Hot money pushes yuan higher

A Citibank report says that 90% of hot money is coming from North America and 80% of it is going to China. Deflation is not what China needs in the long-run, but that is what it will get if the currency continues to appreciate.

Citigroup Capital flows to tracking reports, the renminbi assets are the most important the flow of the current round of hot money. October 26 Flow report shows that Asia (October 24 week) single-week inflows of $ 1.3 billion, most of which inflow of RMB ETF (exchange-traded funds), the scale of over 1.1 billion U.S. dollars, accounted for about 85% of the total.

In addition to the ETF, the Hong Kong H shares and RMB-denominated fixed-income products is also hot money put into focus.

花旗追踪报告：热钱90%来自北美 80%被中国吸引

New China ETFs may be on the way

Cross Market ETF Applications Under Review

According to the CSRC, a review of two applications by Harvest Fund Management Co. and Huatai-Pinebridge Fund Management Co. for the launch of an ETF linked to the Shanghai Shenzhen CSI 300 Index opened February 6. The review is expected to be finished within six months.

ETF Demand for Junior Gold Miners

When the general public finally catches gold fever, the junior miners will outperform, a lot of money will flow into funds such as GDXJ, and those funds will help determine market prices.

Market Vectors Junior Gold Miners ETF (GDXJ) has $2.5 billion under management as of February 6, 2012. I compared the total market value of each holding against the market capitalization for each stock (third column), in addition to doing a static analysis of $1 billion flowing into GDXJ, as if $1 billion dropped out of the sky and could instantaneously buy shares at the February 6 closing prices. This is represented by the percentage of the market capitalization that would be acquired in each company (fourth column). I do not have market cap data for all stocks (from Yahoo), so a few are missing.

From a momentum point of view, the more funds that flow into GDXJ, the potentially greater the rise could be for the stocks most impacted. From a value perspective, the more funds that flow into GDXJ, the potentially more undervalued the less impacted stocks could become. I reiterate that this is static analysis. If one of the funds lower on the list has good news, it's share price could rise and then it would be a greater percentage of the fund (and vice versa). Therefore, the data has a limited time value.

Disaster in the making: junk bond sales surge; Europeans borrow in U.S. dollars

Record global sales of junk bonds

Junk bond issuance totalled a record $19.6bn last week, including a sizeable chunk of debt that European companies sold in the US, according to Dealogic, the data tracker.
“Lingering concerns about Europe and the strong US rally have pushed many issuers into the US high-yield market,” analysts at Barclays Capital said in a research note.

Credit is tight in Europe, so business is turning to the U.S. credit market where junk bond is near its highs. If, a big if, these firms have substantial cash flow, they are getting good prices for their debt. However, this debt could increase by 20% if the U.S. dollar rallies to parity. The economic environment would be terrible and a lower euro would only mitigate some export losses during the contraction. For investors, there's nothing to like here because this is junk debt that will collapse in price during a slowdown.

Below is a chart of iShares iBoxx $ High Yield Corporate Bond (HYG) and SPDR Barclays Capital High Yield (JNK). The volume at the bottom is for HYG. Investors have been piling into these funds well after they've recovered, chasing yield as Bernanke holds rates low. It's a great investment as long as there's no instability in the markets—a bad bet in my opinion.

China A-share ETFs

For U.S. investors who want to capture the A-share market in China, Market Vectors creates A-share exposure via swaps—but that exposes the fund to counter party risk, in this case Credit Suisse. The ETF has very low volume and assets; it's hard to know if this is because of the product or the terrible performance in the Shanghai Composite. I lean toward the latter explanation because investors don't seem to mind complex products with added risk. I'm not buying the fund because the market is weak and not worth the potential counter party risk. If the A-share market were looking very strong, I might consider the fund against the risks, but even then I'd probably prefer a sector fund or individual H-shares. Market Vectors China ETF (PEK) There's a similar fund in Hong Kong, iShares CSI 300 A-Share Index ETF (2846). It uses derivatives to achieve the returns, in essence similar to swaps. iShares has some other A-shares funds, if you follow that link you can find them on their HK website, if you're interested.

One positive for these funds is the announcement stock market reforms in China. One risk was that the institutions issuing the derivatives would be unable to hedge underlying assets and end up with a situation such as with iShares India ETN (INP), which turned into a closed-end fund when they couldn't create new shares. It traded at a big premium during the bull market and that led to losses when the premium eroded during the bear market. With the market opening up a bit, at least this portion of the derivative risk is lessened.

Below is PEK versus the Shanghai Composite; then against the index it tracks, the CSI 300. It does a reasonable job of tracking the index, but as you can see, it differs slightly from the reported Composite number.

ETF Death Cross List Grows

A lot of big names on here. Lots of international and commodities.

ACWX        iShares MSCI ACWI ex US Index
BBH        Biotech HOLDRs
BRF        Market Vectors Brazil Small-Cap ETF
CEW        WisdomTree Dreyfus Emerging Currency
CRO        Claymore/Zacks Country Rotation
CWI        SPDR MSCI ACWI (ex-US)
DBC        PowerShares DB Commodity Index Tracking
DEW        WisdomTree Global Equity Income
DFE        WisdomTree Europe SmallCap Dividend
DGT        SPDR DJ Global Titans
DIG        ProShares Ultra Oil & Gas
DIM        WisdomTree International MidCap Dividend
DRW        WisdomTree International Real Estate
DWX        SPDR S&P International Dividend
EDC        Direxion Daily Emrg Mkts Bull 3X Shares
EEN        Claymore/BNY Mellon EW Euro-Pacific LDRs
EFA        iShares MSCI EAFE Index
EFG        iShares MSCI EAFE Growth Index
ERX        Direxion Daily Energy Bull 3X Shares
EWL        iShares MSCI Switzerland Index
EWN        iShares MSCI Netherlands Invstbl Mkt Idx
EWU        iShares MSCI United Kingdom Index
EWZ        iShares MSCI Brazil Index
EXB        Claymore/Beacon Glbl Exchanges, Brokers
FGD        First Trust DJ Global Select Dividend
FLM        First Trust ISE Glbl Engnrg & Const Idx
GCC        GreenHaven Continuous Commodity Index
GSP        iPath S&P GSCI Total Return Index ETN
GWL        SPDR S&P World ex-US
GXC        SPDR S&P China
HAP        Market Vectors RVE Hard Assets Prod ETF
IDV        iShares Dow Jones Intl Select Div Idx
IFAS        iShares FTSE EPRA/NAREIT Dev Asia Idx
IFGL        iShares FTSE EPRA/NAREIT Dev RE ex-US
IGF        iShares S&P Global Infrastructure Index
IOO        iShares S&P Global 100 Index
IRY        SPDR S&P International HealthCare Sector
IXC        iShares S&P Global Energy
IXG        iShares S&P Global Financials
IXJ        iShares S&P Global Healthcare
JVS        JETS DJ Islamic Market Intl Index
MOO        Market Vectors Agribusiness ETF
OIH        Oil Services HOLDRs
OIL        iPath S&P GSCI Crude Oil TR Index ETN
PAGG        PowerShares Global Agriculture
PFA        PowerShares Dynamic Developed Intl Opps
PIO        PowerShares Global Water
PMNA        PowerShares MENA Frontier Countries
PPH        Pharmaceutical HOLDRs
PXJ        PowerShares Dynamic Oil & Gas Services
PXN        PowerShares Lux Nanotech
QAI        IQ Hedge Multi-Strategy Tracker ETF
RJI        ELEMENTS Rogers Intl Commodity ETN
RTR        RevenueShares ADR
RWX        SPDR Dow Jones Intl Real Estate
UBN        UBS E-TRACS CMCI Energy TR ETN
UCO        ProShares Ultra DJ-UBS Crude Oil
USO        United States Oil
VEA        Vanguard Europe Pacific ETF
VEU        Vanguard FTSE All-World ex-US ETF
WPS        iShares S&P Dev ex-US Property Index

As for Golden Crosses:

EFZ        ProShares Short MSCI EAFE
EPV        ProShares UltraShort MSCI Europe
TLT        iShares Barclays 20+ Year Treas Bond
TYD        Direxion Daily 10 Yr Trsy Bull 3X Shares

分析中国ETF

这个文章介绍ETF:什么是ETF?

指数型基金投资策略的核心思想是相信市场的有效性，从而通过复制与市场指数结构相同的投资组合，排除非系统性风险的干扰而获得与所跟踪指数相近，相当于市场平均水平的收益。

ETF基金(Exchange Traded Fund)即“交易型开放式指数证券投资基金”，是一种上市交易的指数型基金。与其他类型的开放式指数型基金相比，ETF是一种混合型的特殊基金，它克服了封闭式基金和开放式基金的缺点。具体而言，它具有组合透明度高、管理费用低、交易便利、资金效率高、交易成本低、参与资金门槛低等优点。

ETF与指数型基金

与一般的指数型基金相比，其区别具体表现为：

1、一般的开放式指数型基金只能在一级市场上申购和赎回，交易仅仅涉及现金与基金份额； ETF基金在一、二级市场的交易涉及现金、股票和基金份额等。其申购赎回必须以一篮子股票(或有少量现金)换取基金份额或者以基金份额换回一篮子股票(或有少量现金)。由于存在这种特殊的实物申购赎回机制，投资者可以在ETF二级市场的交易价格与基金单位净值之间存在差价时进行套利交易。

2、从申购规模来看，一般的指数型基金申赎最小单位较小，通过所有代销机构进行，ETF有规模较大的最小申赎单位，通过参与券商进行申赎。

3、从费率来看，ETF由于采取实物申赎，费率低。一般的指数型基金现金申赎增加基金经理的操作，费率高于ETF。

4、一般的开放式基金每季度或半年公布组合，每日公布上一日净值。ETF基金每日公布组合，日间实时公布拟合净值。

ETF与LOF

ETF基金与LOF基金(Listed Open-Ended Fund)同为上市交易指数型基金即可以在一级市场上申购赎回基金份额，又可以在二级市场交易；主要的区别在于：

1、LOF基金仅仅涉及现金与基金份额的交易；而ETF基金在一、二级市场的交易涉及现金、股票和基金份额等内容，投资者既可以在二级市场赚取交易差价，也可以用一篮子股票换取基金份额(或有少量现金)或者以基金份额换回一篮子股票(或有少量现金)进行套利。

2、从基金类型来看，ETF为指数型基金；LOF既可以是指数型基金又可以是主动配置型基金。

3、从套利机制来看，ETF实时套利，全日折溢价率低；LOF不可以实时套利，日间折溢价率高。

4、从流动性来看，ETF基金由于其套利机制，其流动性相当于成份股流动性加总；LOF基金取决于基金的规模，和买卖双方投资者的数量以及交易活跃性。

5、LOF基金每季度或半年公布组合，每日公布上一日净值；ETF基金每日公布组合，日间实时公布拟合净值。

ETF与封闭式基金

同为上市交易型基金，ETF与封闭式基金的不同表现在：

1、从基金类型来看ETF基金为指数型基金，封闭式基金可以为指数型基金也可以是主动型基金。

2、ETF基金在一、二级市场交易，并可以实物申赎，封闭式基金只能在二级市场按照市场价格进行交易。

3、ETF基金可以实时套利，全日折溢价率低；封闭式基金不可以套利，折溢价率较高。

4、从流动性来看，ETF基金由于其套利机制，其流动性相当于成份股流动性加总；封闭式基金取决于基金的规模和买卖双方的交易活跃性，由于折价，流动性较差。

5、封闭式基金每季度或半年公布组合，每日公布上一日净值；ETF基金每日公布组合，日间实时公布拟合净值。

现在中国股市有五个ETF:
易方达深证100ETF： 159901
华夏上证50ETF:：510050
华安上证180ETF： 510180
友邦华泰上证红利ETF：510880
华夏中小板ETF：159902

我想地最后两个有意思， 可是需要多多分析。
友邦华泰上证红利ETF
  持股代码  持股名称   占净资产比例(%)
1。 600028   中国石化   8.91
2。 601006   大秦铁路   8.39
3。 600019   宝钢股份   7.28
4。 600005   武钢股份   5.58
5。 600011   华能国际   5.21
6。 600015   华夏银行   5.18
7。 600104  上海汽车   3.13
8。 600642  申能股份   2.92
9。 600177   雅戈尔    2.75
10。 600196  复星医药   2.51

委 比 ++60.67%
换手率 0.53%
振 幅 1.12%


华夏中小板ETF
  持股代码  持股名称  占净资产比例(%)
1。 002024  苏宁电器  16.30
2。 002202  金风科技  6.16
3。 002142  宁波银行  4.82
4。 002007  华兰生物   2.94
5。 002022  科华生物   2.70

别的我没找到，可是这个让我们知道苏宁电器是非常多的这个ETF。

委 比 ++89.71%
换手率 0.10%
振 幅 0.62%

美国技术指数基金

国泰基金推挂钩国外指数基金产品

Chinese Firm Signs Deal To Develop Nasdaq-100 ETF

Comparing the broad China ETFs, Part 1

There are three major China ETFs. In this post I want to examine what each fund offers investors looking for a slice of the economy that surpassed the United States as the engine of global growth.

iShares FTSE/Xinhua China 25 Index Fund (FXI)
PowerShares Golden Dragon Halter USX China Index (PGJ)
SPDR S&P China ETF (GXC)

Here's a brief description of each fund from each sponsor's website:

FXI:
The iShares FTSE/Xinhua China 25 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/Xinhua China 25 Index.

PGJ:
The PowerShares Golden Dragon Halter USX China Portfolio (Fund) seeks to replicate, before fees and expenses, the Halter USX China Index, which is comprised of the U.S. listed securities of companies that derive a majority of their revenue from the People's Republic of China.

GXC:
The S&P®/Citigroup® BMI China Index is a float-adjusted market capitalization weighted index that defines and measures the investable universe of those publicly traded companies domiciled in China that are legally available to foreign investors.

Right off the bat, PGJ distinguishes itself by assembling the fund using only U.S. listed securities versus GXC and FXI, which are invested in Hong Kong listed shares. GXC and FXI are similar, but FXI has a 10% cap on individual stocks and is limited to the top 25 Chinese firms—even though it currently holds 29 securities. PGJ holds 75 securities as of Thursday's close; GXC holds 201.

Sector Weights

FXI
39.7% Financials
17.9% Telecommunications
17.5% Oil & Gas
13.1% Basic Materials
9.2% Industrials
2.4% Utilities

GXC
28.8% Financials
21.3% Energy
16.4% Telecommunications
12.1% Industrials
7.5% Materials
4.6% Consumer Discretionary
4.0% Information Technology
2.8% Consumer Staples
2.4% Utilities
0.2% Healthcare

PGJ
21.1% Energy
20.8% Telecommunications
14.0% Information Technology
14.0% Industrials
8.2% Materials
8.1% Consumer Discretionary
5.1% Financials
4.5% Utilities
3.5% Healthcare
0.5% Consumer Staples

FXI is strictly the top companies by market cap, which turn out to be state-owned enterprises with monopoly-like status. The banking sector is dominated by the large state owned banks, and while it may be a surprise, it isn't shocking to learn that nearly 40% of the fund is financials, double the weighting of the S&P 500 Index. GXC owns a broader cross section of companies, but financials still dominate the fund. Due to limited financial ADRs, PGJ holds only 5% in this sector.

Energy and telecommunications are even more narrowly dominated by SOEs and because ADRs are available, these two sectors have the largest weights in PGJ.The third sector in PGJ, however, is information technology. Due to difficulties in listing domestically, plus American experience in bringing technology companies public, many Internet firms have chosen to list in the U.S. Since the Halter USX Index includes all stocks with market capitalization greater than $50 million and is limited to U.S. listed shares, technology is weighted heavily. GXC holds some American listed information technology as well.

Beyond the top three, excepting materials, the three funds diverge in their holdings. FXI sticks to the industrial giants, while GXC achieves a broad representation of the Chinese economy. PGJ is more heavily weighted towards consumer discretionary and healthcare.

Market Cap Weighting

FXI
Giant 90.73
Large 9.27

GXC
Giant 65.63
Large 22.81
Medium 10.43
Small 1.03
Micro 0.10

PGJ
Giant 40.28
Large 12.57
Medium 33.74
Small 8.45
Micro 4.95

Source: Morningstar.com

FXI is 100% large cap or greater, GXC is 88%, PGJ is 52%.

Top Ten Holdings


FXI
10.62% CHINA MOBILE LTD
9.47% PETROCHINA CO LTD-H
8.84% CHINA LIFE INSURANCE CO-H
5.84% IND & COMM BK OF CHINA - H
5.04% PING AN INSURANCE GROUP CO-H
4.98% CHINA CONSTRUCTION BANK-H
4.90% CHINA SHENHUA ENERGY CO - H
4.19% CNOOC LTD
3.98% CHINA MERCHANTS BANK - H
3.92% CHINA COMMUNICATIONS CONST-H
Total: 61.78%

GXC
China Mobile Ltd 13.36%
Petrochina Co 7.34%
China Life Insuran 6.96%
Cnooc Ltd 4.52%
China Const Bk 4.34%
China Petroleum 3.83%
Ind & Com Bk China 3.69%
China Shenhua Ener 3.22%
Ping An Insurance 2.60%
China Cosco Hldgs 1.95%
Total: 51.81%

PGJ
PetroChina Co. Ltd. (ADS) 7.14%
China Mobile Ltd. (ADS) 6.09%
China Petroleum (ADS) 5.28%
China Telecom Corp. Ltd. (ADS) 5.24%
China Life Insurance Co. Ltd. (ADS) 5.10%
China Netcom Group (ADS) 5.08%
Aluminum Corp. of China (ADS) 4.70%
CNOOC Ltd. (ADS) 4.63%
Huaneng Power Inc. (ADS) 4.49%
China Unicom Ltd. (ADS) 4.35%
Total: 52.1%

The top ten holdings in each fund are very similar, with individual weightings as the main difference.

Expenses

FXI 0.74%
GXC 0.59%
PGJ 0.70%

Source: Morningstar.com

Performance