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ProShares files with the SEC
June 11, 2012--ProShares has filed a pre-effective amendment no.3 to form S-1 registration statement with the SEC
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Forward Funds file with the SEC
June 11, 2012--Forward Funds has filed an application for exemptive relief with the SEC.
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DBX files with the SEC
June 11, 2012--DBX has filed an amended application for exemptive relief with the SEC.
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Annual Changes to the NASDAQ OMX US Water Index
June 11, 2012--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced today the results of the annual evaluation of the NASDAQ OMX US Water IndexSM (Nasdaq:GRNWATUSL), which will become effective prior to market open on Monday, June 18, 2012.
The following security will be added to the Index: Xylem Inc. (XYL UN).
The Index is designed to track the performance of the companies creating products that conserve and purify water for homes, businesses, and industries which are listed on a US Exchange. The Index is weighted in such a matter as to enhance the underlying liquidity and increase the tradability of the Index Securities. The NASDAQ OMX US Water Index is evaluated annually in June. For more information about the NASDAQ OMX US Water Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
The NASDAQ OMX US Water Index is the basis for the PowerShares Water Resources Portfolio (NYSE:PHO), an exchange-traded fund which seeks investment results that correspond generally to the price and yield of the NASDAQ OMX US Water Index before fees and expenses.
As a result of the evaluation, the following two securities will be removed from the Index: ITT Corp. (ITT UN) and Tri-Tech Holding Inc. (TRIT UN).
SEC Issues "Roadmap" on Phase in of Derivatives Regulation
June 11, 2012-- The Securities and Exchange Commission today issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Title VII of the Dodd-Frank Act establishes a comprehensive framework to regulate over-the-counter derivatives, authorizing the Commodity Futures Trading Commission to regulate “swaps,” and the SEC to regulate “security-based swaps.”
The SEC is requesting public comment on its plan to phase in final rules regulating security-based swaps and security-based swap market participants. The policy statement does not estimate when the rules would be put in place, but describes the sequence in which they would take effect. The phased-in approach is intended to avoid the disruption that could occur if all the new rules took effect simultaneously. To date, the Commission has proposed nearly all the rules required under the Act and already has begun to adopt those rules.
Vanguard files with the SEC
May 11, 2012--Vanguard has filed a post-effective amendment, registration statement with the SEC.
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Otkritie strengthens global DMA team; Appoints US CEO
June 11, 2012--Otkritie Capital ('Otkritie'), the investment banking arm of Otkritie Financial Corporation ('the Group'), has bolstered its DMA (Direct Market Access) team with three senior hires while strengthening its US operations as it continues to grow the business globally.
The news follows the appointment of Mikhail Sukhobok in May 2012, from MICEX-RTS, to head the firm’s global electronic trading division.
Ben Wood joins Otkritie Securities Limited to head the firm’s International DMA business and will be located in London. Ben was previously the Head of EMEA Sales at Flextrade where he was based for over five years. Prior to that he held a number of senior roles at several brokerages and investment banks, including seven years with US-based Hoenig and Co Ltd, where he became Managing Director. Ben is credited with establishing and heading up the cash equities desk at MIS Equities, developing DMA and commission management services for Tullett Liberty, and leading a soft commissions and electronic sales trading desk servicing fund managers at Commerzbank Securities.
BOND and the Future of Active ETFs
June 11, 2012--Shudder to think: actively-managed mutual funds sometimes close to new investors.
When a strategy’s size moves markets or diminishes returns, prudent funds cut off new money. Sequoia and Contrafund, for example, have stemmed inflows on occassion.
For ETFs, is the ability to stem inflows relevant to the small world of actively-managed exchange-traded funds?
Morgan Stanley-US ETF Weekly Update
June 11, 2012--US ETF Weekly Update
Weekly Flows: $3.9 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 8% YTD
Two ETF Launches Last Week
Direxion Announces Changes to Benchmark Indices
US-Listed ETFs: Estimated Flows by Market Segment
ETF flows rebounded last week, posting net inflows of $3.9 bln
Last week’s net inflows were primarily driven by US Equity ETFs (combined net inflows of $2.9 bln)
Leveraged/Inverse ETFs had net outflows of $563 mln last week; category market cap of $27.7 bln, down 15% the past year
ETF assets stand at $1.1 tln, up 8% YTD; ETFs have posted net inflows 18 out of 23 weeks YTD ($60.8 bln in net inflows)
13-week flows were mixed among asset classes; combined $22.4 bln net inflows
Fixed Income ETFs have consistently generated weekly net inflows (43 straight weeks of net inflows totaling $54.2 bln)
Emerging Market Equity ETFs exhibited net outflows of $3.7 bln, the most out of any category
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 Index Fund (IWM) generated net inflows of $1.1 bln last week, the most of any ETF
iShares FTSE EPRA/NAREIT Global Real Estate ex-US Index Fund (IFGL) posted net inflows of $379 mln last week, nearly
doubling its shares outstanding over the past week
Despite posting net outflows of $1.1 bln last week, the SPDR S&P 500 ETF (SPY) has exhibited net inflows of $4.1 bln over the past 13 weeks, the most of any ETF
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 5/15/12
SPDR S&P 500 ETF (SPY) posted the largest increase in USD short interest
Despite an increase in short interest, SPY’s 275 mln shares short is well below its all-time high of 536 mln shares short on 9/15/11
iShares S&P 100 Index Fund (OEF) exhibited the largest decrease in USD short interest (lowest level of shares short since 7/15/11)
The average shares short/shares outstanding for ETFs is currently 5%
Retail continues to be a heavily shorted industry with the SPDR Retail ETF (XRT) leading the way
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 6/8/12 based on daily change in share counts and daily NAVs.
$6.6 billion in total market cap of ETFs less than 1 year old
Over the past 13 weeks, newly launched Active ETFs generated most net inflows at $1.2 bln (specifically the PIMCO Total
Return ETF-BOND)
102 new ETF listings and 17 closures YTD
Over the past year, many of the successful launches have an income/dividend orientation
Five different ETF sponsors and three asset classes represented in top 10 most successful launches
ProShares Ultra VIX Short-Term Futures ETF (UVXY) generated $41 mln in net inflows last week, the most of any recently launched ETF; UVXY investors anticipate a short-term spike in volatility
Top 10 most successful launches account for 59% of market cap of ETFs launched over the past year
ETFGI United States ETF/ETP Industry Insights, May 2012
June 11, 2012--Summary for United States listed ETFs
At the end of May 2012, the US ETF industry had 1,176 ETFs, assets of US$1,015.7 Bn, from 32 providers on 3 exchanges.
Assets
ETF assets have decreased by 5.5% from US$1,074.5 Bn in April 2012 to US$1,015.7 Bn in May 2012.
YTD through end of May 2012, ETF assets have increased by 8.1% from US$939.3 Bn to US$1,015.7 Bn.
Flows
In May 2012, ETFs saw net inflows of US$6.4 Bn. YTD through end of May 2012, ETFs saw net inflows of US$59.4 Bn.
Vanguard gathered the largest net inflows in May with US$6.7 Bn, followed by PIMCO with US$0.8 Bn and Van Eck Associates Corp with US$0.6 Bn net inflows.
Vanguard gathered the largest net inflows YTD with US$28.4 Bn, followed by iShares with US$12.5 Bn and SPDR ETFs with US$4.9 Bn net inflows. SPDR ETFs experienced the largest net outflows in May with US$1.4 Bn. Direxion Shares experienced the largest net outflows YTD with US$0.4 Bn, followed by ProShares with US$0.4 Bn and Bank of New York with US$0.3 Bn net outflows.
Summary for United States listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of May 2012, the US ETF/ETP industry had 1,465 ETFs/ETPs, assets of US$1,137.0 Bn, from 49 providers on 3 exchanges.
Assets
ETF/ETP assets have decreased by 5.7% from US$1,206.3 Bn in April 2012 to US$1,137.0 Bn in May 2012. YTD through end of May 2012, ETF/ETP assets have increased by 7.1% from US$1,061.2 Bn to US$1,137.0 Bn. Flows
In May 2012, ETFs/ETPs saw net inflows of US$4.1 Bn. YTD through end of May 2012, ETFs/ETPs saw net inflows of US$63.2 Bn.
Vanguard gathered the largest net inflows in May with US$6.7 Bn, followed by PIMCO with US$0.8 Bn and Van Eck Associates Corp with US$0.6 Bn net inflows.
Vanguard gathered the largest net inflows YTD with US$28.4 Bn, followed by iShares with US$12.8 Bn and SPDR ETFs with US$5.9 Bn net inflows. SPDR ETFs experienced the largest net outflows in May with US$1.8 Bn. Deutsche Bank experienced the largest net outflows YTD with US$0.7 Bn, followed by Direxion Shares with US$0.4 Bn and Bank of New York with US$0.3 Bn net outflows.
BNY Mellon wins $1 billion Baton Rouge custody mandate
June 11, 2012--BNY Mellon, the global leader in investment management and investment services, has been named custodian for the roughly $1 billion Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge, Louisiana.
BNY Mellon Asset Servicing will provide custody and administration, accounting, and cash management services.
"BNY Mellon's level of quality and attention to client service was apparent throughout the custodian bidding process," said Jeff Yates, retirement administrator for the City of Baton Rouge. "We're confident in their ability to help us effectively manage and administer system assets for the benefit of our many active employees and retirees
Bearish ETF drinks up bad news
June 10, 2012--When Green Mountain Coffee Roasters Inc.'s price fell sharply last month, well-known hedge-fund manager David Einhorn wasn't the only winner.
John DelVecchio had a big bearish position on the coffee maker, handing his small fund a windfall as the stock tumbled 48% amid disappointing earnings. He had been ready for that moment for more than a year.
"That was kind of the 'aha' moment when everyone got it," Mr. DelVecchio said. "It certainly felt nice."
Auto reinvestments scheme shaves ETF transaction costs
June 10, 2012--Precidian Investments wants to help investors more easily and cheaply reinvest exchange traded fund distributions through a new program.
The firm, provider of the Maxis Nikkei 225 ETF, has filed a request for exemptive relief with the Securities and Exchange Commission that would allow it to introduce what it calls the DTC Distribution Reinvestment Service for holders of its ETF.
Vanguard secures lead in US ETF race
June 10, 2012--Vanguard has established a commanding lead in the race among US exchange traded providers for investors' cash in 2012 after posting a strong performance last month while its main rivals faltered.
Vanguard attracted net inflows of $6.7bn in May while the remainder of the US ETF industry recorded aggregate outflows of $2.5bn, according to the ETF Industry Association.
Exchange Traded Concepts files with the SEC
June 8, 2012-Exchange Traded Concepts has filed a post-effective amendment, registration statement with the SEC for the Sustainable North American Oil Sands ETF
Ticker Symbol: SNDS.
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