The EDHEC European ETF Survey 2009

This survey is the first piece of work done as part of the Crédit Agricole Structured Asset Management (CASAM) "Core-Satellite and ETF Investment" research chair.

Author(s):

Noel Amenc

Professor of finance, director of research and development at EDHEC Business School, and head of the EDHEC Risk and Asset Management Research Centre.

Felix Goltz

head of applied research at the EDHEC Risk and Asset Management Research Centre.

Adina Grigoriu

Head of asset allocation at AM International Consulting.David Schrödersenior research engineer at the EDHEC Risk and AssetManagement Research Centre.

EDHEC Survey The objective of this research chair at the EDHEC Risk and Asset Management Research Centre is to provide research insights into ETFs (exchange-traded funds) and the ways they are used in core-satellite asset management. The current survey is divided into two parts. The first part is an overview of the ETF market and of the mechanisms behind ETFs. It then goes on to show how advanced techniques involving dynamic allocation strategies can be carried out with ETFs. In particular, this part shows how ETFs can be used to implement the core-satellite approach to investment. The second part presents the results of our in-depth pan-European survey of the current use of ETFs. In general, the results suggest that European investors make wide use of ETFs and consider them superior to other indexing vehicles. However, we also find that investors seem to be somewhat wary of ETFs in such illiquid asset classes as hedge funds, real estate and corporate bonds. And it seems that ETFs are predominantly used for broad market exposure over long time horizons, a use that is at odds with the plentiful opportunities they provide for strategies that are dynamic and/or apply to specific market segments.

Type: EDHEC Publication
Date: le 26/05/2009
Research Cluster : Finance

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