20170201-三星证券-Asian_markets_do_well_in_January_26页_899kb

报告摘要

ETF News Summary

Core Content

The document provides an overview of the performance and market dynamics of Exchange-Traded Funds (ETFs) in the Asia-Pacific region for January 2017. It highlights the performance of various markets, the growth of ETF listings, the distribution of assets under management (AUM), and the top-performing ETFs.

Main Points

Market Performance in January 2017

Emerging Markets (EMs) outperformed Developed Markets (DMs), with the MSCI Emerging Markets Index rising 1.4% compared to a 0.3% gain in the MSCI World Index.
MSCI Asia Index surged 5.8%, driven by a weakening US dollar, a rebound in commodity prices, and uncertainty over US President Donald Trump's policies.
Shanghai Composite increased 1.8% after a 4.5% decline in December.
Taiwanese index gained 2.1% compared to 0.1% in the previous month.
Nikkei 225 fell 0.4% after rising 4.4% in December.

ETF Market Growth in Taiwan

In 2016, 15 new ETFs were listed, bringing the total to 64 by year-end.
Most new listings were leverage/inverse products in the first half of 2016 and overseas market/commodity products in the second half.
China-related leverage/inverse ETFs were particularly popular, increasing demand.
ETF assets in Taiwan totaled USD9.3 billion, which is 43% of Korea's. However, the average trading value per product in Taiwan was USD2.8 million, more than 1.5 times that of Korea.

Top Gainers and Losers by Nation

Japan: Next Notes' short volatility ETF was the top gainer, while long volatility ETFs were among the top losers. The VIX fell to record-low levels, affecting performance.
Hong Kong: Four ETFs created by Korean ITCs were in the top-10 novices. These include:
- Samsung Asset Management's Kospi 200 Leverage ETF
- Kodex HIS Futures (yuan-denominated)
- Mirae Asset Management's MSCI China ETF
- Horizons Hang Seng High Dividend Yield ETF
Australia: Commodity ETFs linked to gold, non-ferrous metals, and agricultural products performed well in January.

Market Fundamentals

Volatility indices in equity markets remain at record-low levels, but increased volatility is expected in equity and credit-risk markets as US policies are implemented.
Emerging markets may stop outperforming developed markets as the dollar strengthens.
The report recommends gradually increasing cash positions to prepare for increased volatility in the first quarter of 2017.

Key Information

ETF Listings in Asia-Pacific

Exchange-wise ETF listings (as of January 31, 2017):
- Australia: 1 (2008), 4 (2009), 15 (2010), 12 (2011), 20 (2012), 10 (2013), 11 (2014), 16 (2015), 22 (2016), 2 (2017)
- Bangkok: 1 (2008), 1 (2009), 1 (2010), 5 (2011), 3 (2012), 5 (2013), 4 (2014), 1 (2016), (2017)
- Hong Kong: 6 (2008), 12 (2009), 20 (2010), 8 (2011), 29 (2012), 11 (2013), 12 (2014), 11 (2015), 18 (2016), (2017)
- Indonesia: (2008), (2009), (2010), (2011), 1 (2012), 2 (2013), 3 (2014), (2016), (2017)
- Korea: 15 (2008), 18 (2009), 16 (2010), 44 (2011), 29 (2012), 16 (2013), 36 (2014), 108 (2015), 99 (2016), 2 (2017)
- Bursa Malaysia: 1 (2008), (2009), 2 (2010), (2011), (2012), (2013), 1 (2014), (2016), (2017)
- Mumbai: (2008), (2009), (2010), (2011), (2012), (2013), 1 (2014), (2016), (2017)
- Ho Chi Minh: 1 (2008), (2009), (2010), (2011), (2012), (2013), 1 (2014), (2016), (2017)
- Nagoya: (2008), (2009), (2010), 1 (2011), (2012), (2013), (2014), (2016), (2017)
- NS India: 3 (2008), 2 (2009), 8 (2010), 7 (2011), 2 (2012), 4 (2013), 4 (2014), 7 (2015), 4 (2016), (2017)
- New Zealand: (2008), (2009), (2010), (2011), (2012), (2013), 2 (2014), (2016), (2017)
- Osaka: 2 (2008), 2 (2009), 6 (2010), 1 (2011), 2 (2012), (2013), (2014), (2016), (2017)
- Philippines: (2008), (2009), (2010), (2011), (2012), (2013), (2014), (2016), (2017)
- Shanghai: (2008), 2 (2009), 7 (2010), 11 (2011), 6 (2012), 18 (2013), 11 (2014), 2 (2015), 2 (2016), 1 (2017)
- Shenzhen: (2008), (2009), 6 (2010), 11 (2011), 4 (2012), 14 (2013), 2 (2014), 3 (2015), (2016), (2017)
- Singapore: 5 (2008), 2 (2009), 2 (2010), 4 (2011), 2 (2012), (2013), (2014), 1 (2015), (2016), (2017)
- Taiwan: 4 (2008), 1 (2009), (2010), 5 (2011), 3 (2012), (2013), 4 (2014), 4 (2015), 15 (2016), 4 (2017)
- Tokyo: 43 (2008), 6 (2009), 13 (2010), 18 (2011), 7 (2012), 20 (2013), 18 (2014), 29 (2015), 11 (2016), (2017)
- Total: 82 (2008), 50 (2009), 96 (2010), 127 (2011), 108 (2012), 102 (2013), 110 (2014), 181 (2015), 173 (2016), 7 (2017)

AUM of ETFs by Asset Class

Equity: USD299.129 billion, 889 ETFs
Money Market: USD28.607 billion, 21 ETFs
Fixed Income: USD14.183 billion, 111 ETFs
Commodity: USD7.494 billion, 70 ETFs
Specialty: USD1.908 billion, 99 ETFs
Mixed Allocation: USD184 million, 13 ETFs
Alternative: USD16 million, 1 ETF
Total: USD351.521 billion, 1,204 ETFs

AUM by Exchange

Tokyo: USD195.447 billion (up from USD176.321 billion previous month-end)
Shanghai: USD51.324 billion (down from USD55.123 billion)
Hong Kong: USD37.276 billion (up from USD36.302 billion)
Korea: USD21.472 billion (up from USD20.887 billion)
Australia: USD13.018 billion (up from USD12.543 billion)
Taiwan: USD9.321 billion (up from USD8.376 billion)
Singapore: USD9.079 billion (up from USD8.643 billion)
Shenzhen: USD7.090 billion (up from USD6.736 billion)
NS India: USD4.560 billion (up from USD4.136 billion)
New Zealand: USD1.249 billion (up from USD1.168 billion)
Total: USD351.521 billion (up from USD331.728 billion previous month-end)

Top Gainers and Losers by Exchange

Tokyo: NOMURA ETF - TOPIX increased 4,125.1 USD million, NOMURA ETF - NIKKEI 225 increased 2,877.0 USD million, DAIWA ETF - TOPIX increased 1,923.9 USD million, NIKKO ETF - NKY 225 increased 1,729.9 USD million, NIKKO ETF - TOPIX increased 1,721.6 USD million
Hong Kong: TRACKER FUND OF HONG KONG increased 174,953 USD thousand, HANG SENG INDEX ETF-HKD increased 92,866 USD thousand, ISHARES FTSE A50 CHINA INDEX increased 61,619 USD thousand, CSOP FTSE CHINA A50 ETF-RMB increased 1,306 USD thousand, ISHARES CORE MSCI AC ASIA EX increased 1,173 USD thousand
Shanghai: FORTUNE SGAM MONEY MKT FUND increased 2,895,104 USD thousand, YINHUA TRADED MONEY MARKET increased 1,348,141 USD thousand, CN-SOUTHERN CASH MGT MMF ETF increased 506,927 USD thousand, HUAAN RIRIXIN MONEY MARKET F increased 149,944 USD thousand, CHINA 50 ETF increased 80,929 USD thousand
ASE: SPDR S&P/ASX 200 FUND increased 16,772 USD thousand, BETASHARES AUS HIGH INTEREST increased 5,042 USD thousand, VANGUARD AUST SHARES IDX ETF increased 4,660 USD thousand, BETASHARES AUS EQ STR BR HDG increased 2,899 USD thousand, VANGUARD AU PROP SEC IDX ETF increased 2,122 USD thousand
NS India: R*SHARES LIQUID BEES increased 15,420 USD thousand, R*SHARES CPSE ETF increased 3,452 USD thousand, R*SHARES NIFTY BEES increased 814 USD thousand, KOTAK BANKING ETF increased 770 USD thousand, R SHARES GOLD BEES* increased 589 USD thousand

Top-30 ETFs by AUM

NOMURA ETF - NIKKEI 225 (Tokyo): USD37.523 billion
NOMURA ETF - TOPIX (Tokyo): USD37.346 billion
NIKKO ETF - NKY 225 (Tokyo): USD18.677 billion
DAIWA ETF - NIKKEI 225 (Tokyo): USD17.440 billion
DAIWA ETF - TOPIX (Tokyo): USD17.412 billion
NIKKO ETF - TOPIX (Tokyo): USD16.411 billion
FORTUNE SGAM MONEY MKT FUND (Shanghai): USD2.895 billion
YINHUA TRADED MONEY MARKET (Shanghai): USD1.348 billion
CN-SOUTHERN CASH MGT MMF ETF (Shanghai): USD506.927 million
HUAAN RIRIXIN MONEY MARKET F (Shanghai): USD149.944 million
CHINA 50 ETF (Shanghai): USD302.6 million
TRACKER FUND OF HONG KONG (Hong Kong): USD10.715 billion
HANG SENG INDEX ETF-HKD (Hong Kong): USD5.999 billion
MAXIS NIKKEI 225 ETF (Tokyo): USD9.136 billion
HANG SENG H-SHARE IND ETF-HK (Hong Kong): USD5.826 billion
MAXIS TOPIX ETF (Tokyo): USD5.018 billion
SAMSUNG KODEX 200 ETF (Korea): USD4.307 billion
CHINA CSI 500 ETF (Shanghai): USD2.440 billion
CHINAAMC CSI 300 INDEX ETF (Shanghai): USD2.354 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CSOP FTSE CHINA A50 ETF-RMB (Hong Kong): USD2.457 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
YUANTA/P-SHRS TW T50 1X ETF (Taiwan): USD2.508 billion
YUANTA/P-SHRS TW TOP 50 ETF (Taiwan): USD89.7 million
SHANGHAI SSE180 ETF (Shanghai): USD2.498 billion
DIAM ETF NIKKEI 225 (Tokyo): USD2.480 billion
ISHARES CORE NIKKEI 225 ETF (Tokyo): USD3.348 billion
NEXT FUNDS NKY225 LVRGED ETF (Tokyo): USD1.130 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINA 50 ETF (Shanghai): USD302.6 million
YINHUA TRADED MONEY MARKET (Shanghai): USD1.348 billion
FORTUNE SGAM MONEY MKT FUND (Shanghai): USD2.895 billion
CN-SOUTHERN CASH MGT MMF ETF (Shanghai): USD506.927 million
HUAAN RIRIXIN MONEY MARKET F (Shanghai): USD149.944 million
CHINAAMC CSI 300 INDEX ETF (Shanghai): USD2.354 billion
CHINA SME ETF (Shenzhen): USD4.941 million
E FUND SZSE100 INDEX FUND (Shenzhen): USD3.664 million
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CSOP FTSE CHINA A50 ETF-RMB (Hong Kong): USD2.457 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
YUANTA/P-SHRS TW T50 1X ETF (Taiwan): USD2.508 billion
YUANTA/P-SHRS TW TOP 50 ETF (Taiwan): USD89.7 million
FUBON SSE180 LEV 2X IN ETF (Taiwan): USD91.3 million
YUANTA S&P GSCI OIL 2XER ETF (Taiwan): USD9.402 million
CATHAY TAIEX DAILY -1X ETF (Taiwan): USD4.299 million
FUBON TAIEX DAILY -1X ETF (Taiwan): USD4.186 million
FUBON SSE 180 INDEX ETF (Taiwan): USD3.921 million
YUANTA/P-SHRS CSI 300 2X ETF (Taiwan): USD3.919 million
ISHARES CORE MSCI AC ASIA EX (Hong Kong): USD1.363 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
HANG SENG H-SHARE IND ETF-HK (Hong Kong): USD5.826 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million
CHINAAMC CSI 300 INDEX ETF (Hong Kong): USD1.118 billion
ISHARES FTSE A50 CHINA INDEX (Hong Kong): USD3.665 billion
CHINAAMC CSI 300 IDX ETF-CNY (Hong Kong): USD1.118 billion
ABF PAN ASIA BOND INDEX FUND (Hong Kong): USD3.783 billion
ISHARES CSI A-SH FINANCIALS (Hong Kong): USD2.0 million
CSOP SZSE CHINEXT ETF-CNY (Hong Kong): USD4.0 million
WISE - CSI 300 CHINA TRACKER (Hong Kong): USD8.3 million

New ETF Listings in January 2017

EFUND OVERSEA INTERNET 50ETF (China): Inception date 1/4/2017, managed by E Fund Management
MATIGER PREFERRED STOCK ETF (South Korea): Inception date 1/6/2017, managed by Mirae Asset Global Investments
CAPITAL NASDAQ BIOTECHNOLOGY (Taiwan): Inception date 1/9/2017, managed by Capital Securities ITC
YUANTA UST 20+ BEAR 1X ETF (Taiwan): Inception date 1/11/2017, managed by Yunta Securities ITC
YUANTA US TREASURY 20+ ETF (Taiwan): Inception date 1/11/2017, managed by Yunta Securities ITC
YUANTA DAILY UST 20+ 2X ETF (Taiwan): Inception date 1/11/2017, managed by Yunta Securities ITC
HH ARIRANG SRT-TERM CRDT ETF (South Korea): Inception date 1/25/2017, managed by Hanwha Asset Management

Conclusion

The document highlights the strong performance of Asian markets in January 2017, particularly emerging markets and Taiwan's ETF market. It also notes the growing popularity of leverage/inverse ETFs and commodity-linked ETFs, as well as the increasing AUM in key exchanges like Tokyo and Shanghai. The report suggests increased volatility is expected in the coming months, advising investors to adjust their cash positions accordingly.

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