Easyetf, ETF As Allocation Tool
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Analyzing Analyzing Analyzing Analyzing ETFsETFsETFsETFs as a tool for as a tool for as a tool for as a tool for asset allocationasset allocationasset allocationasset allocation
November, 27th 2007
Danièle Tohme Adet
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Benefits of Diversification
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Asset classes & geographical zones : Correlation matrix
Source : BNPP AM, as of end October 07
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Geographical diversification : Improving performance
Portfolio Returns 12/98 - 10/07
40
60
80
100
120
140
160
180
12/98
06/99
12/99
06/00
12/00
06/01
12/01
06/02
12/02
06/03
12/03
06/04
12/04
06/05
12/05
06/06
12/06
06/07
Date
Return
Base 100 in 12/98
100% Euro Portfolio
Geo Diversified Portfolio
Euro, 50%
Emerging Markets, 15%
Japan, 15%
US, 20%
Source : BNPP AM, as of end October 07
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Introducing new asset classes : Improving Sharpe ratio
Portfolio Returns 12/98 - 10/07
40
60
80
100
120
140
160
180
12/98
06/99
12/99
06/00
12/00
06/01
12/01
06/02
12/02
06/03
12/03
06/04
12/04
06/05
12/05
06/06
12/06
06/07
Date
Return
Base 100 in 12/98
100% Equities Portfolio
Diversified Portfolio
Equities, 80%
Real Estate, 10%
Infrastructure, 10%
Source : BNPP AM, as of end October 07
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Class and geographical diversification : A perfect combination
Portfolio Returns 12/98 - 10/07
40
60
80
100
120
140
160
180
200
12/98
06/99
12/99
06/00
12/00
06/01
12/01
06/02
12/02
06/03
12/03
06/04
12/04
06/05
12/05
06/06
12/06
06/07
Date
Return
Base 100 in 12/98
100% Equities Portfolio
Diversified Portfolio
Equities
>Euro 35%
>US 14%
>Japan 10.5%
>Emerging 10.5%
Private equity 7.5%
Infrastructure 7.5%
Real estate 5%Credit 7.5%
Commodities 2.5%
Source : BNPP AM, as of end October 07
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Diversification mix : Reducing the net portfolio volatility
In volatility
in % of total portfolio
Total
Risk budgeting of a Long/Short portfolio in different asset classes
Source : BNPP AM, as of end Dec 06
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Three layers of added value…
RiskRisk
ReturnReturn 1. Strategic Allocation (Euro Equities/Euro Bonds)
1122
33
2. International diversification
3. Asset classes diversification
Gradual Improvement of Risk / Return Ratio
Source : BNPP AM, as of end October 07
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Commodities Diversification and efficient frontier
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De-correlation : Negative correlations with Financial Assets…when most needed
Outperformancewhen the portfolio needs diversification most :A 10% investment in S&P GSCI™ at the expense of equities and bonds equally increases performance by 270 bp
Source : Goldman Sachs, Dec 1987 to Jun 2007
Commodities Perform Best When the Financial Portfolio Performs Worst
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-2
-1
0
+1
+2
= Best-Performing Asset Classes
Commodities
Spare Capacity,Fast Growth
Spare Capacity,Falling Growth
Tight Capacity,Fast Growth
Tight Capacity,Falling Growth
Equities
Cash
Commodities
Cash
Bonds
Equities
Cash
Cash
Bonds
Bonds
Equities
Equities
Commodities Bonds
Commodities
Why de-correlation?
The chart depicts the business cycle in terms of the Global Output Gap (When Actual GDP exceeds Potential GDP)
Please note that the 4 business cycle periods above are not equal in duration.
Commodities are linked to the cycle while financial investments are anticipatory
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Adding commodities to a balanced portfolioLowers the overall volatility While increasing the overall return of the portfolio.Source : Goldman Sachs, as of end September 2007
Diversification : Sharpe Ratio Improvement
S&P GSCI™ added to 60/40 Stock-Bond portfolio i/o BondsEfficient frontier
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Asset class diversification : outlined portfolios
RISK
Source : BNPP AM, as of end October 07
Overall weight of Non Energy / Energy / Real estate/ Private Equity / Infrastructure < 20%
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Efficient Frontier adding new asset classesExpected return vs Volatility
Source: BNPP AM, as of end October 07
Overall weight of Non Energy / Energy / Real Estate < 20%
Bonds-
NonEnergy
Real
Estate-
Equity
Bonds-NonEnergy
Equity-Energy
123
45
6789
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ETF : the perfect wrapper
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Source : Morgan Stanley – End of September07
EUROPE
12692%
ASIA / PACIFIC
64
US
531 Bios USD32%
YX
AUM Worldwide for ETFs USD 678 Bios AUM Worldwide for ETFs USD 678 Bios
ETFs market
% Change since 2006
AUM 2007 US$
Bios
17%533 ETFs 386 ETFs 77 ETFs
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• Fully funded portfolios, tracking an index performance
• No subscription/redemption fees
• Fund components are fully transparent
• Net Asset Value reflects a fraction of the index : 1/1 1/10 1/100
• An official NAV calculated on a daily basis
What makes an ETF an attractive tool
An index fund
Listed and tradable on the exchange
• Quoted in real time like any other share
• High liquidity : Tight bid offer spreads, Multiple Market makers
• Shortable like a future or can be lent
• A basket of securities all in one stock : one transaction for diversification
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ETF Management mechanism
� The trading mechanism of ETFs involves :� Market maker : pricing continuously the funds
� Exchange : accessibility to the funds
� Asset Manager : ensuring replication
� Replication can be achieved through :
� Full replication = replicating asset values in the fund
� Sample replication = replicating values using proxys when underlying
unavailable for reduction of Tracking Error
� Synthetic replication = replication using different tools (swaps)
� Best replication is full replication but can be costly
� Tracking error will be very low for the synthetic replication when not taking
into account the financial tools costs
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� Money Market Investment, corresponding to 100% of the fund assets.
� Benchmark : U.S T- bills
� UCITS III
� Replication via future on S&P GSCI® index and swaps on S&P GSCI® Index
� Maximum exposure equal to 100% of the fund asset
Derivatives
Tbills
EasyETF a perfect wrapper to access new asset classes
Index TR
Investment Exposure
Introducing Synthetic Replication
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RISK
ETFs versus other financial instruments
������������Customised exposureCustomised exposureCustomised exposureCustomised exposure
��������Counterparty riskCounterparty riskCounterparty riskCounterparty risk
������������Maturity constraintMaturity constraintMaturity constraintMaturity constraint
��������ISDA constraintsISDA constraintsISDA constraintsISDA constraints
����MargingMargingMargingMarging requirementrequirementrequirementrequirement
��������Gain from stock lendingGain from stock lendingGain from stock lendingGain from stock lending
������������CoverageCoverageCoverageCoverage
����
����
SwapsSwapsSwapsSwaps
����
����
����
Futures Futures Futures Futures
����
����
Index Index Index Index FundsFundsFundsFunds
����
����
����
Basket of Basket of Basket of Basket of stocksstocksstocksstocks
����
CertificatesCertificatesCertificatesCertificates
����
����
����
����
����
����
����
ETFsETFsETFsETFs
High minimumHigh minimumHigh minimumHigh minimum
Credit riskCredit riskCredit riskCredit risk
Multiple market makersMultiple market makersMultiple market makersMultiple market makers
Short sellingShort sellingShort sellingShort selling
Low management feesLow management feesLow management feesLow management feesLiquidityLiquidityLiquidityLiquidity
Low Tracking ErrorLow Tracking ErrorLow Tracking ErrorLow Tracking Error
Small mini sizeSmall mini sizeSmall mini sizeSmall mini size
TransparencyTransparencyTransparencyTransparency
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- 1st worldwide ETF provider on Commodities : 1.5 bios USD AUM
- A real Commodity Platform: Agriculture, Energy, Non Energy, All sectors
- 1st ETF provider on Listed Real Estate in Europe
- The Eurozone, Europe and FTSE EPRA NAREIT GLOBAL Real Estate
- 10 ETFs on the Eurozone
- An optimal sector rotation tool through Euro Stoxx indices
- 1st Sharia compliant ETF on global Index worldwide
- 7 ETFs on stocks : EasyETF ASPI Eurozone, CAC 40, DJ Euro Stoxx,
Eurostoxx 50, Global Titans 50, Stoxx 50 Europe
- 1st ETF on Credit Default Swaps worldwide
- iTraxx indices : Europe main, Europe Hivol and Crossover
� 3rd ETF provider in Europe,successful partnership with AXA IM since 2005, EUR 6.16.16.16.1* Bios.� EasyETF is cross listed over European exchanges. New listings on international exchanges.� Reknown proficiency worldwide : Pioneer and innovative in asset classes underlyings.
EquityEquity
Fixed IncomeFixed Income
CreditCredit
CommoditiesCommodities
Listed Real Estate
Listed Real Estate
SectorialsSectorials
- iBoxx : the most liquid index on Sovereign Eurozone bonds
- 3 portions of the yield curve : extra short, long and global
The perfect wrapper to Import more capital markets
products into asset management
EasyETF, a leading position on niche markets
*As of end September 07
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How to Diversify via ETFs ?
• Equities : Sectorial Rotation,
Geographical Zones
• Asset Classes : Fixed
Income, Commodities, Credit
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Equities :Strategic and tactical allocation on the Eurozone
EasyETFEasyETFEasyETFEasyETF Euro SectorsEuro SectorsEuro SectorsEuro SectorsEasyETFEasyETFEasyETFEasyETF DJ EURO STOXXDJ EURO STOXXDJ EURO STOXXDJ EURO STOXX
EasyETF Banks
EasyETF Energy
EasyETF Utilities
EasyETF Telecom
EasyETF Technology
EasyETF Healthcare
Tactical AllocationTactical AllocationTactical AllocationTactical Allocation(buy or sell)(buy or sell)(buy or sell)(buy or sell)
EasyETF Insurance
EasyETF MediaBanks
Insurance
Oil & Gas
Utilities
Telecommunications
Industrial Goods & Services
Technology
Automobiles & Parts
Health Care
Chemicals
Personal & Household Goods
Food & Beverage
Media
Construction & Materials
Retail
Financial Services
Travel & Leisure
Basic Resources
EasyETF Construction
EasyETF Automobile
An exposure to large, mid and small capsWithin a single transaction Increase or
decreasethe weight ofa given sector
Lipper
Awarded
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Dynamically manage the portfolio depending on economic cycles
Insurance
.Non Cyclical Consumption.
Real Estate
Banks
Insurance
Non Cyclical Consumption. ..
Bonds
Health
Conso . Cyclical.
Telecom
Automobile
Industrials
Technology
Stocks.
Bonds
Stocks
Real Estate
Banks
Technology
Telecom
Energy
Insurance
Equipment
Industrials
Insurance
Automobile
Energy
Utilities
Selling
Buying
Construction
Health
Non Cyclical Consumption
Equipment
Utilities .
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Real estate : Diversification versus equities
• Two EasyETFs on the European real estate market• EasyETF FTSE EPRA Europe• EasyETF FTSE EPRA Eurozone
• EasyETF on Global real estate• EasyETF FTSE EPRA NAREIT Global
• A mature, well performing asset class• Weakly correlated with equities
• FTSE EPRA Europe vs DJ Eurostoxx 50 Correlation = 0.49
FTSE EPRA Eurozone
European real estate versus other asset classes, 31/10/99-31/10/07 annualised performance
11.69%
5.70%
0.69%
0%
2%
4%
6%
8%
10%
12%
14%
Real Estate Bonds Equities
Source: BNP Paribas AM Real estate: FTSE EPRA Eurozone (NR) Bonds: Euro MTS 7-10 yearsEquity: DJ Eurostoxx 50
FTSE EPRA Europe
FTSE EPRA NAREIT Global
52.7%-14.8%-5.9%EPRA Europe
62.8%-7.3%-3.5%EPRA Eurozone
3 Years1 Year3 MonthsCumCumCumCum. Performance . Performance . Performance . Performance
Source : Bloomberg, as of end October 07 Source: EPRA, as of end September 07
Hong Kong
13%
Japan
13%
Australia
13%
Others
4%
North America
41%
UK
9%Eurozone
7%
France
21% Netherlands
8%
UK
44%
Others
11%Germany
5%
Sweden
5%
Austria
6%
Source: EPRA, as of end September 07
Source: EPRA, as of end September 07
France
44.6%
Netherlands
17.3%
Germany
11.3%
Others
9.9%Italy
3.4%
Austria
13.4%
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Equities : EasyETF Dow Jones Islamic Market Titans 100
Healthcare
7%
Others
11%
Industrial
16%
Personal &
Household
Goods
17%
Energy
12%
Technology
16%Finance
21%
Due to Sharia rules, the index is highly oriented towards : Health careTechnologyOil and Gas
Over-performs the conventional index :
Alcohol, tobacco, pork
relatedproduct,
gambling, hotel
Defense
Conventionalfinancial services
Source : Dow Jones, as of end September 07
7.29%7.29%7.29%7.29%DJ World Large Cap Index℠
8.78%8.78%8.78%8.78%DJ Islamic Market Titans 100 Index℠+20.4 %
Source : Bloomberg, as of end October 07
50
100
150
200
250
300
350
01
/01
/19
96
21
/06
/19
96
22
/11
/19
96
25
/04
/19
97
26
/09
/19
97
27
/02
/19
98
31
/07
/19
98
01
/01
/19
99
04
/06
/19
99
05
/11
/19
99
07
/04
/20
00
08
/09
/20
00
09
/02
/20
01
13
/07
/20
01
14
/12
/20
01
17
/05
/20
02
18
/10
/20
02
22
/03
/20
03
23
/08
/20
03
24
/01
/20
04
29
/06
/20
04
02
/12
/20
04
09
/05
/20
05
04
/11
/20
05
13
/04
/20
06
09
/10
/20
06
12
/04
/20
07
Dow Jones World Large Cap IndexDow Jones Islamic Market Titans 100
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How to Diversify via ETFs ?
• Asset Classes : Commodities
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EasyETF : The commodity platform
EasyETFEasyETFEasyETFEasyETF S&P GSNES&P GSNES&P GSNES&P GSNE™™™™ ::::Commodity world production 4 sectors excluding energy
EasyETFEasyETFEasyETFEasyETF S&P GSCIS&P GSCIS&P GSCIS&P GSCI™™™™ ::::Commodity world production in 5 sectors
EasyETFEasyETFEasyETFEasyETF S&P GSUES&P GSUES&P GSUES&P GSUE™™™™ ::::Commodity world production capped in energy
EasyETFEasyETFEasyETFEasyETF S&P GSALS&P GSALS&P GSALS&P GSAL™™™™ ::::Commodity world production on Agriculture and
Livestock
Source : S&P GSCI, as of end October 07
Livestock
4%
Industrial metals
8% Energy
74%
Precious Metals
2%Agriculture
12%
Agriculture
45%Livestock
14%
Industrial metals
32%
Precious Metals
9%
Livestock
10%
Industrial metals
24%
Energy
26%
Precious Metals
6%
Agriculture
34%Agriculture
77%
Livestock
23%
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Agriculture and Livestock demand led by growth in emerging
countries
Agriculture demand is tied to Economic Expansion in emerging countries. Demand for beef is likely to continue to grow as these countries become wealthier.
Specific allocation :
Demand:Demand:Demand:Demand: Dueto growth inemerging markets
BiofuelsBiofuelsBiofuelsBiofuels:::: Energy substitutes
such as Sugar and Corn
(bio-ethanol –Hybrid cars)
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Comparative performance-volatility : different commodity sectors1983 – October 2007
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1,000.0
1,100.0
1,200.0
31/0
1/198
330
/11/1
983
28/0
9/198
431
/07/1
985
30/0
5/198
631
/03/1
987
29/0
1/198
830
/11/1
988
29/0
9/198
931
/07/1
990
31/0
5/199
131
/03/1
992
29/0
1/199
330
/11/1
993
30/0
9/199
431
/07/1
995
31/0
5/199
631
/03/1
997
30/0
1/199
830
/11/1
998
30/0
9/199
931
/07/2
000
31/0
5/200
129
/03/2
002
31/0
1/200
328
/11/2
003
30/0
9/200
429
/07/2
005
31/0
5/200
630
/03/2
007
S&P GSCI™ TR
S&P GSUE™ TR
S&P GSNE™ TR
S&P GSAL™ TR
CRB TR
Source : Bloomberg, as of end October 2007
11.5%
4.6%
22.4%
15.8%
5 Years5 Years5 Years5 Years 1 year1 year1 year1 year1 Year1 Year1 Year1 Year
15.5%12.3%S&P GSNES&P GSNES&P GSNES&P GSNE™™™™ TRTRTRTR
19.6%27.7%S&P GSCIS&P GSCIS&P GSCIS&P GSCI™™™™ TRTRTRTR
15.4%14.7%S&P GSALS&P GSALS&P GSALS&P GSAL™™™™ TRTRTRTR
13.7%
VolatilityVolatilityVolatilityVolatility
0.4%S&P GSUES&P GSUES&P GSUES&P GSUE™™™™ TRTRTRTR
Annualised performanceAnnualised performanceAnnualised performanceAnnualised performance
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Enhanced forwards approach : S&P GSCI™ LE Dynamic TR
Combines Dynamic and Static roll modifications in addition to caCombines Dynamic and Static roll modifications in addition to caCombines Dynamic and Static roll modifications in addition to caCombines Dynamic and Static roll modifications in addition to capitalizing on seasonal trendspitalizing on seasonal trendspitalizing on seasonal trendspitalizing on seasonal trends
• Static roll modifications :Static roll modifications :Static roll modifications :Static roll modifications :� Implies Roll outside of the typical 5th to 9th business day� For additional benefit over a traditional index investment in recent years
• Dynamic roll modifications :Dynamic roll modifications :Dynamic roll modifications :Dynamic roll modifications :� Result of dynamic rolling proprietary rules that lead to roll futures to
non nearby futures contracts
Source : Goldman Sachs
Spot Price
Forward Price
Backwardation
Spot Price
Forward Price
Spot Price
Forward Price
Backwardation
• Seasonal trends :Seasonal trends :Seasonal trends :Seasonal trends :� Commodities exhibit seasonality as demand changes throughout the year. � Modification of contract months : benefit from Backwardation periods.� Rolling months : Lean Hogs (Apr & Aug), Chicago Wheat (Sept & Dec), Natural Gas (Jan),
Heating Oil (Dec), Live Cattle (Apr & Oct), Corn (July).
� Example : Natural GasExample : Natural GasExample : Natural GasExample : Natural Gas� Natural Gas backwardated during the colder winter months : when demand is higher.� Seasonal roll strategy: from January to January capture roll yield arising from seasonal
backwardation.� Generates a 7.94% annualized return since 1996.� +4.22% per annum vs the GSCI benchmark’s annualized return of 3.72%.
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S&P GSCI™ Light Energy Dynamic TR performance
S&P GSCI Light Energy Dynamic Total Return Index Evolution since 1999
Source : Bloomberg, as of end October 07
6.0%
20.5%
10.7%
3 Years3 Years3 Years3 Years
9.6%
3.6%
3.5%
1 Month1 Month1 Month1 Month
17.1%
11.9%
11.4%
3 Months3 Months3 Months3 Months
16.5%26.1%S&P GSLES&P GSLES&P GSLES&P GSLE™™™™ Dynamic TRDynamic TRDynamic TRDynamic TR
16.1%27.7%S&P GSCIS&P GSCIS&P GSCIS&P GSCI™™™™ TRTRTRTR
9.9%
Since 1999Since 1999Since 1999Since 1999
20.5%S&P GSLES&P GSLES&P GSLES&P GSLE™™™™ TRTRTRTR
1 Year1 Year1 Year1 YearAnnualised PerformanceAnnualised PerformanceAnnualised PerformanceAnnualised Performance
0
50
100
150
200
250
300
350
400
450
31/1
2/1
998
31/0
3/1
999
30/0
6/1
999
30/0
9/1
999
31/1
2/1
999
31/0
3/2
000
30/0
6/2
000
30/0
9/2
000
31/1
2/2
000
31/0
3/2
001
30/0
6/2
001
30/0
9/2
001
31/1
2/2
001
31/0
3/2
002
30/0
6/2
002
30/0
9/2
002
31/1
2/2
002
31/0
3/2
003
30/0
6/2
003
30/0
9/2
003
31/1
2/2
003
31/0
3/2
004
30/0
6/2
004
30/0
9/2
004
31/1
2/2
004
31/0
3/2
005
30/0
6/2
005
30/0
9/2
005
31/1
2/2
005
31/0
3/2
006
30/0
6/2
006
30/0
9/2
006
31/1
2/2
006
31/0
3/2
007
30/0
6/2
007
30/0
9/2
007
S&P GSLE™ TR
S&P GSLE™ Dynamic TR S&P GSCI™ TR
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How to Diversify via ETFs ?
• Asset Classes : Fixed Income and Credit
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Fixed income, a Duration play : EasyETF iBoxx Liquid Sovereigns
FR0010276949
FR0010276964
FR0010276923
ISIN Code
6.73
14.27
1.89
Duration
French FCP UCITS III
Euronext ParisBorsa Italiana
0.15%ISM / ISL FP Equity
EasyETFEasyETFEasyETFEasyETF iBoxxiBoxxiBoxxiBoxx LiqLiqLiqLiq. . . . SovSovSovSov. Global . Global . Global . Global 1.251.251.251.25----30 Years30 Years30 Years30 Years
French FCP UCITS III
Euronext ParisBorsa Italiana
0.15%ISL / ISL FP Equity
EasyETFEasyETFEasyETFEasyETF iBoxxiBoxxiBoxxiBoxx LiqLiqLiqLiq. . . . SovSovSovSov. Long . Long . Long . Long +10.5 Years+10.5 Years+10.5 Years+10.5 Years
French FCP UCITS III
Euronext ParisBorsa Italiana
0.15%ISS /ISS FP Equity
EasyETFEasyETFEasyETFEasyETF iBoxxiBoxxiBoxxiBoxx LiqLiqLiqLiq. . . . SovSovSovSov. Extra Short . Extra Short . Extra Short . Extra Short 1.251.251.251.25----3 Years3 Years3 Years3 Years
RegulationListingManagement Fees
Mnemo / Bloomberg
Source : iBoxx, as of end September 07
Shift :Shift :Shift :Shift : Parallel shift of the curve Play EasyETFiBoxxSovereigns Liquid Global
Twist :Twist :Twist :Twist : Curve rotation upside down Play EasyETFiBoxx Sovereigns Liquid Extra Short and Long
ButterflyButterflyButterflyButterfly : Center of the curve inverts vs extremes Play EasyETFiBoxx Sovereigns Liquid Extra Short Global and Long
Yield curve bets with EasyETF
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The first ETF on Credit Default Swaps
Innovative Innovative Innovative Innovative ETFsETFsETFsETFs on on on on iTraxxiTraxxiTraxxiTraxx Indices, leading Indices, leading Indices, leading Indices, leading credit index :credit index :credit index :credit index :
� iTraxx® Europe Main Index� iTraxx® Europe HiVol Index � iTraxx® Crossover Index
Dedicated to investors who want : Dedicated to investors who want : Dedicated to investors who want : Dedicated to investors who want :
� To hedge a credit portfolio� To diversify credit risk� To achieve relative value credit trading� To maximise credit views
iTraxx® Indices derived from spreads that are the larger, the higher the probability of corporatenames credit of the index to default
3,37%
0,99%
4,34%
1,55%
8,55%
5,34%
Annualised Return (06/2004 - 08/2007) Volatility (06/2004 - 08/2007)
iTraxx Europe TR (5Y) Index iTraxx Europe HiVol TR (5Y) Index iTraxx Europe Crossover TR (5Y) Index
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APPENDIXAPPENDIXAPPENDIXAPPENDIX
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EasyETF : An innovative product range
Global Europe Euro zone Local
iBoxx Liquid Sov. Extra
Short
iBoxx Liquid Sov. Global
iBoxx Liquid Sov. Long
iTraxx Europe Main
iTraxx Europe HiVol
iTraxx Crossover
DJ Global Titans 50
DJ Islamic Market
Titans 100
DJ EuroStoxx
DJ EuroStoxx 50
ASPI Eurozone
CAC 40DJ Stoxx 50 Europe
Bank, Insurance, Health,
Energy, Construction, Auto,
Media, Technology,
Utilities, Telecom
S&P GSCI™
S&P GSNE™
S&P GSUE™
S&P GSAL™
S&P GSLE™ Dynamic
*Easy ETF iTraxx range to be launched in Q4 2007
Fixed Income
Credit*
Equity
Sectors
Listed real
estate
Commodities
EasyETF FTSE EPRA
NAREIT Global
EasyETF FTSE EPRA
Europe
EasyETF FTSE EPRA
Eurozone
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Disclaimer
The EasyETF platform deals with all the trackers managed and distributed as a partnership between
BNP Paribas AM and AXA IM. EasyETF is a brand of the BNP Paribas Group.
This document has been prepared by EasyETF for the sole use of the company to whom it is addressed. It may not be copied or circulated, in whole or in part, outside that company, without the prior written consent of EasyETF.
Whilst reasonable care has been taken by EasyETF to ensure that this document is current at the date of issue, no warranty of accuracy is given and any information contained within it may be subject to change without notice. Where past performance information is provided this is not necessarily indicative of future returns: the value of investments may fall as well as rise. Nothing contained within this document shall constitute an offer to enter into, or a term or condition of, any contract with the recipient or any other party.
This document shall not be deemed to constitute investment advice, or an offer for sale or solicitation to invest in any particular fund. Subscriptions to funds are accepted only from eligible investors on the basis of the relevant current prospectus or Information Memorandum.
All funds mentioned in this presentation are not necessarily registered in Hong Kong.Please check the registration list on : www.easyetf.com
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Contacts
EasyETF platform gathers all ETFs managed by BNP Paribas AM and Axa IM
EasyETF is a BNPParibas brand
Matthieu GUIGNARDT: 33 1 44 45 83 [email protected]
Danièle TOHME-ADETT: 33 1 58 97 28 [email protected]
www.easyetf.com