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【出版时间及名称】：2009年11月欧洲ETF专题研究报告
【作者】：德意志银行
【文件格式】：PDF
【页数】：64
【目录或简介】：
Scorecard Equities (for details see page 17)
Our equity Region Scorecard shows that Europe is the most favoured region. Latin America
enjoys the least support due to its expensive valuation and weak macro fundamentals.
According to our scorecard for European sectors, Technology, Insurance and Banks look the
most attractive, while Basic Resourced and Food & Beverage are the least favoured.
Scorecards Fixed income (page 44), commodities (page 48) and Forex (page 52)
In the Fixed income segment, our scorecard supports the longer maturity bond classes
(Eurozone 10-15 years, Eurozone 15 years+) and the Europe Sov. Inflation Linked bonds. UK
Sov Inflation linked bond looks the least attractive. According to our Commodity Scorecard,
Heating Oil, Crude Oil and Copper are the most attractive while the Precious metal group
covering Silver and Gold along with platinum find the least favour. Our FX Scorecard is
positively tilted towards the British Pound and is negative on the Australian Dollar, while
staying neutral on the Euro and the US Dollar.
ETF Flows (for details see page 12)
European ETFs enjoyed inflows of Euro 1.4 bn (1.0% of the total AUM) in October and Euro
6.2 bn (4.5% of total AUM) on a 3-month basis. Overall, the inflow has slowed over the last
three months, but the inflow into equity ETFs has remained relatively stable since July 2009
(see chart below). In contrast to equities, Commodity ETCs have seen a significant slowdown
of inflows over the last three months. They have enjoyed 9.8% inflows over the last three
months, but net outflows of 1% in the last month. Money market ETFs continue to see
outflows (6.6% over the last month). This is intuitive in the light of the low interest rate levels.
Credit ETFs have also seen outflows, but the base is relatively small.
Total AUM of all the European ETFs collectively amounts to Euro139bn. Equity focused ETFs
contribute to 66.6% of the total Assets under management followed by Debt focused ETFs
contributing to 14.9% and commodity ETCs with 10.3%.
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