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BMO Investments Inc. Announces Portfolio Management Change
July 26, 2012--BMO Investments Inc. today announced that, effective on or about September 4, 2012, Pyrford International Limited will no longer serve as the sub-advisor for BMO Global Tactical ETF Class, a class of shares of BMO Global Tax Advantage Funds Inc.
BMO Asset Management Inc., the portfolio manager for the fund since the fund's inception, will assume all responsibility for the entire portfolio.
Written Testimony of Treasury Secretary Geithner before the Senate Committee on Banking, Housing, and Urban Affairs on the Financial Stability Oversight Council Annual Report to Congress
July 26, 2012--Chairman Johnson, Ranking Member Shelby, and members of the Committee, thank you for the opportunity to testify today regarding the Financial Stability Oversight Council's (the "Council") annual report.
Each year, the Council is required to prepare a public report reviewing financial market and regulatory developments, potential threats to financial stability, and recommendations to strengthen the financial system. My testimony today reviews the conclusions and recommendations made by the Council in its second annual report, which is being submitted in full alongside this testimony.
Measures of Strength in the Financial System
The strategy adopted by the United States to repair and reform the financial system after the crisis has helped produce a stronger and more resilient system.
We have forced banks to substantially increase the amount of capital they hold, so that they are able to provide credit to the economy and absorb losses in the future. Tier 1 common capital levels at our country’s banks are up by $420 billion, or 70 percent, from three years ago. The ratio of tier 1 common equity to risk-weighted assets at these institutions increased from 6 percent to over 11 percent during this period.
view the Financial Stability Oversight Council Annual Report 2012
ICI-Exchange Traded Fund Data June 2012
July 26, 2012--The combined assets of the nation's exchange-traded funds (ETFs) were $1.167 trillion in June, according to ICI. The Institute's monthly statistical collection also includes the value of shares issued and redeemed by exchange-traded funds.
Statistics contained in the Institute’s monthly ETF report have been obtained from information provided to ICI by exchange-traded funds and commodity funds. Commodity funds are listed in the Domestic (Sector/Industry) category.
ICI-Exchange Traded Fund Data-June 2012
July 26, 2012--The combined assets of the nation's exchange-traded funds (ETFs) were $1.167 trillion in June, according to ICI. The Institute's monthly statistical collection also includes the value of shares issued and redeemed by exchange-traded funds.
Statistics contained in the Institute’s monthly ETF report have been obtained from information provided to ICI by exchange-traded funds and commodity funds. Commodity funds are listed in the Domestic (Sector/Industry) category.
SIGTARP July 2012 Quarterly Report to Congress
July 25, 2012--This morning, SIGTARP issued its latest, July 2012 Quarterly Report to Congress on the status of TARP.
view the SIGTARP July 2012 Quarterly Report to Congress
Guggenheim Partners Raises $1 Billion for New Loan Fund
July 25, 2012--Guggenheim Partners LLC raised about $1 billion for a new fund that will make loans to public and private companies with revenues of as much as $500 million, according to a regulatory filing.
The Guggenheim Private Debt Fund filed a Form D today with the U.S. Securities and Exchange Commission disclosing it received $952 million in commitments from 11 investors. The actual amount gathered was slightly more than $1 billion, Zach Warren, a senior managing director at Guggenheim, said in an interview. The investors were primarily insurance companies.
Target date retirement funds turn to ETFs
July 25, 2012--Target date funds, the most popular investment option in 401(k) plans, are increasing their exposure to exchange traded funds (ETFs), which are rarely used in retirement savings accounts.
Franklin Templeton Investments, Manning & Napier and Lincoln Financial Group are among a number of target date fund managers turning to ETFs, something they say will help them to more easily manage volatile markets and access niche investment strategies - at lower costs than using mutual funds.
AdvisorShares Announces the Closing of the Dent Tactical ETF (DENT)
July 25, 2012-- AdvisorShares, a leading sponsor of actively managed Exchange Traded Funds (ETFs), announced today that the AdvisorShares Dent Tactical ETF (NYSE: DENT) will be closed rather than reorganize into the AdvisorShares Meidell Tactical Advantage ETF (NYSE: MATH) in a measure aimed to benefit shareholders.
The AdvisorShares Board of Trustees approved the closing and subsequent liquidation of DENT, and following its last day of trading on August 8, 2012, the ETF will cease operations, withdraw its assets, and distribute the remaining proceeds to shareholders on or after August 15, 2012.
Noah Hamman, CEO of AdvisorShares, said, "We determined it was in the best interest of the shareholders to close DENT due to the amount of time required for the merger and its associated costs."
Huntington Asset Advisors, Inc. Launches US Equity Rotation Strategy Shares ETF
Fund to rotate investments among domestic equity market segments
July 25, 2012--Huntington Asset Advisors, Inc. (HAA) announces it is launching a second actively managed exchange-traded fund (ETF), through its new ETF family, Huntington Strategy Shares. The US Equity Rotation Strategy ETF (nyse arca:HUSE) is the second of two ETFs Huntington Strategy Shares has launched.
Huntington EcoLogical Strategy ETF (nyse arca:HECO) was launched on June 20, 2012.
The objective of the US Equity Rotation Strategy ETF is to seek capital appreciation in any given market environment. Under normal market conditions, the ETF invests in companies that are organized in the US and included in the S&P Composite 1500, which is comprised of large-, mid- and small-cap companies. The exchange traded fund is actively managed and strives to meet its objective by rotating to the industry sectors or segments the advisor believes to offer the best potential for long-term capital appreciation based on changing market conditions.
DB-Equity Research-US ETF Market Weekly Review : Equity ETPs received $5.0bn in inflows
July 25, 2012--Net Cash Flows Review
Markets moved higher during last week, The US (S&P 500) edged higher by 0.43%. While, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 0.43% and 1.23%, respectively. Moving on to other asset classes, the 10Y US Treasury Yield declined by 3bps last week; while the DB Liquid Commodity Index was up by 3.42%.
Similarly, the Agriculture sector (DB Diversified Agriculture Index) and the WTI Crude Oil advanced by 2.79% and 4.98%, while Gold and Silver prices retreated by 0.33%, and 0.05%, respectively. Last but not least, Volatility (VIX) dropped by 2.8% during the same period.
The total US ETP flows from all products registered $5.5bn of inflows during last week vs $0.9bn of inflows the previous week, setting the YTD weekly flows average at +$2.9bn (+$85.4bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$5.0bn, +$1.2bn, and -$0.8bn last week vs. +$0.3bn, +$1.0bn, and -$0.5bn previous week, respectively.
Within Equity ETPs, large cap products experienced the largest inflows (+$3.5bn); while small cap products had the largest outflows (-$0.5bn). Within Fixed Income ETPs, Corporate products had the largest inflows (+$1.1bn); while Sovereign ETPs experienced the only outflows (-$0.4bn), respectively. Within Commodity ETPs, precious metals products experienced the largest outflows (-$0.9bn), while the other sectors experienced less relevant flows.
Top 3 ETPs & ETNs by inflows: SPY (+$1.8bn), QQQ (+$1.2bn), XLI (+$0.5bn)
Top 3 ETPs & ETNs by outflows: GLD (-$0.8bn), IWM (-$0.5bn), SHY (-$0.5bn)
New Launch Calendar: more income strategies, AUD and enhanced beta
There were 5 new ETFs and 1 new ETN listed during last week. The new products offer exposure to Equity, Fixed Income and Currency asset classes. The new Equity products offer access to income through MLP investing and enhanced returns through a technical analysis-based strategy investing in small cap companies, similarly, the new Fixed Income products also offer access to income investing, but through preferred shares. Last but not least, the Currency products offer leverage long and short exposure to the Australian dollar.
Turnover Review: floor activity dropped by 6.1%
Total weekly turnover dropped by 6% to $238bn vs. $254bn in the previous week. Last week’s turnover level was 36% below last year’s weekly average. Equity ETPs experienced a decrease of $17.5bn or -7.7% to $210bn. In the meantime, Fixed Income ETP turnover rose by 15.5% (+$1.9bn), along with Commodity ETPs which rose by 1.8% (+$0.2bn).
Assets Under Management (AUM) Review: assets rose by 0.8%
ETP assets rose by 0.8% driven by strong inflows during last week and ended the week at $1.18 trillion. As of last Friday, US ETPs have accumulated an asset growth of 12.6% YTD. Assets for equity, fixed income and commodity ETPs moved +$8.1bn, +$2.3bn, and -$1.4bn during last week, respectively.
Market Vectors to cross-list 23 ETFs in Chile
Making these funds available to local investors
July 25, 2012--Market Vectors ETFs, the fifth largest provider of exchange-traded products (ETPs) in the U.S. and the eighth largest provider of ETPs globally, announced today that it will cross-list 23 of its exchange traded funds (ETFs) on the Santiago Stock Exchange, making these funds available to local investors in Chile.
In total, Market Vectors currently offers 50 ETFs which are listed on the NYSE Arca stock exchange.
Citi Appointed by Huntington Asset Advisors to Provide Fund Administration and Custody Services for its Exchange Traded Funds
July 25, 2012--Citi has been appointed by Huntington Asset Advisors (Huntington) to provide fund administration, custody and index receipt services for Huntington Strategy Shares ETFs. The first Huntington ETF, Huntington Ecological ETF, launched on June 20, 2012 and will be followed by the Rotating Strategy ETF, which is scheduled to launch July 25th.
"We have a long-standing relationship with Citi and we knew we could rely on their expertise to provide valuable insight on how to develop active ETFs," said Randy Bateman, president and chief investment officer of Huntington Funds. "Citi met all our project milestones and allowed us to focus our energy on launching a new product and building this business."
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices - A Deletion From The S&P/TSX Venture Composite Index
July 25, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of PetroMagdalena Energy Corp. (TSXVN:PMD) have agreed to the Plan of Arrangement dated June 5, 2012, whereby the company will be acquired by Pacific Rubiales Energy Corp. (TSX:PRE) for cash consideration of $CDN1.60 per share.
The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Wednesday, July 25, 2012.
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices -A Deletion From The S&P/TSX SmallCap And Equity SmallCap Indices
July 25, 2012--July 25, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Miranda Technologies Inc. (TSX:MT) have accepted the tender offer from Belden Inc. (NYSE:BDC) for cash consideration of $CDN17.00 per share.
Miranda Technologies will be removed from the S&P/TSX SmallCap and Equity SmallCap Indices after the close of trading on Friday, July 27, 2012.
Motivate market makers? Vanguard, iShares clash
June 24, 2012--Exchange-traded-fund heavyweights BlackRock Inc. and The Vanguard Group Inc. are at odds over proposals from the two biggest stock exchanges that would allow ETF sponsors to pay market makers directly for the first time.
BlackRock supports and Vanguard opposes the moves that, in effect, would permit sponsors of less actively traded exchange-traded funds to subsidize the markets for their products.
