ETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018
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1 ETFs: Regulatory (High) Impact Commerzbank, leaders in ETF February 2018
2 What are ETFs? Securities that track the value of an index, commodities or a basket of assets and trade like a stock on the exchange Exchange Traded Fund Bought and sold on different stock exchanges around the world Listed products globally Easy access Trades like a stock Various execution methods (VWAP, TWAP, MOC, Risk etc.) Constant liquidity and prices throughout the day Tracks the valuation of the underlying index or basket of assets, instead of single security Diversified risk Tax-efficient 1
3 ETF: The Perfect Tool For Portfolio Construction Advantages Cost-effective Liquid Drawbacks Limited outperformance (ETFs track indices) Tracking Error vs Desired Benchmark Transparent Versatile Asset Class Tax-efficient Coupon, Dividend, Maturity Management Included Stock Tradable during the day Fund Diversified Diversified Investment ETFs Diversified funds that trade like stocks 2
4 Evolution: The Structural Forces Behind The Success of ETFs 3
5 A US$4.5 Trillion ETF Industry 5,000 4,500 Equity AUM Fixed Income AUM Other Asset Class AUM 4,000 3,500 3,000 2,500 2,000 1,500 1, Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 Feb-13 Sep-13 Apr-14 Nov-14 Jun-15 Jan-16 Aug-16 Mar-17 Sources: BlackRock, as of September
6 Three Structural Forces Behind The Rise of ETFs Shift to Fee-based Advisory Shrinking Bank Balance Sheets Shift from Active to Passive Investment 5
7 1) Gradual Move to Fee-Based Advisory Europe North America Asia Australia $27 billion Advisory style $3,188 billion $717 billion $379 billion Regulatory Driven Market Forces MIFID II - Fee-based Traditional Non-fee Sources: BlackRock Global ETP Landscape, as of August
8 2) Shrinking Bank Balance Sheet Example: Fixed Income ETFs Regulatory Pressure on Bank Balance Sheet Reduced Bank Holding of Corporate bonds Fixed Income ETF AUM +24% CAGR Shrinking Derivatives Market 7
9 2) Shrinking Bank Balance Sheet Tier I Common Equity in Major US Banks Fixed Income Asset AUM (USD billion) 18.00% % % 12.00% % CAGR % % % % Morgan Stanley Citigroup Wells Fargo Other Em Mkts High Yield Inv grade Sov Debt JP Morgan Goldman Sachs Bank of America Source: Bloomberg and Blackrock 8
10 3) Rise of passive Investing 9
11 ETF: Standardized, Abundant, Liquid, Cost Effective, Versatile ETFs On the up and up Helped by regulatory changes Still a very contrasted global picture Commerzbank can help you 10
12 Disclaimer This document has been created and published by the Corporates International division of Commerzbank AG, Frankfurt/Main or the group companies mentioned in the document ("Commerzbank"). The views in this communication may differ from the published views of Commerzbank Corporates International Research Department and the communication has been prepared separately of such department. This communication may contain short term trading ideas. Any returns or future expectations referred to are not intended to forecast or predict future events. Any prices provided herein (other than those that are identified as being historical) are indicative only, and do not represent firm quotes as to either size or price. This communication is for information purposes only. The information contained herein does not constitute the provision of investment advice. It is not intended to be nor should it be construed as an offer or solicitation to acquire, or dispose of, any of the financial instruments and/or securities mentioned in this communication and will not form the basis or a part of any contract. It is also not intended to be an advertisement or any form of marketing or inducement. It is assumed that in communicating with Commerzbank recipient is acting as principal. The material herein does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may view this communication. Any information in this communication is based on data obtained from sources believed by Commerzbank to be reliable, but no representations, guarantees or warranties are made by Commerzbank with regard to the accuracy, completeness or suitability of the data. The past performance of financial instruments is not indicative of future results. No assurance can be given that any financial instrument or issuer described herein would yield favourable investment results. This communication is intended solely for distribution to the restricted categories in each of the respective country disclaimers listed below and/or otherwise eligible counterparties of Commerzbank (as applicable). It is not intended to be distributed to retail clients or potential retail clients. Neither Commerzbank nor any of its respective directors, officers or employees accepts any responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this communication. Commerzbank and/or its principals or employees may have a long or short position or may transact in financial instrument(s) and/or securities referred to herein or may trade in such financial instruments with other customers on a principal basis. The information may have been discussed between various Commerzbank personnel and such personnel may have already acted on the basis of this information (including trading for Commerzbank s own account or communication of the information to other customers of Commerzbank). Commerzbank may act as a market maker in the financial instruments or companies discussed herein and may also perform or seek to perform investment banking services for those companies. No part of this communication may be reproduced, distributed or transmitted in any manner without prior written permission of Commerzbank. This communication or the manner of its distribution may be restricted by law or regulation in certain countries. Persons into whose possession this document may come are required to inform themselves about, and to observe any such restriction. By accepting this communication, a recipient hereof agrees to be bound by the foregoing limitations. Hong Kong: This document is furnished in Hong Kong by Commerzbank AG, Hong Kong Branch, and may only be received in Hong Kong by professional investors within the meaning of the Securities and Futures Ordinance (Cap.571) of Hong Kong and any rules made there under, and persons whose ordinary business is to buy or sell shares or debentures. Copyright Commerzbank All rights reserved 11
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