20160331-三星证券-Asia_Pacific_ETFs_AUM_spikes_in_Asia_Pacific_26页_965kb

Asia Pacific ETFs Summary

Core Content

This report provides an overview of the performance and developments in the Asia Pacific Exchange-Traded Fund (ETF) market as of March 30, 2016. It highlights the growth in Assets Under Management (AUM), new ETF listings, and the trading dynamics across different exchanges.

Main Points

• Market Recovery: Asian markets experienced a relief rally in March 2016, with notable gains in key indices such as the Nikkei 225, Shanghai Composite, BSE 30, and others. This recovery was driven by central bank interventions and rebounding oil prices.

• AUM Growth: The AUM of ETFs in the Asia-Pacific region saw significant increases in March, particularly in Japan and Hong Kong. Japan-listed ETFs increased by USD16 billion, while Hong Kong-listed ETFs saw a USD3 billion rise. New Zealand also recorded a USD0.3 billion increase, a 46% growth from end-February levels.

• New ETF Listings: In the first quarter of 2016, the Asia-Pacific region saw a variety of new ETFs, including:

  • Taiwan: Eight ETFs, including six leverage and inverse ETFs.
  • Hong Kong: Three US dollar-hedged ETFs.
  • Korea: Numerous smart beta ETFs.
  • Japan: Only one style (quality) ETF listed.
  • Korea was noted as the most advanced market in terms of new product development.

• Leverage and Inverse ETFs: These ETFs were highly active, with seven of Japan's top-ten ETFs in March being leverage or inverse types, attracting USD2.6 billion. Similar trends were observed in Korea and Taiwan, with five such ETFs in the top ten of each market.

• Volatility Outlook: The report anticipates downward volatility in stock markets due to the Fed's concerns over global uncertainties, which could last until mid-2Q16. However, it expects moderate volatility overall and suggests selective investment in Southeast Asian stocks, Japanese REITs, and US dollar-denominated ETFs.

Key Information

AUM by Asset Class

• Equity: USD226,588 million (768 ETFs)
• Fixed Income: USD10,933 million (82 ETFs)
• Money Market: USD5,618 million (80 ETFs)
• Commodity: USD4,332 million (11 ETFs)
• Specialty: USD1,333 million (67 ETFs)
• Mixed Allocation: USD161 million (8 ETFs)
• Total AUM: USD249,440 million (1,022 ETFs)

AUM by Exchange

• Tokyo: USD145,967 million
• Hong Kong: USD35,335 million
• Shanghai: USD26,457 million
• Korea: USD20,783 million
• Shenzhen: USD7,781 million
• Singapore: USD14,327 million
• Total AUM: USD273,830 million

Top-30 ETFs by AUM

• Tokyo: NOMURA ETF - TOPIX (USD3,501.4m), NOMURA ETF - NIKKEI 225 (USD3,282.1m), DAIWA ETF - NIKKEI 225 (USD1,889.7m), Maxis NIKKEI 225 ETF (USD1,076.0m), NIKKO ETF - NKY 225 (USD1,034.9m)
• Hong Kong: TRACKER FUND OF HONG KONG (USD9,250m), ISHARES FTSE A50 CHINA INDEX (USD4,148m), HANG SENG H-SHARE IND ETF-HK (USD6,331m)
• Shanghai: CHINA 50 ETF (USD4,811m), HUATAI-PB CSI 300 ETF (USD3,402m), CHINA CSI 500 ETF (USD3,187m)
• Shenzhen: HARVEST CSI 300 INDEX ETF (USD42.0m), E FUND CSI 500 ETF (USD734.4m)
• Singapore: DB X-TRACKERS MSCI WORLD TRN (USD134.0m), LYXOR ETF MSCI EUROPE (USD157.9m)
• N.S. India: GOLDMAN LIQUID ETF BEES (USD16,137m), SBI-ETF GOLD (USD213m)

Top ETFs by Trading Value

• Tokyo: NEXT FUNDS NKY225 LVRGED ETF (USD2,095,023k), NEXT FUNDS NK22 D-INVRS ETF (USD201,967k), SIMPLEX NKY225 BULL 2X ETF (USD144,873k)
• Taiwan: FUBON SSE180 LEV 2X IN ETF (USD90,196k), YUANTA/P-SHRS CSI 300 2X ETF (USD46,403k), YUANTA/P-SHRS TW T50 1X ETF (USD31,921k)
• Shenzhen: E FUND CHINEXT PRICE INDEX (USD143,113k), CHINA UNI QUCIK GAINS MMK FD (USD105,957k), CHINA MERCHANTS SEC DEP MM-A (USD71,543k)
• Singapore: ISHARES MSCI INDIA INDEX ETF (USD1,486k), SPDR STRAITS TIMES INDEX ETF (USD1,322k)
• Bangkok: THAIDEX SET50 ETF (USD82k), WISE KTAM CSI 300 CHINA (USD45k)

Conclusion

The Asia Pacific ETF market experienced a significant rebound in March 2016, driven by global market stabilization efforts and a recovery in oil prices. The AUM of ETFs increased notably, especially in Japan and Hong Kong, with a surge in leverage and inverse ETFs. The report also suggests a potential period of moderate volatility in the second quarter and recommends selective investments in certain regions and asset classes.