m*****P
发帖数: 1331 | | s*******d
发帖数: 3786 | | m*****P
发帖数: 1331 | | u****n
发帖数: 7521 | 4 thx.
【在 s*******d 的大作中提到】
: DRR
| m*****P
发帖数: 1331 | 5 总结了一下下文中提到的几个
做空的ETF
EPV 2倍杠杆 跟踪MSCI Europe Index 波动相对下面两个大
EUO DRR 也是两倍杠杆 两者趋势差不多 波动相对EPV小 因为跟踪的是currency
其他可以自己short的ETF 包括（文中提到的）
EUFN VGK 还有针对某个国家的 BUNL ITLY
还有楼下朋友nothintomind 提到的：
You could opt to short EWG (Germany), EWP (Spain), EWI (Italy), EWQ (
France)
==
做空欧洲的ETF：
http://www.indexuniverse.com/sections/blog/9911-shorting-europe
Related ETFs: EUFN / DRR / EUO / EPV / VGK / BUNL / ITLY
The European debt crisis is the financial story that refuses to go away, so
investors may as well figure out a way to play it to their advantage.
Uncertainty has mounted throughout the summer about the European Union’s
ability to rescue its indebted members, and a meltdown of the European
economy is certainly still in the cards.
As such, investors are getting itchy and looking to avoid their exposure to
the whole continent or to short it outright.
ETFs are nicely designed to play these kinds of macro strategies because
index funds offer broad coverage of regions like Europe, or even single
European countries. Moreover, different asset-class options mean you don’t
just have to go short the equities—you’re welcome to short bonds and
currencies too.
The ETFs that make shorting the easiest are the inverse funds—ETFs that are
designed from the outset to give the inverse, or short, returns of an index
on a daily basis.
For Europe, that means the ProShares UltraShort MSCI Europe (NYSEArca: EPV).
The fund isn’t only inverse, but leveraged too, so it gives you double the
inverse returns of the MSCI Europe Index. To review what that actually
means, if the MSCI Europe Index returns 2 percent in a day, the ProShares
UltraShort fund loses 4 percent on that day. Sounds great, but there’s a
catch. Because funds like EPV are rebalanced daily, returns can diverge from
the index over the long term, sometimes significantly.
Leveraged products like EPV are really aimed at institutional investors or
day traders, and don’t tend to work out well for long-term holders. But
unfortunately, it’s the only exchange-traded tool that makes shorting
European equities as easy as placing a buy order in your brokerage account.
Luckily, there are other ways to get short Europe.
Currency funds are one area with some attractive exchange-traded tools.
Given a European meltdown, the euro would likely take a serious hit, and
there are two inverse funds that have you covered in case that doomsday
scenario comes to pass.
The first is the Market Vectors Double Short Euro ETN (NYSE Arca: DRR) and
the second is the ProShares UltraShort Euro (NYSE Arca: EUO). These inverse
funds also serve up double exposure, so they suffer from the same issues as
EPV. But the typically lower volatility of currencies means returns probably
won’t diverge as quickly as they would in equities.
That covers all the funds that are built to be shorting vehicles, but what
about the long funds that are ideal to short in your own brokerage account?
Real Short-Selling
Here there are more, and better, options for retail investors. The iShares
MSCI Europe Financials Sector Index Fund (NYSEArca: EUFN) is the ideal ETF
to short—granted that European banks will be the first domino to fall in a
default scenario.
As we reported recently, the fund has had some big price swings lately, as
Europe struggles to come up with a decisive course of action to quell its
debt crisis, and has lost more than a third of its value in the past six
months. Unfortunately, the fund doesn’t trade much, so executions may be
less than favorable in terms of relatively wide bid/ask spreads.
Far more liquid is the Vanguard MSCI Europe ETF (NYSEArca: VGK), which
offers broad European exposure and has billions in assets. iShares also
offers a suite of single-country European ETFs, including funds that cover
Spain and Italy, for those who want to hone their short to just a single
country.
The biggest gap in European coverage is in the fixed-income space, where
there aren’t any really satisfactory options.
Two ETNs offer exposure to European bond futures: the PowerShares DB German
Bund Futures ETN (NYSE Arca: BUNL) and the PowerShares DB Italian Treasury
Bond Futures ETN (NYSE Arca: ITLY), but there are no targeted euro-bond
funds.
No one is rooting for defaults in eurozone countries, but given their
likelihood—and the possibility of contagion slowing the global economy—it
’s nice to know investors have options in the ETF space to hedge themselves
against the worst.
【在 s*******d 的大作中提到】
: DRR
| n**********d
发帖数: 270 | 6 EPV.
You could opt to short EWG (Germany), EWP (Spain), EWI (Italy), EWQ (
France). |
|
