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iShares files with the SEC-iShares Emerging Markets Local Currency Bond Fund
February 22, 2012-iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Emerging Markets Local Currency Bond Fund.
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SEC Filing-SPDR Dow Jones Industrial Average ETF Trust
February 22, 2012--SEC Filing-SPDR Dow Jones Industrial Average ETF Trust-POST Effective Amendment N0. 15 to Form S-6.
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iShares files with the SEC
February 22, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Barclays 0-5 Year TIPS Bond Fund.
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CFTC to delay vote again on swap dealer definition
February 21, 2012--The U.S. futures regulator again delayed a vote on a long-awaited rule that would impose tougher rules on the swaps market by defining who will be a designated swap dealer, making it clearer which energy companies, banks and other firms will have to set aside more funds to cover their deals.
The U.S. Commodity Futures Trading Commission had been scheduled to vote on Thursday on regulations that would define a "swap dealer" and "major swap participant," subjecting them to costly and onerous regulations. The agency removed the rule from its agenda but did not give a reason.
Barclays Files with the SEC
February 21, 2012--Barclays has filed a Form 424B2 with the SEC for the Barclays Perpetual Rolling Open Structure Protecting Equity Returns (PROSPER) ETF Series 2 Notes due March 30, 2017.
view filing
DB Global Equity Research: US ETF Market Weekly Review : ETP AUM hovers at all-time highs, while flows experienced first negative week for the year
February 21, 2012--Net Cash Flows Review
Equity markets were all bullish last week keeping the new-year momentum. The US (S&P 500) was up by 1.48%; other developed and emerging markets outside the US did similarly; the MSCI EAFE (in USD), and the MSCI EM (in USD) were up by 1.64% and 1.99% during the week, respectively.
Moving on to other asset classes, the 10Y Treasury yield rose by 5bps last week, also the DB Liquid Commodity Index increased by 0.97%. Other sectors were mostly positive also, with the exception of Silver. The Agriculture sector (DB Diversified Agriculture Index), Gold, and WTI Crude Oil price increased by 1.45%, 0.08%, and 4.63%, respectively; while Silver fell by 0.90%. Last but not least, Volatility (VIX) decreased to 17.8 recording a 14.5% decrease during the week.
ETP flows had their first negative week for the year last week taking the YTD cash flow figure to $31.1bn. The total US ETP flows from all products registered $2.4bn of outflows during last week vs $3.5bn of inflows the previous week, setting the YTD weekly flows average at +$4.4bn.
ETP markets experienced mixed flows across the three major asset classes, with Equity contributing with the downward pressure, during last week. Equity, Fixed Income, and Commodity ETPs experienced flows of -$4.1bn, +$1.3bn, and +$0.2bn last week vs. +$2.0bn, +$1.5bn, and +$0.4bn the previous week, respectively.
Within Equity ETPs, Large Cap products experienced the largest outflows (-$3.9bn), followed by Small Cap ETPs (-$0.7bn); while Dividend vehicles experienced the largest inflows (+$0.4bn). Within Fixed Income ETPs, Corporate products experienced the largest inflows (+$0.8bn), followed by Sub-Sovereign ETPs (+$0.2bn). Within Commodity ETPs, Gold products recorded the largest inflows (+$0.2bn).
New Launch Calendar:
country strategy, agency, sector debt, the list goes on
There were 17 new ETFs listed during the previous week. The new ETFs offer additional access to developed market, fixed income sovereigns, and agencies; and first-of-its-kind access to US corporate sector debt (financials, industrials and utilities). (See Figure 18 for details)
Turnover Review: ETP trading experienced a soft increase Horizons Gold Yield Fund announces conversion into ETF The Conversion will not impact the monthly distributions declared today in a separate press release for the Fund's Class A and Class F unitholders of record as of February 29, 2012. U.S. Bancorp Fund Services Launches Exchange Traded Fund Multiple Series Trust, ETF Series Solutions Morgan Stanley-US ETF Weekly Update ETFs posted net outflows for the first time in 2012
13-week flows were mostly positive among asset classes; combined $48.0 bln net inflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 1/31/12
EEM exhibited the largest increase in USD short interest since last updated
Financials make up 3 of the 10 most heavily shorted ETFs (defined as shares short/shares outstanding)
US-Listed ETFs: Most Successful Recent Launches by Assets $7.9 billion in total market cap of ETFs less than 1-year old
Over past year, many of the successful launches have a dividend/income orientation
PowerShares files with the SEC Nevada Adds SSgA ETFs to 529 Plan CBOE and CFE to Expand ETF-Based Volatility Index Products The calculation of the CBOE Brazil ETF Volatility Index is derived from applying CBOE's VIX® methodology to the prices of CBOE listed options on the iShares MSCI Brazil Index Fund (ETF symbol: EWZ). EWZ options were the seventeenth most actively traded ETF options in the U.S. last year.
"We continue to see tremendous interest in trading VIX options and futures and our other volatility-related products and are committed to building our volatility franchise to meet this investor demand," said CBOE Holdings Chairman and CEO William J. Brodsky. "Expanding our roster of volatility options and futures products into sectors such as emerging markets is the next step in this evolution."
The CBOE Brazil ETF Volatility Index products are the latest in a series of CBOE and CFE volatility index product launches in 2012. CFE began trading CBOE Emerging Markets ETF Volatility Index security futures (futures symbol: VXEM) on January 9, and options trading on VXEEM began on January 31 on CBOE.
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices The shareholders of Futuremed Healthcare Products Corporation (TSX:FMD) have accepted the $CDN8.15 cash per share offer from Cardinal Health Canada Inc. Futuremed will be removed from the S&P/TSX SmallCap and the S&P/TSX Equity SmallCap Indices after the close of Thursday, February 23, 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. Treasury International Capital Data For December At the same time, U.S. residents decreased their holdings of long-term foreign securities, with net sales of $38.9 billion.
Taking into account transactions in both foreign and U.S. securities, the net foreign purchases of long-term securities were $17.9 billion. After including adjustments, such as estimates of unrecorded principal payments to foreigners on U.S. asset-backed securities, the overall net foreign acquisition of long-term securities is estimated to have been $1.6 billion in December.
Foreigners decreased their holdings of U.S. Treasury bills by $1.6 billion. Foreign holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased by $18.3 billion.
Banks’ own net dollar-denominated liabilities to foreign residents increased by $103.8 billion.
In sum, the net foreign acquisition of long-term securities, the change in foreign holdings of short-term U.S. securities, and banking flows yielded monthly net TIC inflows of $87.1 billion. Of this, net foreign private inflows were $113.0 billion, and net foreign official outflows were $25.9 billion. SEC widens probe of exchange-traded funds The SEC's inquiry is part of a wider probe that began last year and focused on complex ETFs that allow investors to magnify returns or bet against stock indexes.
U.S. and UK regulators are concerned that so-called settlement fails - when trades are not completed on time - could contribute to volatility and systemic risk in financial markets.
Total weekly turnover increased by 8% to $300bn vs. $278bn in the previous week, still about 19% down from last year’s weekly average of $375bn. The largest increase was on Equity ETP turnover, which increased by $29.5bn or 12.3% to $269bn. Fixed Income and Commodity ETP turnover went on the opposite direction with a 23.6% (-$4.5bn) and 16.4% (-$2.8bn) fall, respectively.
February 21, 2012-- Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce that the Horizons Gold Yield Fund (the "Fund") will, subject to regulatory approval, convert into an open-end exchange traded fund and be renamed the Horizons Gold Yield ETF after the close of business on February 27, 2012 (the "Conversion").
Upon completion of the Conversion, the Class E units of the ETF (the "Class E Units") will, subject to regulatory approval, begin trading on the Toronto Stock Exchange ("TSX") on February 28, 2012, under the symbol HGY. Concurrent with, but unrelated to, the Conversion, the ETF will begin issuing Advisor Class units (the "Advisor Class Units") which will, subject to regulatory approval, also begin trading on the TSX on February 28, 2012, under the symbol HGY.A.
Milwaukee-based service provider partners with Exchange Traded Concepts and adds AlphaClone, LLC and Zacks Investment Research, Inc. to trust
February 21, 2012--U.S. Bancorp Fund Services, LLC (USBFS) today announced the launch of its first exchange traded fund (ETF) multiple series trust (MST) and a partnership with Exchange Trade Concepts (ETC).
This newest trust, called ETF Series Solutions (ESS), extends the benefits of a shared trust model to one of the industry’s fastest growing segments.
AlphaClone, LLC and Zacks Investment Management will be the first two funds for the trust. AlphaClone will be offering one fund and Zacks Investment Research will be offering two funds, all with unique strategies.
“This new MST and partnership with Exchange Traded Concepts help make entering the ETF market incredibly easy for investment managers,” said Joe Redwine, president of USBFS. "We continuously strive to find new ways to help our clients focus on investing while capitalizing on developments in the market. Our new MST continues that tradition."
February 21, 2012--US ETF Weekly Update
Weekly Flows: $2.5 Billion Net Outflows
ETF Assets Stand at $1.2 Trillion, up 12% YTD
17 ETF Launches Last Week
Global X Closes Eight ETFs
US-Listed ETFs:
Estimated Flows by Market Segment
ETFs generated net outflows of $2.5 bln last week; outflows were led by US Large-Cap Equity ETFs ($3.7 bln net outflows)
Despite last week’s net outflows, only 13% of ETFs actually exhibited net outflows
ETF assets stand at $1.2 tln, up 12% YTD; aggregate net inflows of $30.9 bln YTD
Fixed Income ETFs have consistently generated weekly net inflows (27 consecutive weeks of net inflows)
International – Emerging Market Equity ETFs make up 12% of ETF market cap, down from 15% at the end of 2010, while Fixed Income ETFs make up 17% of ETF market cap, up from 14% over the same time period
SPDR Barclays Capital HY Bond ETF (JNK) posted net inflows of $193 mln last week, most of any ETF
JNK has generated net inflows for 12 consecutive weeks as investors have flocked to high yield debt ($3.3 bln in
net inflows over past 12 weeks); similarly, iShares iBoxx $ High Yield Corporate Bond Fund (HYG) exhibited net inflows of
$3.2 bln over the same time period
For the fourth straight week, SPDR S&P 500 ETF (SPY) posted net outflows ($8.5 bln net outflows over the four weeks)
$241 million in increased short interest and the highest level of shares short since 10/31/11
Despite the increase in short interest, EEM has generated double-digit price returns YTD
SPDR Retail ETF (XRT) continues to be the most heavily shorted ETF as a % of shares outstanding, but is down from 459% over the prior period
Based on multiple borrowings and the ability to continuously create new shares, short interest as a % of market cap can exceed 100%
Data estimated as of 2/17/12 based on daily change in share counts and daily NAVs.
Over the past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $761 mln
57 new ETF listings and 8 closures YTD; at this point last year, only 25 ETFs had come to market
7 different ETF sponsors and 2 asset classes represented in top 10 most successful launches
Top 10 most successful launches account for 60% of market cap of ETFs launched over the past year
February 21, 2012--PowerShares has filed a post-effective amendment, registration statement with the SEC.This filing relates solely to the following series of the Registrant:
PowerShares S&P International Developed High Beta Portfolio
PowerShares S&P Emerging Markets High Beta Portfolio
view filing
February 20, 2012--State Street Global Advisors is taking over asset management of a Nevada 529 college savings plan as more states consider the appeal of ETFs to registered investment advisers and other investors.
SSgA replaces Vanguard as the investment manager for the $940 million direct-sold programme managed by Upromise Investments, currently known as the Upromise College Fund. Nevada sponsors three direct-sold 529 plans and an adviser-sold plan, all nationwide plans.
Brazil ETF Volatility Index Futures and Options Next New Listings
February 17, 2012--CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that Chicago Board Options Exchange (CBOE) and CBOE Futures Exchange (CFE) will each launch a new ETF-based volatility index product in the coming weeks:
CBOE Brazil ETF Volatility Index security futures (VXEW) - Tuesday, February 21 on CFE
CBOE Brazil ETF Volatility Index options (VXEWZ) - Tuesday, March 6 on CBOE
February 17, 2012--Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Anvil Mining Limited (TSX:AVM) have accepted the $CDN8.00 cash per share offer from Minmetals Resources Limited.
Anvil Mining will be removed from the S&P/TSX SmallCap and Equity SmallCap, the S&P/TSX Global Mining and Global Base Metals and the S&P/TSX Equal Weight Global Base Metals Indices effective after the close of Thursday, February 23, 2012.
February 17, 2012--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2011. The next release, which will report on data for January 2012, is scheduled for March 15, 2012.
Foreign residents decreased their holdings of long-term U.S. securities in December — net sales were $21.0 billion. Net sales by private foreign investors were $11.5 billion, and net sales by foreign official institutions were $9.5 billion.
February 17, 2012--U.S. securities regulators have widened their inquiry into the trillion-dollar market for exchange-traded funds, according to a person familiar with the matter.
Prompted by a delay in a big trade at a popular ETF, the U.S. Securities and Exchange Commission is taking a closer look at a possible connection between high-frequency traders and hedge funds jumping in and out of ETFs, and instances where ETF trades fail to settle on time, this person said.
