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Emerging Market Inflation - Be Careful Not To Throw The Baby Out With The Bath Water
March 8, 2011--Emerging market food, energy, and commodity inflation is rising and may persist for decades to come as it is a by-product of robust growth. U.S. investor reaction has been somewhat indiscriminate. In the first 6 weeks of 2011, emerging market passive ETFs lost nearly 10% of their asset base1 as investors reduced their exposure - perhaps throwing the baby out with the bath water.
ome other investors discern that an emerging market position should not be a binary trade (in or out), but one that rotates with precise exposures based on the cyclicality of the market. In a higher inflation environment, emerging market energy and materials companies may provide a natural inflation hedge.
Direxion files with the SEC
March 8, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC for 1X BEAR FUNDS
Fixed Income Funds
Direxion Daily 7-10 Year Treasury Bear 1X Shares (TYO)
Direxion Daily 20+ Year Treasury Bear 1X Shares (TMV)
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Pimco files with the SEC
March 8, 2011--Pimco has filed a post effective amendment, registration statement with the SEC for the PIMCO Global Advantage Inflation-Linked Bond Strategy Fund.
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Move to synthetic US junk bonds
March 8, 2011--Demand is growing for “synthetic” financial instruments that enable investors to take positions in the US junk bond market without owning the underlying securities.
The instruments, created by using credit derivatives on junk bond or high-yield indices, resemble transactions linked to US mortgages that proliferated before the financial crisis.
Credit Suisse Announces Launch Of New 2x Monthly Leveraged Credit Suisse Merger Arbitrage Liquid Index (Net) ETN (the CSMB ETN)
March 8, 2011--Credit Suisse today announced the launch of the 2x Monthly Leveraged Credit Suisse Merger Arbitrage Liquid Index (Net) ETN , the first product to provide 2x monthly leveraged exposure to the merger arbitrage strategy in an exchange traded format.
The 2x Monthly Leveraged Credit Suisse Merger Arbitrage Liquid Index (Net) ETN (NYSE Arca: CSMB) is the newest edition in a suite of alternative ETN products, which seek to provide liquid access to some of the most popular alternative investment strategies. The CSMB ETN seeks to provide 2x monthly leveraged exposure to the merger arbitrage strategy as represented by the Credit Suisse Merger Arbitrage Liquid Index (Net), an index which benefits from daily valuations and a transparent rules-based construction process.
"Merger arbitrage strategies continue to generate increased investor interest due to their historically attractive risk-adjusted returns and diversification benefits. By providing leveraged exposure to the merger arbitrage strategy in an exchange traded format, investors benefit from real-time pricing, intraday liquidity and full portfolio transparency – advantages previously not associated with alternative investments," said Oliver Schupp, Head of the Beta Strategies Group which manages Credit Suisse's Liquid Alternative Beta strategies.
Michael G. Clark, head of the Structured Equity Derivatives desk in the Investment Bank, which is launching the ETN, added, "We are proud to lead the market with innovative exchange traded products that fill a void for investors seeking more transparent and cost effective access to the alternatives space. We are excited to introduce the CSMB ETN as the next innovative offering in our product line-up."
NASDAQ OMX Launches Genium INET Web Trade, a Web Based Trading Application With Pre-Trade Limits
March 7, 2011--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the launch of Genium INET Web Trade, a new web based trading application.
Genium INET Web Trade provides members and customers with a user friendly and quickly implemented trading application. The first of NASDAQ OMX's markets to offer Genium INET Web Trade is NASDAQ OMX Commodities Europe, the power and carbon derivatives exchange.
Genium INET Web Trade features pre-trade limit functionality which gives general clearing members (GCMs) and direct members a tool box for managing traders' market exposure. The application comes with a sophisticated administration tool which allows members to define trading accounts, trader rights and pre-trade limits.
Geir Reigstad, Senior Vice President, NASDAQ OMX Commodities, said: "Genium INET Web Trade provides quick and reliable access to our markets. As the new application is web-based, the time to market for traders wishing to trade NASDAQ OMX Commodities products is drastically reduced. With a steadily increasing demand for access to the power and carbon products we offer, Genium INET Web Trade will allow us to grow our distribution at an increased pace."
The new trading application is developed as an alternative to participants who do not already deploy other trading applications from independent software vendors.
Morgan Stanley ETF Weekly Update
March 7, 2011--Weekly Flows: $2.0 Billion Net Inflows
ETFs Traded $374 Billion Last Week
Launches: 2 New ETFs
Interactive Brokers Offers Commission-Free Trades
US-Listed ETFs: Estimated Flows by Market Segment
ETFs had net inflows of $2.0 blnlast week; fourth consecutive week of net inflows
We estimate ETFshave generated net inflows 7 out of 9 weeks YTD
ETF assets stand at more than $1 trillion, up 5% YTD
13-week flows were mostly positive among asset classes
$33.5 billion of net inflows into ETFs over past 13 weeks (majority into US Equity ETFs)
EM Equity ETFs posted meaningful net outflows ($9.3 bln) over the past 13 weeks; EM Equity outflows coincide with market underperformance vs. both US and International-Developed equity markets
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Vanguard MSCI Emerging Markets ETF (VWO) posted $571 mlnnet inflows, the most of any ETF
Only 15% of ETFsexhibited net outflows last week; 8 out of top 10 net outflows posted by US Equity ETFs
iSharesMSCI Emerging Markets Index Fund (EEM) had the largest net outflows over the past 13 weeks ($10.8 blnnet outflows)
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume has declined to 25% of listed trading volume (coming off May'10 highs)
Weekly ETF $ volume hit its highest level since June'10
US Large-Cap ETFsaccount for 44% of weekly ETF volume, but make up only 22% of market cap1
Monsters that lurk in the shadows of Wall St
March 7, 2011--Lobbying campaigns are like New York subway trains: you can hear the rumbling well before they arrive.
So when banks decided it was time to shift the regulatory focus away from them and towards hedge funds, private equity groups and other parts of the “shadow banking system”, words preceded action.
Fitch Ratings/Fixed Income Forum Survey of Senior U.S. Investors
April 7, 2011--Overview
Cautious optimism for credit market stability ? a fixture of investor sentiment in 2010
? turned into unqualified optimism for improving credit conditions in the most recent Fitch Ratings/Fixed Income Forum Survey of Senior Investors. The survey, conducted from mid-January to mid-February, finds investors more bullish on U.S. and global economic growth, more constructive on the fundamental outlook of multiple asset
classes, and not overly concerned about near-term inflation pressures. The survey was completed just prior to the turmoil in Libya.
Survey Highlights
Survey participants raised their growth forecasts for the U.S., Europe, and Emerging Markets. Emerging Market prospects were already in bullish territory in the June 2010
survey but opinions turned decidedly more favorable for both the U.S. and Europe. In the June 2010 survey, 7% of respondents placed U.S. growth at 3% or higher over the coming year; in the recent survey, that rose to 43%. Opinions surrounding Europe, still
tame relative to the other two areas, also improved. While roughly 60% of investors saw very weak or negative growth for Europe in the summer of 2010, a majority now see growth of 1%?2% and 38% anticipate a more robust 2%?3%.
AdvisorShares Cambria Global Tactical ETF (GTAA) tops USD100m AUM
GTAA Crosses the $100M Mark in Just 4 Months
March 4, 2011--AdvisorShares, a leading sponsor of ETF innovation and actively managed Exchange Traded Funds (ETFs), announced that the AdvisorShares Cambria Global Tactical ETF (NYSE: GTAA) has topped $100 Million in assets. GTAA is managed by Mebane Faber and Eric Richardson of Cambria Investment Management ("Cambria").
"This is an exciting moment for our team. To have raised over $100 Million in assets in GTAA after just four months is something we are all very proud of," said Noah Hamman, CEO and Founder of AdvisorShares. "Investors have quickly embraced the GTAA investment strategy and are showing their confidence in the GTAA portfolio management team, AdvisorShares and the Active ETF structure. We recently lowered GTAA's expense cap based on the operational efficiencies that have been achieved, due to its phenomenal asset growth."
Mebane Faber, Chief Investment Officer of Cambria, said, "We have been thrilled with the growth of GTAA as we believe that investors need to be more proactive in managing their risk and are glad that our message is resonating with investors." Cambria utilizes a quantitative approach with strict risk management to actively manage GTAA's portfolio in an attempt to mitigate downside losses and protect capital.
CFTC.gov Commitments of Traders Reports Update
March 4, 2011--The current reports for the week of March 1, 2011 are now available.
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BM&FBOVESPA Posts Records For Exchange-Traded Funds (ETFs) In February - Number Of Trades Rises 76.8% Compared To January
March 4, 2011--BM&FBOVESPA Exchange Traded Funds (ETFs) had a record 33,804 trades in February, up 76.8% on the 19,120 of January and from the previous record of 30,059 in December 2010. Financial volume was also record in February, at BRL 876.25 million, from BRL 717.9 million in January. The highlight was the BOVA11 Ibovespa fund, with the largest financial volume at BRL 779.9 million and the largest number of trades at 30,489.
There were also record daily averages for the ETFs in terms of number of trades (1,690 from 1,431 in December) and financial volume (BRL 43,812.7 from BRL 33,125.6 in December).
The following ETFs are currently traded at BM&FBOVESPA: BOVA11 (iShares Ibovespa Fund index); SMAL11 (iShares BM&FBOVESPA Small Cap Index Fund); MILA11 (iShares BM&FBOVESPA MidLarge Cap Index Fund); PIBB11 (PIBB Brazil Index Fund - 50 - Brazil Tracker); BRAX11 (iShares Brazil Index IBrX-100 Index Fund); CSMO11 (iShares BM&FBOVESPA Consumption Index Fund); and the MOBI11 (iShares Index BM&FBOVESPA Real Estate Index Fund).
Ascensus Selected by 3D Asset Management to Partner on ETF AdvisorPlanits ETF AdvisorPlanSM Solution
Ascensus’ Fee-based Platform Enables 3D
to More Easily Offer All-inclusive Retirement Program
March 4, 2011--Ascensus, a leading retirement plan solutions provider, today announced it has been selected by 3D Asset Management (“3D”), a registered investment advisory firm located in East Hartford, CT, to partner on its ETF AdvisorPlanSM product. Based on Ascensus’ fee-based platform, the new product provides cost-effective ETF (exchange traded funds) asset allocation portfolios managed by 3D, which include ETFs from industry leaders as iShares, WisdomTree and others.
In addition, 3D’s new program offers advisors a comprehensive suite of materials to make it easier for financial advisors to offer an all-inclusive, fee-based retirement program.
The ETF AdvisorPlan solution will help advisors: grow their fee-based business in the 401(k) space, simplify their marketing efforts and presentations to 401(k) prospects, manage fiduciary liability, help retain business and improve fee transparency, while reducing costs to plan sponsors.
IndexIQ files with the SEC
March 4, 2011--IndexIQ has filed a post-effective amendment, registration statement with the SEC for 11 ETFs. The funds are IQ Mexico Small Cap ETF
IQ Asian Tigers ETF
IQ Asian Tigers Consumer ETF
IQ Asian Tigers Small Cap ETF
IQ Asia Pacific ex-Japan Small Cap ETF
IQ Australia Mid Cap ETF
IQ Canada Mid Cap ETF
IQ Japan Mid Cap ETF
IQ Emerging Markets Mid Cap ETF
IQ Global Precious Metals Small Cap ETF
IQ U.S. Real Estate Small Cap ETF
Van Eck files with the SEC
March 4, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Colombia ETF.
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