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Exchange-Traded Funds: US ETF Weekly Update-Morgan Stanley
July 19, 2010--Weekly Flows: $700 Million Net Inflows
ETFstraded $320 billion last week
9 New iSharesInternational Sector ETFs
4 New DirexionLeveraged & Inverse ETFs
ETFs had net cash inflows of $707 mlnlast week; 2ndweek in a row of net inflows
Weekly flows driven by Fixed Income ETFs-primarily resulting from flows into credit portfolios
EM Equity has experienced stronger flows vs. International Developed on a 1-, 4-, and 13-week basis
Over 1-, 4-, and 13-week period, Fixed Income had strongest net inflows
$24.5 bln net inflows into ETFs over past 13 weeks; Fixed Income up to 17% market share
US-Listed ETFs: Estimated Largest Flows by Individual ETF
QQQQ has the largest net inflows for US ETFs at $726 million last week
Over 13-week period GLD generated largest net inflows of any ETF, at $6.8 bln
VWO & EEM continue to lead emerging market flows, at $4.3 blnand $3.3 blnrespectively, over 13 weeks
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Source: Morgan Stanley
ISE Introduces New Options Order Type
Do Not Route Orders Provide ISE’s Customers With Increased Control
Over Order Execution
July 19, 2010--The International Securities Exchange (ISE) today announced that it has
introduced Do Not Route (DNR) orders for both priority and professional customers. This new order type
allows ISE’s customers to indicate that they want to cancel their options orders rather than have them
routed to another exchange if the National Best Bid or Offer (NBBO) is not posted at ISE.
“Transaction fees vary widely across the U.S. options exchanges, and this order type gives our customers
more flexibility and control over the access fees they pay to execute options transactions,” said Boris
Ilyevsky, managing director of ISE’s options exchange. “Our new DNR order type gives customers more
choice in how their transactions are handled.”
Customers can now designate market or limit orders as DNR at the time of entry. These orders will be
executed at the National Best Bid or Offer (NBBO) in whole or in part on ISE’s order book only. If ISE is
not posting the NBBO, ISE members have the opportunity to match or improve the NBBO through a stepup
auction to trade with the DNR order. Any balance of a DNR order that cannot be executed or placed
on ISE’s limit order book will be automatically cancelled. For more information, please contact ISE’s
Business Development team at bizdev@ise.com.
Source: International Securities Exchange (ISE)
Emerging Markets Week in Review- 7/12/2010 - 7/16/2010
July 19, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index fell 0.71% last week as sovereign debt problems in developed markets continue to weigh on investor's expectations of sustained economic growth.
Consumer Services and Technology were the best performing sectors for the week, up 2.74% and 1.46% respectively, and continue to lead on a year to date basis. The Materials sector fell 2.45% last week and remains the worst performer in 2010.
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Source: Emerging Global Advisors
AdvisorShares Plots First-Ever All-Short ETF
July 19, 2010--AdvisorShares Investments will launch the first-ever all-short equity exchange-traded fund, attempting to appeal to investors frustrated with the complexity of inverse and leveraged index ETFs, CEO Noah Hamman told FA. As first reported on the FA Web site last week, the actively managed ETF will be subadvised by Dallas-based Ranger Alternative Management.
John Del Vecchio at Ranger Alternative will manage the fund, identifying individual stocks that are poised to go down, Hamman said, noting there will be no no commodities such as gold, which is held by a number of so-called bear market funds.
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Source: Fund Action
Hedge Funds Raise Bull Oil Bets Most Since 2007: Energy Markets
July 19, 2010-- Hedge funds and other large speculators raised bets that oil would gain by the most in more than three years just as it began to slide, the second straight week money managers lined up on the wrong side of the market.
So-called net long positions on the New York Mercantile Exchange rose 67 percent the week ended July 13, the most since February 2007, according to the weekly Commitments of Traders report from the Commodity Futures Trading Commission. Oil fell on four out of five days on the Nymex last week, ending down 0.1 percent at $76.01 a barrel as of July 16. It rose 5.4 percent the previous five days, the biggest weekly gain since May.
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Source: Bloomberg Business Week
Broadridge's Access Data Introduces New Market Intelligence Product for ETF Market
July 19, 2010--Broadridge Financial Solutions, Inc. today announced that for the first time issuers of Exchange Trade Funds (ETF) are able to gain a solid understanding of how financial intermediaries are using ETF products through its Access Data SalesVision(R) Distribution Platform.
The introduction of Market Intelligence, a new and unique module, provides ETF managers with previously unattainable levels of data transparency across all distribution channels. It combines this data with innovative analytic tools from Access Data SalesVision, including dashboards for asset flow changes, trend analysis and peer comparisons. SalesVision is an industry-leading enterprise reporting and data management platform used by asset management firms and financial intermediaries for more than ten years.
"ETF managers are now able to assess their relative market position and view asset positions and flows across all distributors," said Gerard Scavelli, President, Mutual Fund Solutions, Broadridge. "In the same way Access Data SalesVision provides transparency for mutual funds, it now offers ETF issuers the technology tools to effectively focus their sales and service resources," he added.
ETF providers can compare and contrast asset flows against similar products by investment category across all distribution channels, including independent broker dealers, registered investment advisory firms, retail supermarkets, retirement platforms, clearing firms and custodians. Distributor asset positions and flows are further broken down to local office locations with comparisons against industry flows.
Market information includes such unique data as average account size by office location, market share for executing firms trading with financial supermarkets and market share by product categories.
Source: Broadridge
iShares Lists Nine ETFs on NYSE Arca
July 16. 2010-- NYSE Euronext announced that its wholly-owned subsidiary, NYSE Arca, today began trading nine ETFs sponsored by iShares.
iShares MSCI ACWI ex US Consumer Discretionary Sector Index Fund (AXDI)
The iShares MSCI ACWI ex US Consumer Discretionary Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Consumer Discretionary Index.
iShares MSCI ACWI ex US Information Technology Sector Index Fund (AXIT)
The iShares MSCI ACWI ex US Information Technology Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Information Technology Index .
iShares MSCI ACWI ex US Telecommunication Services Sector Index Fund (AXTE)
The iShares MSCI ACWI ex US Telecommunication Services Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Telecommunication Services Index.
iShares MSCI ACWI ex US Materials Sector Index Fund (AXMT)
The iShares MSCI ACWI ex US Materials Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Materials Index.
iShares MSCI ACWI ex US Energy Sector Index Fund (AXEN)
The iShares MSCI ACWI ex US Energy Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Energy Index.
iShares MSCI ACWI ex US Industrials Sector Index Fund (AXID)
The iShares MSCI ACWI ex US Industrials Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Industrials Index.
iShares MSCI ACWI ex US Consumer Staples Sector Index Fund (AXSL)
The iShares MSCI ACWI ex US Consumer Staples Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Consumer Staples Index.
iShares MSCI ACWI ex US Utilities Sector Index Fund (AXUT)
The iShares MSCI ACWI ex US Utilities Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Utilities Index.
iShares MSCI ACWI ex US Health Care Sector Index Fund (AXHE)
The iShares MSCI ACWI ex US Health Care Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World ex USA Health Care Index.
Source: NYSE Euronext
Schwab posts flat 2Q earnings, but beats estimates
July 16, 2010--Retail brokerage Charles Schwab Corp. on Friday reported flat second-quarter net income as waivers of clients' money market fees amid low interest rates continued to crimp revenue growth. Results ticked higher from the first quarter, however, and the company forecast continuing improvement in the second half of the year.
Revenue slipped $500,000 to $1.08 billion as the discount broker trimmed asset management fees on its exchange-traded and money-market funds. Low interest rates have depressed client returns on bonds and other investments. But short-term interest rates rose a bit further from the first to second quarters, allowing the company to reduce fee waivers on its money market funds to $113 million and helping lift asset management fees sequentially for the first time in eight quarters.
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Source: Associated Press
iShares Launches the First International Sector ETFs That Include Developed and Emerging Markets Exposure
July 16, 2010--BlackRock, Inc. today announced that the iShares Exchange Traded Funds (ETFs) business, the world's largest provider of ETFs, launched nine iShares MSCI ACWI ex US sector funds on NYSE Arca that are the first to market international sector ETFs that include both developed and emerging markets exposures.1 The new funds each track their respective MSCI All Country World ex USA sector index and have an expense ratio of 0.48%. iShares has the largest number of sector ETFs and international ETFs.2 The new funds are:
iShares MSCI ACWI ex US Consumer Discretionary Sector Index Fund (AXDI
iShares MSCI ACWI ex US Consumer Staples Sector Index Fund (AXSL)
iShares MSCI ACWI ex US Energy Sector Index Fund (AXEN)
iShares MSCI ACWI ex US Health Care Sector Index Fund (AXHE)
iShares MSCI ACWI ex US Industrials Sector Index Fund (AXID)
iShares MSCI ACWI ex US Information Technology Sector Index Fund (AXIT)
iShares MSCI ACWI ex US Materials Sector Index Fund (AXMT)
iShares MSCI ACWI ex US Telecommunication Services Sector Index Fund (AXTE)
iShares MSCI ACWI ex US Utilities Sector Index Fund (AXUT)
"We are expanding our international sector offering with the iShares MSCI ACWI ex US sector funds because as financial advisors increasingly fine tune their clients' international exposure and institutional investors become more tactical internationally, we can make it easier for them to access the markets more efficiently," said Noel Archard, Head of iShares Product Research and Development at BlackRock. "The new iShares funds are also a great complement to iShares MSCI-based international product set. The consistency of the indices and the iShares funds facilitates the effective building and managing of international portfolios."
1 Source: BlackRock data as of June 10
2 Source: Bloomberg and BlackRock as of June 10
Source: BlackRock
Jefferies files with the SEC
July 16, 2010--Jefferies has filed a pre-effective amendment to Form S-1 with the SEC for
Jefferies S&P 500 VIX Short-Term Futures ETF.
view filing
Source: SEC.gov