Americas ETP News
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Available to trade: row over scope of Dodd-Frank execution rules
March 5, 2012--There are 359,959 words in the Dodd-Frank Act. Six of those words are given over to the phrase "available to trade", repeated twice. On that basis, it might look like the phrase is no big deal. In fact, it looks set to play a pivotal role in determining how cleared over-the-counter derivatives are executed
– and the past two months have seen a heated debate between dealers, clients and trading venues, after the US Commodity Futures Trading Commission (CFTC) issued proposals that tried to clarify exactly what it means.
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Source: Risk.net
Morgan Stanley-US ETF Weekly Update
March 5, 2012-Highlights
Weekly Flows: $1.0 Billion Net Inflows
ETF Assets Stand at $1.2 Trillion, up 13% YTD
Three ETF Launches Last Week
PowerShares Makes Name, Ticker & Index Changes
Van Eck Lowers Expense Ratio on Hard Assets ETF
Vanguard Lowers Expense Ratios on Six ETFs
ProShares Announces Reverse Share Split on VIX ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETFs generated net inflows for the second consecutive week ($1.0 bln last week)
Net inflows were led by Commodity ETFs last week ($1.3 bln in net inflows), while US Small- & Micro-Cap ETFs exhibited net
outflows of $2.4 bln
ETF assets stand at $1.2 tln, up 13% YTD; ETFs have posted only one week of net outflows YTD
13-week flows were mostly positive among asset classes; combined $49.5 bln net inflows
Fixed Income ETFs have consistently generated weekly net inflows (29 straight weeks of net inflows)
Currency, Leveraged/Inverse, and Global Equity ETFs are the categories over the past 13 weeks to exhibit net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $527 mln last week, the most of any ETF
High yield bond ETFs continued to generate strong net inflows; iShares iBoxx $ High Yield Corporate Bond Fund (HYG) and SPDR Barclays Capital High Yield Bond ETF (JNK) posted a combined $475 mln in net inflows last week
The iShares Russell 2000 Index Fund (IWM) exhibited meaningful net outflows of $2.2 bln last week; over the past 52 weeks IWM’s flows have been extremely volatile with nearly half of the weeks posting net outflows
US-Listed ETFs: Short Interest
Data Updated: Based on data as of 2/15/12
SPY exhibited the largest increase in USD short interest since last updated
Despite SPY’s increase in shares short, it is well below its all-time high reached on 9/15/11
GLD posted the largest drop in USD short interest since last updated;
lowest level of shares short since 9/30/09
Financials-focused ETFs make up 4 of the 10 most heavily shorted ETFs (shares short/shares outstanding)
Only six ETFs have short interest at a % of market cap greater than 100%; compares to eight during the last period we measured
The average shares short/shares outstanding for ETFs is currently 4%
Based on multiple borrowings and the ability to continuously create new shares, short interest as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 3/2/12 based on daily change in share counts and daily NAVs.
$8.1 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $746 mln
64 new ETF listings and 8 closures YTD; at this point last year, only 35 ETFs had come to market
Over past year, many of the successful launches have a dividend/income orientation
6 different ETF sponsors and 2 asset classes represented in top 10 most successful launches
For the second consecutive week, the ProShares Ultra VIX Short-Term Futures ETF (UVXY) posted the most net inflows of any recently launched ETF; in our view, the primary reason for UVXY’s surge is related to a competing product no longer accepting creation units (UVXY has a market cap of $108 mln)
Top 10 most successful launches account for 59% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
Dem Sen. Casey calls on CFTC to act against oil speculators
March 4, 2012--Democratic Sen. Bob Casey (Pa.) is pressing the Commodity Futures Trading Commission (CFTC) to help ease rising gasoline prices.
In a letter sent to CFTC Chairman Gary Gensler on Sunday, Casey called on the agency to implement a rule that would limit speculation in the oil market and is two years in the making.
“Consumers shouldn’t be forced to pay higher prices at the pump because of speculative bets on Wall Street,” Casey said.
Congress gave the CFTC the tools to crackdown on speculation in the oil market, and with sky high prices at the pump it’s time they used it.”
The Dodd-Frank law gives the CFTC the authority to limit the ability of speculators on Wall Street to inflate the price of oil by putting in place position limits. The limits set the maximum amount of the oil market that a single speculator could control.
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Source: The Hill
U.S. Department of the Treasury Treasury International Capital System (TIC) Homepage Update
March 2, 2012--This information has recently been updated, and is now available.
view updates
Source: US Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
March 2, 2012--The current reports for the week of February 28, 2012 are now available.
view updates
Source: CFTC.gov
Updated: NDX Continues to Climb
March 2, 2012--Powered by strong fundamentals and a growth premium in the macroeconomic environment, the NASDAQ-100 Index (NDX) is at an 11 year high and is approaching the 2700 mark for the first time since January 2001.
Earnings of NDX companies have been very strong and continue to show increasing momentum. Just behind Apple’s pace-setting performance and monumental year of $108 billion in revenue and $25 billion in earnings, the other leading components have shown fundamental strength and impressive growth results.
Visit www.nasdaqomx.com/indexes for more info.
Source: NASDAQ OMX
New report from ETF Global Insight- Vanguard gathered largest net Inflows, SSgA largest outflows
According to the preliminary findings of ETF Global Insight, the new company of Debbie Fuhr, the ETFs/ETPs listed in the United States enjoyed in February 2012 inflows of about US$ 9.3 bn. Vanguard gathered the most fresh money, SSgA expericenced the largest outflows
March 2, 2012--Highlights:
At the end of February 2012, the US ETF industry had 1,140 ETFs, with 1,140 listings, assets of US$1,058.3 Bn, from 30 providers on 3 exchanges.
61 new ETFs were listed YTD to February 2012.
In February 2012, ETFs saw net inflows of US$9.3 Bn.
Vanguard gathered the largest net inflows with US$5.6 Bn, followed by iShares with US$2.7 Bn and PowerShares with US$1.3 Bn net inflows.
SSgA experienced the largest net outflows with US$1.5 Bn.
S&P has the largest amount of ETF assets tracking its benchmarks, with US$301.1 Bn, followed by MSCI with US$285.5 Bn, and Barclays Capital with US$141.7 Bn.
Including other Exchange Traded Products (ETPs), at the end of February 2012, the US ETF industry had 1,430 ETFs, with 1,430 listings, assets of US$1,202.5 Bn, from 48 providers on 3 exchanges.
69 new ETFs/ETPs were listed YTD to February 2012.
In February 2012, ETFs/ETPs saw net inflows of US$13.8 Bn.
Vanguard gathered the largest net inflows with 5.6 Bn, followed by iShares with US$3.1 Bn and PowerShares with US$1.3 Bn net inflows.
PIMCO experienced the largest net outflows with US$0.4 Bn.
S&P has the largest amount of ETF/ETP assets tracking its benchmarks, with US$307.7 Bn, followed by MSCI with US$286.1 Bn, and Barclays Capital with US$142.0 Bn.
To request more information and reserach services please contact ETF Global Insight.
Source: ETF Global Insight
ProShares files with the SEC
March 2, 2012--ProShares has filed a post-effective amendment, registration statement with the SEC. This post-effective amendment relates only to ProShares UltraPro Financials, ProShares UltraPro Oil & Gas, ProShares UltraPro Short Financials, and ProShares UltraPro Short Oil & Gas, each a new series of ProShares Trust.
view filing
Source: SEC.gov
Tim Geithner blasts Wall Street for 'amnesia' over financial crisis
US Treasury Secretary Tim Geithner has blasted Wall Street for its "amnesia" over the financial crisis as the administration hits back at criticism of financial reform
March 2, 2012--Wall Street banks have attacked The Dodd-Frank Act, the financial reform legislation that Congress passed in the summer of 2010, for its complexity and the time it has taken to implement.
Ben Bernanke, the chairman of the Federal Reserve, admitted this week that The Volcker Rule, which bans proprietary trading and is a key plank of the legislation, will not be ready for a July 21 deadline.
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Source: The Telegraph
Horizons ETFs Launches Canada's First Family of Commodity Yield ETFs
March 1, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs")
and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce the launch of three new commodity exchange traded funds which will allow investors to earn
a tax-efficient monthly income from exposure to crude oil, natural gas and silver.
Horizons ETFs is the first ETF provider in Canada to offer exchange traded funds that utilize an innovative covered call strategy on commodities.
The three new Horizons commodity yield exchange traded funds (the “Commodity Yield ETFs” or “ETFs”) allow investors to gain exposure to a commodity asset class while earning a tax-efficient monthly income.
The ETFs will begin trading today on the Toronto Stock Exchange (“TSX”)
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Source: Horizons Exchange Traded Funds Inc.
