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DB - Equity Research - Asia Pacific ETF Weekly Review: Bear markets keep eroding AUM from Asia-Pac ETFs
August 22, 2011--Market Review
As deepening global growth concerns continue, Asian markets could not get away from the effect. From north to south, Japan (Nikkei 225) dropped by 2.73%, Korea (KOSPI2) sank by 3.21%, China (CSI 300) decreased by 2.35%, Hong Kong (HSI) retreated by 1.12%, Singapore (FSSTI) declined by 4.10% and Australia (S&P/ASX 200) lost 1.69% over the previous week.
New Launch Review
Last week, Bank of China Investment Management entered into Asia-Pacific ETP market and launched its first ETF on the Shanghai Stock Exchange. The ETF tracks SSE State-owned Enterprises 100 Index. This was the only product launch in the region during last week.
Turnover Review: Volatility keeps markets active
Asia-Pacific market collected a total weekly turnover of $7.4bn last week, 49.1% below from the previous week's record high turnover, but 54.7% up from last year's weekly average. South Korea continues to be on top of the turnover ranking with $3.3bn (down 47.8%), followed by Hong Kong ($1.5bn, down 49.2%), Japan ($948.8m, down 50.8%), China ($945m, down 46.9%), and Taiwan ($257.6m, down 64.3%). Among Equity ETPs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country and Short Strategy ETPs had total turnover of $2.5bn, $1.7bn, $1.5bn and $1bn respectively. Under the Commodity asset class, turnover on Gold ETPs totaled $316m, 281.6% up from last year's weekly average.
Assets Under Management Review
In the middle of declining markets, Asia-Pacific ETP AUM was reduced by $1.1bn or 1.2% on a week-over week basis and ended at $88.8bn last week. However, on a year to date basis, Asia-Pacific ETF assets are still $4.6bn or 5.4% above last year's closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
FTSE EPRA/NAREIT Developed REITs Index forms the benchmark for the first ever QDII Real Estate Fund
Augsut 22, 2011--FTSE Group (“FTSE”), the award-winning global index provider today announces the licensing of the FTSE EPRA/NAREIT Developed REITs Index to Lion Fund Management (Lion Fund).
The index has been chosen as the benchmark for the first-ever Qualified Domestic Institutional Investor (QDII) fund specialising in real estate.
Real estate has long been a key component of sophisticated institutional investor portfolios globally, with liquid REITs offering an efficient means to access this asset class. With the FTSE EPRA/NAREIT Developed REITs index as its benchmark, the fund gives Chinese investors under the QDII scheme a new opportunity to gain exposure to international real estate assets such as hospitals, shopping malls and offices. .
The FTSE EPRA/NAREIT Developed REITs index is part of the market leading FTSE EPRA/NAREIT Global Real Estate Index Series. Developed in partnership with two of the world’s leading trade associations for real estate investing, The European Public Real Estate Association (EPRA) and The National Association of Real Estate Investment Trusts (NAREIT), the index series has become the market standard for listed real estate and REITs worldwide.
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Source: FTSE
SGX: "Further Measures to Improve Investor Awareness Of ETF Structures"
August 22, 2011--Recent attention given to the embedded risks of synthetic replication exchange traded funds (ETFs) has raised awareness on the importance of understanding the structures, features and risks of a product for informed investment decisions.
To make it easier for investors to differentiate between direct replication ETFs and synthetic replication ETFs, representing the two broad structures of ETFs, the Exchange has arranged for the trading name of all synthetic replication ETFs to be tagged with an ‘X’, which appears next to the ‘@’ used to mark Specified Investment Products (SIPs). This improves visibility of all the synthetic replication ETFs on trading screens and the SGX live prices website.
The latest measure is part of our overall effort aimed at equipping investors with the requisite knowledge to bring about informed investment decision. In July, the Exchange introduced two online initiatives, “Customer Account Review Module” and “SGX Online Education programme”, to support retail investors in their understanding and trading of SIPs listed on SGX. SGX began working on these initiatives last year, in response to the Monetary Authority of Singapore’s (MAS) proposal to enhance safeguards for retail investors for SIPs. Retail investors can only trade SIPs (which includes ETFs) only after they are assessed by the broking firms as having the relevant knowledge and experience to understand the risks and features of SIPs. The SGX Online Education Programme, in particular, also dedicates a module to educating investors on ETFs.
Investors can learn more about the two broad types of ETFs, classification of each ETF and the associated risks of the different ETFs on SGX’s website (www.sgx.com/etf_risk). Investors also can access information on ETFs such as listing documents, product brochures and information on the underlying at the websites of the issuers. These websites are constantly being updated with new or additional information. In addition, ETF issuers work with the Exchange to provide ETF education through seminars and publications. Information on such seminars is found at the SGX website (www.sgx.com/academy).
Source: WFE
Intervention fears weigh on yen
August 22, 2011--The yen pulled back from a record high against the dollar on Monday on speculation that the Japanese authorities could move to weaken the currency.
The yen hit a record high of ¥75.93 against the dollar on Friday as fears over global growth sparked haven demand for the Japanese currency and speculation of further quantitative easing from the Federal Reserve weighed on the greenback.
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Source: The Globe and Mail
ETFs Won't Shake Hong Kong Markets, Official Says .
August 20, 2011--Beijing's plan to allow exchange-traded funds comprising Hong Kong-listed stocks to be sold to mainland investors wouldn't cause huge volatility in the city's equities market, a senior Hong Kong government official said Saturday.
Hong Kong's Secretary for Financial Services and the Treasury KC Chan said on a radio program Saturday the implementation of the exchange traded funds will be subject to the approval of the Chinese securities regulator and the investors are rather rational, so he doesn't believe the new measure will cause volatility in Hong Kong's stock market.
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Source: Wall Street Journal
SBI Mutual Fund launches SBI Gold Fund
August 18, 2011--Asset management firm SBI Mutual Fund has launched a new fund offer, SBI Gold Fund, an open-ended fund scheme to enable investors to systematically invest in gold. The corpus collected from the NFO would be invested in SBI Gold Exchange Traded Fund.
"It is a convenient product and will give an opportunity to an investor to invest in the purest form of gold without the need of buying and storing physical gold, that too, without a dematerialized account unlike gold exchange traded funds," SBI MF Managing Director and Chief Executive Officer Deepak Chatterjee said.
He said there was a demand for ETFs and the assets under ETF schemes in the country had crossed Rs. 6,000 crore last month.
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Source: NDTV Profit
ETF Entering Fast Growth Period, Product and System Innovation Being of Great Significance
August 18, 2011------SZSE 300 Index ETF Released
Recently, Shenzhen Stock Exchange held an ETF business innovation and development workshop, attracting the participation of nearly 50 securities company executives and industry experts, who made an in-depth discussion on the ETF product development and business innovation. According to them, ETF, as an innovative product in our capital market, has been offered an unprecedented development opportunity and is now entering the fast growth period. Therefore, to maintain the proper development of EFT, the product and system innovation is of great significance.
This year, the domestic market scale of ETF has been quickly expanded, and the ETF has become one of the most noteworthy fund products. It is reported that SZSE will boost the development of the listed funds by perfecting the funds market platform, so as to drive the development of ETF and build the SZSE funds market into an interconnected, efficient, stable and cost-effective funds service platform.
According to the participating experts, the appearance of such innovative businesses and products as feeder fund, rating fund, stock index futures, margin trading and short selling, has provided the listed funds represented by ETF with richer investment trading strategies, and the long-term investors and short-term investors with larger investment choices.
According to the expert analysis, SZSE 300 Index is the core index that represents the characteristics of Shenzhen market. Focusing on the emerging industries (up to 43%), it is consistent with the development direction of Chinese economy and features a wide coverage over the three boards of Shenzhen market. This index presents an excellent growth, which will be further reflected in the securities market.
In recent days, SZSE 300 Index received its own ETF. China Universal Asset Management Co., Ltd issued SZSE 300 Index ETF on August 15. The attendees held an optimistic opinion on the investment of ETF. According to them, SZSE 300 Index, as a core index with considerable long-term return and highly consistent with the industry development direction and economic structure adjustment, has a promising development perspective.
Source: Shenzhen Stock Exchange
HKEx: Potential Joint Venture With Shanghai Stock Exchange And The Shenzhen Stock Exchange
Augsut 18, 2011--The Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEx) is pleased to announce that HKEx has agreed in principle to enter into detailed discussions with the Shanghai Stock Exchange and the Shenzhen Stock Exchange with a view to establish a joint venture company to be incorporated in Hong Kong.
Currently the possible areas of business operation of the joint venture company include, but are not limited to, the development of index and other equity derivative products and the compilation of new indexes.
The Board wishes to emphasise that no binding agreement has been entered into as at the date of this announcement. Accordingly, the joint venture may or may not proceed. HKEx will make further announcement in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as and when appropriate. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of HKEx.
Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Gold ETFs mushroom in India
August 18, 2011--Gold exchange-traded funds (ETFs) may be new for India, but are gaining in popularity as investors become aware of the benefits of investing in gold paper as opposed to holding it as jewellery.
ETFs are instruments that trade like shares and are backed by physical holdings of the commodity.
India is the world's top consumer of gold, accounting for 20 percent of global demand. In a country where many of the 1.2 billion population live far from a bank, Indians traditionally invest in gold jewellery.
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Source: Reuters
HKEx looks to mainland joint venture
August 18, 2011--Hong Kong Exchanges & Clearing, the world’s largest bourse operator by market value, plans to form a joint venture with its counterparts in Shanghai and Shenzhen in a move that would mark the most significant commercial link between the three exchanges.
Thursday’s announcement came a day after Li Keqiang, the Chinese vice-premier, unveiled measures to boost Hong Kong’s role as a financial centre and widen the channels for money to flow between the city and the mainland.
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Source: FT.com
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