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Forum Investment Advisors, LLC files with the SEC
June 24, 2011--Forum Investment Advisors, LLC has filed an application for exemptive relief with the SEC for actively-managed ETFs.
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DB Global Equity Research: North America-US ETF Market Weekly Review : $12bn SPY related inflows push ETP AUM higher
June 23, 2011--Massive inflows, but the true story is that we are still in risk-off mode
The latest parade of weak US Economic data has put undue pressure in the Equity markets leading it to a straight 6-week losing streak, most recently. However, last week Equity markets in the US (S&P 500) were able to snap the losing streak with a 0.04% nominal gain.
Last week, total US ETP flows from all products registered $10.1bn of inflows vs $0.4bn of outflows the previous week, setting the YTD weekly flows average at +$2.3bn.
US ETP AUM gained $2.9bn, closing at $1.056 trillion or 6.1% up YTD.
Last week’s flows were inflated by a $12bn inflow into SPY which may be related to S&P 500 rebalancing and quadruple witching week activity, and thus deemed temporary. Therefore we think that long-only Equity ETP flows (ex last week’s SPY inflows) suggest that investors are in risk-off mode, however the flattening of the Fixed Income ETP flows coupled with the mild inflows into Commodities, and the S&P 500’s snap of its 6-week losing streak could suggest that investors have begun to move to standby mode.
Long only equity ETPs recorded $9.2bn of inflows last week vs $583m of outflows the previous week. From a geographic allocation perspective, EM ETPs registered outflows of $548m, followed by DM ex US with outflows of $191m and Global ETPs with outflows of $157m; while US ETPs recorded inflows of $10.1bn.
Long-only fixed Income ETPs recorded inflows of $44m last week. Broad Benchmarked funds had $292m inflows, followed by Sovereign ETPs with $143m. Corporates had the largest outflows (-$496m). Commodity ETPs recorded inflows of $239m. At a sector level, Precious Metals ETPs recorded the largest inflows with $192m. Gold and Crude Oil ETPs recorded the largest inflows with $457m and $107m, respectively; while Silver ETPs had the largest outflows (-$235m).
New Launch Calendar: Income, FX risk management, Leverage & more
There were 17 new ETPs and 2 new ETNs listed in the NYSE Arca during the past 2 weeks. These new ETPs offer a vast range of exposures and tools such as income generation, embedded FX risk management, leveraged returns, and fundamental strategies, to name a few.
Turnover Review: Floor activity rose in all asset classes on higher volatility
Total weekly turnover increased by 19.2% to $407bn vs. $342bn in the previous week. Equity ETP turnover increased $60.2bn or by 19.8% to $364bn. Commodity ETPs turnover also increased by 1.2bn or 11.2%, totaling a weekly turnover of $24.2bn last week. Moving on to Fixed Income products, weekly turnover rose by 12.1% totaling $15bn at the end of last Friday. Finally, Currency ETPs also experienced a significant increase of $1.2bn or 46.5% on a WoW basis.
Assets Under Management (AUM) Review:
SPY flows push the AUM higher
The, now usual, quadruple witching plus rebalancing week SPY ETF inflows kept AUM above water in spite of the flat/lagging equity markets. ETP AUM rose by $3.0bn or 0.3% as of the end of last week reaching $1.056 trillion. On a YTD basis AUM has risen by $61bn or a 6.1%.
Invesco PowerShares Announces Changes to ETF Family
June 23, 2011--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs) with more than $60 billion in franchise assets, announced changes to its PowerShares family, one of the broadest in the marketplace today. In a continuing effort to proactively
address the growing needs of ETF investors and to position for future growth opportunities, Invesco
PowerShares announced that it plans to close two of its Active ETF portfolios.
The affected ETFs are listed below:
PowerShares Active Alpha Multi-Cap Fund-Ticker Symbol: PQZ
PowerShares Active AlphaQ Fund- Ticker Symbol: PQY
“We regularly review our family of ETFs, carefully evaluating numerous factors such as investment results, length of time in the market, investor interest, and the potential for future growth," said Ben Fulton, Invesco PowerShares managing director of global ETFs. “Based on this assessment, we believe that it’s in the best interest of our investors that we refocus our resources on areas that we believe are of greater client interest.”
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 23, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Thursday, June 23, 2011:
Lion Energy Corp. (TSXVN:LEO) will be removed from the index. The company will be delisted from the TSX Venture Exchange at the request of the company.
The Skor Food Group Inc. (TSXVN:SKF) will be removed from the index. The shares of the company have been acquired by Colabor Group Inc.
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.
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
June 23, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of TimberWest Forest Corp. (TSX:TWF.UN) have accepted the $CDN6.16 cash per unit offer from the British Columbia Investment Management Corporation (bcIMC) and the Public Sector Pension Investment Board (PSP Investments).
TimberWest will be removed from the S&P/TSX SmallCap Index after the close of Tuesday, June 28, 2011.
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.
Component Changes Made to Dow Jones Summer/Winter Games Index
June 23, 2011--Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Summer/Winter Games Index.
EDF Energies Nouvelles S.A. (France, Utilities, EEN.FR) will be deleted from the Dow Jones Summer/Winter Games Index and replaced by Electricite de France S.A. (France, Utilities, EDR.FR). EDF Energies Nouvelles S.A. is being removed due to its acquisition by Electricite de France S.A.
The change in the Dow Jones Summer/Winter Games Index will be effective as of the open of trading on Tuesday, June 28, 2011.
The Dow Jones Summer/Winter Games Index measures the performance of all publicly traded securities of companies that are official partners, sponsors or suppliers of the London 2012 Olympic Summer Games. The index is reviewed quarterly in March, June, September and December.
Further information on the Dow Jones Summer/Winter Games Index can be found at www.djindexes.com.
EGShares Launch "GEMS" Suite of ETFs: First Emerging Markets Sector Solution Set
June 23, 2011- Emerging Global Advisors, an asset management company focused exclusively on emerging markets and the advisor to the EGShares family of exchange-traded funds (ETFs), today launched a suite of investment solutions for sector investing in emerging market countries.
The funds, branded as GEMS (Global Emerging Market Sectors), allow investors to pursue emerging markets sector exposures in a manner similar to what is possible in the U.S. and other developed markets. The funds are all based on the Dow Jones Emerging Market Titans Index series and are composed of leading emerging-market companies in each of the 10 Industries defined by the Industry Classification Benchmark (ICB).
The GEMS’ sector solution set is:
EGShares GEMS Composite ETF (NYSE: AGEM)*
EGShares Energy GEMS ETF (NYSE: OGEM)*
EGShares Financials GEMS ETF (NYSE: FGEM)*
EGShares Basic Materials GEMS ETF (NYSE: LGEM)
EGShares Consumer Goods GEMS ETF (NYSE: GGEM)
EGShares Consumer Services GEMS ETF (NYSE: VGEM)
EGShares Health Care GEMS ETF (NYSE: HGEM)
EGShares Industrials GEMS ETF (NYSE: IGEM)
EGShares Technology GEMS ETF (NYSE: QGEM)
EGShares Telecom GEMS ETF (NYSE: TGEM)
EGShares Utilities GEMS ETF (NYSE: UGEM)
For more Information, please visit www.emergingglobaladvisors.com
* AGEM, OGEM, and FGEM were previously marketed under the tickers EEF, EEO, and EFN
AdvisorShares Launches the Meidell Tactical Advantage ETF (MATH)
MATH's Quantitative Tactical Methodology Seeks ETFs Participating in Long-Term Durable Trends
June 23, 2011--AdvisorShares Investments, a sponsor of actively managed Exchange Traded Funds (ETFs), today launched the AdvisorShares Meidell Tactical Advantage ETF (NYSE: MATH) which is managed by American Wealth Management of Reno, Nevada. The Meidell Tactical Advantage ETF offers advisers a broadly diversified portfolio that measures the velocity of change in value across asset classes to find the best risk-adjusted returns.
Laif Meidell, Portfolio Manager of MATH, said, "We are very excited to launch MATH with AdvisorShares as we believe investment advisers and their clients will be excited about the strategy's focus on changes in the economy, and how assets should be allocated as these changes occur, all within an actively managed ETF. We manage MATH by measuring the velocity of change in the different asset classes, and then make investment allocations with the goal of providing positive risk adjusted returns and minimizing losses through tactical asset allocation."
Noah Hamman, CEO and Founder of AdvisorShares, said, "We feel investors are seeking a professionally managed tactical strategy like MATH which enables the portfolio manager to evaluate, rank and select the mix of investments in given market conditions while remaining objective and unemotional. We're proud to add the Meidell Tactical Advantage ETF to our growing stable of unique ETFs.
Canadian Securities Administrators Seek Comments On Regulation Of Over-The-Counter Derivatives Trade Reporting And Repositories
June 23, 2011--The Canadian Securities Administrators (CSA) today published for comment Consultation Paper 91-402 – Derivatives: Trade Repositories, which sets out a series of recommendations that are designed to improve regulatory oversight of OTC derivatives transactions, while maintaining consistency with international developments.
Under the CSA’s proposed regulatory framework, all OTC derivative transactions entered into by a Canadian counterparty would be required to be reported to an approved trade repository. Canadian regulators would have access to this data to assist them in discharging their regulatory oversight responsibilities.
“The G-20 has made transparency of the OTC derivatives market one of the central pillars of reform and agreed that OTC derivatives transactions should be reported to trade repositories,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “In response to this G-20 direction, the CSA has developed key recommendations for OTC derivatives regulatory requirements governing trade repository governance and operations, transaction reporting, and information transparency.”
EGShares Launches “GEMS” Suite Of ETFs ON NYSE ARCA: First Emerging Markets Sector Solution Set- Funds Based on Dow Jones Emerging Markets Sector Titans Indexes
June 23, 2011-- NYSE Euronext (NYX) and Emerging Global Advisors, an asset management company focused exclusively on emerging markets and the sub-advisor to the EGShares family of exchange-traded funds (ETFs), announced today the successful launch of a comprehensive suite of investment solutions for sector investing in emerging market countries on NYSE Arca, NYSE Euronext's fully electronic US market.
The funds, branded as GEMS (Global Emerging Market Sectors), allow investors to pursue emerging markets sector exposures in a manner similar to what is possible in the US and other developed markets. The funds are all based on the Dow Jones Emerging Market Sector Titans Indexes and are composed of leading emerging market companies in each of the 10 Industries defined by the Industry Classification Benchmark (ICB).
"The GEMS launch makes it possible for investors to trade emerging markets sector funds, and we take great pride in being the first exchange to list these innovative products," said Laura Morrison, Senior Vice President of Global Index and Exchange Traded Products Group US. “EGA's decision to list on NYSE Euronext underscores the value of the consultative services, market structure and technology that our platform provides its issuers and the ETF marketplace.”
Dow Jones Indexes Licenses Additional Eight Emerging Markets Sector Indexes to Emerging Global Advisors LLC
June 23, 2011-- Dow Jones Indexes, a leading global index provider, today announced that Emerging Global Advisors LLC (EGA) has licensed an additional eight indexes from the Dow Jones Emerging Markets Sector Titans Indexes series for EGShares’ expanding family of exchange-traded funds (ETFs).
EGA, a Ridgewood, N.J.-based asset management company focused exclusively on emerging markets and the advisor to EGShares, has branded the ETFs as GEMS (Global Emerging Market Sectors). The GEMS allow investors to pursue emerging markets sector exposures with the same precision that is possible in U.S. and other developed markets.
With the announcement of its eight new licenses, Dow Jones Emerging Markets Sector Titans Indexes now serve as the basis for a total of 11 GEMS:
Fed holds rates on inflation concerns
June 22, 2011--The US Federal Reserve gave a downbeat assessment of the world’s largest economy on Wednesday, pointing to slower than expected growth and higher inflation
In the most significant change to its policy statement, the rate-setting Federal Open Market Committee stripped out all reference to “subdued” measures of underlying inflation and said the economy was growing “somewhat more slowly than the committee had expected”.
Speech by SEC Commissioner:(1) Rules Implementing Amendments to the Advisers Act of 1940 (Final Rules);(2) Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers
With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers (Final Rules)
by
Commissioner Elisse B. Walter
U.S. Securities and Exchange Commission
Washington, D.C.
June 22, 2011--I would like to thank the staff of the Division of Investment Management, and the other divisions and offices who have worked on the recommendations before us this morning. I know that your names have been mentioned already, but I wanted to make sure to echo the appreciation expressed by my colleagues. I would also like to welcome Craig Lewis, as the new Chief Economist and Director of RiskFin.
Before us this morning are a pair of companion releases that would implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and take other important action. As the recommendations have been discussed already in detail, and I generally support them, I’ll keep my remarks brief.
The Dodd-Frank Act amended the Advisers Act to repeal the “private adviser exemption,” which advisers to many hedge funds and other funds have relied on to avoid registration with the agency. This was a critical step in bringing important Commission oversight into the private fund industry, and was long overdue.
New Coverage, Analysis Enhance AltaVista Research’s ETF Website
New analytical capabilities and expanded coverage help investors and financial advisors examine and compare exchange traded funds (ETFs) at the ETF Research Center from AltaVista Research.
June 22, 2011--ETF Research Center, the online portal for financial advisors and individual investors to access AltaVista’s analysis of exchange traded funds, announces significant enhancements to the site including new analytical tools and a major increase in coverage, to assist investors who increasingly favor ETFs over actively managed mutual funds.
New analytical tools include examination of recent trends in important valuation metrics such as price-to-earnings, price-to-sales and price-to-book value multiples, as well as additional constituent breakdown data. The analysis of valuation trends complements the existing “snapshot” valuation metrics—updated each trading day—facilitating comparisons and assisting investors in making more informed judgments.
Expanded coverage includes dozens of recently listed ETFs, as well as AltaVista’s first fund of funds, the ALPS Equal Sector Weight ETF (shown here). Beginning in July, the fund of funds will join the nine Select Sector SPDR funds in the monthly ETF Analyzer report, which is available for download free of charge. These additions bring total coverage to more than 660 funds in the U.S. and 47 in Australia.
Deutsche Bank Adds Five ETFs to its db-X Product Suite
June 22, 2011-Deutsche Bank today announced the rebranding of five Exchange Traded Funds (ETFs) to join its recently launched db-X suite of products, doubling the number of ETFs offered under its “db-X” umbrella. The five funds, previously known as the TDX Independence Funds, are now known as the db-X Target Date Funds.
The db-X Target Date Funds are a suite of ETFs that seek to track the Zacks Lifecycle indexes and are designed to provide investors with a single investment to diversify across domestic equities, international equities and fixed income, based on a fixed investment horizon. Each db-X Target Date Fund’s name will continue to correspond to a specified “target” year. The db-X Target Date Funds’ underlying indexes and trading symbols have not changed. Collectively, the db-X Target Date Funds have approximately $134 million in assets as of June 21, 2011.
