ETF Market Making WIE GEHT DENN DAS? Let's start. Simplify your life Stuttgart Invest 2009, Chris Plomitzer

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1 ETF Market Making WIE GEHT DENN DAS? Let's start. Simplify your life. ETF Hotline: Stuttgart Invest 2009, Chris Plomitzer

2 UniCredit/HVB Expertise & Services UniCredit Group Core Expertise in ETFs UniCredit/HVB Der Marktführer im Bereich Market Making von ETFs Start Juni 2000 als Pionier im Bereich Market Making für ETFs 9 Jahre ETF Expertise 3 Standorte: London, München, Mailand 5 ETF Sales Advisories 12 Market Marker aus London und München sichern fortlaufend den Handel Offizieller Market Maker auf den wichtigsten europäischen Börsen XETRA, XETRA Vienna Austria LSE, ETFPlus Italy SWX Switzerland NYSE Euronext Paris Angebot: Market Making bzw. Designated Sponsors über alle ETF/ETC Emittenten (ishares, Lyxor ETF, UBS ETF, db x-trackers, Easy ETF, Invesco PowerShares, SGAM ETF, ETF Securities etc.) In den Umfragen des Deutsches Risk Magazine wurde das UniCredit/HVB-Team zum #1 Market Maker für ETFs in den Jahren 2003, 2004, 2005, 2006, 2007 und 2008 in Deutschland gewählt, dem größten ETF-Markt in Europa 2

3 Marktwachstum des europäischen ETF Marktes Marktüberblick ETF AuM Total ETF Rohstoffe ETF Renten ETF Aktien ETP AuM Total ETP AuM Total 15,6 28,1 45,9 53,2 59,5 ETF Aktien 0,8 1,1 2,3 5,3 8,2 17,6 39,6 74,3 104,7 137,5 205,9 286,3 389,6 526,5 729,9 596,4 540,4 ETF Renten 0,1 0,1 4,0 5,8 23,1 21,3 35,8 59,9 104,0 106,7 ETF Rohstoffe 0,1 0,3 0,5 1,2 3,4 6,3 9,9 11,0 ETF AuM Total 0,8 1,1 2,3 5,3 8,2 17,6 39,6 74,3 104,8 141,6 212,0 309,8 412,1 565,6 796,7 711,0 658,8 3 Source: UniCredit & Bloomberg

4 Der ETF Markt wächst und wächst Marktüberblick In Europa sind über 680 Exchange Traded Funds (ETFs) gelistet Über 1650 Listings an 7 verschiedene europäischen Börsen Gesamt AuM über ca. Mrd. EUR 100 europaweit 30 ETF Emittenten Tendenz steigend und 149 Exchange Traded Commodities (ETCs) Gesamt AuM über ca. Mrd. EUR 7 3 ETC Emittenten an 5 verschiedenen europäischen Börsen 4

5 UniCredit Group Expertise & Services UniCredit Group Core Expertise in ETFs ETF Universum: Emittenten + Börsen + Index Anbieter 5

6 UniCredit/HVB Expertise & Services UniCredit Group Core Expertise in ETFs Europaweite Marketing Kampagne in Financial Times, Bloomberg, Risk Magazine und Il Sole 24 Ore. Nummer 1 ETF Haus in Deutschland sechs Jahre hintereinander. Führender ETF Market Maker auf europäischen Börsen. Market Maker für alle ETF Emittenten. Alle ETFs über alle Assetklassen hinweg. 6

7 Wachstumsmarkt Exchange Traded Funds/Exchange Traded Commodities Marktüberblick ETF Exchange Traded Funds Börsengelistete Investmentfonds (ALLE ETFs SIND SONDERVERMÖGEN!!!) Handelbar wie eine Aktie, sicher wie ein Fonds ETFs auf Aktien-, Renten-, Rohstoff- oder Geldmarkt Indizes ETCs auf Rohstoffindizes, und Einzelrohstoffe ETFs bieten Zugängen Standardindizes Schwerzugängliche Märkte Future Ersatz Sehr liquide Zahlreiche Market Maker wie die HVB UniCredit stellen fortlaufend Kurse auch auf dem Sekundärmarkt Handelbar ab einer ETF Einheit (keine mindest Volumina) Transparenz Bei ETFs werden permanent indikative Net Asset Values (inav) berrechnet Pricing jederzeit nachvollziehbar 7

8 Marktanteil nach Produkten je Emittent Marktüberblick Europäischer Markt hauptsächlich von drei großen Playern beherrscht: ishares Lyxor AM dbx Trackers Steigende Anzahl an Produkten mit ähnlichem oder gleichem Underlying Neue Emittenten treten kontinuierlich auf den ETF Markt (Casam, SPA ETF, Invesco, ETFLab, Comstage, Sourceetc.) ETFs nach Emittenten 14 % 23 % 1 % 3 % 2 % 8 % 2 % 3 % 15 % 9 % 2 % 18 % Barclays ETF Securities Deutsche Bank ETFLab Lyxor AXA/BNP SGAM Commerzbank State Street Invesco UBS Others Größere Flexibilität der Market Maker gefordert Diversifikation in den Asset Klassen steigt. Anzahl der Produkte steigt 8 Source: UniCredit & Bloomberg, September 08

9 Marktanteil nach Produkten je Asset Klasse Marktüberblick 81 % aller gelisteten ETFs in Europa nutzen ein Aktien Underlying 14 % aller gelisteten ETFs nutzen ein Renten Underlying 5 % aller gelisteten ETFs nutzen ein Rohstoff Underlying Entwicklung innovativer Asset Klassen Renten Short Währungen Geldmarkt Immobilien Strategien Produkte nach Assetklassen 5 % 3 % 14 % 7 % 12 % 17 % 5 % 6 % 5 % 6 % 20 % Renten Europa Aktien Eurozone Aktien Int. Emerging Markets Aktien USA Aktien Commodities Regional Europa Aktien Europäische Sektoren Global Aktien Style Aktien Inverse 9 Source: UniCredit & Bloomberg, September 2008

10 ETF Baukasten in Europa wächst und wächst Marktüberblick ETF & ETC Asset class Aktien Rohstoffe Rentenprodukte Kredit Währungen Blue Chip ETC Index ETF auf Indizes eb.rexx Government ETF itraxx Währungen Underlying Exotische Sektoren ETC Sektor ETC Einzel Rohstoffe Zertifikate auf Indizes iboxx Sovereigns ETF Corporate Bond ETF Geldmarkt Strategien EuroMTS ETF Strategien Long/Short/Leveraged Long Replikation Full/ Swap Futures Swap Full/Swap Swap 10

11 Brokerage Mehrwert des UniCredit-ETF-Teams Für Kunden ohne direkten Marktzugang: Investor Brokerage Angebot für XETRA, XETRA Austria, Euronext, SWX. Telefonischer Handel mit direkter Vergleichsmöglichkeit des Orderbuchs. Völlige Transparenz durch Börsenprint der Marketorder. ETF Advisory & Trading Börsen (Xetra, Euronext, SWX, ) ETFs aller Emittenten (z. B. ishares, Lyxor ETFs, ) 11

12 Übernahme von Preisänderungsrisiken Mehrwert des UniCredit-ETF-Teams Bei geringer Orderbuchtiefe: Preis für jedes Volumen darstellbar. Direkte Vergleichsmöglichkeit zum Orderbuch. Preisänderungsrisiko: Geht von Investoren auf Bank über. Keine Teilausführungen. 12

13 Hinweise zum Handel über Xetra Mehrwert des UniCredit-ETF-Teams Für Kunden mit XETRA Zugang: Direkte Vergleichsmöglichkeit zum Orderbuch. Order immer mit Limit einstellen. Wo ist der faire Wert des ETFs: Indikativen NAV beobachten. Auskunft beim Market Maker einholen. Um marktgerechte Preise zu gewährleisten große Stückzahlen über Market Maker handeln. 13

14 Übernahme von Preisänderungsrisiken Mehrwert des UniCredit-ETF-Teams Investor ETF Order ETF Advisory & Trading Börse Renten 2 Market Maker Aktien/Emerging 2 Market Maker Equity Blue Chip 3 Market Maker Rohstoffe 3 Market Maker OTC OTC OTC OTC ETF Emittenten (z. B. ishares, Lyxor, ETFS, UBS ETF, db x-trackers, Easy ETF, PowerShares, SGAM ETF, ) Markteinfluss großer Trades wird reduziert durch Einbeziehung des UniCredit Group ETF-Teams. Sehr große Volumen sind als einzelner Trade darstellbar. Best Execution, OTC, Limits, Stop-Loss, Stop-Buy, IW-Orders, Basket Trading. 14

15 Handelsweg Investor ETF Order ETF Advisory & Trading Börse Renten 2 Market Maker Aktien/Emerging 2 Market Maker Equity Blue Chip 3 Market Maker Rohstoffe 3 Market Maker OTC OTC OTC OTC ETF Emittenten (z. B. ishares, Lyxor, ETFS, UBS ETF, db x-trackers, Easy ETF, PowerShares, SGAM ETF, ) Markteinfluss großer Trades wird reduziert durch Einbeziehung des UniCredit Group ETF-Teams. Sehr große Volumen sind als einzelner Trade darstellbar. Best Execution, OTC, Limits, Stop-Loss, Stop-Buy, IW-Orders, Basket Trading. 15

16 Creation-/Redemption-Prozess normaler aktiver Fonds Traditionelle Investment Fonds Investor Creation Fondsanteile einmal täglich Cash Investmentfonds Jeder Investor trägt anteilig alle Transaktionskosten. Negativer Einfluss für Buy-and-Hold-Investoren. 16

17 Creation-/Redemption-Prozess - ETFs Traditionelle Investment Fonds ETFs Investor Investor Trading Börse ETFs Cash Kontinuierliches Market Making Creation Fondsanteile einmal täglich Cash Market Maker/Designated Sponsor (UniCredit Group) Trading ETF vs. Wertpapierbasket Investmentfonds Jeder Investor trägt anteilig alle Transaktionskosten. Negativer Einfluss für Buy-and-Hold-Investoren. ETF Emittent (z. B. ishares, Lyxor, ETFS, ) Jeder Investor trägt lediglich die eigenen Transaktionskosten. Keine Reduzierung des NAV durch Transaktionskosten. 17

18 Creation-/Redemption-Prozess Um Index abzubilden, stellt ETF-Emittent Wertpapierkorb zusammen. Zusammensetzung entspricht i. d. R. Index 1:1. Creation/Redemption-Prozess beinhaltet Tausch von Wertpapierkörben gegen ETF-Anteile und umgekehrt. Designated Sponsor liefert Wertpapierkorb an ETF-Anbieter. Erhält dafür ETF-Anteile im Wert des Wertpapierkorbs. Stehen für Erwerb durch ETF-Anleger zur Verfügung. Creation-Prozess (Creation = Schaffung, Ausgabe). Designated Sponsor kann umgekehrt ETF-Anteile an Kapitalanlagegesellschaft zurückgeben und erhält entsprechenden Wertpapierkorb zurück. Redemption-Prozess (Redemption = Rücknahme). Vorteil: Der notwendige Kassenbestand der Indexfonds wird auf ein Minimum reduziert. Basket ETF- Anteile ETF-Emittent (z. B.Lyxor, ishares) Designated Sponsor (UniCredit Group) Creation ETF-Anteile/ Cash ETF- Anteile Redemption Basket Investor 18

19 Ihr ETF Market Maker Team 14 hochmotivierte ETF-Profis Standorte: London, München & Mailand Pionier im europäischen ETF-Markt Fast 10 Jahre Erfahrung im ETF Market Making

20 Disclaimer The information in this publication is based on carefully selected sources believed to be reliable but we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice. Any investments discussed or recommended in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Any reports provided herein are provided for general information purposes only and cannot substitute the obtaining of independent financial advice. Private investors should obtain the advice of their banker/broker about any investments concerned prior to making them. 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