Market Making for Exchange Traded Funds. Corporates & Markets

Size: px
Start display at page:

Download "Market Making for Exchange Traded Funds. Corporates & Markets"

Transcription

1 Market Making for Exchange Traded Funds Corporates & Markets

2 Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal growth in demand. Combining the liquidity of shares with the diversification benefits of pooled funds, ETFs have rapidly become the investment vehicle of choice for both institutional and private investors. Commerzbank is playing a key role in this fast-growing market. Through our powerful trading platform, we are helping to ensure the liquidity, access and efficient, low-cost trading that are key to successful ETF investing.

3 Contents ETFs the 21st century way to invest 04 Your benefits at a glance 05 Where liquidity meets stability 07 One-stop ETF trading for our clients 10 Commerzbank your global partner in Europe 11

4 04 ETFs the 21st century way to invest An unique combination of liquidity, flexibility and simplicity have made ETFs an essential tool for both professional and private investors worldwide. Invest in a fund, trade like a share Exchange traded funds are open-ended investment funds that can be traded on a stock exchange throughout the business day. To date, the vast majority of ETFs have been structured as passive funds, designed to replicate rather than outperform a particular market index s performance. ETFs have attracted massive popularity among both institutional and retail investors as a low-cost, liquid alternative to invest across a diverse range of markets, sectors and asset classes, including equities, commodities, bonds, currencies and credit. Over the last 11 years the number of ETFs in Europe has risen from 100 to more than 1,400 different funds (see chart below). The European ETF market registered record growth in 2014, growing by 26 percent, and assets under management in ETFs now amount to 363 billion euros. European ETF multi-year asset growth Assets bn 400, , , , , , ,000 50,000 Number of products 1,600 1,400 1,200 1, ETFs Equity ETFs Fixed Income ETFs Commodity Others Number of ETFs 0 Source: Deutsche Bank AG, as at

5 05 Features at a glance Simplicity ETFs allow investors to gain or reduce exposure to a whole market or asset class in a single transaction, making them highly suitable for both long-term as well as tactical investment asset allocation. Flexibility Whereas a conventional fund is only priced and traded at a fixed time each day, an ETF can be bought and sold at any time that the relevant exchange is open, including intra-day trading. Like shares, ETFs can be shorted to take advantage of falling prices, traded on a stop-loss or stop-limit basis to manage risk, or large trades can be time- or volume-weighted to reduce market impact. Liquidity The proliferation of ETFs has resulted in increased volumes on exchanges. Market Makers provide liquidity to the secondary market. The primary market ensures supply when demand is high. This makes ETFs appealing for gaining exposure to both developed markets and less liquid emerging markets. Market access ETFs offer exposure to a wide variety of asset classes, including equities, fixed income, commodities, money markets and currencies. Practically any index can be the basis for an ETF (either using physical or synthetic replication). Now, ETF managers are exploring the possibility of actively-managed ETFs too. Cost The Total Expense Ratio for ETFs tends to be low and there are no upfront or redemption fees in the secondary market. As with trading shares, investors usually incur a brokerage fee when buying and selling an ETF.

6 1 Section number

7 07 Where liquidity meets stability We are committed to our role as a reliable Market Maker in both primary and secondary ETF markets. Why Commerzbank Global network of relationships with investors and leading ETF providers Long-standing experience of providing liquidity in both listed and OTC products Electronic trading platform support for over 150,000 listed products and funds Advisory teams to provide greater value to your investment decision-making Essential market-making strength Experienced, reliable Market Makers such as Commerzbank are crucial to the successful growth of the ETF industry and the ability of ETFs to be priced and traded throughout the business day. As a Market Maker, Commerzbank has two important roles in the ETF market: In the primary market, we operate as an Authorised Participant. This involves trading directly with the ETF provider in order to create or redeem fund units. In order to create ETF units, we deliver a basket of shares in the same weighting as the fund s index to the ETF provider and, in return, receive back units in the ETF. When shares are redeemed, the same process takes place in reverse. As ETFs are open-ended, the number of units in circulation increases and decreases in line with investor demand. Reliable Market Makers are therefore crucial to ensure a sufficient supply in times of high demand. The primary market is also used by large-scale investors who prefer to trade at the fund s Net Asset Value (NAV) to make sure they get an officially published price. Commerzbank s role in the ETF market The primary market The secondary market ETF Provider Commerzbank Authorised Participant and Designated Sponsor Exchange Investor

8 08 In the secondary market, we help ensure liquidity in ETF units so that investors can buy or sell their chosen ETF on a given exchange at any time during the trading day. This means, we are responsible for pricing ETFs throughout each trading day in line with the NAV of its underlying assets. To operate in the secondary market, Commerzbank has to be approved as a Designated Sponsor by the relevant exchange. To ensure a high quality service for investors, a Designated Sponsor has to give certain commitments, including: a stated maximum bid/offer spread a stated minimum size for quoted buy/sell volumes provision of prices on an ongoing basis As of April 2012, Commerzbank was approved as a Designated Sponsor on several major stock exchanges in Europe and since autumn 2012 in Hong Kong. Serving more diverse markets As ETFs venture into more diverse and potentially less liquid assets, Market Makers must be able to demonstrate that they can price and trade ETFs efficiently whatever the state of the underlying market. We believe this is why Commerzbank is increasingly the partner of choice for Europe s ETF market participants. OMX Stockholm Xetra Deutsche Börse Frankfurt London Stock Exchange NYSE Euronext Paris SIX Zurich Borsa Italiana Milan NYSE Euronext Lisbon

9 4 Section number

10 10 One-stop ETF trading for our clients Long-standing experience, a robust trading platform and economies of scale have made Commerzbank the partner of choice for ETF participants across Europe. Advice on ETF strategy Order execution is only one element of our role as Market Maker. Our teams of product specialists also partner closely with clients to discuss how a particular ETF works and which product might be best suited to their needs or those of their own investment clients. We can also advise on the most appropriate ETF trading strategy, given a client s risk profile or investment objectives. 1 A leading Market Maker for European ETFs Covering a wide spectrum of ETFs across multiple European exchanges, we aim to be the one-stop shop for ETF trading for institutional investors. Robust trading platform Our strength in the ETF market is driven by our trading platform. Developed over almost 20 years by proprietary technology teams, the platform delivers: both on-exchange and over-the-counter (OTC) trades for institutional and retail clients consistently tight spreads and intra-day liquidity on more than 150,000 products, including ETFs, notes, certificates, shares and mutual funds proven liquidity and stable pricing even during times of extreme market volatility, i.e. through recent financial, geo-political and natural events that caused major market dislocation Economies of scale By combining trades for all products and funds on a single platform, our clients benefit from substantial economies of scale. For example, by pooling all trades into a single system, we can net trades off against each other and therefore offer the potential for reduced transaction and hedging costs. We continue to invest extensively in our ETF trading capabilities to ensure we offer one of the most efficient and reliable platforms in the sector. 1 Advisory services not available from and into UK or Asian countries.

11 11 Commerzbank your global partner in Europe Proven expertise in exchange-traded products. Commerzbank Corporates & Markets is the investment banking division of Commerzbank, the second-largest bank in Germany. For over two decades we have been one of Europe s most active participants in creating, managing and providing liquidity in innovative investment solutions, including notes, funds, certificates, warrants and exchange-traded products as well as a leading exponent of index construction. Today, we offer our investment partners an extensive amount of experience in providing pricing, liquidity and stable connectivity in all market conditions and for an ever-increasing range of markets and asset classes. To learn more, the ETF Sales Trading team at or visit us on or call us: Frankfurt: Hong Kong: London:

12 Disclaimer This document has been created and published by the Corporates & Markets division of Commerzbank AG, Frankfurt / Main or the group companies mentioned in the document ( Commerzbank ). Commerzbank Corporates & Markets is the investment banking division of Commerzbank, integrating research, debt, equities, interest rates and foreign exchange. This is a financial promotion / marketing communication (together communication ). It is not investment research or financial analysis as these terms are defined in applicable regulations and has not been prepared by a research analyst. The views in this communication may differ from the published views of Commerzbank Corporates & Markets Research Department and the communication has been prepared separately of such department. This communication may contain short-term trading ideas. Any returns or future expectations referred to are not intended to forecast or predict future events. Any prices provided herein (other than those that are identified as being historical) are indicative only, and do not represent firm quotes as to either size or price. This communication is for information purposes only. The information contained herein does not constitute the provision of investment advice. It is not intended to be nor should it be construed as an offer or solicitation to acquire, or dispose of, any of the financial instruments and / or securities mentioned in this communication and will not form the basis or a part of any contract. Any information in this communication is based on data obtained from sources believed by Commerzbank to be reliable, but no representations, guarantees or warranties are made by Commerzbank with regard to the accuracy, completeness or suitability of the data. The past performance of financial instruments is not indicative of future results. No assurance can be given that any financial instrument or issuer described herein would yield favourable investment results. This communication is intended solely for distribution to professional clients and / or eligible counterparties of Commerzbank. It is not intended to be distributed to retail clients or potential retail clients. Neither Commerzbank nor any of its respective directors, officers or employees accepts any responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this communication. Commerzbank and / or its principals or employees may have a long or short position or may transact in financial instrument(s) and / or securities referred to herein or may trade in such financial instruments with other customers on a principal basis. The information may have been discussed between various Commerzbank personnel and such personnel may have already acted on the basis of this information (including trading for Commerzbank s own account or communication of the information to other customers of Commerzbank). Commerzbank may act as a Market Maker in the financial instruments or companies discussed herein and may also perform or seek to perform investment banking services for those companies. No part of this communication may be reproduced, distributed or transmitted in any manner without prior written permission of Commerzbank. This communication or the manner of its distribution may be restricted by law or regulation in certain countries. Persons into whose possession this document may come are required to inform themselves about, and to observe any such restriction. By accepting this communication, a recipient hereof agrees to be bound by the foregoing limitations. This communication is issued by Commerzbank AG and approved in the UK by Commerzbank AG London Branch, authorised by the German Federal Financial Supervisory Authority and the European Central Bank. Commerzbank AG London Branch is authorised and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct authority and Prudential Regulatory Authority are available on request. Ratings and evaluations reflect the opinion of the creator at the time of the creation of the document. Whether and in what time interval this document is updated is not defined prior to publication. The financial instrument is only described in short form. The actual taxation is dependent upon the personal circumstances of the customer and may be subject to changes in the future. Commerzbank AG does not offer legal, balance sheet and/or tax advice. This document is a marketing information according to the German Securities Trading Act. The information contained herein has been compiled for informational purposes only. This document does not constitute individual investment advice, an offer or an invitation to buy or sell any securities or any other financial instruments or to enter into any other transaction with regard thereto. It is not intended to nor is it able to substitute giving investment advice suitable and appropriate to the client s individual circumstances. Commerzbank AG is regulated by the German Federal Financial Supervisory Authority, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), situated at Graurheindorfer Straße 108, Bonn and Marie- Curie-Strasse 24-28, Frankfurt. This document has been issued or approved for distribution in the UK by Commerzbank AG, London Branch, which is authorised by the German regulator Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and is subject to limited regulation by the Financial Services Authority. Details about the extent of our regulation in the UK by the Financial Services Authority are available from us on request. Copyright Commerzbank All rights reserved. Printed in March GPP 27336

13 Commerzbank AG Headquarters Kaiserplatz Frankfurt am Main Germany Phone: Commerzbank AG Corporates & Markets Mainzer Landstr. 153 DLZ Gebäude 2 Händlerhaus Frankfurt am Main Germany Phone: Commerzbank AG London Branch 30 Gresham Street London EC2V 7PG United Kingdom Phone: Commerzbank AG New York Branch 2 World Financial Center NY United States of America Phone: Commerzbank AG Singapore Branch 8 Shenton Way, Singapore Phone: Commerzbank AG Hong Kong Branch 2 International Financial Centre 8 Finance Street Central Hong Kong Phone:

Kristall. Access a transparent world of FX Structured Products. Corporates & Markets

Kristall. Access a transparent world of FX Structured Products. Corporates & Markets Kristall Access a transparent world of FX Structured Products Corporates & Markets Kristall clear A new way of approaching FX Structured Products. A unique collaborative platform from Commerzbank means

More information

Workshop Bank Capital

Workshop Bank Capital Workshop Bank Capital Advisory & Primary Markets DCM Bonds Origination May 216 The Global Banking Landscape 3 G-SIBs are around the globe Europe: 15 GSIBs USA: 8 GSIBs Asia: 7 GSIBs China: 4 GSIBs Industrial

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

Commerzbank Asset Management. Active. Passive. The perfect combination.

Commerzbank Asset Management. Active. Passive. The perfect combination. Commerzbank Asset Management Active. Passive. The perfect combination. Contents Commerzbank Asset Management 04 Active Asset Management 05 Passive Asset Management 07 Private Labelling 09 Disclaimer 11

More information

ishares Product Overview Q2 2015

ishares Product Overview Q2 2015 ishares Product Overview Q2 2015 About BlackRock BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, 2015,

More information

Exchange Traded Funds. Reasons to Consider. For professional clients only

Exchange Traded Funds. Reasons to Consider. For professional clients only Exchange Traded Funds Reasons to Consider For professional clients only Exchange Traded Funds (ETFs) have been designed to provide low-cost and transparent access to the world s markets, combining the

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

ETFs for Private Investors S I M P L E P R O D U C T S. S O P H I S T I C A T E D S T R A T E G I E S

ETFs for Private Investors S I M P L E P R O D U C T S. S O P H I S T I C A T E D S T R A T E G I E S ETFs for Private Investors S I M P L E P R O D U C T S. S O P H I S T I C A T E D S T R A T E G I E S 02 ETF Private Investors Brochure October 2010 Contents 04 Introduction to ETFs 05 How ETFs differ

More information

1) Why have you undertaken a significant review of your product line-up?

1) Why have you undertaken a significant review of your product line-up? Questions on db X-trackers UCITS ETFs and db-x ETC closures 1) Why have you undertaken a significant review of your product line-up? We continue to expand our product offerings in areas where we can identify

More information

Exchange Traded Funds

Exchange Traded Funds LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

Use this brochure to gain expertise about ETFs that you can communicate to your clients.

Use this brochure to gain expertise about ETFs that you can communicate to your clients. How ETFs work Your clients may have questions about exchange-traded funds (ETFs), such as how they differ from mutual funds, how they re traded and even how they re created. Use this brochure to gain expertise

More information

db x-trackers Simply buy the market db x-trackers ETFs Quality made by Deutsche Bank A 10 Step Guide to Exchange Traded Funds A Passion to Perform.

db x-trackers Simply buy the market db x-trackers ETFs Quality made by Deutsche Bank A 10 Step Guide to Exchange Traded Funds A Passion to Perform. db x-trackers Simply buy the market db x-trackers ETFs Quality made by Deutsche Bank A 10 Step Guide to Exchange Traded Funds A Passion to Perform. Contents 3 Introduction 4 Step 1 What are ETFs? 5 Step

More information

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD)

ANZ ETFS PHYSICAL US DOLLAR ETF. (ASX Code: ZUSD) ANZ ETFS PHYSICAL US DOLLAR ETF (ASX Code: ZUSD) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ

More information

Introducing Allianz Global Investors

Introducing Allianz Global Investors Introducing Allianz Global Investors August 2014 Understand. Act. Why we re here and how we operate Our Purpose: To help our clients achieve their investment goals. Our Philosophy: Understand. Act. At

More information

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors Who can benefit from Commodity Structured Notes? Corporate or commercial clients looking to hedge commodity

More information

Exchange Traded Funds (ETFs)

Exchange Traded Funds (ETFs) Exchange Traded Funds (ETFs) Advisers guide to ETFs and their potential role in client portfolios This document is directed at professional investors and should not be distributed to, or relied upon by

More information

Xetra. The market. Xetra: Europe s largest trading platform for ETFs. ETF. One transaction is all you need.

Xetra. The market. Xetra: Europe s largest trading platform for ETFs. ETF. One transaction is all you need. Xetra. The market. Xetra: Europe s largest trading platform for ETFs ETF. One transaction is all you need. Deutsche Börse Group is the leading global service provider to the securities industry. Its cutting-edge

More information

Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors

Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors March 2015 Important Information This presentation ( Presentation ) has been produced by Magellan Asset Management Limited

More information

EXCHANGE TRADED PRODUCTS (ETFs & ETNs)

EXCHANGE TRADED PRODUCTS (ETFs & ETNs) EXCHANGE TRADED PRODUCTS (ETFs & ETNs) Now, for the first time ever, all South Africa s ETFs & ETNs on a single website www.etfsa.co.za Everything you need to know about ETFs and ETNs Transact online all

More information

db x trackers Simply buy the market Deutsche Bank Exchange Traded Funds (ETFs)

db x trackers Simply buy the market Deutsche Bank Exchange Traded Funds (ETFs) db x trackers Simply buy the market Deutsche Bank Exchange Traded Funds (ETFs) Contents 3 Introduction db x trackers a real solution 4 5 Solution ETFs offer institutional investors great new opportunities!

More information

Investment Education Series

Investment Education Series Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,

More information

ETP Due Diligence Guide

ETP Due Diligence Guide ETP Due Diligence Guide Step-by-step guide to selecting the right products for your clients The exchange traded product (ETP) industry has undergone significant transformation since the first product was

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

Exchange Traded Funds and the UCITS Framework

Exchange Traded Funds and the UCITS Framework Exchange Traded Funds and the UCITS Framework 0 EXCHANGE TRADED FUNDS AND THE UCITS FRAMEWORK Introduction An Exchange Traded Fund ( ETF ) is an investment vehicle that, in its typical form, is designed

More information

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius ETF Reference Guide Contents 1. Background 04 2. Introduction to Exchange Traded Funds 05 What are Exchange Traded Funds Why invest in Exchange Traded Funds as an alternative to other similar investments?

More information

ANZ ETFS PHYSICAL RENMINBI ETF. (ASX Code: ZCNH)

ANZ ETFS PHYSICAL RENMINBI ETF. (ASX Code: ZCNH) ANZ ETFS PHYSICAL RENMINBI ETF (ASX Code: ZCNH) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ

More information

Explore the Field of Mutual Funds

Explore the Field of Mutual Funds Wealth Management Education Series How can we help you further? Do you have a question on what you have just read? Would you like to have a further discussion on this subject? Contact your Relationship

More information

CIO Flash Chinese equities: what happens next? July 8, 2015

CIO Flash Chinese equities: what happens next? July 8, 2015 CIO Flash Chinese equities: what happens next? July 8, 2015 +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH Market falls force

More information

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE HEADLINE GOES ANZ HERE ETFS PHYSICAL ONE LINE GOLD OR TWO ETF ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE THE EXCHANGE TRADED FUND THAT S AS GOOD AS GOLD 1 WHAT IS ANZ ETFS PHYSICAL GOLD ETF?

More information

Market Overview EUR Relative Value

Market Overview EUR Relative Value EUR Interest Rates: The curve remained little changed from last week with only an upward movement of 4 to 5 bps. This comes after the decision from the ECB to cut the deposit rate by 1bps and the repo

More information

New Trends in the Development of Global Indexing Investment

New Trends in the Development of Global Indexing Investment New Trends in the Development of Global Indexing Investment, Head of Passive Asset Management, Asia Pacific Client logo positioning ETF Market Trend: Developed Markets ETF asset hits record high Global

More information

6-Year USD Call Spread Notes on the 5 Year USD Swap Rate

6-Year USD Call Spread Notes on the 5 Year USD Swap Rate 6-Year USD Call Spread Notes on the 5 Year USD Swap Rate - NON-US INVESTORS ONLY - - PRIVATE PLACEMENT ONLY - NO PUBLIC DISTRIBUTION - Final Termsheet as of November 2, 2015 (Version 2.00) All material

More information

9 Questions Every ETF Investor

9 Questions Every ETF Investor 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? An exchange-traded fund (ETF) is a pooled investment vehicle with shares that can be bought or sold throughout the day on a

More information

ANZ ETFS S&P/ASX 100 ETF. (ASX Code: ZOZI)

ANZ ETFS S&P/ASX 100 ETF. (ASX Code: ZOZI) ANZ ETFS S&P/ASX 100 ETF (ASX Code: ZOZI) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ ETFS,

More information

CIO Flash Chinese equities: what happens next? July 8, 2015

CIO Flash Chinese equities: what happens next? July 8, 2015 CIO Flash Chinese equities: what happens next? July 8, 2015 +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH Market falls force

More information

INDEX SERIES FTSE PUBLICATIONS. FTSE ETF Issuer Services.

INDEX SERIES FTSE PUBLICATIONS. FTSE ETF Issuer Services. INDEX SERIES FTSE PUBLICATIONS FTSE ETF Issuer Services. BEIJING BOSTON DUBAI HONG KONG LONDON MILAN MUMBAI NEW YORK PARIS SAN FRANCISCO SHANGHAI SYDNEY TOKYO FTSE FTSE Group ( FTSE ) is a world-leader

More information

CANVAS BUILD YOUR OWN ETF

CANVAS BUILD YOUR OWN ETF CANVAS BUILD YOUR OWN ETF A SERVICE PROVIDED BY ETF SECURITIES INTRODUCING CANVAS BUILD YOUR OWN ETF CANVAS is an innovative platform that offers whitelabelled ETFs to the asset management industry, with

More information

Exchange Traded Funds. Plain Talk Library

Exchange Traded Funds. Plain Talk Library Plain Talk Library Contents What is indexing? 2 ETFs 2 How do ETFs work? 3 ETFs - Fees and Costs 4 How can you invest in ETFs? 6 Participants in the ETF market 9 What are the benefits of ETFs? 10 Risk

More information

Commodities as an Asset Class

Commodities as an Asset Class September 2015 Commodities as an Asset Class The exchange of commodities represents one of the earliest forms of trade. Markets for goods such as rice, silk and spices for example have existed for centuries.

More information

Define your goals, we ll do the rest

Define your goals, we ll do the rest SUB-FUNDS OF GOLDMAN SACHS FUNDS, SICAV Define your goals, we ll do the rest The GS Wealthbuilder Multi-Asset Portfolios can help you achieve your goals, whether you are looking to preserve, enhance or

More information

INDEX FUNDS AND EXCHANGE TRADED PRODUCTS COMPARED. Viewpoint IN THIS ISSUE. Examining different passive options for client portfolios

INDEX FUNDS AND EXCHANGE TRADED PRODUCTS COMPARED. Viewpoint IN THIS ISSUE. Examining different passive options for client portfolios This document is for investment professionals only and should not be relied upon by private investors INDEX FUNDS AND EXCHANGE TRADED PRODUCTS COMPARED Examining different passive options for client portfolios

More information

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF)

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) SPDR ETFs 9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment

More information

Wealth Management Education Series. Explore the Field of Mutual Funds

Wealth Management Education Series. Explore the Field of Mutual Funds Wealth Management Education Series Explore the Field of Mutual Funds Wealth Management Education Series Explore the Field of Mutual Funds Managing your wealth well is like tending a beautiful formal garden

More information

An easy way of investing offshore

An easy way of investing offshore A JSE / Deutsche Bank initiative An easy way of investing offshore Exchange Traded Funds ETFs Itrix DJ EURO STOXX 50 Itrix FTSE 100 Itrix ETFs allow you to Diversify your investment portfolio offshore

More information

What is the history and global performance of ETFS? What are ETFs? Assets Under Management (AUM) of ETFs: 2001 Q12013

What is the history and global performance of ETFS? What are ETFs? Assets Under Management (AUM) of ETFs: 2001 Q12013 What is the history and global performance of ETFS? Exchange Traded Funds debuted in 1993 when State Street launched the SPDR S&P 500, an equity index fund tracking the S&P 500. Shortly after, ETFs gained

More information

NewGold and NewPlat Exchange Traded Funds. Corporate and Investment Banking

NewGold and NewPlat Exchange Traded Funds. Corporate and Investment Banking NewGold and NewPlat Exchange Traded Funds Corporate and Investment Banking ETFs an introduction What are ETFs? An exchange-traded fund (or ETF) is an investment vehicle traded on a stock exchange, much

More information

Credit Suisse Portfolio Solutions. Personalized strategies to help you grow, preserve, and use your wealth

Credit Suisse Portfolio Solutions. Personalized strategies to help you grow, preserve, and use your wealth Credit Suisse Portfolio Solutions Personalized strategies to help you grow, preserve, and use your wealth 1 Credit Suisse Portfolio Solutions Personalized strategies to help you grow, preserve, and use

More information

Index investing. A simple, low-cost solution for retirement plans

Index investing. A simple, low-cost solution for retirement plans Index investing A simple, low-cost solution for retirement plans Index investing: A simple, low-cost solution for retirement plans Despite the challenging economic conditions of the last few years, employers

More information

Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.

Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions. Market Access ETFs Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions. 2 Market Access ETFs The Royal Bank

More information

Explore the Field of Mutual Funds

Explore the Field of Mutual Funds Wealth Management Education Series Explore the Field of Mutual Funds Wealth Management Education Series Explore the Field of Mutual Funds Managing your wealth well is like tending a beautiful formal garden

More information

Exchange-traded Funds

Exchange-traded Funds Mitch Kosev and Thomas Williams* The exchange-traded fund (ETF) industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size. The

More information

Nine Questions Every ETF Investor Should Ask Before Investing

Nine Questions Every ETF Investor Should Ask Before Investing Nine Questions Every ETF Investor Should Ask Before Investing UnderstandETFs.org Copyright 2012 by the Investment Company Institute. All rights reserved. ICI permits use of this publication in any way,

More information

Monthly European ETF Market Trends AUGUST 2015 in brief

Monthly European ETF Market Trends AUGUST 2015 in brief LYXOR ETF BAROMETER SEPTEMBRE 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE

More information

Fixed Income ETFs: Navigating Today s Trading Environment

Fixed Income ETFs: Navigating Today s Trading Environment Fixed Income ETFs: Navigating Today s Trading Environment Karen Schenone, CFA Vice President, ishares Fixed Income Strategy Khoabane Phoofolo Vice President, ishares Capital Markets Today s Speakers Karen

More information

UNDERSTANDING CLOSED-END FUNDS

UNDERSTANDING CLOSED-END FUNDS Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

ETFs as Investment Options in 401(k) Plans

ETFs as Investment Options in 401(k) Plans T. ROWE PRICE ETFs as Investment Options in 401(k) Plans Considerations for Plan Sponsors By Toby Thompson, CFA, CAIA, T. Rowe Price Defined Contribution Investment Specialist Retirement Insights EXECUTIVE

More information

Wealth Management Education Series. Explore the Field of Investment Funds

Wealth Management Education Series. Explore the Field of Investment Funds Wealth Management Education Series Explore the Field of Investment Funds Wealth Management Education Series Explore the Field of Investment Funds Managing your wealth well is like tending a beautiful formal

More information

Market Overview USD Relative Value

Market Overview USD Relative Value USD Interest Rates: The curve stayed broadly flat with a minor 3s increase in the 1y tenor. Market implied probabilities indicate a more than 99% chance of a Fed rate hike in December 216*. Credit Spreads:

More information

Market Overview USD Relative Value

Market Overview USD Relative Value USD Interest Rates: The curve has continued last weeks trend upwards, with all tenors increasing. The largest increases are seen in the 2y and 3y tenors (+4s), whilst the 1y increased by 1s. Market implied

More information

Deutsche Bank Corporate Banking & Securities. Pricing Schedule for Listed and OTC Derivatives Clearing Services

Deutsche Bank Corporate Banking & Securities. Pricing Schedule for Listed and OTC Derivatives Clearing Services Pricing Schedule for Listed and OTC Derivatives Clearing Services March 2015 Pricing Schedule for Listed and OTC Derivatives Clearing Services Introduction EMIR 1 entered into force on 16 August 2012 and

More information

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)

ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU) ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors

More information

HANG SENG FTSE / XINHUA CHINA 25 INDEX ETF

HANG SENG FTSE / XINHUA CHINA 25 INDEX ETF HANG SENG FTSE / XINHUA CHINA 25 INDEX ETF (SEHK STOCK CODE:2838) www.hangseng.com/etf IMPORTANT RISK WARNINGS / FUND INFORMATION FOR HONG KONG INVESTORS Hang Seng FTSE/Xinhua China 25 Index ETF (the HS

More information

Exchange-Traded Funds

Exchange-Traded Funds Exchange-Traded Funds By Ken Hawkins Investopedia Introduction Exchange-traded funds (ETFs) can be a valuable component for any investor's portfolio, from the most sophisticated institutional money managers

More information

The Volcker Rule. Implications for the FX Market

The Volcker Rule. Implications for the FX Market The Volcker Rule Implications for the FX Market Ulrich Leuchtmann Head of FX Research June 2012 The Volcker rule General idea: a new version of Glass-Steagall Glass-Steagall Bank Volcker Rule Bank Investment

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

Understanding Managed Funds

Understanding Managed Funds ... Understanding Managed Funds Contact us If you would like to know more about how AMP Capital can help you, please visit ampcapital.com.au, or contact one of the following: Financial Planners Personal

More information

BMO Income Leaders ETFs

BMO Income Leaders ETFs For professional investors only Exchange Traded Funds PAGE 1 BMO Income Leaders ETFs Quality Income November 215 Contact us Client Services +44 () 2 711 4444 client.service@bmogam.com bmogam.com/etfs ZILS

More information

Score. Stifel CONQUEST Portfolios. Research-Driven Portfolios PORTFOLIO STRATEGY EXCHANGE TRADED FUNDS. Ease of Diversification

Score. Stifel CONQUEST Portfolios. Research-Driven Portfolios PORTFOLIO STRATEGY EXCHANGE TRADED FUNDS. Ease of Diversification Stifel CONQUEST Portfolios PORTFOLIO STRATEGY The Washington Crossing Advisors Stifel CONQUEST Portfolios seek to add value by actively allocating assets among U.S. equities, bonds, commodities, and foreign

More information

Wealth Management Solutions

Wealth Management Solutions Wealth Management Solutions Invest in the Future Life has significant moments. Making sure you re prepared for them is important. But what can you do when the pace of your life leaves you little time to

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

Exchange traded funds (ETFs)

Exchange traded funds (ETFs) Finance Essentials Exchange traded funds (ETFs) Strengthen your investment foundation at a glance What is an ETF? In the simplest terms, exchange traded funds (ETFs) are funds that attempt to replicate

More information

Xetra. The market. Xetra: Europe s largest trading. ETF. One transaction is all you need.

Xetra. The market. Xetra: Europe s largest trading. ETF. One transaction is all you need. Xetra. The market. Xetra: Europe s largest trading platform for ETFs ETF. One transaction is all you need. 2 3 Deutsche Börse Group is the leading global service provider to the securities industry. Its

More information

Understanding ETF liquidity and trading

Understanding ETF liquidity and trading Understanding ETF liquidity and trading ETF liquidity and trading can seem complex. For example, you may have heard that ETFs with lower average daily trading volumes (ADVs) aren t as liquid as others

More information

Core/Satellite Investing

Core/Satellite Investing For professional investors only Core/Satellite Investing Core/satellite portfolio construction aims to combine the most effective characteristics of index and alpha-generating strategies offering flexibility

More information

Wealth & Tax Planning Private Insurance

Wealth & Tax Planning Private Insurance Wealth & Tax Planning Private Insurance Parties to a Private Insurance Simplified structure Principal = Policyholder Insurance contract Transfer of assets Insurance policy Insurance Company Issues and

More information

What is an ETF? is-10031

What is an ETF? is-10031 What is an ETF? What is an ETF? Familiar ground best of both worlds Two great investment ideas brought together Like a stock Trading flexibility intraday on the exchange Long or short Options frequently

More information

db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF

db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF This material is for investment professionals and has been prepared solely for information purposes and does not constitute an offer,

More information

Cyber security. ETFS ISE Cyber Security GO UCITS ETF. Investing in a safer digital future

Cyber security. ETFS ISE Cyber Security GO UCITS ETF. Investing in a safer digital future Cyber security Investing in a safer digital future About the index The ISE Cyber Security UCITS Index Net Total Return utilises a rules-based investment methodology to select a diverse group of companies

More information

Exchange-Traded Funds

Exchange-Traded Funds Exchange-Traded Funds Exchange Traded Funds (ETF s) are becoming popular investment vehicles for many investors. Most ETF s are cost effective, broad market funds. We have put together a layman s explanation

More information

Absolute return: The search for positive returns in changing markets

Absolute return: The search for positive returns in changing markets Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What

More information

Three new stock ETFs for greater global diversification

Three new stock ETFs for greater global diversification Three new stock ETFs for greater global diversification Canadian stocks account for less than 4% of publicly traded companies global market value. Investors in Canada, however, allocate 59% of their stock

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction spdrs.com What You Need to Know about ETFs ETF Basics Potential Benefits of ETFs ETFs versus Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Frequently

More information

Interview with Rima Haddad, Head of Switzerland & Middle East, ETF Securities (UK) Limited

Interview with Rima Haddad, Head of Switzerland & Middle East, ETF Securities (UK) Limited Rima Haddad, Head of Switzerland & Middle East, ETF Securities (UK) Limited, introduces ETF Securities and presents the eight exchangetraded funds newly-listed on the SIX Swiss Exchange. Interview with

More information

FxPro Education. Introduction to FX markets

FxPro Education. Introduction to FX markets FxPro Education Within any economy, consumers and businesses use currency as a medium of exchange. In the UK, pound sterling is the national currency, while in the United States it is the US dollar. Modern

More information

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions

More information

Under the surface. Focus on ETF Liquidity. For professional clients only

Under the surface. Focus on ETF Liquidity. For professional clients only Under the surface Focus on ETF Liquidity For professional clients only Introduction ETFs have been designed as highly liquid investment vehicles, allowing investors to establish both long and short term

More information

The UBS Core-Satellite investment approach Build wealth for the long term and make the most of your own investment ideas

The UBS Core-Satellite investment approach Build wealth for the long term and make the most of your own investment ideas The UBS Core-Satellite investment approach Build wealth for the long term and make the most of your own investment ideas StabiIity, opportunity and flexibility build the foundation for optimal results

More information

Investing. Mutual Fund. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567

Investing. Mutual Fund. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 Mutual Fund Investing Your promotional imprint here and/or back cover. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 Mutual funds are one of the most popular ways

More information

Welcome to Firm Element Session 2 March 16, 2011 - A Primer on Exchange Traded Funds -

Welcome to Firm Element Session 2 March 16, 2011 - A Primer on Exchange Traded Funds - Welcome to Firm Element Session 2 March 16, 2011 - A Primer on Exchange Traded Funds - The Webinar will start shortly and all phones will be muted by the presenter. Please email any questions you have

More information

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS IMAGE TO BE REPLACED What are ishares ETFs? ishares IS THE WORLD LEADER IN EXCHANGE TRADED FUNDS ishares exchange traded funds (ETFs) blend the benefits

More information

STRATEGIES FOR USING ETFS. Tax Loss Harvesting Investors can sell individual stock positions currently

STRATEGIES FOR USING ETFS. Tax Loss Harvesting Investors can sell individual stock positions currently STRATEGIES FOR USING ETFS Tax Loss Harvesting Investors can sell individual stock positions currently trading below purchase price, realize the loss and maintain similar exposure by purchasing the appropriate

More information

Market Overview EUR Relative Value

Market Overview EUR Relative Value EUR Interest Rates: The curve decreased by 4s in the 7y tenor and by 5s in the 1y tenor. Market implied probabilities indicate a less than 5% chance of an ECB rate cut in 216*. Credit Spreads: Last week

More information

Exchange Traded Funds: State of the Market, Regulation and Current Concerns

Exchange Traded Funds: State of the Market, Regulation and Current Concerns Governance and Regulation of Financial Institutions Academic Year 2011-2012 ECON-S528 Pr. Pierre Francotte Exchange Traded Funds: State of the Market, Regulation and Current Concerns Sébastien Evrard Vincent

More information

Monthly European ETF Market Trends SEPTEMBER 2015 in brief

Monthly European ETF Market Trends SEPTEMBER 2015 in brief LYXOR ETF BAROMETER OCTOBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE ME

More information

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation We emphasize a thorough, disciplined process designed to identify and monitor what we believe to be the best

More information

db x-trackers MSCI World Energy Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World Energy Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World Energy Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to the db x-trackers MSCI World Energy Index UCITS ETF (DR) (the Fund

More information

Decoding the Financial World

Decoding the Financial World Decoding the Financial World The collapse of Lehman Brothers heralded the beginning of 2008 financial crisis that affected every one of us directly or indirectly. Yet, mystery of the financial world remains

More information

ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES GARTMAN GOLD/YEN ETF (NYSE Arca Ticker: GYEN) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of

More information