ETFplus Monitor. Q October December

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1 plus Monitor Q4 October December

2 Contents plus Q4 News page 3 New listings on Italian market page 4 Trades page 5 Liquidity Spread page 6 AUM in Italy and Net Inflow page 7 European Comparison page 8 2

3 Q4 News News from plus market 9 open funds new issuers: Diaman Sicav, TCW Funds, Compam, Zenit Multistrategy SICAV, Atlante Funds, 8a+, European and Global Investments Ltd, Method Investments Sicav e Selectra Investments Sicav listed their first open funds. At end of, 100 funds are listed on plus market More than 1000 instruments listed on plus market Trades () Borsa Italiana has confirmed its leadership in Europe for number of trades on electronic platform with a market share of 31%, the ranking has been lead since 2005 New trading records: 4,921,742 trades (+60.23% vs 2014) with a turnover of bn (+41.49%) registered during AUM/net inflow in Italy At the end of December, ETP AUM deposited in Italy reached 47.60bn, % vs end of 2014 During, in Italy s and ETCs/ETNs amassed bn of inflows (+23.31% vs 2014) For the first time available on plus market 2 both long and short leveraged ETNs on Chinese equity index First both long and short 3x leveraged ETCs on coffee, sugar, wheat and nickel 1 on a cyber security technology equity index 3

4 New listings on Italian market 120 Open OICR 100 ETC/ETN others 80 style emerging markets corporate and gov bonds developed markets Q Q1 Q2 Q3 Q4 New listings Q4 Equity Europe - regional 4 Corporate Bond 1 Equity thematic 1 Equity pacific 3 Equity emerging - Asia 1 ETC/ETN Equity Leveraged Short 3X 1 Bond Leverage 5X 3 Strategies on currencies Leverage 3X 2 Strategies on currencies Leverage 5X 4 Bond Leverage 3X 3 Bond Leverage Short 5X 3 ETC Leveraged Short 3X 10 ETC Leveraged 3X 10 Bond Leverage Short 3X 3 Equity Leveraged Long 3X 1 Open OICR Equity Italy 1 Equity world 3 Equity style (developed) 1 Equity Europe - Regional 6 Aggregate Bond 13 Corporate Bond 1 Equity thematic 2 Equity Pacific 1 Equity North America 2 Flexible 21 Government Bonds - Emerging 4 Total Q4 105 Total new listings (+ETC/ETN+Open OICR) year 238 Listed ,101 4 Source: Markets Analysis London Stock Exchange Group.

5 Trades 40, , , , , , , Trades Turnover (Eur m) 5, Oct Nov Dec Daily average Q4 Var, % Q YtD Var, % YtD 2014 Trades 8, % 10, % Turnover (Eur m) % % ETC/ETN Trades 8, % 8, % Turnover (Eur m) % % Source: LSEG Markets Analysis 5

6 Liquidity Spread Developed market Corporate government bond Emerging markets Style Others Jan 0.156% 0.135% 0.321% 0.313% 0.375% Feb 0.125% 0.119% 0.290% 0.254% 0.309% Mar 0.122% 0.117% 0.285% 0.260% 0.317% Apr 0.121% 0.123% 0.292% 0.264% 0.335% May 0.138% 0.146% 0.290% 0.285% 0.404% Jun 0.133% 0.175% 0.318% 0.285% 0.391% Jul 0.122% 0.158% 0.336% 0.291% 0.380% Aug 0.149% 0.129% 0.382% 0.323% 0.414% Sep 0.146% 0.137% 0.393% 0.330% 0.397% Oct 0.129% 0.124% 0.322% 0.301% 0.377% Nov 0.120% 0.112% 0.304% 0.277% 0.365% Dec 0.135% 0.128% 0.332% 0.298% 0.378% Market spread 0.20% 0.18% 0.16% 0.14% 0.12% 0.10% 0.08% 0.06% 0.04% 0.02% 0% 0.179% 0.151% 0.149% 0.152% 0.173% 0.182% 0.170% 0.175% 0.176% 0.158% 0.146% 0.162% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: LSEG Markets Analysis SPREAD: It is the implicit cost that an investor incurs when buying and selling at the same moment a financial instrument at best bid and ask prices (it is calculated as the difference between best bid and ask prices divided by the mid quote). 6

7 AUM in Italy and Net Inflow 60,000 50,000 40,000 4,309.5 AUM (Eur m) ETC/ETN AUM (Eur m) 30,000 20,000 10,000 43, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2,500 2,000 1,500 1, net inflow (Eur m) ETC/ETN net inflow (Eur m) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: LSEG Markets Analysis AUM Dec (ML Euro) Var, % Dec , % ETC/ETN 4, % Total 47, % Net inflow Q4 (ML Euro) Net inflow Q3 Trim (ML Euro) Net inflow YtD (ML Euro) 1, , ,068.9 ETC/ETN 1, ,320.9 Total 2, , ,

8 European Comparison Trades, daily average, Jan Dec BIt 19,379 DB 14,638 ENXT LSE 9,132 9,701 SWX 4,156 OMX STUT 1,340 2, ,000 6,000 9,000 12,000 15,000 18,000 21,000 Turnover (Eur m), daily average, Jan Dec DB 769 LSE BIt ENXT SWX 226 BME STUT BIt: Borsa Italiana DB: Deutsche Börse ENXT: Euronext ISE: Istanbul Stock Exchange LSE: London Stock Exchange OMX : NASDAQ OMX Nordic STUT: Boerse Stuttgart SWX: SIX Swiss Exchange BME: BME (Spanish Exchanges) Source: LSEG Markets Analysis 8

9 Annex 1 New listings on Italian market: details about AREA ISSUER INSTRUMENT ISIN TRADING CODE UNDERLYING EQUITY EUROPE - REGIONAL LYXOR INDEX FUND LYXOR EURO STOXX 300 (DR) UCITS LU MFDD EURO STOXX TRN EQUITY THEMATIC GO UCITS SOLUTIONS S ISE CYBER SECURITY GO UCITS IE00BYPLS672 ISPY ISE CYBER SECURITY UCITS TRN EQUITY EUROPE - REGIONAL EQUITY EMERGING - ASIA EQUITY PACIFIC CORPORATE BOND EQUITY PACIFIC EQUITY EUROPE - REGIONAL EQUITY EUROPE - REGIONAL EQUITY PACIFIC WISDOMTREE ISSUER WISDOMTREE ISSUER UBS (IRL) PLC LYXOR INDEX FUND WISDOMTREE ISSUER LYXOR INDEX FUND WISDOMTREE ISSUER WISDOMTREE ISSUER WISDOMTREE GERMANY EQ UCITS EUR ACC WISDOMTREE EMER ASIA EQ INCOME UCITS UBS MSCI AUSTRAL EU HEDG UCITS A-ACC LYXOR USD INV. GRADE CORP BOND UCITS WISDOMTREE JAP EQ UCITS EUR HED ACC LYXOR STOXX EUROPE 600 (DR) UCITS WISDOMTREE EUROPE EQ UCITS EUR ACC WISDOMTREE JAPAN EQ UCITS JPY ACC IE00BYQCZC44 DXGY WISDOMTREE GERMANY EQUITY INDEX IE00BYPGT035 DEMA WISDOMTREE EMERGING ASIA EQUITY INCOME INDEX IE00BWT3KS11 AUHEUA MSCI AUSTRALIA 100% HEDGED TO EUR TRN LU IE00BYQCZJ13 USIG DXJF MARKIT IBOXX USD LIQUID INV GRADE 150 MID PRICETCA WISDOMTREE JAPAN EUR HEDGED EQUITY INDEX LU MEUD STOXX EUROPE 600 TRN IE00BYQCZX56 HEDF WISDOMTREE EUROPE EQUITY INCOME INDEX IE00BYQCZN58 DXJZ WISDOMTREE JAPAN EQUITY INDEX Annex 2 New listings on Italian market: details about ETC/ETN AREA ISSUER INSTRUMENT ISIN TRADING CODE BOND LEVERAGE 3X SG ETC BUND FUTUR +3X DAILY LONG XS BUND3L UNDERLYING SOLACTIVE LEVERAGED LONG X 3 BUND FUTURES BOOST ISSUER PLC BOOST BRENT OIL 3X SHORT DAILY ETP IE00BYTYHR65 3BRS NASDAQ COMMODITY BRENT CRUDE OIL ER STRATEGIES ON CURRENCIES LEVERAGE 5X STRATEGIES ON CURRENCIES LEVERAGE 5X BOND LEVERAGE SHORT 3X STRATEGIES ON CURRENCIES LEVERAGE 5X BOOST ISSUER PLC S 3X DAILY LONG COFFEE JE00BYQY3Z98 3CFL BLOOMBERG COFFEE SUBINDEX S 3X DAILY LONG NICKEL JE00BYQY5X15 3NIL BLOOMBERG NICKEL SUBINDEX S 3X DAILY SHORT WTI CRUDE OIL JE00BYQY8219 3CRS BLOOMBERG WTI CRUDE OIL SUBINDEX S 3X DAILY SHORT NICKEL JE00BYQY5Q48 3NIS BLOOMBERG NICKEL SUBINDEX SG ETC X5 DAIL SHORT USD LONG EUR XS SULE5 SOLACTIVE X5 DAILY SHORT USD AND LONG EUR S 3X DAILY SHORT COPPER JE00BYQY4341 3CUS BLOOMBERG COPPER SUBINDEX S 3X DAILY SHORT GOLD JE00BYQY4L28 3AUS BLOOMBERG GOLD SUBINDEX S 3X DAILY LONG NATURAL GAS JE00BYQY5H56 NG3L BLOOMBERG NATURAL GAS SUBINDEX S 3X DAILY LONG WHEAT JE00BYQY8102 3WHL BLOOMBERG WHEAT SUBINDEX SG ETC X5 DAIL LONG GBP SHORT EUR BOOST BRENT OIL 3X LEVERAGE DAILY ETP XS LPSE5 SOLACTIVE X5 DAILY LONG GBP AND SHORT EUR IE00BYTYHS72 3BRL NASDAQ COMMODITY BRENT CRUDE OIL ER S 3X DAILY LONG COPPER JE00BYQY4F67 3CUL BLOOMBERG COPPER SUBINDEX S 3X DAILY SHORT SUGAR JE00BYQY7799 3SUS BLOOMBERG SUGAR SUBINDEX SG ETC OAT FUTUR -3X DAILY SHORT XS OAT3S SOLACTIVE LEVERAGED SHORT X 3 OAT FUTURES S 3X DAILY SHORT SILVER JE00BYQY6502 SI3S BLOOMBERG SILVER SUBINDEX S 3X DAILY LONG SUGAR JE00BYQY7H96 3SUL BLOOMBERG SUGAR SUBINDEX SG ETC X5 DAIL SHORT GBP LONG EUR XS SPLE5 SOLACTIVE X5 DAILY SHORT GBP AND LONG EUR 9

10 AREA ISSUER INSTRUMENT ISIN TRADING CODE BOND LEVERAGE 5X BOND LEVERAGE SHORT 5X EQUITY LEVERAGED LONG 3X STRATEGIES ON CURRENCIES LEVERAGE 3X BOND LEVERAGE 3X BOND LEVERAGE 3X BOND LEVERAGE 5X STRATEGIES ON CURRENCIES LEVERAGE 3X BOND LEVERAGE SHORT 3X BOND LEVERAGE SHORT 3X BOND LEVERAGE SHORT 5X EQUITY LEVERAGED SHORT 3X STRATEGIES ON CURRENCIES LEVERAGE 5X BOND LEVERAGE 5X BOND LEVERAGE SHORT 5X S EQUITY SECURITIES LIMITED S EQUITY SECURITIES LIMITED SG ETC BTP FUTUR +5X DAILY LONG SG ETC BTP FUTUR -5X DAILY SHORT XS XS BTP5L BTP5S UNDERLYING SOLACTIVE LEVERAGED LONG X 5 BTP FUTURES SOLACTIVE LEVERAGED SHORT X 5 BTP FUTURES S 3X DAILY SHORT WHEAT JE00BYQY7P70 3WHS BLOOMBERG WHEAT SUBINDEX S 3X DAILY LONG FTSE CHINA 50 JE00B8NCRX09 CH3L FTSE CHINA 50 3X DAILY SHORT SG ETC X3 DAIL SHORT USD LONG EUR SG ETC BTP FUTUR +3X DAILY LONG SG ETC OAT FUTUR +3X DAILY LONG SG ETC BUND FUTUR +5X DAILY LONG XS XS XS XS SULE3 BTP3L OAT3L BUND5L SOLACTIVE X3 DAILY SHORT USD AND LONG EUR SOLACTIVE LEVERAGED LONG X 3 BTP FUTURES SOLACTIVE LEVERAGED LONG X 3 OAT FUTURES SOLACTIVE LEVERAGED LONG X 5 BUND FUTURES S 3X DAILY SHORT NATURAL GAS JE00BYQY5082 NG3S BLOOMBERG NATURAL GAS SUBINDEX S 3X DAILY LONG WTI CRUDE OIL JE00BYQY8G54 3CRL BLOOMBERG WTI CRUDE OIL SUBINDEX SG ETC X3 DAIL LONG USD SHORT EUR SG ETC BTP FUTUR -3X DAILY SHORT SG ETC BUND FUTUR -3X DAILY SHORT SG ETC OAT FUTUR -5X DAILY SHORT XS XS XS XS LUSE3 BTP3S BUND3S OAT5S SOLACTIVE X3 DAILY LONG USD AND SHORT EUR SOLACTIVE LEVERAGED SHORT X 3 BTP FUTURES SOLACTIVE LEVERAGED SHORT X 3 BUND FUTURES INDEXTR SOLACTIVE LEVERAGED SHORT X 5 OAT FUTURES S 3X DAILY SHORT COFFEE JE00BYQY3K46 3CFS BLOOMBERG COFFEE SUBINDEX S 3X DAILY LONG SILVER JE00BYQY6F08 SI3L BLOOMBERG SILVER SUBINDEX S 3X DAILY SHORT FTSE CHINA 50 JE00B97D3F07 CH3S FTSE CHINA 50 3X DAILY LEVERAGED SG ETC X5 DAIL LONG USD SHORT EUR SG ETC OAT FUTUR +5X DAILY LONG SG ETC BUND FUTUR -5X DAILY SHORT XS XS XS LUSE5 OAT5L BUND5S SOLACTIVE X5 DAILY LONG USD AND SHORT EUR SOLACTIVE LEVERAGED LONG X 5 OAT FUTURES SOLACTIVE LEVERAGED SHORT X 5 BUND FUTURES INDEXTR S 3X DAILY LONG GOLD JE00BYQY4X40 3AUL BLOOMBERG GOLD SUBINDEX Annex 2 New listings on Italian market: details about Open OICR AREA ISSUER INSTRUMENT ISIN TRADING CODE CORPORATE BOND DIAMAN SICAV DIAMAN QUANT BOND - CLASS P LU DIAQBE FLEXIBLE COMPAM FUND COMPAM CONSERVATIVE PORTFOLIO CLASSE Q LU COMCP0 AGGREGATE BOND ATLANTE FUNDS ATLANTE EURO BOND - CLASS X IE00BYZZQ097 ATLBON EQUITY PACIFIC ATLANTE FUNDS ATLANTE GREATER ASIA - CLASS X IE00BYZZQ105 ATLGRA FLEXIBLE ATLANTE FUNDS ATLANTE EURO FLEXIBLE - CLASS X IE00BYZZPZ74 ATLFLE AGGREGATE BOND TCW FUNDS TCW TOTAL RETURN BOND ATFE LU TCWTR1 EQUITY WORLD EUROPEAN AND GLOBAL INVESTMENTS PLURIMA MC CAPITAL DYNAMIC FUND A LISTED IE00BV9H9T07 PMCCDF AGGREGATE BOND EUROPEAN AND GLOBAL INVESTMENTS PLURIMA MC CAPITAL TOT RET BOND A LISTED IE00BWX5X061 PMCCTR FLEXIBLE SELECTRA INVESTMENTS SELECTRA CRYSTAL BLUE CLASS D LU SELCRB FLEXIBLE SICAV ZENIT MULTISTRATEGY ZENIT STABILITY CLASSE Q LU ZMSST1 FLEXIBLE COMPAM FUND COMPAM FUND - SB FLEXIBLE CLASSE Q LU COMSBF EQUITY STYLE (DEVELOPED) COMPAM FUND COMPAM ACTIVE MARKET NEUTRAL CLASSE Q LU COMAMN 10

11 AREA ISSUER INSTRUMENT ISIN TRADING CODE AGGREGATE BOND COMPAM FUND COMPAM ACTIVE LIQUID BOND CLASSE Q LU COMALB EQUITY NORTH AMERICA TCW FUNDS TCW MULTI-INCOME US EQUITIES HEDGE ATFHE LU TCWMI2 FLEXIBLE EUROPEAN AND GLOBAL INVESTMENTS PLURIMA MULTI ALPHA PLUS FUND A LISTED IE00BV9H9S99 PMALPF AGGREGATE BOND EFFICIENCY GROWTH FUND SICAV EGF FUND EURO GLOBAL BOND CLASSE Q LU EGFEGB FLEXIBLE DIAMAN SICAV DIAMAN SICAV TREND FOLLOWER - CLASS P LU DIAMTF EQUITY EUROPE - REGIONAL COMPAM FUND COMPAM ACTIVE EUROPEAN EQUITY CLASSE Q LU COMAEE GOVERNMENT BONDS - EMERGING TCW FUNDS TCW EMER MKT LOCAL CURR INC HEDGE ATFHE LU TCWLC2 GOVERNMENT BONDS - EMERGING TCW FUNDS TCW EMER MKT LOCAL CURRENCY INCOME ATFE LU TCWLC1 AGGREGATE BOND TCW FUNDS TCW METWEST TOTAL RET BOND HEDGE ATFHE LU TCWMW2 FLEXIBLE EUROPEAN AND GLOBAL INVESTMENTS PLURIMA PAIRSTECH TOTAL RETURN A LISTED IE00BV9H9Q75 PPTORF FLEXIBLE METHOD INVESTMENT SICAV METHOD ATTRAC GLOB OPPORTUN LIST ACC EUR LU MAGO EQUITY EUROPE - REGIONAL DIAMAN SICAV DIAMAN SICAV MATHEMATICS - CLASS P LU DIAMAM EQUITY EUROPE - REGIONAL COMPAM FUND COMPAM ACTIVE EQUITY SELECTION CLASSE Q LU COMAES FLEXIBLE COMPAM FUND COMPAM GLOBAL DIVERSIFIED CLASSE Q LU COMGD0 EQUITY ITALY ATLANTE FUNDS ATLANTE TARGET ITALY - CLASS X IE00BYZZPY67 ATLTIT AGGREGATE BOND TCW FUNDS TCW METWEST TOTAL RET BOND ATFE LU TCWMW1 FLEXIBLE EUROPEAN AND GLOBAL INVESTMENTS PLURIMA EUROPEAN ABSOLUTE RET A LISTED IE00BV9H9M38 PEAREF AGGREGATE BOND DIAMAN SICAV DIAMAN ZENIT DYNAMIC BOND - CLASS P LU DIAZDB AGGREGATE BOND DIAMAN SICAV DIAMAN TARGET STRATEGY - CLASS P LU DIAMTS EQUITY WORLD COMPAM FUND COMPAM FUND - SB EQUITY CLASSE Q LU COMSBE AGGREGATE BOND COMPAM FUND COMPAM FUND - SB BOND CLASSE Q LU COMSBB GOVERNMENT BONDS - EMERGING TCW FUNDS TCW EMERGING MKT INCOME ATFE LU TCWEM1 FLEXIBLE ATLANTE FUNDS ATLANTE EUROPE ABSOLUTE - CLASS X IE00BYZZQ436 ATLABS EQUITY THEMATIC SELECTRA INVESTMENTS SELECTRA J. LAMARCK PHARMA CLASS D LU SELJLP FLEXIBLE SICAV ZENIT MULTISTRATEGY ZENIT STOCK PICKING CLASSE Q LU ZMSSP1 EQUITY EUROPE - REGIONAL ATLANTE FUNDS ATLANTE TARGET EUROPE - CLASS X IE00BYZZQ212 ATLTEU GOVERNMENT BONDS - EMERGING TCW FUNDS TCW EMERGING MKT INCOME HEDGE ATFHE LU TCWEM2 AGGREGATE BOND TCW FUNDS TCW TOTAL RETURN BOND HEDGE ATFHE LU TCWTR2 FLEXIBLE 8A+ SICAV 8A+ SICAV - KILIMANJARO - CLASS Q LU AJCQ EQUITY EUROPE - REGIONAL 8A+ INVESTIMENTI 8A+ EIGER - CLASSE Q IT AECQ EQUITY EUROPE - REGIONAL 8A+ INVESTIMENTI 8A+ GRAN PARADISO - CLASSE Q IT AGCQ EQUITY WORLD EUROPEAN AND GLOBAL INVESTMENTS PLURIMA PAIRST LONG SHORT ALPHA A LISTED IE00BXRTP612 PPLSAF FLEXIBLE METHOD INVESTMENT SICAV METHOD TARGET SELECTION LISTING ACC EUR LU METS EQUITY NORTH AMERICA TCW FUNDS TCW MULTI-INCOME US EQUITIES ATFE LU TCWMI1 AGGREGATE BOND TCW FUNDS TCW METWEST UNCONSTR BOND HEDGE ATFHE LU TCWMU2 FLEXIBLE ATLANTE FUNDS ATLANTE LOW CORR - CLASS X IE00BYZZQ329 ATLLCO FLEXIBLE SICAV ZENIT MULTISTRATEGY ZENIT GLOBAL OPPORTUNITIES CLASSE Q LU ZMSGO1 AGGREGATE BOND TCW FUNDS TCW METWEST UNCONSTRAINED BOND ATFE LU TCWMU1 FLEXIBLE 8A+ INVESTIMENTI 8A+ LATEMAR - CLASSE Q IT ALCQ FLEXIBLE EUROPEAN AND GLOBAL INVESTMENTS PLURIMA PAIRSTECH BEACH HORIZON A LISTED IE00BVDPXR67 PCFBHF FLEXIBLE EUROPEAN AND GLOBAL INVESTMENTS PLURIMA PAIRSTECH STRAT PORTFOL A LISTED IE00BVDPXK98 PPSPOF EQUITY THEMATIC SELECTRA INVESTMENTS SELECTRA J. LAMARCK BIOTECH CLASS D LU SELJLB FLEXIBLE SELECTRA INVESTMENTS SELECTRA CRYSTAL ROSE CLASS D LU SELCRR This document contains text, data, graphics, photographs, illustrations, artwork, names, logos, trade marks, service marks and information ( Information ) connected with Borsa Italiana S.p.A. ( Borsa Italiana ). All reasonable efforts have been made to ensure that the Information in this document was correct at the time of publication. However, Borsa Italiana Spa accepts no liability for decisions taken, or systems-related or other work carried out by any party based on this document. The publication of this document does not represent solicitation, by Borsa Italiana, of public saving and is not to be considered as a recommendation by Borsa Italiana as to the suitability of the investment, if any, herein described. January 2016 Borsa Italiana S.p.A. London Stock Exchange Group All rights reserved. Borsa Italiana S.p.A. Piazza degli Affari, Milano (Italia)

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