etf radar magazine issue aug-sept 2011 (north american edition)
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ETF Radar Magazine Issue Aug-Sept 2011 (North American Edition)TRANSCRIPT
www.etf-radar.com
Issue No. 12ISSN 2150-9166
North American Edition
August/September 2011
Feature
for Rattled Financial Markets
Defensive ETFs
Rankings
ETF Landscape At A Glance
The Global
Magazine
People
ETF TrendsTom Lydon
Index InvestorS&P 500Tactical Portfolio UpdateETF of the Month
Sector Map
THE HOTSPOTSAT A GLANCE
etfRadarSM etfRadarGlobal Investor Intelligence
SM
Not only when exchange traded products come into play, ETF Radar offers independent risk assessments (cross-asset) for investors. Let’s avoid emergency calls caused by your portfolio or investment strategy.
Even in wealth managementit is better not to needcertain numbers.
EXPLORE. UNDERSTAND. PROFIT.
www.etf-radar.com
PUT US
ON YOUR RADAR.
ETF Radar Magazine | Issue August-September 2011
www.etf-radar.com
Issue No. 12ISSN 2150-9166
North American Edition
August/September 2011
Feature
for Rattled Financial Markets
Defensive ETFs
Rankings
ETF Landscape At A Glance
The Global
Magazine
People
ETF TrendsTom Lydon
Index InvestorS&P 500Tactical Portfolio UpdateETF of the Month
Sector Map
THE HOTSPOTSAT A GLANCE
etfRadarSM etfRadarGlobal Investor Intelligence
SM
Not only when exchange traded products come into play, ETF Radar offers independent risk assessments (cross-asset) for investors. Let’s avoid emergency calls caused by your portfolio or investment strategy.
Even in wealth managementit is better not to needcertain numbers.
EXPLORE. UNDERSTAND. PROFIT.
www.etf-radar.com
PUT US
ON YOUR RADAR.
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 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
S&P 500 Sector Map
Tactical
ETF of the Month
Portfolio Update
IndexInvestor 6
Rankings 13
Tom Lydon,
ETF Trends
People 11
Fast Lane
Get In Touch
Feature 8
Defensive ETFs for Rattled Financial Markets
IndexCompanies and People
Absa (pg. 4) Tokyo Stock Exchange (pg. 4)
Barclays (pg. 4) Tom Lydon (pg. 10)
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)
SPDR (pg. 7)
NEW YORK CTIYETF 360October 12, 2011The Metropolitan Club
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
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
ContentsIssue 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 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
S&P 500 Sector Map
Tactical
ETF of the Month
Portfolio Update
IndexInvestor 6
Rankings 13
Tom Lydon,
ETF Trends
People 11
Fast Lane
Get In Touch
Feature 8
Defensive ETFs for Rattled Financial Markets
IndexCompanies and People
Absa (pg. 4) Tokyo Stock Exchange (pg. 4)
Barclays (pg. 4) Tom Lydon (pg. 10)
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)
SPDR (pg. 7)
NEW YORK CTIYETF 360October 12, 2011The Metropolitan Club
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
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
ContentsIssue August-September 2011
Index Investor
In July the S&P 500 Index dropped -2.03% due to the If investors believe in a recovery of this sector, the contrarian uncertainness about the US-American debt ceiling. pick with the would be the Furthermore doubts about the development of the best choice. Best performing sector with a performance of economy led to volatile markets. Having a look at the +1.61% in July 2011 was the S&P 500 Information Technology sector performances, the S&P 500 Industrials was the worst Index. Good quarterly results during the earnings season performing sector with a loss of -6.98% in July 2011. among the companies led to price appreciations. If you believe Generally cyclical stocks fell due to doubts about the in an ongoing trend, the economic recovery. would be your best pick.
Vanguard Industrials ETF (VIS)
Vanguard Information Technology
ETF (VGT) n
Industrials tumble,Information Technology leads.by Sebastian Stahn
The Action Plan
S&P 500 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.
↑
↑
→
→
→
→
► 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.
Ticker/ISIN: LU0514694370TER: 0.50% p.a.CCY: USD
Number of new planned ETFs/ETPs worldwide as of July 29, 2011.
► 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.
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
► 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
Financials-3.61%
Utilities-0.92%
Consumer Discretionary
-1.41%
Consumer Staples-1.47%
Materials-3.30%
Energy+0.71% Information
Technology+1.61%
Industrials–6.98%
Telecommunication Services–5.69%
Health Care%–3.87
BESTPERFORMINGSECTORS
WORSTPERFORMING
SECTORS
CONTRARIAN PICK BEST-TREND PICK
HIGH LOW LOWVIS VGT
Vanguard Industrials ETFSymbol:VIS USTER / AUM: 0.24% / 560mn.1 Year Return:+17.30%Last Price/High/Low: $ 64.67 / 72.13 / 51.57Replication: Full replication to sampling
Vanguard Information Technology ETFSymbol: VGT USTER / AUM: 0.24% / 1.9bn.1 Year Return: +20.00%Last Price/High/Low: $ 63.26 / 67.03 / 49.40Replication: Full replication to
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.
HIGH
Index Investor
In July the S&P 500 Index dropped -2.03% due to the If investors believe in a recovery of this sector, the contrarian uncertainness about the US-American debt ceiling. pick with the would be the Furthermore doubts about the development of the best choice. Best performing sector with a performance of economy led to volatile markets. Having a look at the +1.61% in July 2011 was the S&P 500 Information Technology sector performances, the S&P 500 Industrials was the worst Index. Good quarterly results during the earnings season performing sector with a loss of -6.98% in July 2011. among the companies led to price appreciations. If you believe Generally cyclical stocks fell due to doubts about the in an ongoing trend, the economic recovery. would be your best pick.
Vanguard Industrials ETF (VIS)
Vanguard Information Technology
ETF (VGT) n
Industrials tumble,Information Technology leads.by Sebastian Stahn
The Action Plan
S&P 500 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.
↑
↑
→
→
→
→
► 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.
Ticker/ISIN: LU0514694370TER: 0.50% p.a.CCY: USD
Number of new planned ETFs/ETPs worldwide as of July 29, 2011.
► 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.
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
► 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
Financials-3.61%
Utilities-0.92%
Consumer Discretionary
-1.41%
Consumer Staples-1.47%
Materials-3.30%
Energy+0.71% Information
Technology+1.61%
Industrials–6.98%
Telecommunication Services–5.69%
Health Care%–3.87
BESTPERFORMINGSECTORS
WORSTPERFORMING
SECTORS
CONTRARIAN PICK BEST-TREND PICK
HIGH LOW LOWVIS VGT
Vanguard Industrials ETFSymbol:VIS USTER / AUM: 0.24% / 560mn.1 Year Return:+17.30%Last Price/High/Low: $ 64.67 / 72.13 / 51.57Replication: Full replication to sampling
Vanguard Information Technology ETFSymbol: VGT USTER / AUM: 0.24% / 1.9bn.1 Year Return: +20.00%Last Price/High/Low: $ 63.26 / 67.03 / 49.40Replication: Full replication to
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.
HIGH
8
Feature
QUICK FACTS does this mean for the average investor or financial professional? At the very least, it means we should
All major equity markets suffered enormous losses really start considering defensive positions in our
during the last days.portfolios. S&P’s downgrade of the US debt may have a large
impact on the markets.Shaky markets ahead – in the US and Europe Investors should protect their portfolios now.In our 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.
►
►
safe havens to put their money in. One P.S. If you are looking for leveraged gold of the oldest and most used safe havens exposure, see the is gold. In addition, many countries are or the buying gold in large quantities that is . preventing gold prices to drop. The other place to be according to the
The ETF Radar Tactical portfolio is a ranking system is in Treasury Inflation model portfolio that invests in five Protected Securities or TIPs. Yields ETFs based on a tactical ETF rankings continue to drop in these bonds as system. The portfolio trades at the prices are taking into account a very end of each month. The holdings for weak economy and persistent inflation August include fears.
, , , Based on the rankings
& is the ETF of the month. . In the midst of the debt talk It tracks the price of gold bullion. It has
debacle, lingering economic issues an expense ratio of 0.40% and an and a not so rosy future; gold prices average daily trading volume of 15.9 continue to hit record highs. million shares. Investors and traders are looking for
ProShares Ultra Gold (UGL) FactorShares 2x Gold Bull (FSG)
SPDR Gold Shares (GLD) iShares Tips (TIP) SPDR-Energy (XLE) iShares MSCI Japan SPDR-Gold (EWJ) iShares Aggregate Bond Shares (GLD)(AGG)
n
Index Investor
Tactical Portfolio Update
by David Cohne
Defensive Duo: Gold & TIPs are the Places to Be
ETF Radar Tactical Portfolio
Source: Cohne Investment Group, exclusively for ETF Radar / August 1, 2011 Ranking
7
ETF of the Month
SPDR Gold Shares Fund(GLD)
52-Week Range $158.97 - $161.62Market Cap $66 billionDividends -TER 0.40% p.a.Last Volume $24,159,629 ETF Issuer SSgAReplication Full Replication
TICKER ETF NAME TER AUM WEIGHT
Defensive ETFs for Rattled Financial Markets
20%
20%
20%
20%
20%
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
GLD SPDR Gold Shares 0.40% $66 billion
TIP iShares Tips 0.20% $21.4 billion
XLE SPDR-Energy 0.20% $8.6 billion
EWJ iShares MSCI Japan 0.54% $8.4 billion
AGG iShares Aggregate Bond 0.22% $12.3 billion
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.
8
Feature
QUICK FACTS does this mean for the average investor or financial professional? At the very least, it means we should
All major equity markets suffered enormous losses really start considering defensive positions in our
during the last days.portfolios. S&P’s downgrade of the US debt may have a large
impact on the markets.Shaky markets ahead – in the US and Europe Investors should protect their portfolios now.In our 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.
►
►
safe havens to put their money in. One P.S. If you are looking for leveraged gold of the oldest and most used safe havens exposure, see the is gold. In addition, many countries are or the buying gold in large quantities that is . preventing gold prices to drop. The other place to be according to the
The ETF Radar Tactical portfolio is a ranking system is in Treasury Inflation model portfolio that invests in five Protected Securities or TIPs. Yields ETFs based on a tactical ETF rankings continue to drop in these bonds as system. The portfolio trades at the prices are taking into account a very end of each month. The holdings for weak economy and persistent inflation August include fears.
, , , Based on the rankings
& is the ETF of the month. . In the midst of the debt talk It tracks the price of gold bullion. It has
debacle, lingering economic issues an expense ratio of 0.40% and an and a not so rosy future; gold prices average daily trading volume of 15.9 continue to hit record highs. million shares. Investors and traders are looking for
ProShares Ultra Gold (UGL) FactorShares 2x Gold Bull (FSG)
SPDR Gold Shares (GLD) iShares Tips (TIP) SPDR-Energy (XLE) iShares MSCI Japan SPDR-Gold (EWJ) iShares Aggregate Bond Shares (GLD)(AGG)
n
Index Investor
Tactical Portfolio Update
by David Cohne
Defensive Duo: Gold & TIPs are the Places to Be
ETF Radar Tactical Portfolio
Source: Cohne Investment Group, exclusively for ETF Radar / August 1, 2011 Ranking
7
ETF of the Month
SPDR Gold Shares Fund(GLD)
52-Week Range $158.97 - $161.62Market Cap $66 billionDividends -TER 0.40% p.a.Last Volume $24,159,629 ETF Issuer SSgAReplication Full Replication
TICKER ETF NAME TER AUM WEIGHT
Defensive ETFs for Rattled Financial Markets
20%
20%
20%
20%
20%
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
GLD SPDR Gold Shares 0.40% $66 billion
TIP iShares Tips 0.20% $21.4 billion
XLE SPDR-Energy 0.20% $8.6 billion
EWJ iShares MSCI Japan 0.54% $8.4 billion
AGG iShares Aggregate Bond 0.22% $12.3 billion
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.
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)
…also on the long run S&P 500 & the Russell 2000. In this strategy we want to analyze what will be affected most by another If you plan on keeping some long holdings, you financial disaster or serious market downturn. should consider defensive sectors such as consumer Right off the bat I would say that financial staples, health care, and utilities that typically don't companies, real estate and the dollar could be hit get hit as bad. You can access these sectors through hardest. Large financial firms such as banks are the following ETFs: probably in no better shape than they were before 2008, so betting against financial firms could prove to be a nice defensive play. This can be done with the North American picks: The and the or
or the leveraged version, the the . Real . Companies in
Estate is another area that will continue to bear the these sectors typically have steady and predictable brunt of another economic downturn. earnings in both bull and bear markets. Another Unemployment is still up, so people aren't buying defensive holding is gold. Some analysts believe that homes and if things get worse, home prices may gold is overpriced and some believe that it can still continue to drop, so betting against real estate is also climb, but exposure to gold in a downturn can better an interesting but opportunistic defensive play. This help protect your portfolio. This can be accessed can be down through the with the .
. Finally, better against the dollar can 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 Care (XLV), MSCI Europe Health Care
ProShares Short (FR0000001737) SPDR Utilities (XLU)Financials (SEF)STOXX Europe 600 Optimised Utilities ProShares Ultra Short Financials (SKF)Source ETF (IE00B5MTXK03)
ProShares Short Real SPDR Gold (GLD)Estate (REK)
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
THE CLUB OF LONELY TRIPLE-A‘SSelected sovereign S&P credit ratings (AAA and lower)
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.
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)
…also on the long run S&P 500 & the Russell 2000. In this strategy we want to analyze what will be affected most by another If you plan on keeping some long holdings, you financial disaster or serious market downturn. should consider defensive sectors such as consumer Right off the bat I would say that financial staples, health care, and utilities that typically don't companies, real estate and the dollar could be hit get hit as bad. You can access these sectors through hardest. Large financial firms such as banks are the following ETFs: probably in no better shape than they were before 2008, so betting against financial firms could prove to be a nice defensive play. This can be done with the North American picks: The and the or
or the leveraged version, the the . Real . Companies in
Estate is another area that will continue to bear the these sectors typically have steady and predictable brunt of another economic downturn. earnings in both bull and bear markets. Another Unemployment is still up, so people aren't buying defensive holding is gold. Some analysts believe that homes and if things get worse, home prices may gold is overpriced and some believe that it can still continue to drop, so betting against real estate is also climb, but exposure to gold in a downturn can better an interesting but opportunistic defensive play. This help protect your portfolio. This can be accessed can be down through the with the .
. Finally, better against the dollar can 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 Care (XLV), MSCI Europe Health Care
ProShares Short (FR0000001737) SPDR Utilities (XLU)Financials (SEF)STOXX Europe 600 Optimised Utilities ProShares Ultra Short Financials (SKF)Source ETF (IE00B5MTXK03)
ProShares Short Real SPDR Gold (GLD)Estate (REK)
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
THE CLUB OF LONELY TRIPLE-A‘SSelected sovereign S&P credit ratings (AAA and lower)
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.
11
People
ETF Radar Magazine | Issue August-September 2011
Expert Talk with
VITA
►►
Lives in: Irvine (California)
Tom Lydon is president of Global Trends Investments, editor and proprietor of ETFtrends.com. With more than 25 years experience in asset management, Mr. Lydon began his career with Fidelity Investments Institutional Division prior to launching Global Trends Investments and ETF Trends.
Tom is a frequent contributor to major print, radio and television media in-cluding Forbes, The Wall Street Journal, Investor’s Business Daily, Barron’s, MarketWatch and Investment News. His popular seminar, “How to Manage a Million Dollar Portfolio” has been attended by thousands of investors around the country.
As the author of iMoney and The ETF Trend Following Playbook Tom Lydon is a highly sought after speaker. His frequent appearances on CNBC make him one of the most recognized and well-respected commentators in the ETF industry. Tom has been a high profile presenter at the largest industry trade shows and invest-ment conferences as well as a moderator of webinars.
Career:
Tom Lydon
Tom, how would you describe $25.8 billion to $21.4 billion, the current market sentiment respectively, year-to-date. Over in the US? the last few years, bond funds Today, investor sentiment is weak have enjoyed around $700 billion at best. While investors are in inflows as investors, frustrated constantly on the lookout to with the equity markets, make more profit, people are demanded more bonds and equally, if not more, concerned settled for historically low yields. about asset protection and There was also quite a surprise in diversification. Investors and the commodities numbers. market observers are relieved that Despite the strengthening gold a resolution to the debt ceiling and silver markets, precious drama in Congress has been metals ETFs experienced net cash made. Everyone's fears of a worse- outflows for the first half, as well case scenario have been allayed, as energy ETFs. where the U.S. would default and send the economy into another Let's focus the ETF industry in depression-esque state. However, North America. Are there any people are still worried that the product or index trends? weaker-than-expected economic Since all the major index growth figures may portend to a landscapes have already been slowing economy. The problems populated, fund providers are in the Eurozone have not been now focusing more on niche resolved, and the region still investment styles to differentiate poses a major threat to the well- their products from the rest and being of the global economy. We capture market share in might not like it but the economy untapped areas. The new breed of is teetering on double-dip ETFs will be driven by new asset territory. classes, new custom tailored
indices and new ways to Which asset classes/ sectors implement ETFs in portfolio saw the most inflows – which construction. For example, some saw the most outflows? new ETFs coming out are based Surprisingly, U.S. equity ETFs on hedge fund strategies, as well outpaced fixed-income ETFs as other alternative strategy
by Silvan Schelling
CEO, ETF Trends
“Tteetering on double-dip territory .
he economy is
”
People
Across the Atlantic:
themes as seen from WisdomTree. In commodities are also a safe store of technology in the marketplace and addition, competition among major wealth and a hedge against potential the growing demand during asset class providers in the fund inflation down the road; despite uncertainty have attributed to the industry has driven down prices. Fund what the government may tell you, growth of the ETF industry in the providers like Schwab and Vanguard everyone is feeling it at the gas U.S. Even if the economy hits a who offer the products with very low pumps and the supermarkets. rough patch, other assets, like expense ratios are also experiencing Additionally, the emerging markets commodities, and alternative decent growth. The ETF industry is are still posting robust growth as investment styles continue to also opening a crack into the trillion compared to developed economies. attract investor interest.dollar 401(k) industry as more More sophisticated investors who are companies become aware of ETF highly invested in Treasuries may What is the down side?options for their retirement plans. start instituting hedge positions with The down side to ETFs in the U.S.
short Treasury strategies in the come from challenges in bringing coming six to twelve months. It is not ETFs to market since regulatory a question of if higher rates are constraints are cumbersome. coming, but when. However, investors may be relieved
to know that the industry is well-You recently published a white regulated and the Securities and paper called “Social Media's Exchange Commission has the impact on Wall Street. What are investor's best interests in mind.
How about your thoughts about the key results of the study? Ironically, in Asia and Europe, leveraged ETF/ETPs? The paper highlights the growth of mutual funds have been struggling These products are innovative but s o c i a l m e d i a , h ow i t h a s but ETFs appear to be penetrating whether they are long/short, 2x/3x, 2 f u n d a m e n t a l l y c h a n g e d the fund space, whereas the mutual beta or 3 beta, leveraged funds are communication, and how Wall fund industry is well established in doing exactly what they are designed Street is capitalizing on social media, the U.S. The ETF trend has not to do on a daily basis. The key is subsequently affecting the ways caught on as much with the average understanding the daily basis aspect investors make decisions about their retail investor among European of these types of funds. Investors, portfolios. More investors are using and Asia-Pacific investors, with the advisors or institutions who are social media to get news on their U.K. and a few others being the looking to hedge for the short-term favorite stock holdings and funds. exceptions, as ETFs are traded may find that leveraged ETFs are One particular study used a among large institutions in these excellent tools. Leveraged ETFs are sophisticated sentiment analysis on regions.meant for active traders and require Twitter to predict how the Dow Jones regular monitoring and rebalancing. Industrial Average moves on any
given day, up to four days in advance, What about long-term oriented with 80% accuracy. Indeed, social investors? media has become omnipresent, Investors with long-term bets on putting companies that have not trends, though, should avoid the buy- developed a social media presence at and-forget mantra with this type of a distinct disadvantage.investment. Due to the consequences of compounding, these ETFs that reset If you compare the North daily will not perfectly mimic the American ETF/ETP business with desired leverage over the long-term as Europe and Asia-Pacific. What are compared to the underlying index – the main differences, advantages the ETF will begin to deviate from 2x and shortcomings? or 3x the benchmark index over time. In the U.S., we see that growth has
been focused around traditional Which asset class/sectors investors asset backed ETFs based on should overweight for the next seasoned indices. Investors enjoy this months? investment tool because of the For starters, commodities show strong volume, liquidity and number of fundamental support: pure demand available ETF products available. for energy, food and metals is up; Furthermore, the efficiency of the
Thank you! n
Fund providers are now focusing more on niche investment styles to differentiate from the rest.
People
Interview with,
Ossiam ETFin the Magazine’sEuropean Edition.www.etf-radar.com
Antoine Moreau
12
ETF Radar Magazine | Issue August-September 2011
11
People
ETF Radar Magazine | Issue August-September 2011
Expert Talk with
VITA
►►
Lives in: Irvine (California)
Tom Lydon is president of Global Trends Investments, editor and proprietor of ETFtrends.com. With more than 25 years experience in asset management, Mr. Lydon began his career with Fidelity Investments Institutional Division prior to launching Global Trends Investments and ETF Trends.
Tom is a frequent contributor to major print, radio and television media in-cluding Forbes, The Wall Street Journal, Investor’s Business Daily, Barron’s, MarketWatch and Investment News. His popular seminar, “How to Manage a Million Dollar Portfolio” has been attended by thousands of investors around the country.
As the author of iMoney and The ETF Trend Following Playbook Tom Lydon is a highly sought after speaker. His frequent appearances on CNBC make him one of the most recognized and well-respected commentators in the ETF industry. Tom has been a high profile presenter at the largest industry trade shows and invest-ment conferences as well as a moderator of webinars.
Career:
Tom Lydon
Tom, how would you describe $25.8 billion to $21.4 billion, the current market sentiment respectively, year-to-date. Over in the US? the last few years, bond funds Today, investor sentiment is weak have enjoyed around $700 billion at best. While investors are in inflows as investors, frustrated constantly on the lookout to with the equity markets, make more profit, people are demanded more bonds and equally, if not more, concerned settled for historically low yields. about asset protection and There was also quite a surprise in diversification. Investors and the commodities numbers. market observers are relieved that Despite the strengthening gold a resolution to the debt ceiling and silver markets, precious drama in Congress has been metals ETFs experienced net cash made. Everyone's fears of a worse- outflows for the first half, as well case scenario have been allayed, as energy ETFs. where the U.S. would default and send the economy into another Let's focus the ETF industry in depression-esque state. However, North America. Are there any people are still worried that the product or index trends? weaker-than-expected economic Since all the major index growth figures may portend to a landscapes have already been slowing economy. The problems populated, fund providers are in the Eurozone have not been now focusing more on niche resolved, and the region still investment styles to differentiate poses a major threat to the well- their products from the rest and being of the global economy. We capture market share in might not like it but the economy untapped areas. The new breed of is teetering on double-dip ETFs will be driven by new asset territory. classes, new custom tailored
indices and new ways to Which asset classes/ sectors implement ETFs in portfolio saw the most inflows – which construction. For example, some saw the most outflows? new ETFs coming out are based Surprisingly, U.S. equity ETFs on hedge fund strategies, as well outpaced fixed-income ETFs as other alternative strategy
by Silvan Schelling
CEO, ETF Trends
“Tteetering on double-dip territory .
he economy is
”
People
Across the Atlantic:
themes as seen from WisdomTree. In commodities are also a safe store of technology in the marketplace and addition, competition among major wealth and a hedge against potential the growing demand during asset class providers in the fund inflation down the road; despite uncertainty have attributed to the industry has driven down prices. Fund what the government may tell you, growth of the ETF industry in the providers like Schwab and Vanguard everyone is feeling it at the gas U.S. Even if the economy hits a who offer the products with very low pumps and the supermarkets. rough patch, other assets, like expense ratios are also experiencing Additionally, the emerging markets commodities, and alternative decent growth. The ETF industry is are still posting robust growth as investment styles continue to also opening a crack into the trillion compared to developed economies. attract investor interest.dollar 401(k) industry as more More sophisticated investors who are companies become aware of ETF highly invested in Treasuries may What is the down side?options for their retirement plans. start instituting hedge positions with The down side to ETFs in the U.S.
short Treasury strategies in the come from challenges in bringing coming six to twelve months. It is not ETFs to market since regulatory a question of if higher rates are constraints are cumbersome. coming, but when. However, investors may be relieved
to know that the industry is well-You recently published a white regulated and the Securities and paper called “Social Media's Exchange Commission has the impact on Wall Street. What are investor's best interests in mind.
How about your thoughts about the key results of the study? Ironically, in Asia and Europe, leveraged ETF/ETPs? The paper highlights the growth of mutual funds have been struggling These products are innovative but s o c i a l m e d i a , h ow i t h a s but ETFs appear to be penetrating whether they are long/short, 2x/3x, 2 f u n d a m e n t a l l y c h a n g e d the fund space, whereas the mutual beta or 3 beta, leveraged funds are communication, and how Wall fund industry is well established in doing exactly what they are designed Street is capitalizing on social media, the U.S. The ETF trend has not to do on a daily basis. The key is subsequently affecting the ways caught on as much with the average understanding the daily basis aspect investors make decisions about their retail investor among European of these types of funds. Investors, portfolios. More investors are using and Asia-Pacific investors, with the advisors or institutions who are social media to get news on their U.K. and a few others being the looking to hedge for the short-term favorite stock holdings and funds. exceptions, as ETFs are traded may find that leveraged ETFs are One particular study used a among large institutions in these excellent tools. Leveraged ETFs are sophisticated sentiment analysis on regions.meant for active traders and require Twitter to predict how the Dow Jones regular monitoring and rebalancing. Industrial Average moves on any
given day, up to four days in advance, What about long-term oriented with 80% accuracy. Indeed, social investors? media has become omnipresent, Investors with long-term bets on putting companies that have not trends, though, should avoid the buy- developed a social media presence at and-forget mantra with this type of a distinct disadvantage.investment. Due to the consequences of compounding, these ETFs that reset If you compare the North daily will not perfectly mimic the American ETF/ETP business with desired leverage over the long-term as Europe and Asia-Pacific. What are compared to the underlying index – the main differences, advantages the ETF will begin to deviate from 2x and shortcomings? or 3x the benchmark index over time. In the U.S., we see that growth has
been focused around traditional Which asset class/sectors investors asset backed ETFs based on should overweight for the next seasoned indices. Investors enjoy this months? investment tool because of the For starters, commodities show strong volume, liquidity and number of fundamental support: pure demand available ETF products available. for energy, food and metals is up; Furthermore, the efficiency of the
Thank you! n
Fund providers are now focusing more on niche investment styles to differentiate from the rest.
People
Interview with,
Ossiam ETFin the Magazine’sEuropean Edition.www.etf-radar.com
Antoine Moreau
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% -$1.0 -14.2% -0.1%
ETF Radar Magazine | Issue August-September 2011 ETF Radar Magazine | Issue August-September 2011
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Rankings
Top 25 ETF providers around the world ranked by Assets under ManagementAs at end June 2011
WORLDWIDE
In association with
Source: BlackRock Global ETF Research and Implementation Strategy Team
13
Rankings
10
Top 10/Top 5 ETFs by Assets under ManagementAs at end June 2011
UNITED STATES
EUROPE
MIDDLE-EAST/AFRICA
ASIA-PACIFIC
JAPAN
14Source: BlackRock Global ETF Research and Implementation Strategy Team
ETF Bloomberg ticker
AUM
(US$ 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
SM
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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