I ETF Nobuyoshi Yamori / 1990 IT 15 55% 1990 1 1 2 1 1 1 2007 5 034 2011 winter / No.390
2 19992007 7 50802008 1 122010 3 8 2011 [2009] 1 20 12.5 8.9 78.6 1290 7.9 4.3 87.8 815 5.2 4.2 90.5 537 21 2 2007 5 40.2% 32.2% 035
1 1980 1980 ETF ETF 036 2011 winter / No.390
II 1 15%59% 3 5 3 1 2007 65 2008 25 40 50 15 2000 1 5 2% [2004d, 2004e, 2005a, 2005c] 1.41%2.30% 0.47% 52 2011 8 14 1045 1 20 ETF 138 2007 82 / F 2009 4 105 100 2 50100 4 2 3 20 5 7 2 1 5 15.42% 15.33% 7.58% 13.86% 17.28% 7.75% 49 20 7 58.96% 7.50% 1.96% 39.90% 25.85% 9.83% Morningstar HP 2011 8 14 037
: RICI 2004 12 10 7 3 500 2006 7 121 2008 2011 8 5 ETF 2009 4 23 / F RICI 1 539 2009 6 2010 12 200 2011 8 104 2 1991 1992 4 1 2 1998 3000 2010 3 20 150 2 1 2 3 2004 10 4 038 2011 winter / No.390
20112011 201018 126 2 5 III ETF 1 ETF ETF Exchange Traded Funds 1995 5 29 300 300 ETF 2000 229 2001 7 TOPIX 225 ETF 3 2 ETF 3 ETF 2001 2006 5 1998 29 14 2000 3 039
4 2010 2.6 2008 2007 12 ETF 6 ETF 2007 12 ETF 7 2008 ETF64 2011 8 119 4 ETF 2006 5000 10002000 ETF 3 ETF 6 2007 12 1. ETF ETF 7 3 040 2011 winter / No.390
4 2 ETF 1 ETF ETF 2007 8 ETF 2007 ETF 2007 8 ETF ETF ETF 1 2008 6 ETF SPDR ETF 9 50 10 8 ETF- 2007/08/03 10 ETF 9 1 1 9ETF 2008/06/24 041
ETF 2007/08/27 ETF ETF ETF ETF 2008/06/24 11 2ETF ETF 2009 2 ETF 1200 SPDR 970 2009/02/14 ETF ETF 12 2009/06/23 20 30 DBLCI 6 3 ETF 2009 8 9 ETF 4 ETF 5 ETF 13 2009 8 WTI ETF 2010 2 ETFETF 2010 3 ETF 14 11 2008/07/05 ETF 1 1 2.6 ETF 12 DJ AIG DJ UBS AIG 13 ETF 2010/05/31 042 2011 winter / No.390
2010 7 UFJ ETF ETF ETF IV ETF 1 ETF 2011 8 10 ETF 119 14 ETF 330 15 ETF 5 5 SPDR ETF 8 3 ETF 0.85% 0.39% 1.41% ETFETF ETF 20092010 ETF 5 TOPIX ETF 2009 ETF 7 2010 SPDR 5 ETF 1000 2009 2186 16 ETF 2 ETF 2011 6 ETF30 ETF 5 ETF 2011 11 30 3100 5 6 224 ETF 1 22 13360 2011 8 12 ETF 2011 3 ETF ETF 20 40 14 2011 2ETF ETF 15 8 23 ETN ipath ETN S&P GSC 9 6 ETN ETN 16 2 28 208 043
3 ETF 2010 2010 2011 2010 1 1 30 0.5% 2007/8/10 726 726 100.0% 41,083 224 15,345 SPDR 0.42% 2008/6/30 510 510 100.0% 28,980 224 41,427 ETFS&PGSCI A 0.45% 2008/10/22 432 432 100.0% 655 224 185 ETFS DJ-UBSCI 0.49% 2009/3/19 64 90 71.1% 17 60 76 ETFS DJ-UBSCI 0.49% 2009/3/19 46 90 51.1% 9 65 20 ETFS DJ-UBSCI 0.49% 2009/3/19 78 90 86.7% 72 89 36 ETFS DJ-UBSCI 0.49% 2009/3/19 33 90 36.7% 9 206 304 WTI 0.85% 2009/8/3 243 243 100.0% 7,901 224 7,984 ETFS 0.43% 2009/8/24 112 228 49.1% 14 57 96 ETFS 0.49% 2009/8/24 223 228 97.8% 545 224 1,178 ETFS 0.49% 2009/8/24 208 228 91.2% 330 182 78 ETFS 0.49% 2009/8/25 189 227 83.3% 308 207 277 ETFS 0.39% 2009/8/25 214 227 94.3% 419 219 476 NEXT FUNDS 0.45% 2010/2/15 113 114 99.1% 790 216 295 0.45% 2010/2/15 111 114 97.4% 413 223 375 ETFS 0.49% 2010/3/19 72 90 80.0% 67 52 28 ETFS 0.49% 2010/3/19 76 90 84.4% 86 42 21 ETFS 0.49% 2010/3/19 47 90 52.2% 15 215 215 ETFS 0.49% 2010/3/19 62 90 68.9% 39 88 35 ETFS 0.49% 2010/3/19 82 90 91.1% 185 170 158 ETFS 0.49% 2010/3/19 62 90 68.9% 36 224 248 ETFS 0.49% 2010/3/19 39 90 43.3% 18 183 85 ETFS 0.49% 2010/3/19 85 90 94.4% 184 220 286 ETFS 0.49% 2010/3/19 67 90 74.4% 138 206 238 ETFS DJ-UBSCI 0.49% 2010/3/24 67 88 76.1% 55 204 337 NEXT FUNDS NOMURA 0.5% 2010/5/17 54 54 100.0% 293 220 746 0.59% 2010/7/2 19 20 95.0% 110 219 1,128 0.59% 2010/7/2 20 20 100.0% 617 224 1,061 0.49% 2010/7/2 20 20 100.0% 9,910 224 16,884 0.59% 2010/7/2 20 20 100.0% 1,425 224 17,678 ) 2010 2010 10 ETF 10 2010 2011 2011 12 044 2011 winter / No.390
4 ETF 20092010 2009 2010 1 225 14,130.90 1 225 12,001.9 2 225 6,460.80 2 225 7,534.8 3 5,899.00 3 TOPIX 6,705.9 4 3,450.60 4 ETF225 3,060.9 5 50 1,218.80 5 SPDR 972.7 6 1,181.10 6 TPX 741.8 7 848.4 7 50 637 11 SPDR 476.1 11 435.4 14 110.7 14 WTI 152.2 23 EASY 22.3 15 123.9 2009 112 2010 Quick Money life 3ETF 100 ETF 1ETF ETF ETF 2008 ETF 3 1328 ETF ETF 2007 8 10 2011 6 30 1 2010 713 2010 7 2011 63.8 SPDR 2008 6 30 4 2009 045
2010 ETF 32008 10 22 ETFS&PGSCI 1 500600 ETF 1 450 2011 8 2011 1 72 2011 6 168 V 30 2007 21 2007 10 21 30 2 HP 5ETF 046 2011 winter / No.390
047 ETF ETF ETF ETF 1ETF ETF 2ETF ETF ETF 4 2011 1 2004a 9 2004b 2004 8 20 2004c 2004 7 20 2004d 2004 10 7
2004e 2004 12 24 2005a 2005 1 28 2005b JCFA 31 2005 3 2005c 2005 3 31 2005d 2005 6 17 2005e 3 :2005 2006a JCFA 2006 2 2006b 2 2006 10 25 2007 2007 10 16 2008 2008 12 9 2009? 57 2 048 2011 winter / No.390
Recent Trends in Commodity Investment Trusts and Commodity ETFs in Japan Nobuyoshi Yamori This paper analyzes commodity investment trusts and commodity Exchange Traded Funds (ETFs) as methods for investing in commodities, which are expected to be important tools for individual investors who wish to participate in commodity investments. The Financial Big Bang reforms initiated by Prime Minister Ryutaro Hashimoto during the latter half of the 1990s substantially changed the Japanese financial system, which had been strictly regulated. However, more than 50% of Japanese households financial assets are still cash and bank deposits, and the ratio of risky assets in households portfolios remains low. One reason that households hold few risky assets is that individual investors do not feel they have enough knowledge to risk their money on such investments. Therefore, collective investment vehicles such as investment trusts, which allow individual investors to hold risky assets without extensive knowledge, are expected to play an important role in the future. Among commodity investments, commodity investment trusts and ETFs seem most promising. Thanks to substantial deregulation, the listing of various ETFs became possible in the early 2000s. Initially, all ETFs were linked to certain kinds of stock indexes, such as Nikkei 225 and TOPIX. Gradually, new types of ETFs, which are linked to indexes or prices of non-stock ass e ts, have b e en intro d u c e d. The f irst commodity ETF in Japan, linked to the price of gold in London, was offered in August 2007. Soon, other commodity ETFs followed. Today, thirty commodity ETFs are listed on the Tokyo Stock Exchange and the Osaka Securities Exchange. However, this paper finds that many commodity ETFs are thinly traded. Therefore, we need to implement policies as soon as possible to encourage Japanese investors to participate in the commodity ETF market. Encouraging more commodity ETF transactions may also lead to active arbitrages between ETF markets and commodity future markets. Recent Trends in Commodity Investment Trusts and Commodity ETFs in Japan Nobuyoshi Yamori 049