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DB Global Equity Research: US ETF Market Weekly Review: Market rally adds $50bn to ETP AUM and sends it back above $1.0 trillion
October 17, 2011--Net Cash Flows Review
Last week, Equity markets in the US (S&P 500) had their best week since March 2009 and soared by almost 6.0%. Other developed and emerging markets outside the US did alike, the MSCI EAFE (in USD) and the MSCI EM (in USD) rose by 4.50%, and 5.89% during the week, respectively. Moving on to other asset classes, the 10Y Treasury yield continued its uptrend path rising by 16bps; while the DB Liquid Commodity Index was up by 5.14% aided by strong gains in WTI Crude Oil (+4.6%) and the Agriculture sector (DB Diversified Agriculture Index: +4.31%).
Gold and Silver were also positive and delivered gains of 2.62% and 3.34%, respectively. Last but not least, Volatility (VIX) kept trending lower and dropped by 22.0% falling back into sub-30 territory at the end of last week.
The total US ETP flows from all products registered $6.6bn of inflows during last week vs $0.68bn of outflows the previous week, setting the YTD weekly flows average at +$2.0bn.
Although too soon to call on a risk-off trade reversal, ETP flows suggest increased risk appetite from investors as the equity market completed a two-week winning streak. Equity, Fixed Income, and Commodity ETPs experienced flows of +$5.5bn, +$1.3bn, and -$0.3bn last week vs. -2.6bn, +$2.1bn, and -$0.4bn the previous week, respectively.
Within Equity ETPs, Large Cap products experienced the largest inflows (+$2.4bn), followed by Leveraged Short products (+$1.3bn), while Leveraged vehicles experienced the largest outflows (-$1.1bn). Within Fixed Income ETPs, Corporates products experienced the largest inflows (+$1.1bn), while Sovereign vehicles experienced the largest outflows (-$0.4bn). Within Commodity ETPs, all sectors experienced mild outflows with Energy products leading the ranking table (-$0.1bn), and Precious Metals following from short distance.
New Launch Calendar: another ETP to trade the USDCNY
There was 1 new ETP listed on the NYSE Arca during the previous week. The new ETP joins a couple of recently launched ETPs in offering access to the Chinese currency through holding Chinese renminbi-denominated bonds. (Figure 18)
Turnover Review: Equity ETP turnover plummeted on lower volatility Total weekly turnover dropped by 32.7% to $374bn vs. $555bn in the previous week. The largest decrease was on Equity ETP turnover, which dropped by $159bn or 31.9% to $339bn. Fixed Income ETP turnover decreased by $9.9bn to $16.3bn last week. Finally, Commodity ETPs products turnover decreased by $11.1bn, totaling $15.0bn at the end of last Friday.
Assets Under Management (AUM) Review: assets grow by $50bn
US ETP AUM experienced an increase of $50.0bn or 5.1% in assets during last week. Total ETP assets were 2.6% up YTD by the end of last week, ending up at $1.02 trillion. Assets for equity, fixed income and commodity ETPs rose by $46.2bn, $2.1bn, and $1.6bn during last week, respectively.
to request report
Source: Deutsche Bank - Global Equity Research
Standard & Poor's Announces Changes in the S&P/TSX Venture Composite Index
October 17, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, October 17, 2011:
PNI Digital Media Inc. (TSXVN:PN) will be removed from the index. The company will graduate to trade on TSX under the same ticker symbol.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite, Venture Select And Venture 30 Indices
Standard & Poor's will make the following changes in the S&P/TSX Venture Indices:
The Toronto Stock Exchange announced today in the Daily Bulletin that the shares of Prophecy Coal Corp. (TSXVN:PCY) will graduate to trade on TSX at the open of trading on Wednesday, October 19, 2011.
The ticker symbol will remain "PCY" and the CUSIP number will remain 74346B 10 3. The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Tuesday, October 18, 2011.
Prophecy is also a constituent of the S&P/TSX Venture Select Index. The company will be removed from this index effective after the close of Monday, October 24, 2011, at which time it will be listed on TSX.
The Toronto Stock Exchange also announced today in the Daily Bulletin that the shares of New Millennium Iron Corp. (TSXVN:NML) will graduate to trade on TSX at the open of trading on Wednesday, October 19, 2011. The ticker symbol will remain "NML" and the CUSIP number will remain 64753V 10 6. The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Tuesday, October 18, 2011.
New Millennium is also a constituent of the S&P/TSX Venture Select Index. The company will be removed from this index effective after the close of Monday, October 24, 2011, at which time it will be listed on TSX. The company is also a constituent of the S&P/TSX Venture 30 Index. It will remain in this index, according to methodology, until the next index review after the end of January, 2012.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Schwab files with the SEC-2 ETFs
October 14, 2011--Charles Schwab has filed a post-effective amendment, registration statement with the SEC for the Schwab U.S. Small-Cap Growth ETF (SCHJ) and the
Schwab U.S. Small-Cap Value ETF (SCHK).
view filing
Source: SEC.gov
Schwab files with the SEC
October 14, 2011--Charles Schwab has filed a post-effective amendment, registration statement with the SEC for the Schwab U.S. Dividend Equity ETF (SCHD).
view filing
Source: SEC.gov
Optimists turn to ETFs to ride equities rally
October 14, 2011--The recent stampede out of equities slowed in the latest week as some investors put fresh cash into exchange traded funds in the hope of quickly joining a rebound in global stock markets.
Redemptions from mutual and exchange traded funds that buy equities fell to a four-week low of $1.37bn in the latest week, according to EPFR Global, the fund flow tracker.
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Source: FT.com
SEC Announces Agenda And Panelists For Roundtable On Conflict Minerals
October 14, 2011--The Securities and Exchange Commission today announced the agenda and panelists for a public roundtable on the agency’s required rulemaking under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which relates to reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries.
The October 18 roundtable, announced last month, will feature two panels discussing key issues related to the SEC’s required rulemaking, including what is covered by the rule, what steps will be required to comply with the rule, and reporting under the rule.
The event will begin at 12:30 p.m. in the auditorium at the SEC’s Washington, D.C. headquarters, with public seating on a first-come, first-served basis. The event also can be viewed by live webcast, and will be archived on the website for later viewing.
read more
Source: SEC.gov
Treasury Department Statement Regarding Decision to Delay Semi-Annual Report to Congress on International Economic and Exchange Rate Policies
October 14, 2011--Treasury today announced that it will delay publication of the semi-annual Report to Congress on International Economic and Exchange Rate Policies of our major trading partners until later this year to give us a chance to assess progress following several international meetings: the G-20 Finance Ministers and Central Bank Governors Meeting October 14-15, 2011;
the G-20 Leaders Summit November 3-4, 2011; and the Asia-Pacific Economic Cooperation (APEC) Finance Ministers Meeting November 10, 2011 and APEC Leaders Meeting November 12-13, 2011.
Treasury last published the semi-annual Report on May 27, 2011.
Source: US Department of the Treasury
Standard & Poor's Announces Quarterly Review Of S&P/TSX Preferred Share Index And The S&P/TSX Venture Select Index
October 14, 2011--Standard & Poor's Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews.
These changes will be effective at the open on Monday, October 24, 2011:
view changes>
CFTC.gov Commitments of Traders Reports Update
Source: Mondovisione
October 14, 2011--The current reports for the week of October 11, 2011 are now available.
view updates
Source: CFTC.gov
