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【出版时间及名称】：2010年4月全球ETF研究报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：54
【目录或简介】：
Following publication of our first ETP Market Review and Outlook research
report on January 11 2009, in this second quarterly issue we have enhanced
our ETP market coverage by adding several new sections:
􀂄 Asia/Pacific region ETP coverage
􀂄 European off-exchange/OTC turnover activity
􀂄 ETP investment flows review
􀂄 ETP product launch calendar review
Key Points
􀂄 Our 15-20% global ETP market growth forecast over 2010, assuming flat
equity markets is on track. In the first quarter of 2010, the global ETP market
reached $1.14 trillion experiencing overall growth of 3.5%. Growth was
fuelled by strong fixed income inflows on both sides of the Atlantic, and
strong European equity inflows that kept the global growth on track despite
equity outflows in the US and Asian markets.
􀂄 The US ETP market grew by 3.9% in Q1’10 and it is on track with our forecast
of 15-20% growth by year end, assuming flat equity markets. The European
market continued to grow at twice the rate of the US market and experienced
growth of 8.5% over Q1’10. Our forecast of the European market growing at
20-25% over 2010 remains on track, with a possibility that the growth rate
could be revised upwards pending cash flow performance in Q2’10. It is
worth noting that despite the fact that the European market is 3 times smaller
than the US market, it saw comparable cash flows over Q1’10 (US: $9.3, EU;
$9.9).
􀂄 The US ETP market experienced inflows of $9.3 billion over Q1’10. US equity
ETPs experienced outflows of $2.3 billion over the quarter, while commodities
finished the quarter flat and fixed income saw very strong inflows of $11.3
billion. Extreme US equity ETP market outflows that peaked at $23 billion on
February 9 2010 reversed as equity market volatility reached record lows for
the past year by quarter end (8.31% on 31/3/010). Re-bounding US market
equity ETP cash flows followed a steady trajectory suggesting they were
driven by fundamentals rather than quarter-end window dressing.
􀂄 US commodity ETPs emerged as the second most traded US ETP asset class
after equity due to the fact that these instruments remain largely a trader’s
tool, while other ETP asset classes such as fixed income are more of a buyand-
hold investment.
􀂄 In Europe, all asset classes continued to experience inflows, totalling
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