN Index ETF XMEM GY $5,568.2 900 $41.5
iShares EURO STOXX 50 (DE) SX5EEX GY $5,560.1 1,246 $53.0
iShares Markit iBoxx Euro Corporate Bond IBCS GY $4,614.0 116 $19.9
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
SATRIX40 STX40 SJ $1,016.4 1,136 $4.9
STANLIB SWIX 40 Fund STANSX SJ $348.8 1 $0.0
Satrix Dividend Plus STXDIV SJ $156.7 730 $0.2
SATRIX Financials STXFIN SJ $124.6 85 $0.1
Bips Government Inflation Linked Bond Fund BIPINF SJ $123.9 51 $0.1
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
NIKKEI 225 ETF 1321 JP $6,883.5 368 $44.7
TOPIX ETF 1306 JP $6,874.9 2,636 $28.0
Listed Index Fund 225 1330 JP $3,130.7 271 $33.0
Listed Index Fund TOPIX 1308 JP $3,095.8 249 $2.6
Daiwa ETF NIKKEI 225 1320 JP $2,691.1 72 $8.8
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
iShares FTSE A50 China Index ETF* 2823 HK $7,849.4 65,926 $111.4
Tracker Fund of Hong Kong (TraHK) 2800 HK $7,532.7 19,653 $60.8
Hang Seng Index ETF 2833 HK $4,097.9 62 $1.9
China AMC SSE 50 510050 CH $3,141.8 263,678 $81.3
Hang Seng H-Share Index ETF 2828 HK $2,840.8 1,432 $24.6
E Fund SZSE 100 159901 CH $2,708.8 480,861 $56.0
ABF Pan Asia Bond Index Fund 2821 HK $2,450.1 2 $0.3
SPDR S&P/ASX 200 Fund STW AU $2,412.1 199 $9.5
Polaris Taiwan Top 50 Tracker 0050 TT $2,292.5 15,936 $34.5
Samsung Kodex200 ETF 069500 KS $2,267.7 1,445 $38.2
Provider
H1-11 YTD change
# ETFs
AUM (US$ Bn)
% total
ADV (US$ Mn)
# planned
# ETFs
% ETFs
AUM (US$ Bn)
% AUM
% market share
iShares 474 $620.7 43.0% $17,801.2 16 1 0.2% $42.1 7.3% -1.1%
State Street Global Advisors 137 $204.2 14.2% $33,776.9 37 24 21.2% $13.6 7.1% -0.4%
Vanguard 69 $175.5 12.2% $1,575.2 1 4 6.2% $27.0 18.2% 0.8%
Lyxor Asset Management 163 $54.4 3.8% $941.2 1 7 4.5% $1.0 1.9% -0.3%
db x-trackers 201 $52.3 3.6% $481.4 16 22 12.3% $3.2 6.5% -0.1%
PowerShares 142 $45.7 3.2% $2,843.7 49 12 9.2% $2.9 6.8% -0.1%
ProShares 107 $23.5 1.6% $3,424.6 93 7 7.0% $2.0 9.1% 0.0%
Van Eck Associates Corp 34 $23.0 1.6% $877.0 38 5 17.2% $3.0 15.2% 0.1%
Credit Suisse Asset Management 58 $18.3 1.3% $89.6 0 4 7.4% $2.7 17.1% 0.1%
Nomura Asset Management 34 $16.0 1.1% $82.2 0 2 6.3% -$0.4 -2.4% -0.1%
WisdomTree Investments 46 $13.0 0.9% $165.8 71 2 4.5% $3.1 31.1% 0.1%
Zurich Cantonal Bank 7 $12.9 0.9% $43.4 0 0 0.0% $1.1 9.5% 0.0%
UBS Global Asset Management 50 $11.4 0.8% $43.5 0 21 72.4% $4.8 73.8% 0.3%
Bank of New York 1 $11.1 0.8% $404.4 0 0 0.0% -$1.1 -9.2% -0.2%
Amundi ETF 99 $10.1 0.7% $107.9 0 7 7.6% $2.9 40.7% 0.2%
Commerzbank 94 $9.6 0.7% $44.3 0 4 4.4% $1.0 11.1% 0.0%
HSBC/Hang Seng 32 $8.6 0.6% $70.1 4 15 88.2% $1.2 16.1% 0.0%
Source Markets 64 $7.8 0.5% $346.3 15 8 14.3% $2.8 57.2% 0.2%
First Trust Advisors 59 $7.7 0.5% $105.5 5 16 37.2% $2.3 41.9% 0.1%
Nikko Asset Management 20 $6.9 0.5% $55.1 0 3 17.6% $0.3 5.1% 0.0%
Direxion Shares 51 $6.8 0.5% $3,036.7 176 12 30.8% $0.2 2.8% 0.0%
Claymore Investments 31 $6.5 0.5% $27.6 9 2 6.9% $1.0 18.3% 0.0%
EasyETF 48 $6.2 0.4% $19.9 1 -1 -2.0% $0.7 12.1% 0.0%
Daiwa Asset Management 23 $6.1 0.4% $13.7 1 0 0.0% -$0.8 -11.0% -0.1%
ETFlab Investment 40 $5.8 0.4% $42.6 0 5 14.3% -$1.0 -14.2% -0.1%
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Harriman House is one of the UK's leading independent publishersof finance, trading and investment books.
There’s Never Been A Better Time To Learn More About The ETF Industry.
Hh Harriman HouseOn Sale Now:
www.harriman-house.com/etfradarGet 30% off the regular price!
Rankings
Top 25 ETF providers around the world ranked by Assets under ManagementAs at end June 2011
WORLDWIDE
In association with
Source: BlackRock Global ETF Research and Implementation Strategy Team
13
Rankings
10
Top 10/Top 5 ETFs by Assets under ManagementAs at end June 2011
UNITED STATES
EUROPE
MIDDLE-EAST/AFRICA
ASIA-PACIFIC
JAPAN
14Source: BlackRock Global ETF Research and Implementation Strategy Team
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
SPDR S&P 500 SPY US $89,227.2 148,564 $19,913.5
Vanguard MSCI Emerging Markets ETF VWO US $48,702.2 19,791 $954.6
iShares MSCI EAFE Index Fund EFA US $40,810.7 17,529 $1,075.8
iShares MSCI Emerging Markets Index Fund EEM US $40,204.7 58,105 $2,777.4
iShares S&P 500 Index Fund IVV US $28,279.8 2,715 $365.0
PowerShares QQQ Trust QQQ US $24,368.2 45,740 $2,666.9
iShares Barclays TIPS Bond Fund TIP US $20,509.1 746 $82.6
Vanguard Total Stock Market ETF VTI US $20,338.2 1,297 $90.5
iShares Russell 2000 Index Fund IWM US $16,683.8 59,529 $4,976.4
iShares Russell 1000 Growth Index Fund IWF US $13,981.6 1,867 $115.2
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
iShares DAX (DE) DAXEX GY $10,719.7 3,503 $343.0
iShares S&P 500 IUSA LN $9,573.8 7,530 $100.5
ZKB Gold ETF (CHF) ZGLD SW $8,445.9 12 $31.1
iShares MSCI Emerging Markets IEEM LN $7,060.0 1,187 $55.5
Lyxor ETF Euro STOXX 50 MSE FP $6,723.6 3,301 $140.5
db x-trackers DAX ETF XDAX GY $6,269.3 686 $72.2
iShares FTSE 100 ISF LN $6,003.2 10,024 $98.3
db x-trackers MSCI Emerging Market TRN Index ETF XMEM GY $5,568.2 900 $41.5
iShares EURO STOXX 50 (DE) SX5EEX GY $5,560.1 1,246 $53.0
iShares Markit iBoxx Euro Corporate Bond IBCS GY $4,614.0 116 $19.9
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
SATRIX40 STX40 SJ $1,016.4 1,136 $4.9
STANLIB SWIX 40 Fund STANSX SJ $348.8 1 $0.0
Satrix Dividend Plus STXDIV SJ $156.7 730 $0.2
SATRIX Financials STXFIN SJ $124.6 85 $0.1
Bips Government Inflation Linked Bond Fund BIPINF SJ $123.9 51 $0.1
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
NIKKEI 225 ETF 1321 JP $6,883.5 368 $44.7
TOPIX ETF 1306 JP $6,874.9 2,636 $28.0
Listed Index Fund 225 1330 JP $3,130.7 271 $33.0
Listed Index Fund TOPIX 1308 JP $3,095.8 249 $2.6
Daiwa ETF NIKKEI 225 1320 JP $2,691.1 72 $8.8
ETF Bloomberg ticker
AUM
(US$ Mn)
ADV
('000 shares)
ADV
(US$ Mn)
iShares FTSE A50 China Index ETF* 2823 HK $7,849.4 65,926 $111.4
Tracker Fund of Hong Kong (TraHK) 2800 HK $7,532.7 19,653 $60.8
Hang Seng Index ETF 2833 HK $4,097.9 62 $1.9
China AMC SSE 50 510050 CH $3,141.8 263,678 $81.3
Hang Seng H-Share Index ETF 2828 HK $2,840.8 1,432 $24.6
E Fund SZSE 100 159901 CH $2,708.8 480,861 $56.0
ABF Pan Asia Bond Index Fund 2821 HK $2,450.1 2 $0.3
SPDR S&P/ASX 200 Fund STW AU $2,412.1 199 $9.5
Polaris Taiwan Top 50 Tracker 0050 TT $2,292.5 15,936 $34.5
Samsung Kodex200 ETF 069500 KS $2,267.7 1,445 $38.2
Provider
H1-11 YTD change
# ETFs
AUM (US$ Bn)
% total
ADV (US$ Mn)
# planned
# ETFs
% ETFs
AUM (US$ Bn)
% AUM
% market share
iShares 474 $620.7 43.0% $17,801.2 16 1 0.2% $42.1 7.3% -1.1%
State Street Global Advisors 137 $204.2 14.2% $33,776.9 37 24 21.2% $13.6 7.1% -0.4%
Vanguard 69 $175.5 12.2% $1,575.2 1 4 6.2% $27.0 18.2% 0.8%
Lyxor Asset Management 163 $54.4 3.8% $941.2 1 7 4.5% $1.0 1.9% -0.3%
db x-trackers 201 $52.3 3.6% $481.4 16 22 12.3% $3.2 6.5% -0.1%
PowerShares 142 $45.7 3.2% $2,843.7 49 12 9.2% $2.9 6.8% -0.1%
ProShares 107 $23.5 1.6% $3,424.6 93 7 7.0% $2.0 9.1% 0.0%
Van Eck Associates Corp 34 $23.0 1.6% $877.0 38 5 17.2% $3.0 15.2% 0.1%
Credit Suisse Asset Management 58 $18.3 1.3% $89.6 0 4 7.4% $2.7 17.1% 0.1%
Nomura Asset Management 34 $16.0 1.1% $82.2 0 2 6.3% -$0.4 -2.4% -0.1%
WisdomTree Investments 46 $13.0 0.9% $165.8 71 2 4.5% $3.1 31.1% 0.1%
Zurich Cantonal Bank 7 $12.9 0.9% $43.4 0 0 0.0% $1.1 9.5% 0.0%
UBS Global Asset Management 50 $11.4 0.8% $43.5 0 21 72.4% $4.8 73.8% 0.3%
Bank of New York 1 $11.1 0.8% $404.4 0 0 0.0% -$1.1 -9.2% -0.2%
Amundi ETF 99 $10.1 0.7% $107.9 0 7 7.6% $2.9 40.7% 0.2%
Commerzbank 94 $9.6 0.7% $44.3 0 4 4.4% $1.0 11.1% 0.0%
HSBC/Hang Seng 32 $8.6 0.6% $70.1 4 15 88.2% $1.2 16.1% 0.0%
Source Markets 64 $7.8 0.5% $346.3 15 8 14.3% $2.8 57.2% 0.2%
First Trust Advisors 59 $7.7 0.5% $105.5 5 16 37.2% $2.3 41.9% 0.1%
Nikko Asset Management 20 $6.9 0.5% $55.1 0 3 17.6% $0.3 5.1% 0.0%
Direxion Shares 51 $6.8 0.5% $3,036.7 176 12 30.8% $0.2 2.8% 0.0%
Claymore Investments 31 $6.5 0.5% $27.6 9 2 6.9% $1.0 18.3% 0.0%
EasyETF 48 $6.2 0.4% $19.9 1 -1 -2.0% $0.7 12.1% 0.0%
Daiwa Asset Management 23 $6.1 0.4% $13.7 1 0 0.0% -$0.8 -11.0% -0.1%
ETFlab Investment 40 $5.8 0.4% $42.6 0 5 14.3% -$1.0 -14.2% -0.1%
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
15
Rankings
Top 20 ETFs by Assets-under-Management and Average Daily VolumeAs at end June 2011
WORLDWIDE
Source: BlackRock Global ETF Research and Implementation Strategy Team
► EMERGING MARKETS ANDBOND EXPOSURE EN VOUGEWithin the Assets-under-Managementrankings a couple of Emerging Marketsfunds like still dominate the league table. Also ETFs linked to fixed-income indicesattracted some inflows.
VWO, EFA, EMM
► LEVERAGED ETFS STILL DESIRED BY TRADERSWith regards to the most liquid ETFsin the market (measured by the ADV), interestingly one could seean increased usage of leveragedfunds like the and .TNA, TZA SSO
Rankings
16
Top 30 Best Performing ETPsAs at end of June 2011
WORLDWIDE
Source: GlobalFundData/Morningstar as of August 3, 2011
► SUGAR, WHEAT AND SILVER This month selected agricultural goods performed very well again –especially for long sugar and short wheat. Also Short-ETPs on Silver still rank on the top even if the spot price rose within July.
ETF/ETP Listing Region 1 Mth 12 Mth Inception
Net assets
(USD)
ETFS Leveraged Sugar ETC Europe 38.46% 208.14% 1.34% 8,849,032
ETFS Leveraged Sugar (DE) ETC Europe 37.29% 160.34% 33.80% 6,103,443
ETFS Short Wheat ETC Europe 20.44% -24.81% 13.03% 8,186,638
ETFS Short Wheat (DE) ETC Europe 19.43% -36.47% 7.87% 5,646,570
iPath DJ-UBS Sugar TR Sub-Idx ETN North America 18.67% 98.15% 20.86% -
Source S&P GSCI Sugar TR T-ETC Europe 18.32% 95.72% 38.05% 4,168,473
ETFS Sugar ETC Europe 18.31% 95.73% 9.82% 62,472,778
Direxion Daily Semicondct Bear 3X Shares North America 17.94% -65.01% -56.98% -
Horizons BetaPro COMEX Silver Bear North America 17.50% -80.17% -71.63% 31,511,187
ETFS Sugar (DE) ETC Europe 17.31% 65.36% 6.98% 43,089,349
ProShares UltraShort Silver North America 16.50% -85.42% -78.67% -
iPath Short Extended Russell 2000 TR ETN North America 15.96% - -45.03% -
PowerShares DB Crude Oil Dble Short ETN North America 15.19% -31.43% 27.23% -
Horizons BetaPro NYMEX Crude Oil Bear North America 14.30% -37.45% -11.51% 69,701,952
ProShares UltraShort DJ-UBS Crude Oil North America 13.87% -36.03% -30.69% -
PowerShares DB Commodity Dble Short ETN North America 13.82% -45.42% 8.26% -
UBS Bloomberg CMCI Sugar EUR Hdgd ETC Europe 13.46% - - -
UBS Bloomberg CMCI Sugar CHF Hdgd ETC Europe 13.21% - - -
UBS Bloomberg CMCI Sugar USD ETC Europe 13.20% - - -
iPath Pure Beta Sugar ETN North America 13.20% - 11.19% 6,883,206
NEXT FUNDS TOPIX-17 Electric Power & Gas Asia-Pacific 13.07% -39.54% -16.99% -
Daiwa ETF TOPIX-17 Electric Power & Gas Asia-Pacific 12.96% -39.57% -18.19% -
ETFS Leveraged Lead ETC Europe 12.33% 105.82% -32.47% 4,147,102
ETFS Short Grains DJ-UBSCI ETC Europe 12.29% -35.80% -2.04% 1,132,639
Hyundai Hi Shares Insurance ETF Equity Asia-Pacific 12.11% 16.98% 11.06% 1,961,555,136
Horizons BetaPro NYMEX Natural Gas Bear North America 12.07% 27.18% 48.71% 77,616,015
ETFS Short Cotton ETC Europe 11.77% -59.05% -21.24% 20,812,617
EasyETF Dow Jones Luxury EUR Europe 11.64% 58.83% 16.40% 10,132,985
Lyxor ETF Daily Double Short SMI A Europe 11.56% -13.35% 3.34% -
Horizons BetaPro S&P/TSX Glbl Gold Bear North America 11.52% -8.30% -59.61% 33,218,139
ETFBloomberg
ticker AUM
(US$ Mn)ADV
(US$ Mn)
SPDR S&P 500 SPY US $92,053.3 $25,886.6
Vanguard MSCI Emerging Markets ETF VWO US $50,280.3 $742.4
iShares MSCI EAFE Index Fund EFA US $39,620.2 $1,119.7
iShares MSCI Emerging Mkts Index Fund EEM US $38,748.8 $2,245.3
iShares S&P 500 Index Fund IVV US $27,609.6 $358.6
PowerShares QQQ Trust QQQ US $22,845.7 $2,673.9
iShares Barclays TIPS Bond Fund TIP US $20,944.2 $83.7
Vanguard Total Stock Market ETF VTI US $20,077.0 $129.3
iShares Russell 2000 Index Fund IWM US $16,618.0 $5,134.9
iShares iBoxx $ Investm. Grd. Corporate LQD US $13,777.3 $88.2
iShares Russell 1000 Growth Index Fund IWF US $13,554.9 $119.6
iShares MSCI Brazil Index Fund EWZ US $12,781.2 $891.4
iShares Barclays Aggregate Bond Fund AGG US $11,851.0 $115.2
iShares Russell 1000 Value Index Fund IWD US $11,638.3 $103.8
iShares S&P/TSX 60 Index Fund XIU CN $11,504.6 $361.9
iShares S&P MidCap 400 Index Fund IJH US $11,479.8 $76.9
S&P 400 MidCap SPDR MDY US $11,086.3 $404.4
iShares DAX (DE) DAXEX GY $10,877.3 $129.2
Vanguard Total Bond Market ETF BND US $10,242.4 $70.5
iShares S&P 500 IUSA LN $9,907.5 $88.1
ETFBloomberg
ticker ADV ADV AUM
(US$ Mn)
SPDR S&P 500 SPY US
iShares Russell 2000 Index Fund IWM US
PowerShares QQQ Trust QQQ US
iShares MSCI Emerging Markets EEM US
Energy Select Sector SPDR Fund XLE US
Financial Select Sector SPDR Fund XLF US
iShares MSCI EAFE Index Fund EFA US
iShares MSCI Brazil Index Fund EWZ US
iShares Barclays 20+ Yr Treasry Bd TLT US
SPDR Dow Jones Ind. Av. ETF DIA US
Vanguard MSCI Emerging Mkt ETF VWO US
Direxion Daily Small Cap Bull 3x Shs TNA US $725.0
Industrial Select Sector SPDR Fund XLI US $675.4
Direxion Daily Small Cap Bear 3x Shs TZA US
iShares FTSE China 25 Index Fund FXI US
ProShares Ultra S&P500 SSO US
iShares Dow Jones US Real Estate IYR US $572.0
SPDR S&P Retail ETF XRT US $563.1
Materials Select Sector SPDR Trust XLB US $532.7
Market Vectors Gold Miners GDX US
$25,886.6 $92,053.3
$5,134.9 $16,618.0
$2,673.9 $22,845.7
$2,245.3 $38,748.8
$1,535.4 $9,009.9
$1,166.8 $7,308.8
$1,119.7 $39,620.2
$891.4 $12,781.2
$839.0 $2,888.9
$742.8 $9,639.3
$742.4 $50,280.3
$764.2
$4,004.3
$658.8 $612.3
$643.7 $7,157.6
$628.7 $1,681.9
$3,795.9
$568.5
$2,666.3
$500.3 $6,832.1
(US$ Mn)
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
15
Rankings
Top 20 ETFs by Assets-under-Management and Average Daily VolumeAs at end June 2011
WORLDWIDE
Source: BlackRock Global ETF Research and Implementation Strategy Team
► EMERGING MARKETS ANDBOND EXPOSURE EN VOUGEWithin the Assets-under-Managementrankings a couple of Emerging Marketsfunds like still dominate the league table. Also ETFs linked to fixed-income indicesattracted some inflows.
VWO, EFA, EMM
► LEVERAGED ETFS STILL DESIRED BY TRADERSWith regards to the most liquid ETFsin the market (measured by the ADV), interestingly one could seean increased usage of leveragedfunds like the and .TNA, TZA SSO
Rankings
16
Top 30 Best Performing ETPsAs at end of June 2011
WORLDWIDE
Source: GlobalFundData/Morningstar as of August 3, 2011
► SUGAR, WHEAT AND SILVER This month selected agricultural goods performed very well again –especially for long sugar and short wheat. Also Short-ETPs on Silver still rank on the top even if the spot price rose within July.
ETF/ETP Listing Region 1 Mth 12 Mth Inception
Net assets
(USD)
ETFS Leveraged Sugar ETC Europe 38.46% 208.14% 1.34% 8,849,032
ETFS Leveraged Sugar (DE) ETC Europe 37.29% 160.34% 33.80% 6,103,443
ETFS Short Wheat ETC Europe 20.44% -24.81% 13.03% 8,186,638
ETFS Short Wheat (DE) ETC Europe 19.43% -36.47% 7.87% 5,646,570
iPath DJ-UBS Sugar TR Sub-Idx ETN North America 18.67% 98.15% 20.86% -
Source S&P GSCI Sugar TR T-ETC Europe 18.32% 95.72% 38.05% 4,168,473
ETFS Sugar ETC Europe 18.31% 95.73% 9.82% 62,472,778
Direxion Daily Semicondct Bear 3X Shares North America 17.94% -65.01% -56.98% -
Horizons BetaPro COMEX Silver Bear North America 17.50% -80.17% -71.63% 31,511,187
ETFS Sugar (DE) ETC Europe 17.31% 65.36% 6.98% 43,089,349
ProShares UltraShort Silver North America 16.50% -85.42% -78.67% -
iPath Short Extended Russell 2000 TR ETN North America 15.96% - -45.03% -
PowerShares DB Crude Oil Dble Short ETN North America 15.19% -31.43% 27.23% -
Horizons BetaPro NYMEX Crude Oil Bear North America 14.30% -37.45% -11.51% 69,701,952
ProShares UltraShort DJ-UBS Crude Oil North America 13.87% -36.03% -30.69% -
PowerShares DB Commodity Dble Short ETN North America 13.82% -45.42% 8.26% -
UBS Bloomberg CMCI Sugar EUR Hdgd ETC Europe 13.46% - - -
UBS Bloomberg CMCI Sugar CHF Hdgd ETC Europe 13.21% - - -
UBS Bloomberg CMCI Sugar USD ETC Europe 13.20% - - -
iPath Pure Beta Sugar ETN North America 13.20% - 11.19% 6,883,206
NEXT FUNDS TOPIX-17 Electric Power & Gas Asia-Pacific 13.07% -39.54% -16.99% -
Daiwa ETF TOPIX-17 Electric Power & Gas Asia-Pacific 12.96% -39.57% -18.19% -
ETFS Leveraged Lead ETC Europe 12.33% 105.82% -32.47% 4,147,102
ETFS Short Grains DJ-UBSCI ETC Europe 12.29% -35.80% -2.04% 1,132,639
Hyundai Hi Shares Insurance ETF Equity Asia-Pacific 12.11% 16.98% 11.06% 1,961,555,136
Horizons BetaPro NYMEX Natural Gas Bear North America 12.07% 27.18% 48.71% 77,616,015
ETFS Short Cotton ETC Europe 11.77% -59.05% -21.24% 20,812,617
EasyETF Dow Jones Luxury EUR Europe 11.64% 58.83% 16.40% 10,132,985
Lyxor ETF Daily Double Short SMI A Europe 11.56% -13.35% 3.34% -
Horizons BetaPro S&P/TSX Glbl Gold Bear North America 11.52% -8.30% -59.61% 33,218,139
ETFBloomberg
ticker AUM
(US$ Mn)ADV
(US$ Mn)
SPDR S&P 500 SPY US $92,053.3 $25,886.6
Vanguard MSCI Emerging Markets ETF VWO US $50,280.3 $742.4
iShares MSCI EAFE Index Fund EFA US $39,620.2 $1,119.7
iShares MSCI Emerging Mkts Index Fund EEM US $38,748.8 $2,245.3
iShares S&P 500 Index Fund IVV US $27,609.6 $358.6
PowerShares QQQ Trust QQQ US $22,845.7 $2,673.9
iShares Barclays TIPS Bond Fund TIP US $20,944.2 $83.7
Vanguard Total Stock Market ETF VTI US $20,077.0 $129.3
iShares Russell 2000 Index Fund IWM US $16,618.0 $5,134.9
iShares iBoxx $ Investm. Grd. Corporate LQD US $13,777.3 $88.2
iShares Russell 1000 Growth Index Fund IWF US $13,554.9 $119.6
iShares MSCI Brazil Index Fund EWZ US $12,781.2 $891.4
iShares Barclays Aggregate Bond Fund AGG US $11,851.0 $115.2
iShares Russell 1000 Value Index Fund IWD US $11,638.3 $103.8
iShares S&P/TSX 60 Index Fund XIU CN $11,504.6 $361.9
iShares S&P MidCap 400 Index Fund IJH US $11,479.8 $76.9
S&P 400 MidCap SPDR MDY US $11,086.3 $404.4
iShares DAX (DE) DAXEX GY $10,877.3 $129.2
Vanguard Total Bond Market ETF BND US $10,242.4 $70.5
iShares S&P 500 IUSA LN $9,907.5 $88.1
ETFBloomberg
ticker ADV ADV AUM
(US$ Mn)
SPDR S&P 500 SPY US
iShares Russell 2000 Index Fund IWM US
PowerShares QQQ Trust QQQ US
iShares MSCI Emerging Markets EEM US
Energy Select Sector SPDR Fund XLE US
Financial Select Sector SPDR Fund XLF US
iShares MSCI EAFE Index Fund EFA US
iShares MSCI Brazil Index Fund EWZ US
iShares Barclays 20+ Yr Treasry Bd TLT US
SPDR Dow Jones Ind. Av. ETF DIA US
Vanguard MSCI Emerging Mkt ETF VWO US
Direxion Daily Small Cap Bull 3x Shs TNA US $725.0
Industrial Select Sector SPDR Fund XLI US $675.4
Direxion Daily Small Cap Bear 3x Shs TZA US
iShares FTSE China 25 Index Fund FXI US
ProShares Ultra S&P500 SSO US
iShares Dow Jones US Real Estate IYR US $572.0
SPDR S&P Retail ETF XRT US $563.1
Materials Select Sector SPDR Trust XLB US $532.7
Market Vectors Gold Miners GDX US
$25,886.6 $92,053.3
$5,134.9 $16,618.0
$2,673.9 $22,845.7
$2,245.3 $38,748.8
$1,535.4 $9,009.9
$1,166.8 $7,308.8
$1,119.7 $39,620.2
$891.4 $12,781.2
$839.0 $2,888.9
$742.8 $9,639.3
$742.4 $50,280.3
$764.2
$4,004.3
$658.8 $612.3
$643.7 $7,157.6
$628.7 $1,681.9
$3,795.9
$568.5
$2,666.3
$500.3 $6,832.1
(US$ Mn)
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Rankings
17
Top 30 Worst Performing ETPsAs at end of June 2011
WORLDWIDE
Source: GlobalFundData/Morningstar as of August 4, 2011
► WEAK WHEAT PRICESWheat prices in western Europe andthe US were lower as worries about the outlook for both economies rose.
www.etf-radar.com
General InformationThe views and expectations presented in the analyses, data and product presentations in this publication should not be viewed as investment recommendations of and by the ETF Radar Magazine or any of affiliates or associates. Investors should seek independent professional advice. Contributors of this publication and/or its affiliates may invest in or act as a market maker for the securities or indices or other products referred to in this publication for own account or the account of a third party. Editorial contributors may also have a business relationship with issuers of such securities or providers of such indices or products and may represent members of such issuers' or providers' decision-making bodies.
While the information in this publication has been obtained from sources believed to be reliable, neither the ETF Radar Magazine nor any contributor makes any representation as to accuracy or completeness. The ETF Radar Magazine does not act as an registered investment advisor or fiduciary for anyone unless otherwise agreed. Any evaluations in this publication reflect only the author's opinion at the time of the analysis. The opinions, forecasts, assumptions, estimates, derived valuations and target price(s) contained in this material are as of the date indicated and are subject to change at any time without prior notice. This publication is general and for information only and does not constitute any form of recommendation, an offer to sell or a solicitation to buy any security or other financial instrument.
Prospective investors should understand the risks associated with the products mentioned in this publication and should reach an investment decision on the basis of the information in the relevant offering circulars. Neither the staff of the ETF Radar Magazine nor any other person shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary loss or damages, including without limitation lost profits arising in any way from the information contained in the material. All designated trademarks and brands are the property of their respective owners.
Additional InformationAll figures are subject to market fluctuation and change. Investments that are concentrated in a specific sector or industry may be subject to a higher degree of market risk than investments that are more diversified. An index is not managed and is unavailable for direct investment. Total returns assume reinvestment of all distributions, including dividends and capital gains. Reinvestment does not assure a profit or protect against a loss in declining markets. Total returns do not include commissions, fees, other transaction variables or the effects of taxation. Past performance does not guarantee or predict future results. The investment discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. This communication is not an offer to sell or solicitation of offers to buy any securities mentioned herein. This report is not a complete analysis of every material fact in respect to any fund or fund type. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Statistical information has been obtained from sources believed to be reliable but its accuracy is not guaranteed. The ETF Radar Magazine does not render legal, accounting or tax advice. Please consult your tax or legal advisors before taking any action that may have tax consequences.
The performance provided is past performance, which does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate when sold and may be worth more or less than the original cost.
EXCHANGE TRADED FUNDS ARE SOLD BY PROSPECTUS. PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISK, CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION, CAN BE OBTAINED FROM THE ETF SPONSOR OR YOUR FINANCIAL ADVISOR. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Disclaimer
Important notice to our readers
18
ETF/ETP Listing Region 1 Mth 12 Mth Inception
Net assets
(USD)
ETFS Leveraged Wheat (DE) ETC Europe -34.15% -11.02% -45.85% 49,970,019
ETFS Leveraged Wheat ETC Europe -33.59% 5.33% -58.98% 72,448,667
UBS Bloomberg CMCI Wheat CHF Hdgd ETC Europe -28.86% - - -
UBS Bloomberg CMCI Wheat EUR Hdgd ETC Europe -28.40% - - -
UBS Bloomberg CMCI Wheat USD ETC Europe -28.29% - - -
ETFS Leveraged Cotton (DE) ETC Europe -26.28% 166.70% 21.44% 1,476,502
ETFS Wheat (DE) ETC Europe -25.96% -14.54% -10.71% 95,351,501
UBS Bloomberg CMCI Platinum EUR Hdgd ETC Europe -25.73% - - -
ETFS Leveraged Cotton ETC Europe -25.65% 215.68% -1.59% 2,140,695
Source S&P GSCI Wheat TR T-ETC Europe -25.34% 1.37% -12.86% 3,641,700
ETFS Wheat ETC Europe -25.33% 1.16% -8.33% 138,244,677
ETFS Leveraged Grains DJ-UBSCI (DE) ETC Europe -23.48% 50.52% -23.21% 2,521,843
ETFS Leveraged Grains DJ-UBSCI ETC Europe -22.83% 78.16% -29.60% 3,353,158
ETFS Carbon ETC Europe -20.38% -13.62% -13.37% 1,002,019
iPath Global Carbon ETN North America -20.00% -13.49% -21.60% -
Direxion Daily Semicondct Bull 3X Shares North America -19.80% 62.53% 11.86% -
ProShares Ultra Silver North America -19.37% 164.47% 109.50% -
ETFS Leveraged Silver (DE) ETC Europe -19.17% 145.69% 30.73% 31,479,481
Horizons BetaPro COMEX Silver Bull North America -18.71% 185.87% 111.25% 99,338,590
ETFS Leveraged Silver ETC Europe -18.48% 190.81% 12.32% 41,856,559
ETFS Short Sugar (DE) ETC Europe -17.30% -65.73% -34.03% 9,247,651
ETFS Leveraged Agri DJ-UBSCI (DE) ETC Europe -16.98% 71.58% -6.32% 11,078,136
ETFS Cotton (DE) ETC Europe -16.70% 65.55% 5.52% 24,685,925
ETFS Short Sugar ETC Europe -16.60% -59.43% -25.06% 13,407,639
ETFS Leveraged Agri DJ-UBSCI ETC Europe -16.27% 103.08% -16.75% 16,061,555
ETFS Leveraged Crude Oil (DE) ETC Europe -16.18% -7.56% -57.89% 89,734,401
iPath DJ-UBS Cotton TR Sub-Idx ETN North America -16.16% 97.84% 13.74% -
ETFS Cotton ETC Europe -15.99% 95.95% 8.29% 35,790,708
Source S&P GSCI Cotton TR T-ETC Europe -15.99% 96.52% 55.94% 13,708,445
Horizons BetaPro NYMEX Crude Oil Bull North America -15.95% 6.57% -53.78% 279,658,686
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
Rankings
17
Top 30 Worst Performing ETPsAs at end of June 2011
WORLDWIDE
Source: GlobalFundData/Morningstar as of August 4, 2011
► WEAK WHEAT PRICESWheat prices in western Europe andthe US were lower as worries about the outlook for both economies rose.
www.etf-radar.com
General InformationThe views and expectations presented in the analyses, data and product presentations in this publication should not be viewed as investment recommendations of and by the ETF Radar Magazine or any of affiliates or associates. Investors should seek independent professional advice. Contributors of this publication and/or its affiliates may invest in or act as a market maker for the securities or indices or other products referred to in this publication for own account or the account of a third party. Editorial contributors may also have a business relationship with issuers of such securities or providers of such indices or products and may represent members of such issuers' or providers' decision-making bodies.
While the information in this publication has been obtained from sources believed to be reliable, neither the ETF Radar Magazine nor any contributor makes any representation as to accuracy or completeness. The ETF Radar Magazine does not act as an registered investment advisor or fiduciary for anyone unless otherwise agreed. Any evaluations in this publication reflect only the author's opinion at the time of the analysis. The opinions, forecasts, assumptions, estimates, derived valuations and target price(s) contained in this material are as of the date indicated and are subject to change at any time without prior notice. This publication is general and for information only and does not constitute any form of recommendation, an offer to sell or a solicitation to buy any security or other financial instrument.
Prospective investors should understand the risks associated with the products mentioned in this publication and should reach an investment decision on the basis of the information in the relevant offering circulars. Neither the staff of the ETF Radar Magazine nor any other person shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary loss or damages, including without limitation lost profits arising in any way from the information contained in the material. All designated trademarks and brands are the property of their respective owners.
Additional InformationAll figures are subject to market fluctuation and change. Investments that are concentrated in a specific sector or industry may be subject to a higher degree of market risk than investments that are more diversified. An index is not managed and is unavailable for direct investment. Total returns assume reinvestment of all distributions, including dividends and capital gains. Reinvestment does not assure a profit or protect against a loss in declining markets. Total returns do not include commissions, fees, other transaction variables or the effects of taxation. Past performance does not guarantee or predict future results. The investment discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. This communication is not an offer to sell or solicitation of offers to buy any securities mentioned herein. This report is not a complete analysis of every material fact in respect to any fund or fund type. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Statistical information has been obtained from sources believed to be reliable but its accuracy is not guaranteed. The ETF Radar Magazine does not render legal, accounting or tax advice. Please consult your tax or legal advisors before taking any action that may have tax consequences.
The performance provided is past performance, which does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate when sold and may be worth more or less than the original cost.
EXCHANGE TRADED FUNDS ARE SOLD BY PROSPECTUS. PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISK, CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION, CAN BE OBTAINED FROM THE ETF SPONSOR OR YOUR FINANCIAL ADVISOR. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Disclaimer
Important notice to our readers
18
ETF/ETP Listing Region 1 Mth 12 Mth Inception
Net assets
(USD)
ETFS Leveraged Wheat (DE) ETC Europe -34.15% -11.02% -45.85% 49,970,019
ETFS Leveraged Wheat ETC Europe -33.59% 5.33% -58.98% 72,448,667
UBS Bloomberg CMCI Wheat CHF Hdgd ETC Europe -28.86% - - -
UBS Bloomberg CMCI Wheat EUR Hdgd ETC Europe -28.40% - - -
UBS Bloomberg CMCI Wheat USD ETC Europe -28.29% - - -
ETFS Leveraged Cotton (DE) ETC Europe -26.28% 166.70% 21.44% 1,476,502
ETFS Wheat (DE) ETC Europe -25.96% -14.54% -10.71% 95,351,501
UBS Bloomberg CMCI Platinum EUR Hdgd ETC Europe -25.73% - - -
ETFS Leveraged Cotton ETC Europe -25.65% 215.68% -1.59% 2,140,695
Source S&P GSCI Wheat TR T-ETC Europe -25.34% 1.37% -12.86% 3,641,700
ETFS Wheat ETC Europe -25.33% 1.16% -8.33% 138,244,677
ETFS Leveraged Grains DJ-UBSCI (DE) ETC Europe -23.48% 50.52% -23.21% 2,521,843
ETFS Leveraged Grains DJ-UBSCI ETC Europe -22.83% 78.16% -29.60% 3,353,158
ETFS Carbon ETC Europe -20.38% -13.62% -13.37% 1,002,019
iPath Global Carbon ETN North America -20.00% -13.49% -21.60% -
Direxion Daily Semicondct Bull 3X Shares North America -19.80% 62.53% 11.86% -
ProShares Ultra Silver North America -19.37% 164.47% 109.50% -
ETFS Leveraged Silver (DE) ETC Europe -19.17% 145.69% 30.73% 31,479,481
Horizons BetaPro COMEX Silver Bull North America -18.71% 185.87% 111.25% 99,338,590
ETFS Leveraged Silver ETC Europe -18.48% 190.81% 12.32% 41,856,559
ETFS Short Sugar (DE) ETC Europe -17.30% -65.73% -34.03% 9,247,651
ETFS Leveraged Agri DJ-UBSCI (DE) ETC Europe -16.98% 71.58% -6.32% 11,078,136
ETFS Cotton (DE) ETC Europe -16.70% 65.55% 5.52% 24,685,925
ETFS Short Sugar ETC Europe -16.60% -59.43% -25.06% 13,407,639
ETFS Leveraged Agri DJ-UBSCI ETC Europe -16.27% 103.08% -16.75% 16,061,555
ETFS Leveraged Crude Oil (DE) ETC Europe -16.18% -7.56% -57.89% 89,734,401
iPath DJ-UBS Cotton TR Sub-Idx ETN North America -16.16% 97.84% 13.74% -
ETFS Cotton ETC Europe -15.99% 95.95% 8.29% 35,790,708
Source S&P GSCI Cotton TR T-ETC Europe -15.99% 96.52% 55.94% 13,708,445
Horizons BetaPro NYMEX Crude Oil Bull North America -15.95% 6.57% -53.78% 279,658,686
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
etfRadarGlobal Investor Intelligence
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Inverse and leveraged products, synthetic replicated funds and optimised indices are just a few features one should understand.
The ETF business has become quite exotic.
Don’t get lost.
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