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iShares files with the SEC-iShares MSCI Norway Capped Investable Market Index Fund
January 18, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares MSCI Norway Capped Investable Market Index Fund.
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BMO ETF Report: Strong Growth Predicted for Canadian ETF Market in 2012
January 17, 2012--Exchange Traded Funds (ETFs) continued their strong penetration and growth in Canada in 2011. We estimate the overall assets in the
industry grew by a further 13 percent in spite of continued market
volatility. With 2011 now in the books, the Canadian ETF industry has
recorded estimated compound annual growth rates (CAGRs) of 18.5 percent
over the last five years and 28.6 percent over the last 10. Moreover, the past year saw the number of ETF providers in Canada double from four to eight.
We expect 2012 will see more dramatic growth and change in the industry,
with stiffer competition, lowered fees, more product launches, consolidation,
and the potential for more regulatory influence.
What is it about ETFs that has continued to make them so popular with investors? Many point to their cost effectiveness, real-time transparency into underlying portfolios and investments, liquidity whenever markets are open and the efficient addition of many more investment opportunities and solutions than other products had ever done previously.
All of these benefits have allowed investors – from individual investors and investment advisors to institutional investors – to build more sophisticated portfolios with a far better balance between the “hoped for” returns versus the almost guaranteed risks and costs that accompany investments in almost any form.
However, we also see several other benefits that are not typically discussed.
These include:
Market de-segmentation: Most products appeal to a particular segment
or niche of investors. For instance, mutual funds are bought mostly by
individuals; large institutions like pensions and endowments invest in pooled
funds or in separate accounts that may be managed externally or internally;
banks and insurance companies, when they hedge their balance sheets,
create the appropriate structures themselves with physical stocks and bonds, or with derivatives; money managers (including investment advisors, mutual
fund managers, hedge fund managers, sovereign wealth funds, and others)
use physical stocks and bonds or derivatives in some form to create the
portfolios that they desire.
DB Global Equity Research: US ETF Market Weekly Review: ETP market gets a head start with almost $12bn of inflows as the year kicks off
January 17, 2012--Net Cash Flows Review
The new-year equity market rally continued over the last week. The US (S&P 500) advanced by 0.9%. Other developed and emerging markets outside the US did alike; the MSCI EAFE (in USD) was up by 0.6%, while the MSCI EM (in USD) did even better, rising by 2.8% during the week.
Moving on to other asset classes, the 10Y Treasury yield dropped by 9bps last week, while the DB Liquid Commodity Index decreased by 1.12%. Other sectors were mixed. The Agriculture sector (DB Diversified Agriculture Index), Gold and Silver prices rose by 0.82%, 1.30%, and 3.26%, respectively; while the WTI Crude Oil price fell by 2.82%. Last but not least, Volatility (VIX) rose slightly by 1.36% during the same period.
The first two weeks of the year saw very strong inflows into Equity ($8.7bn) and Fixed Income ($3.2bn) ETPs. The total US ETP flows from all products registered $6.9bn of inflows during last week vs $4.9bn of inflows the previous week, setting the YTD weekly flows average at +$5.9bn.
ETF markets experienced positive flows across all major asset classes during last week. Equity, Fixed Income, and Commodity ETPs experienced flows of +$4.7bn, +$2.1bn, and +$0.2bn last week vs. +$4.0bn, +$1.2bn, and -$0.1bn the previous week, respectively.
Within Equity ETPs, US sector products experienced the largest inflows (+$2.0bn), followed by EM regional ETPs (+$1.1bn); while Small Cap vehicles experienced the largest outflows (-$0.4bn). Within Fixed Income ETPs, Corporate products experienced the largest inflows (+$1.5bn) followed by broad-benchmarked ETPs (+0.2bn). Within Commodity ETPs, flows were overall shy, with Energy products recording the largest inflows (+$0.1bn).
New Launch Calendar: it seems there is even more to explore…
There were 12 new ETFs listed on the NYSE Arca during the previous week. The new funds offer access to new segments of the international equity space, new volatility-related choices, active sector rotation implementation, and fixed income spread strategies.
Turnover Review: floor activity increased, but still dormant on New Year’s kick off
Total weekly turnover rose by 4.5% to $252bn vs. $241bn in the previous week, but is still 26% down from last year’s weekly average of $340bn. The largest increase was on Equity ETP turnover, which grew by $10.2bn or 5% to $219bn. Fixed Income ETP turnover followed with an increase of 3.6% (+$0.5bn); while Commodity ETP turnover declined by 3.1% (-$0.5bn).
Assets Under Management (AUM) Review: assets rally on markets and flows
Last week, total ETP assets increased by 1.7% to $1.08 trillion, driven by bullish markets and healthy inflows. Assets for equity, fixed income and commodity ETPs moved +$14.7bn, +$2.8bn, and +$0.9bn during last week, respectively. As of last Friday, total assets had grown by 3.5% or $37bn YTD.
Dow Jones Indexes To License Dow Jones Islamic Market CHIME Index As Benchmark For New Tebyan Asset Management Fund - New Index To Measure Equity Performance Of 100 Leading Stocks From China, India, Middle East/North Africa That Pass Rules-Based Screens
New Index to Measure Equity Performance of 100 Leading Stocks
From China, India, Middle East/North Africa That Pass Rules-Based Screens for Shari’ah-Compliance
January 17, 2012--Dow Jones Indexes, a leading global index provider, today announced that Tebyan Asset Management has licensed the Dow Jones Islamic Market (DJIM) CHIME Index to benchmark its new fund, the Tebyan CHIME Opportunities Fund, to be launched today.
The DJIM CHIME Index is designed to measure the performance of 100 leading stocks from China, India and the Middle East/North Africa (MENA) region that pass rules-based screens for Shari’ah compliance.
Tebyan Asset Management Limited is a partnership between Gulf Mena and Qatar First Investment Bank, providing wealth and asset management services to the growing Islamic investment community.
As of January 13, 2012, the DJIM CHIME Index’s country allocation – determined by market capitalisation — was: 47.61%, China; 29.44%, India; and the remainder to the MENA region (Saudi Arabia, Kuwait, Qatar, Egypt, Morocco and the UAE).
iShares Launches Three New International ETFs
January 17, 2012--Despite a rash of ETF closures at the end of 2011, many issuers are once again launching new products to the public in hopes of capturing more assets.
These recently debuted products target a variety of sectors in a number of asset classes with funds in the bond and international equity spaces being the most heavily represented in this newest ETF wave.
In this vein, iShares, the San Francisco-based market leader in the ETF industry, announced the launch of three new funds late last week, hoping to increase its lead in the international ETF space.
State Street files with the SEC
January 17, 2012--State Street has filed a post-effective amedment, registration statement with the SEC for the SPDR® INDEX SHARES FUNDS.
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Morgan Stanley-ETF Weekly Update
January 17, 2012--US ETF Weekly Update
Weekly Flows: $6.9 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 3.5% YTD
SPDR S&P 500 ETF (SPY) Short Interest Declined $17.2 Bln Since Last Reported
12 ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows for the fourth consecutive week ($23.4 bln in net inflows over the period)
Despite the 1st quarter historically being more difficult from a flow perspective, last week, ETFs generated net inflows of
$6.9 bln
US Sector & Industry ETFs led the way, exhibiting net inflows of $2.1 bln last week
ETF assets stand at $1.1 tln, up 3.5% YTD
13-week flows were mostly positive among asset classes; combined $47.1 bln net inflows
Over the past 13 weeks, US Dividend Income ETFs have generated net inflows that equate to 19% of their market cap
Fixed Income ETFs have consistently generated weekly net inflows (22 consecutive weeks of net inflows)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares QQQ (QQQ) posted net inflows of $1.3 bln last week, the most of any ETF
Corporate bond ETFs occupied 3 of the top 10 spots of ETFs to post large net inflows last week
Despite last week’s net outflows of $1.0 bln, SPDR S&P 500 ETF (SPY) has exhibited net inflows of $4.1 bln over the
past 13 weeks, the most of any ETF
Only 13% of ETFs posted net outflows last week
US-Listed ETFs: Short Interest
Data Updated: Based on data as of 12/30/11
SPY exhibited the largest decline in USD short interest since last updated
$17.2 billion in reduced short interest
Lowest level of shares short for SPY since 2/15/11
XRT’s shares short divided by shares outstanding in excess of 400%
Retail continues to be one of the most heavily shorted areas of the ETF market
Based on multiple borrowings and the ability to continuously create new shares, short interest as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
Data estimated as of 1/13/12 based on daily change in share counts and daily NAVs.
$7.7 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $807 mln
12 new listings in 2012; 225 new ETF listings and 26 liquidations in 2011
Over past year, Schwab accounted for 3 of the top 10 most successful launches
7 different ETF sponsors and 2 asset classes represented in top 10 most successful launches
iShares High Dividend Equity Fund (HDV) and PowerShares S&P 500 Low Volatility Portfolio (SPLV) each have market caps in excess of $1 bln
Top 10 account for 54% of market cap of ETFs launched over the past year
First Trust files with the SEC
January 17, 2012--First Trust has filed a post-effective amendment, registration statement with the SEC for the First Trust Emerging Markets Small Cap AlphaDEX Fund
First Trust Developed Markets ex-US Small Cap AlphaDEX Fund.
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..Canadian ETF Industry Reports $3 Billion in Sales During Last Quarter
January 16, 2012--According to the Canadian ETF Association (CETFA), Canadian-listed exchange traded funds continued to show strong sales for the fourth quarter of 2011 (Q4). The latest Quarterly ETF Asset Flow Report shows that the Canadian ETF Industry had nearly $3 billion in net new sales during Q4, finishing 2011 with more than $7.6 billion in net new sales.
Despite difficult market conditions in 2011, strong sales helped Canadian ETF assets grow by nearly 13 per cent to slightly more than $43.1 billion .
Each quarter the CETFA compiles the sales data for the entire Canadian ETF industry. In order to determine net sales, the CETFA looks at the amount of money that is used for net creations, or the creation of new ETF units. If any ETF experiences net creations, it means more units of that ETFs are being bought than sold. If the industry is in net creations, positive sales are occurring. If it is in net redemptions, money is flowing out of the industry.
Sprott announces new platinum, palladium fund
January 16, 2012--Sprott Inc is to launch a new $115 million physically-backed exchange-traded fund (ETF) investing in platinum and palladium.
It will allow retail and institutional investors to gain exposure to metal spot prices without having to collect and store the metals, Reuters reports.
The ETF will be a long-term consideration and will not involve short-term speculation on price fluctuations, according to a preliminary prospectus lodged at the US Securities and Exchange Commission last week.
Bovespa Clearing Stranglehold Faces Challenge
January 16, 2012--Direct Edge, the fourth-largest US exchange operator, has insisted that access to clearing at Brazil’s biggest exchange operator should be opened up in the interest of competition.
BM&FBovespa, which runs a near monopoly on equities and derivatives trading, is refusing to open its clearing arm to outsiders in a stance rivals say will stifle competition.
The issue has become a focus of traders interested in the Brazilian market since competition against established exchanges has swept most other markets, with few barriers to usage of clearing systems.
PowerShars files with the SEC-PowerShares [Commodity Rotation Portfolio]
January 13, 2012--PoweShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares [Commodity Rotation Portfolio]. The PowerShares [Commodity Rotation] Portfolio is an actively managed exchange traded fund.
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PowerShares files with the SEC
January 13, 2012--PoweShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares [Equity Allocation] Portfolio. The PowerShares [Equity Allocation] Portfolio is an actively managed exchange traded fund.
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CFTC Commitments of Traders Reports Update
January 13, 2012--The current reports for the week of January 10, 2012 are now available.
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Invesco PowerShares Expands Low Volatility Family of ETFs
January 13, 2012--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today that trading has begun on NYSE Arca for two new PowerShares ETFs that provide investors with access to low volatility strategies covering emerging and developed markets. The portfolio names and ticker symbols are as follows.
PowerShares S&P Emerging Markets Low Volatility Portfolio (EELV)
PowerShares S&P International Developed Low Volatility Portfolio (IDLV)
Following the successful launch of the PowerShares S&P 500® Low Volatility Portfolio (SPLV), which has attracted the highest monthly inflows of all ETFs listed in 2011 and over $1 billion in AUM, the two new ETFs expand PowerShares' suite of low volatility strategies to include key market segments outside of the United States providing investors with further diversification opportunities. The three ETFs are designed to work synergistically to optimize investors' global low volatility exposures and reduce overall portfolio risk.
