An Actively Managed ETF of ETFs

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1 Morningstar, Lee Davidson An Actively Managed ETF of ETFs db x-trackers and SCM Announce an Active Asset Allocation ETF in LondonThis week, db x-trackers and SCM Private have announced the pending launch of the db x-trackers SCM Multi-Asset ETF that provides investors exposure to a portfolio of db x-trackers' ETFs and ETCs (exchange-traded commodities), essentially an ETF of ETFs. SCM Private will be actively managing the selection and weighting of ETFs included within the fund. Currently, asset allocation ETFs are not very many in number -- only 10 currently trading in Europe -- and fewer still are actively managed. This ETF will be officially listed next week on the London Stock Exchange. Nomura and Tradition Team Up to Launched ETF Trading Platform Nomura, the Japanese investment bank, and Tradition, an interbroker dealer, have joined forces to create a central trading platform named Navesis-ETF, which will be geared towards exchange-traded funds (ETFs). According to a joint press release from Nomura and Tradition, the platform has been designed to enhance the way ETFs are traded by increasing transparency, efficiency, and liquidity. Currently, most ETF trades in Europe are conducted over-the-counter, which some observers believe could be holding back the growth of the ETF industry. With the launch of this platform, Nomura hopes that this will be a step forward for the ETF industry in reaching its full potential. UBS Expands ETF Range in Germany This week, UBS launched three ETFs tracking US and European growth stocks on the Deutsche Börse. UBS launched two ETFs that both track US growth stocks--offered in A and I share classes. The A share class is meant for retail investors, while the I share class is intended for institutional investors. The third new UBS ETF gives investors exposure to growth stocks within the European Monetary Union. Commerzbank Launches 12 New ETNs on the Deutsche Börse Commerzbank launched 12 exchange-traded notes (ETNs) on the Deutsche Börse this week. The new ETNs offer leveraged long and leveraged short exposure to Dow Jones Industrial Average Index Futures (DJIAF), the S&P 500 Index Futures, and the Nasdaq-100 Index Futures (NDXF). As always, it is vital to understand that because the leverage ratio on these leveraged and inverse products is reset on a daily basis, their performance will likely diverge from their stated leverage ratio (3X, -3X, 4X) over holding periods lasting longer than a single trading day. This divergence will be especially pronounced during periods of market volatility. Below are the details of the new suite of ETNs from Commerzbank. Alpcot Launches an Active ETF in Stockholm This week, Alpcot launched an actively managed ETF on the Nasdaq OMX exchange in Stockholm aimed at providing exposure to Russian equities. Alpcot will disclose 80% of its Russian equity holdings, while the 1

2 remaining 20% will not be disclosed. This is a slight twist on the traditional ETF structure, which typically touts 100% transparency of it holdings on a daily basis and may be a model for future actively managed ETFs depending on the level of interest received. Lee Davidson is an ETF analyst with Morningstar. 2

3 IndexUniverse.com, SCM, db x-trackers Launch Active ETF db x-trackers, the second largest European ETF provider, has launched an actively managed exchangetraded fund in partnership with SCM Private, a London-based wealth management firm. The fund is named the db x-trackers SCM Multi Asset ETF. As its name suggests, the fund seeks to achieve diversified exposure to different asset classes: equities, fixed income, commodities and alternative investments. According to the prospectus, the objective is to provide investors with a return in excess of inflation. The ETF follows a fund of funds model, holding other exchange-traded funds and exchange traded commodities. At launch, the fund s underlying ETFs and ETCs come exclusively from db x-trackers product range. SCM Private manages the asset allocation, following a proprietary model which employs a range of fundamental indicators: yield, price to book, price to earnings and price to cash flow. The model has yielded a 27.1% return after costs since its inception in June 2009, says SCM Private, based on a single discretionary client portfolio managed by the firm. In bringing together the key benefits of Deutsche Bank s ETPs namely their low-cost, structural integrity, diversification and full daily transparency with the performance enhancement we aim to achieve through actively managed asset allocation, investors can benefit from a product that bridges the traditional divide between active and passive investment, said Alan Miller, chief investment officer of SCM Private. Investors will pay a 89 basis points per annum all-in fee for the new ETF. This includes management fees, custodian and other expenses, as well as the costs of the underlying ETFs and ETCs, says db x- trackers. Typical fund of funds products could charge a fee at the top level and additional fees at the underlying fund level but there is no double-dipping in this product with the upfront all-in fee, said Manooj Mistry, head of db x-trackers UK. Investors may pay some small additional dealing costs, however, added Mistry. These reflect the cost of rebalancing the portfolio and will vary according to portfolio turnover and the underlying asset classes being invested in. At launch, db x-trackers and SCM private estimated dealing costs at around 10 basis points a year, pushing the total cost of ownership for investors to just below a percent. 1

4 The fund of funds may rebalance its portfolio monthly, with eight additional unscheduled rebalancing dates a year allowed, allowing the fund manager to respond quickly to changes in market conditions, explained Miller. He estimates annual portfolio turnover to be in the 25-50% range. Trades in the underlying ETFs and ETCs will be transacted at net asset value, subject to an additional spread to reflect dealing costs. The db x-trackers SCM Multi Asset ETF was listed on the London Stock Exchange on Friday 24 February and will trade in sterling using the ticker symbol XS7M. The fund will publish its full portfolio holdings on the db x-trackers website daily. 2

5 Euro-Finanzen, Klein, aber fein ETF-Check Passen Small-und Mid-Caps ins Depot von Privatanlegern? Warum nicht? Einige Tipps zur Auswahl des richtigen Nebenwerte-ETFs Was ist die bessere Geldanlage: ein Indexfonds oder ein normaler Fonds? Bei Nebenwerten scheint die Antwort klar. Dort muss ein Fondsmanager her. Nur er kann die kleinen, aufstrebenden Nischenfirmen entdecken, die ein ETF erst später aufnimmt. Doch meist halten Nebenwerte-ETFs und -Fonds dieselben Aktien, sodass ihre Renditen kaum voneinander abweichen. Beispiel europäische Nebenwerte: Dort hat der MSCI Europe Small Cap ETF von db x-trackers in den vergangenen drei Jahren ein Plus von 73 Prozent erzielt. Der Threadneedle Smaller European Companies (ISIN: GB ), den Euro mit FondsNote 1 bewertet, schaffte in dieser Zeit ein Plus von 70 Prozent. ETF und Fonds lagen in dieser Zeit also nahezu gleichauf. Jedoch müssen Anleger beim Kauf eines Nebenwerte-ETFs entscheiden, ob sie in kleine oder mittelgroße Firmen investieren wollen. In Small-oder in Mid-Caps, wie Anlageprofis sagen. Denn bei Nebenwerte-ETFs gibt es hier nur entweder oder. Normale Small-und Mid-Cap-Fonds investieren dagegen in beide Spielarten. Das gilt etwa für die europäische (LU ) ebenso wie für die US-Small-Mid-Cap-Growth-Reihe (LU ) von Franklin Templeton. Fazit: Unter Umständen risikoreicher als Bluechip-ETFs, aber als Beimischung taugen Nebenwerte-ETFs allemal. 3

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