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发表于 2012-3-21 12:36 PM
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interesting reading:
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Who Uses Leveraged and Inverse ETFs Anyway?
By Brendan Conway
Overwhelmingly, it’s the smalltime investor who uses two- and three-time leveraged exchange-traded funds. Deutsche Bank’s (DB) index and ETF research head Shan Lan has quantified it, and yes, what you hear about the little guy’s love affair with these high-octane products, which come with a number of warning labels, appears to be entirely true.
Two-times inverse, three-times inverse, and twice-leveraged ETFs are about 85% held by retail investors, according to the analysis. When it comes to three-times leveraged ETFs, things are even more lopsided, at 91%. Institutional investors are relatively rare in this area.
Inverse ETFs — funds designed to move in the opposite direction of a given index — are a little less lopsided, at 73% retail and 27% institutional.
If you think that hedge funds must predominate among the relatively few institutional investors using these products, you’d be wrong, the data suggests. Hedge funds top out with about 11% ownership of three-times inverse funds. Investment advisers clock in at nearly two-thirds of all institutions using three-times inverse funds and roughly half the other leveraged and inverse categories.
It’s a contrast with the broader ETF market. At the end of 2011, total fund ownership tilted slightly toward institutional investors, who held a little over half of all U.S. ETF assets, according to the analysis. |
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狗仔卡
发表于 2012-3-21 09:48 AM
算盘老大发的奖金
