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BMO-Canadian ETF Outlook 2013-October Update
Continued growth and relevance amid market uncertainty
October 9, 2013--With market uncertainty exacerbated by the roller coaster ride of U.S. Federal Reserve Bank (Fed) announcements, exchange traded funds (ETFs) have experienced significant inflows, as investors gravitate toward a vehicle that proves efficient and responsive to changing needs, and changing market environments.
This update to our 2013 Outlook examines tactical benefits, and provides some interesting statistics on the popularity-and future trends -of ETFs.
As predicted, inflows continue
Through the first nine months of 2013, the Canadian ETF industry has continued
to grow, with over $4.1 billion in inflows. In the big picture, Canadian ETFs have approximately $60 billion in assets under management (AUM) as of September 30, an increase of 6.0% over year-end 2012.
Over the summer, we saw a significant shift in market behaviour as the U.S. Fed indicated it might taper its bond-buying program. While equity demand has held steady, investors' preference for fixed income has declined, in response to sharply rising yields and greater uncertainty in the bond markets. The surprise announcement on September 18th, that the Fed would hold tight on monetary stimulus, may reinvigorate emerging markets, and had an immediate positive impact on gold and fixed income prices.
CBOE's VIX Options Establish New Single-Day Volume Record: Nearly 1.8 Million Contracts Change Hands
October 8, 2013--Chicago Board Options Exchange(R) (CBOE(R)) today reported that options on the CBOE Volatility Index(R) (VIX(R)index) established an all-time, single-day volume record. Options volume totaled an estimated 1,782,329 contracts, surpassing the previous record of 1,399,867, contracts traded on April 15, 2013.
Year to date through September, VIX options average daily volume (ADV) was 565,040 contracts, a 32-percent increase over the same period a year ago. VIX futures ADV year to date through September was nearly 160,000 contracts, an 86-percent increase over the same period a year ago.
Don Phillips to Step Down as Head of Research for Morningstar, Haywood Kelly to Assume His Responsibilities in January 2014
October 8, 2013--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced that Don Phillips will be stepping down as head of the company's Research group after the first of the year.
Haywood Kelly, currently head of equity, credit, and structured credit research, will assume Phillips' responsibilities as global head of Research, effective Jan. 1, 2014. Phillips will be a managing director and remain a member of the board of directors.
Fidelity Billionaire Johnson Taps ETFs as Profits From Funds Fade
October 8, 2013--When Abigail Johnson began her apprenticeship at Fidelity Investments 25 years ago, the Boston-based firm founded by her grandfather was the nation's biggest mutual-fund company and star manager Peter Lynch was enjoying a performance streak at the Magellan Fund--a 29 percent average return over 13 years-- that ranks among the best in the industry's history.
A year ago, Johnson, now 51, was named president of a very different Fidelity. Under her father, Edward C. Johnson III, known as Ned, Fidelity has surrendered its leadership and much of its iconic status as a money manager, Bloomberg Markets magazine will report in its November issue.
DeB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Fixed Income ETPs $3.1bn outflows led by Sovereign debt products
October 8, 2013--Data in this report is as of Fri, October 4th
Market and Net Cash Flows Review
Markets were mixed during last week. The US (S&P 500) end almost flat (-0.07%); while, outside the US, the MSCI EAFE (in USD) dropped by 1.04% and the MSCI EM (USD) rose by 1.04%. In the meantime, performance was mixed across US sectors. Healthcare (+0.94%) and Materials (+0.84%) recorded the biggest gains; while, Industrials (-0.94%) and Consumer Staples (-0.93%) were the worst performing sectors; The DB Liquid Commodity Index fell by 0.13%.
In the meantime, the Agriculture sector (DB Diversified Agriculture Index) and the WTI Crude Oil rose by 0.10% and 0.94%, respectively; while Gold and Silver prices fell by 1.93% and 0.20%, respectively. Moving into other asset classes, the 10Y US Treasury Yield rose 2bps ending at 2.66%. Last but not least, Volatility (VIX) rose by 8.28% during the same period.
The total US ETP flows from all products registered $1.0bn (-0.1% of AUM) of outflows during last week vs. $3.6bn (-0.2%) of outflows the previous week, setting the YTD weekly flows average at +$3.1bn (+$125.1bn YTD in total cash flows).
Equity, Fixed Income and Commodity ETPs experienced flows of +$3.0bn (+0.2%), -$3.1bn (-1.2%) and -$0.8bn (-1.2%) last week vs. -$4.1bn (-0.3%), +$0.9bn (+0.3%) and -$0.2bn (-0.3%) in the previous week, respectively.
Top 3 ETPs & ETNs by inflows: IJH (+$2.4bn), SPY (+$2.0bn), MVV (+$1.2bn)
Top 3 ETPs & ETNs by outflows: IEI (-$2.6bn), MDY (-$1.8bn), IWM (-$1.0bn)
New Launch Calendar: income, gold miners, and currency hedging
There were six new ETFs listed during the previous week on the NYSE Arca. Deutsche Bank listed three new currency hedged ETFs offering exposure to the UK, Europe and Asia Pacific ex Japan regions; in the meantime, Revenue Shares added an actively managed, revenue weighted ETF offering exposure to US Mid/Large companies with focus in dividend yield; Last but not least, DirexionShares launched a 3x Long and 3x Short ETF pair providing investors with exposure to Gold and Silver mining small-cap companies.
Turnover Review: Floor activity increased by 25%
Total weekly turnover increased by 25.1% to $333.7bn vs. $266.7bn from the previous week; furthermore, last week's turnover level was 23.8% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover increased by $56.6bn (+24.0%), $5.9bn (+30.2%) and $3.7bn (+41.5%) during the same period, respectively.
Assets under Management (AUM) Review: assets dropped by $2.7bn
US ETP assets dropped by $2.7bn (-0.2%) totaling $1.550 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +16.2% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$2.8bn, -$3.4bn and -$2.0bn during last week, respectively.
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Winklevoss Bitcoin has filed with the SEC
October 8, 2013--Winklevoss Bitcoin has filed a Amendment No. 1 to form S-1 registration statement with the SEC for the
Winklevoss Bitcoin Trust.
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Janet Yellen nominated by Obama to be head of US Federal Reserve
President will nominate Yellen as head of US central bank on Wednesday, ending long debate over successor to Ben Bernanke
October 8, 2013--
The White House is to name Janet Yellen as the first woman to head the US Federal Reserve, arguably the most important job in world finance, the Obama administration has confirmed.
Barack Obama is to make the announcement at 3pm ET on Wednesday, the White House said. Yellen and the current Fed chair, Ben Bernanke, are expected to attend.
First Trust files with the SEC-
October 8, 2013--First Trust has filed a post-effective amendment, registration statement with the SEC for the
First Trust NASDAQ Rising Dividend Achievers ETF.
view filing
WisdomTree files with the SEC
October 8, 2013--WisdomTree has filed a post-effective amendment, registration statement with the SEC. This post-effective Amendment No. 237 relates solely to the WisdomTree Emerging Markets Consumer Growth Fund.
view filing
DB-Synthetic Equity & Index Strategy-North America-US ETF+ Quarterly Directory-Q3 2013 ETPs
October 7, 2013--Data as of September 30, 2013
This document includes all US listed exchange-traded funds (ETFs) and exchange-traded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. Numerous key information points per product have been included in order to give readers an overview of their respective areas of interest. Among the key numeric information we include average daily turnover, assets under management, and cash flows (all in $US). If you have any questions on any of the products listed or any suggestions on how to improve future editions of the directory, please do not hesitate to get in touch.
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Schwab ETF platform for 401(k)s hits regulatory speed bump
The platform, which was expected to debut in the fourth quarter, may need more work
October 7, 2013--The Charles Schwab Corp.'s long-awaited ETF platform for 401(k)s-widely forecasted to launch in the fourth quarter-has hit a regulatory speed bump.
The offering, which would make exchange-traded funds available to retirement plans, has run into a snag with regulators, according to Steve Anderson, executive vice president at Schwab Retirement Plan Services.
Morgan Stanley ETF Weekly Update
October 7, 2013--US ETF Weekly Update
Weekly Flows: $1.1 Billion Net Outflows
$123.2 Billion YTD
ETF Assets Stand at $1.6 Trillion, up 16% YTD
Six ETF Launches Last Week
Van Eck Announces Changes to LatAm Bond ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net outflows of $1.1 bln last week, second consecutive week of net outfolows
The past two weeks, ETFs have exhibited a combined $4.6 bln in net outflows
Last week’s net outflows were led by Fixed Income ETFs ($2.2 bln in net outflows); first net outflows in Fixed Income ETFs in five weeks
Eight of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.6 tln, up 16% YTD; $123.2 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $47.7 bln in net inflows
International - Developed ETFs generated net inflows of $17.1 bln over the last 13 weeks, the most of any category we measured and 46% more than the next largest category (US Large-Cap ETFs)
Over the last 13 weeks, only three categories have posted net outflows; Fixed Income and Currency ETFs accounted for 96% of ETF net outflows over the last 13 weeks
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Core S&P Mid-Cap ETF (IJH) posted net inflows of $2.4 bln this past week, the most of any ETF
The iShares 3-7 Year Treasury Bond ETF (IEI) exhibited net outflows of $2.6 bln last week, the most of any ETF; last week's net outflows were IEI's first in seven weeks
Interestingly, IJH and the ProShares Ultra MidCap400 (MVV) generated a combined $3.6 bln in net inflows last week whereas the SPDR S&P MidCap 400 ETF (MDY) posted $1.8 bln in net outflows; the three ETFs track the identical index
Over the last 13 weeks, the SPDR Gold Trust (GLD) has posted net outflows of $2.5 bln, the most of any ETF; that being said, there was a three-week stretch (8/12/13-8/30/13) when GLD actually generated $451 mln in net inflows
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was essentially flat in September relative to August at 27%
Over the past 5 years, ETFs peaked at 36% of listed trading volume in November 2008
ETFs traded $333 bln last week, up $67 bln from the prior week and 22% above their 13-week average
Leveraged/Inverse ETFs accounted for 9% of volume last week, however, make up only 2% of ETF market cap
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 9/13/13
For the second consecutive period, SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest ($1.6 bln)
SPY's shares short are at their highest level since 5/31/12 and 22% above their one-year average
Shares short of iShares MSCI Brazil Capped ETF (EWZ) declined to 35.4 mln from 52.1 mln on 8/30/13; up until this past period, EWZ's shares short had steadily increased throughout the year while EWZ is down 12.6% YTD on a market total return basis
Aggregate ETF USD short interest increased by $351 mln over the period ended 9/13/13
The average shares short/shares outstanding for ETFs is currently 4.2%
For the second straight period, the SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding; XRT's shares short are currently 280%, down from last period's 360%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.8 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 44% of market capitalization of ETFs launched over the past year and 40% of net inflows over the last 13 weeks
Ten ETFs launched over the past two weeks
101 new ETF listings and 43 closures/delistings YTD
The top 10 most successful launches make up 71% of the market cap of ETFs launched over the past year
Four ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
Over the last year, BlackRock has launched 22 ETFs and accounts for 51% of all recently launched ETF market capitalization, the most of any sponsor (in terms of both number and market capitalization)
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 9/13/13
For the second consecutive period, SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest ($1.6 bln)
SPY's shares short are at their highest level since 5/31/12 and 22% above their one-year average
Shares short of iShares MSCI Brazil Capped ETF (EWZ) declined to 35.4 mln from 52.1 mln on 8/30/13; up until this past period, EWZ's shares short had steadily increased throughout the year while EWZ is down 12.6% YTD on a market total return basis
Aggregate ETF USD short interest increased by $351 mln over the period ended 9/13/13
The average shares short/shares outstanding for ETFs is currently 4.2%
For the second straight period, the SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding; XRT's shares short are currently 280%, down from last period's 360%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.8 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 44% of market capitalization of ETFs launched over the past year and 40% of net inflows over the last 13 weeks
Ten ETFs launched over the past two weeks
101 new ETF listings and 43 closures/delistings YTD
The top 10 most successful launches make up 71% of the market cap of ETFs launched over the past year
Four ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
Over the last year, BlackRock has launched 22 ETFs and accounts for 51% of all recently launched ETF market capitalization, the most of any sponsor (in terms of both number and market capitalization)
SEC sees flaws in new Treasury asset manager report: sources
October 7, 2013--Federal securities regulators had warned of flaws in a U.S. Treasury draft report that could lead to costly regulations on large asset managers, people familiar with the matter told Reuters on Monday.
Last week the Office of Financial Research released the report, which found that activities of asset managers could pose risks to the broader marketplace.
OFR Report-Asset Management and Financial Stability September 2013
October 7, 2013--The OFR delivered this report, Asset Management and Financial Stability, to the Financial Stability Oversight Council (Council) on ways that activities in the asset management industry could pose risks to the financial stability of the United States by creating, amplifying, or transmitting stress through the financial system.
The OFR studied the activities of asset management firms and funds at the request of the Council.
In developing the report, the OFR staff reviewed existing research, analyzed industry data, interviewed market participants, and consulted extensively with Council member agencies.
view the Office of Financial Research report-Asset Management and Financial Stability September 2013
First Trust files with the SEC
October 7, 2013--First Trust has filed a post-effective amendment, registration statement with the SEC for the NASDAQ Rising Dividend Achievers Index ETF.
view filing