Birth time and activities
The world's first crude oil futures ETF was born in 2005, when the world economy recovered strongly, the global demand for crude oil increased sharply, the prices of primary products such as agricultural products accelerated, and the international crude oil price exceeded $60/barrel for the first time. After that, the price of crude oil entered a new rapid rising channel, and the global economy was always under the pressure of high oil prices. Investors hope to have a convenient and low-cost way to invest in crude oil assets. It is in this context that the world's first crude oil ETF came into being.
Founded in April 2006 10, USO (USA
Oil) crude oil futures ETF, although it was established nearly a year later than the first crude oil futures ETF, at that time, the global economy continued to maintain rapid growth, the international crude oil price was still at a high level, and a large number of speculators turned to oil and other commodity markets. Since many crude oil futures ETFs have been launched before, the investment model of crude oil futures ETFs has gradually been recognized by the market. In this context, USO has gradually developed into the world's largest crude oil ETF.
From the perspective of trading activity, international crude oil futures trading is very active, while crude oil futures ETF is not as good as crude oil futures contract. For example, in 20 13, the daily average turnover of WTI crude oil futures active contracts was 588,000 lots, and that of Brent crude oil futures active contracts was 634,000 lots. As a supporting product of crude oil futures, crude oil futures ETF is small in scale and limited in quantity. The main reason is that the global commodity market is generally supported by developed related futures markets, and investors tend to choose more familiar crude oil futures as investment tools. At the same time, there is an error between crude oil futures ETF and crude oil spot price, which reduces the attractiveness of crude oil futures ETF.
ETF of crude oil futures needs to pay management fees, and trading is far less active than crude oil futures. Those large institutions that need to allocate crude oil assets and oil-related enterprises that need to hedge are more inclined to directly participate in crude oil futures trading.
2. Type and scale
According to the statistics of ETF registration, the United States is the country with the largest number and scale of ETFs. American ETFs account for more than 70% of the global ETFs. Countries with more developed capital markets such as France, Canada and Germany also have larger ETFs. Japan and South Korea in Asia are also among the top ten countries in the global ETF scale, especially Japan's ETF scale is nearly 40 billion US dollars, accounting for 2.33% of the total global ETF scale. There are quite a few ETFs registered in "tax haven" countries such as Jersey and Luxembourg. At present, the number of ETFs in Europe is 1 14.
At present, the largest ETF in the world is SPDR S&; P500
ETF, with a scale exceeding $654.38+055 billion. The world's top six commodity ETFs are all from the United States. In addition, there are many ETFs in Europe and America with energy-related enterprises as assets for investors to choose from.
The world's first crude oil ETF is the ETFS Brent 1 month oil launched by ETF Securities Company in July 2005.
Securities registered in Jersey is priced and settled in US dollars and listed on London Stock Exchange, NYSE Euronext and Deutsche B? rse.
Borse is listed and traded on other exchanges.
After years of rapid development, crude oil ETF has been relatively mature. At present, there are more than 20 crude oil ETFs in the world, with total assets exceeding $2 1 100 million. These crude oil ETFs are mainly concentrated in the United States, Canada, Germany, Switzerland and other countries, but the overall number is still small. There are only 10 crude oil ETF*** * *, and the scale exceeds 1 100 million USD.
Established in 2006, USO crude oil futures ETF is the largest crude oil ETF in the world. In February 2009, it reached $4.29 billion, and since then, its scale has declined, reaching $665.438+0 million by May 2004. The ETF is listed on the New York Stock Exchange, and its investment targets are West Texas Intermediate (WTI) and some short-term government bonds. However, USO's position is not limited to WTI crude oil futures, but may also hold ICE's low-sulfur light crude oil, heating oil, gasoline, natural gas and other petroleum fuel futures.
In addition to traditional ETFs, reverse and leveraged ETFs have been derived from the market in recent years. At present, the long/short ETF with 2 times leverage is the mainstream in the international market, and the leverage multiple is at most 3 times. According to the data of Bloomberg, as of May 20 14, there were 195 leveraged ETFs in the world. The United States is the country with the largest scale of reverse and leveraged ETFs, 1 1, including 6 leveraged crude oil ETFs and 5 reverse crude oil ETFs.
ProShares is the largest leveraged ETF management company in the United States, which owns UltraDJ-UBS (UCO) and UltraShort.
DJ-UBS double short (SCO) and other crude oil futures ETFs. However, both reverse and leveraged commodity ETFs are non-mainstream products in terms of product quantity and product scale, accounting for a relatively low proportion in the global ETF market. At present, the total scale of overseas reverse and leveraged crude oil ETFs exceeds1.200 million USD.