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DB Index Research -- Weekly ETF Market Review -- US
March 24, 2010--Highlights
New Listings and Delistings
There were 5 new listings in the last week. ProShares added 3 ETFs to its short offering on NYSE Arca, two of them offer inverse access to a couple of US sectors and the remaining one to China. The other 2 funds were launched by First Trust Ad. on Nasdaq, they will aim to track companies in the Copper and Platinum sectors, respectively.
Net Cashflows
This week $3.12 bn flowed into ETPs. Equity and Fixed Income ETPs had inflows of $1.76 bn and $1.20 bn respectively, while Commodity and Currency ETPs had outflows of $81 mm and $24 mm respectively.
In the equity asset class, Small Cap ETPs had the highest inflows of $1.45 bn followed by regional global ex-US products, while US Sector ETPs experienced the largest outflows of $1.2 bn, followed by Leveraged ETPs.
In the Fixed Income ETPs area, Sovereign ETPs had the most significant inflows, while Local Governments funds had the largest outflows
Within Commodity ETPs, those tracking Natural Gas products saw the largest outflows. Meanwhile, broad commodity benchmark ETPs experienced the largest inflows
Turnover
ETP turnover increased by 3.4% during last week and totaled $60 bn.
Equity ETP turnover experienced the largest increase. Turnover increased significantly for Large Cap and US Sector ETPs
The largest turnover increase within Fixed Income ETPs in the past week was on Sovereign products. Commodity ETP turnover “shy” increase was mainly driven by Gold, Oil and Natural Gas.
Assets Under Management (AUM)
US ETPs AUM rose by 1.1% totaling $809 bn at the end of last week. Equity ETPs had the lion’s share with $606 bn and 75% of market share, followed by Fixed Income funds with $122 bn and 15% of market share.
To request a copy of the report
PowerShares files with the SEC
March 24, 2010--PowerShares has filed a post-effective, registration statement with the SEC.
PowerShares S&P SmallCap Consumer Discretionary Portfolio
(NASDAQ Stock Market – XLYS)
PowerShares S&P SmallCap Consumer Staples Portfolio
(NASDAQ Stock Market – XLPS)
PowerShares S&P SmallCap Energy Portfolio
(NASDAQ Stock Market – XLES)
PowerShares S&P SmallCap Financials Portfolio
(NASDAQ Stock Market – XLFS)
PowerShares S&P SmallCap Health Care Portfolio
(NASDAQ Stock Market – XLVS)
PowerShares S&P SmallCap Industrials Portfolio
(NASDAQ Stock Market – XLIS)
PowerShares S&P SmallCap Information Technology Portfolio
(NASDAQ Stock Market – XLKS)
PowerShares S&P SmallCap Materials Portfolio
(NASDAQ Stock Market – XLBS)
PowerShares S&P SmallCap Utilities Portfolio
(NASDAQ Stock Market – XLUS)
Deputy Secretary Wolin before the U.S. Chamber of Commerce on "The Urgency of Financial Reform"
“The Urgency of Financial Reform:
Why We Should Not Wait for One More Finance Crisis before Fixing What’s Broken”-As Prepared for Delivery
March 24, 2010--
Thank you, David, for that kind introduction. And thanks for the opportunity to be here today.
On Monday evening, we took an important step towards final enactment of financial reform. The Senate Banking Committee has now voted out a comprehensive bill. Along with the bill passed by the House last December, it represents a strong foundation on which to build a safer financial system.
The bill would establish stronger supervision for financial firms – especially for the largest, most interconnected.
It would bring transparency and oversight to derivatives and other financial markets that were central to the crisis.
It would create an independent bureau of consumer financial protection to set and enforce clear rules of the road.
Target-Date Series Research Paper: 2010 Industry Survey
March 24, 2010--The Morningstar 2010 Target-Date Series Industry Survey is now available. The survey documents trends in target-date fund design, costs, and asset flows since the 2008 market downturn as well as target-date strengths, weaknesses, and returns to investors.
It also offers an examination of target-date fund disclosure and an analysis of the performance of fund series using proprietary, or in-house, versus independent managers in target-date fund construction.
WisdomTree Closes 10 ETFs
March 23, 2010--.”WisdomTree a leading ETF sponsor and index developer with more than $6 billion in ETF assets under management, announced it plans to close 10 of its ETFs. The
designated funds represent approximately 3% of WisdomTree’s ETF assets.
--“We proposed the closure of 10 ETFs in order to create capacity for future growth initiatives, and because we believe it is in the best interest of our customers and shareholders to dedicate our resources to areas of greater client interest,” said WisdomTree CEO Jonathan Steinberg. “We have no plans to make any further closures and are fully committed to maintaining and developing an innovative product line, including the introduction of new funds in the coming months.
The final day of trading on the NYSE Arca will be Wednesday, March 24, 2010.
Shareholders who do not sell their Fund shares by this date will have their shares automatically redeemed on March 29, 2010, the Funds’ last day of operations.
The 10 closing funds are as follows:
WisdomTree International Technology Sector Fund -DBT
WisdomTree International Financial Sector Fund- DRF
WisdomTree International Health Care Sector Fund- DBR
WisdomTree International Consumer Staples Sector Fund- DPN
WisdomTree International Consumer Discretionary Sector Fund -DPC
WisdomTree International Industrial Sector Fund -DDI
WisdomTree International Communications Sector Fund- DGG
WisdomTree Europe Total Dividend Fund- DEB
WisdomTree Earnings Top 100 Fund- EEZ
WisdomTree U.S. Short Term Government Income Fund- USY
US financial regulation set to succeed
March 24, 2010--Republicans on the Senate banking committee believe financial regulation reformhas a “100 per cent chance” of passing this year, in the most positive sign yet for a bipartisan bill.
Judd Gregg, the senator from New Hampshire who has been trying to cut a deal on derivatives, said the bill was certain to pass, while Bob Corker, his colleague from Tennessee, said it was “difficult to see a scenario” where it failed.
Two IndexIQ Small Cap ETFs List on NYSE Arca
March 23, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading theIQ Canada Small Cap ETF (Ticker: CNDA),and theIQ Australia Small Cap ETF (Ticker: KROO).The ETFs are sponsored by IndexIQ.
IQ Canada Small Cap ETF
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the IQ Canada Small Cap Index, which is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the small capitalization sector of publicly traded companies domiciled and primarily listed on an exchange in Canada.
IQ Australia Small Cap ETF
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the IQ Australia Small Cap Index, which is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the small capitalization sector of publicly traded companies domiciled and primarily listed on an exchange in Australia.
Javelin files with the SEC
March 23, 2010--Javelin has filed a prospectus with the SEC for
JETS Contrarian Opportunities Index Fund
Ticker: JCO
Investment Objective
The Fund, an exchange-traded fund, seeks performance results that, before fees and expenses, correspond generally to the performance of a benchmark index that measures the investment return of securities that are consistent with contrarian principles.
Annual Operating Expense :0.58%
Remarks of Commissioner Bart Chilton, “Value Regulations”
March 23, 2010--Opening Thank you for taking the time to join in today. There has been an on-going dialogue with most of you who are participating in this session today, and I thank you for the conversation. What you have said, in brief, is that you are concerned about possible manipulation of the silver and gold markets.
As someone who worked on Capitol Hill where we responded to thousands of constituents every week, I took it as part of my job to reply to folks. I continue to do that in my position as a Commissioner.
This conference call today is part of my continuing efforts to respond to your concerns. And it’s my firm belief that not only is responding to you my responsibility, it’s also a great benefit. Some of the best thoughts and ideas come from folks communicating with government. Your contribution to the public and to this process—trying to ensure that these metals markets are free and fair and that they are devoid of fraud, abuse, and manipulation—is commendable.
Office of Consumer Affairs
Before we get into specifics, let me talk about a new endeavor that I’m trying to get underway at the CFTC.
Standard and Poor's launches ESG index for Egypt
March 23, 2010--Standard & Poor's, the world's leading index provider, today announced the launch of the S&P/EGX ESG Index, the first index designed to track the performance of companies listed on the Egyptian Stock Exchange
that demonstrate leadership on environmental, social and corporate governance ("ESG") issues
Developed in collaboration with the Egyptian Institute of Directors, the Egyptian Stock Exchange (EGX) and CRISIL, the Index is designed to raise the profile of EGX-listed companies that perform well on environmental, social and corporate governance indicators when compared to their peers, and is expected to raise the level and quality of disclosure on ESG issues in Egypt for investors.
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
March 23, 2010--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of Athabasca Potash Inc. (TSX:API) have approved the plan of arrangement with BHP Billiton Canada Inc. Athabasca Potash Inc. will be removed from the S&P/TSX SmallCap and Equity SmallCap Indices after the close of Wednesday, March 24, 2010.
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.
Senate Banking Committee Chairman Chris Dodd (D-CT) releases a Chairman’s Mark of the “Restoring American Financial Stability Act of 2010” (the “Senate Bill”)
March 23, 2010--On March 15, 2010 Senate Banking Committee Chairman Chris Dodd (D-CT) released a Chairman’s Mark of the “Restoring American Financial Stability Act of 2010” (the “Senate Bill”).
view bill
Secretary Timothy F. Geithner Written Testimony House Committee on Financial Services
March 23, 2010--Introduction
Promoting and maintaining stability in the housing market is critical to achieving economic recovery and sustainable long term growth. The Administration's broad housing policies, including support for the ongoing functions of the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, together with Treasury's and the Federal Reserve's purchases of mortgage-backed securities, have been crucial to restoring stability in the housing market and to maintaining the availability of mortgage credit.
Private capital has not yet returned to provide the amount of funding that would be needed to allow families to get a mortgage to buy a new home or to sensibly refinance the house they already live in. Without the continued activity of the GSEs and the Federal Housing Administration (FHA) in the current environment, mortgage rates would be higher and homeowners would have a significantly harder time obtaining credit. While conservatorship, undertaken by the Federal Housing Finance Agency (FHFA) during the Bush Administration, pursuant to Congressional authorization under the Housing and Economic Recovery Act (HERA), and continued under the Obama Administration, was necessary, together we must begin the process of fundamental reassessment and reform.
The failure of Fannie Mae and Freddie Mac was part of a broader crisis that revealed structural flaws in the entire housing finance system. Housing markets are subject to booms and busts – a key issue is whether the system of housing finance acts to dampen such cycles or to worsen them.
Geithner warns US could lose regulation initiative
March 22, 2010--Tim Geithner, US Treasury secretary, warned lawmakers on Monday that “America will lose this opportunity to set the global agenda” on financial regulation if Congress fails to complete passage of legislation to reform oversight of the financial system.
He spoke just as the Senate banking committee voted out a financial regulatory bill without the Republican support necessary for the legislation to pass a final vote in the Senate, but Republicans offered hope that they could eventually reach agreement after the Easter break.
Greek crisis may hit US economy: Fed regional chief
March 22, 2010--The Greek debt crisis may directly affect the US economy by hitting American exports and the financial system, Atlanta Federal Reserve regional chief Dennis Lockhart warned Monday.
He said adjustments across the European Union to fiscal problems resulting from the Greek crisis could dampen eurozone growth and constrain US exports to that region.
The crisis could also lead to currency flows from the euro into "safe-haven" US dollar assets, causing an appreciation of the greenback and hurting American export competitiveness, Lockhart said.
The European Union as a whole is the largest export market for the United States.
