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CBO- Monthly Budget Review: Summary for Fiscal Year 2015
November 6, 2015--In fiscal year 2015, which ended on September 30, the federal budget deficit totaled $439 billion-$44 billion less than the shortfall in 2014.
Fiscal year 2015 was the sixth consecutive year in which the deficit declined as a share of the nation's gross domestic product (GDP). The deficit peaked at 9.8 percent of GDP in 2009; it fell to 2.8 percent in 2014 and to 2.5 percent in 2015.
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Source: Congressional Budget Office (CBO)
This 3D Map Visualizes the U.S. Economy in a New Way
November 4, 2015--The U.S. Department of Commerce and its Bureau of Economic Analysis (BEA) recently released its statistics on gross domestic product (GDP) by metropolitan area for 2014.
The BEA determines the statistics for each metropolitan area as the sum of the GDP originating in all industries in the area. The data is the sub-state counterpart of the nationwide GDP. It is the most comprehensive measure of economic activity.
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Source: Howmuch.net
Brazil faces critical moment to put economy back on track
November 4, 2015--Brazil has made remarkable social and economic progress in the past two decades, but must now overcome important challenges if it is to put its economy on a stronger,
fairer, greener growth trajectory, according to two new reports from the OECD.
view the OECD Economic Survey of Brazil 2015
Source: OECD
UPDATE 1-Fed mulling higher capital cushion for banks handling commodities-FT
November 3, 2015--The U.S. Federal Reserve is considering requiring banks that handle physical commodities to increase their capital buffers as a hedge against accidents, such as tanker spills or gas pipeline explosions, the Financial Times reported on Tuesday.
The paper, citing people briefed on the matter, said the U.S. central bank wants to use the new capital requirements to discourage banks from risky activities that could threaten their survival in the event of a catastrophe.
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Source: Reuters
Brazil's BM&FBovespa in Preliminary Talks to Merge With Cetip
November 3, 2015--BM&FBovespa SA, Latin America's largest bourse operator, is in preliminary talks with rival Cetip SA Mercados Organizados for a potential combination.
In a securities filing on Tuesday, BM&FBovespa said the talks would not necessarily result in a deal.
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Source: Reuters
Morgan Stanley-US ETF Weekly Update
November 2, 2015--Weekly Flows: $1.8 Billion Net Inflows
Fourth Consecutive Week of Net Inflows, Totaling $34.0 Billion
High-conviction ETF Recommendations Slide: No Changes
ETF Assets Stand at $2.1 Trillion, up 7% YTD
Five ETF Launches Last Week
WisdomTree Announces Agreement to Acquire Greenhaven
BlackRock Makes Name Change to Two Fixed Income ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $1.8 bln last week; fourth consecutive week of net inflows, totaling $34.0 bln
Last week's net inflows were led by International-Developed ETFs at $1.1 bln; conversely, US Small- & Micro-Cap ETFs posted net outflows of $1.0 bln, the most of any category we measured
Eight of the 15 categories we measured posted net inflows last week
ETFs have generated net inflows 31 of 44 weeks YTD-ETF assets stand at $2.1 tln, up 7% YTD
13-week flows remain positive among most asset classes; combined $49.2 bln in net inflows
Fixed Income ETFs generated net inflows of $25.5 bln over the last 13 weeks, the most of any category we measured and meaningfully higher than the next largest category, US Large-Cap ETFs, which had $14.2 bln in net inflows
Over the last 13 weeks, International-Developed ETFs have posted net inflows of $6.8 bln whereas International-Emerging ETFs have exhibited net outflows of $4.2 bln; over the last four weeks, International-Emerging ETF flows have reversed course and have actually been positive
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares iBoxx $ High Yield Corporate Bond ETF (HYG) posted net inflows of $622 mln last week, leading all ETFs
HYG has generated net inflows for four straight weeks totaling $2.6 bln and has more than offset its net outflows from this past summer
The Health Care Select Sector SPDR (XLV) also had a big week, posting net inflows of $466 mln; over the last 13 weeks, XLV has exhibited $1.2 bln in net outflows
The WisdomTree Europe Hedged Equity Fund (HEDJ) rebounded last week with $388 mln in net inflows; over the prior four weeks, HEDJ had posted net outflows of $843 mln
Three short duration ETFs, the iShares 1-3 Year Treasury Bond ETF (SHY), SPDR Barclays 1-3 Month T-Bill ETF (BIL), and iShares Floating Rate Bond ETF (FLOT) had a combined $914 mln in net outflows last week
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was down in October to 26% relative to September's 29% reading as market fear receded; over the last five years, ETF monthly $ volume as a % of listed trading volume averaged 27%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was down $12 bln last week compared to the prior week and is 18% below its 13-week average
US Large-Cap ETF volume accounted for 41% of ETF $ volume last week compared to its 13-week average of 45% and its 25% market cap share
US-Listed ETFs: Short Interest Data Updated: Based on data as of 10/15/15
iShares MSCI Emerging Markets ETF (EEM) had the largest increase in USD short interest at $660 mln
EEM's shares short at 120 mln are 16% above their 52-week average
On the other hand, for the second consecutive period, the SPDR S&P 500 ETF (SPY) had the biggest decline in USD short interest at $8.0 bln; SPY's shares short are now at their lowest level since 8/14/15
731 ETFs exhibited short interest increases while 625 experienced short interest declines over the last period
Aggregate ETF USD short interest decreased by $13.2 bln over the period ended 10/15/15
The average shares short/shares outstanding for ETFs is currently 3.5%, down from 3.7% last period
For the ninth consecutive period the Market Vectors Semiconductor ETF (SMH) occupied the top spot as the most heavily shorted ETF as a % of shares outstanding at 265%
Six of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based (SMH, XRT, XBI, IYR, DRV, XME)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only five ETFs exhibited shares short as a % of shares outstanding greater than or equal to 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.2 bln in total market cap of ETFs less than 1-year old
Over the last 13 weeks, recently launched Active ETFs generated net inflows of $559 mln, more than any other category; Active ETFs account for 25% of recently launched market share, trailing only Global ETFs
228 new ETF listings and 77 closures YTD; at this point last year, there were only 166 launches and 57 closures
The top 10 most successful launches make up 55% of the market cap of ETFs launched over the past year
Nine ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches; nine different ETF sponsors is one of the most diverse groups of issuers we've experienced since publishing this exhibit
The ALPS Medical Breakthroughs ETF (SBIO) cracked the top 10 most successful launches last week, with a market cap of $150 mln; SBIO invests in companies operating in the biotechnology and pharmaceutical industries
Over the last four weeks, the Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has generated net inflows of $157 mln, the most of any recently launched ETF; GEM tracks emerging market companies selected based on value, momentum, quality, and volatility metrics
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Source: Morgan Stanley
WisdomTree Launches Europe Local Recovery Fund (EZR), Strong Dollar Emerging Markets Equity Fund (EMSD) and Global Ex-U.S. Hedged Real Estate Fund (HDRW)
EZR Offers Exposure to European Companies Likely to Benefit from Europe's Local Recovery
EMSD Applies WisdomTree's Strong Dollar Equity Approach to Emerging Markets
HDRW Targets Global Dividend-Paying Real Estate Companies
)ctober 29, 2015--WisdomTree (NASDAQ:WETF), an exchange-traded product ("ETP") sponsor and asset manager, today announced the
launch of the WisdomTree Europe Local Recovery Fund (EZR) the WisdomTree Strong Dollar Emerging Markets Equity Fund (EMSD) and the WisdomTree Global ex-U.S. Hedged Real Estate Fund (HDRW) on the BATS Exchange. EZR has a net expense ratio of 0.48%1, EMSD has an expense ratio of 0.58% and HDRW has a net expense ratio of 0.43%2.
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Source: WisdomTree
ETF Managers Group Announces the Launch of BITE-The First Ever Restaurant ETF BITE
October 28, 2015--ETF Managers Group, a leading private label services provider to the Exchange Traded Funds (ETF) industry, today successfully launched the first ETF to focus exclusively on restaurants BITE.
The companies in BITE represent over 50 of the world's most recognizable and iconic brands operating a wide variety of restaurant formats including Quick Service (e.g., Starbucks), Fast Casual (e.g., Chipotle), Casual Dining (e.g., Buffalo Wild Wings) and Fine Dining (e.g., Ruth's Chris).
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Source: MarketWatch
SEC Adopts Rules to Permit Crowdfunding
October 30, 2015-The Securities and Exchange Commission today adopted final rules to permit companies to offer and sell securities through crowdfunding.
The Commission also voted to propose amendments to existing Securities Act rules to facilitate intrastate and regional securities offerings. The new rules and proposed amendments are designed to assist smaller companies with capital formation and provide investors with additional protections.
Crowdfunding is an evolving method of raising capital that has been used to raise funds through the Internet for a variety of projects. Title III of the JOBS Act created a federal exemption under the securities laws so that this type of funding method can be used to offer and sell securities.
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Source: SEC.gov
Morgan Stanley-US ETF Weekly Update
October 26, 2015--Weekly Flows: $9.4 Billion Net Inflows
Third Consecutive Week of Net Inflows, Totaling $32.2 Billion
High-conviction ETF Recommendations Slide: No Changes
ETF Assets Stand at $2.1 Trillion, up 7% YTD
Four ETF Launches Last Week
Van Eck Announces Partnership with Merk
Direxion Closes Three ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $9.4 bln last week; third consecutive week of net inflows, totaling $32.2 bln
Last week's net inflows were led by Fixed Income ETFs at $2.9 bln; conversely, Global ETFs posted modest net outflows of $242 mln, the most of any category we measured
Twelve of the 15 categories we measured posted net inflows last week
ETFs have generated net inflows 30 of 43 weeks YTD
ETF assets stand at $2.1 tln, up 7% YTD
13-week flows remain positive among most asset classes; combined $47.3 bln in net inflows
Fixed Income ETFs generated net inflows of $25.7 bln over the last 13 weeks, the most of any category we measured and meaningfully higher than the next largest category, US Large-Cap ETFs, which had $10.4 bln in net inflows - International
Emerging ETFs have exhibited net outflows of $5.2 bln over the last 13 weeks, but have shown some recent stabilization
Interestingly, US Sector & Industry ETFs have posted net outflows of $2.5 bln over the last 13 weeks; however, over the last 4 weeks, it appears the tide has turned with the category generating $3.7 bln in net inflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares QQQ (QQQ) posted net inflows of $1.1 bln last week, leading all ETFs
The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) had another solid week, posting $910 mln in net inflows; over the last 13 weeks LQD has exhibited net inflows of $2.8 bln
In addition to the largest investment grade corporate bond fund, LQD, generating strong flows, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and SPDR Barclays High Yield Bond ETF (JNK), the two largest high yield bond ETFs, had a combined $1.5 bln in net inflows last week and $3.1 bln over the last 13 weeks
Two widely followed broad emerging market equity ETFs, the iShares MSCI Emerging Markets ETF (EEM) and iShares Core MSCI Emerging Markets ETF (IEMG) had a combined $927 mln in net inflows last week
Conversely, three US Treasury-based ETFs, the iShares Short Treasury Bond ETF (SHV), iShares 7-10 Year Treasury Bond ETF (IEF), and iShares 3-7 Year Treasury Bond ETF (IEI), had a combined $1.3 bln in net outflows last week
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was down slightly in September to 29% relative to August’s 30% reading; over the last five years, ETF monthly $ volume as a % of listed trading volume averaged 27%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was up $24 bln last week compared to the prior week but is 16% below its 13-week average
US Sector & Industry ETF volume accounted for 16% of ETF $ volume last week compared to its 13-week average of 14% and its 12% market cap share
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 9/30/15
iShares Nasdaq Biotechnology ETF (IBB) had the largest increase in USD short interest at $671 mln
IBB's shares short at 12 mln are at their highest level since 9/15/08
On the other hand, the SPDR S&P 500 ETF (SPY) had the biggest decline in USD short interest last period at $12.5 bln; despite the decline, SPY's shares short are still 30% above their 52-week average
644 ETFs exhibited short interest increases while 733 experienced short interest declines over the last period
Aggregate ETF USD short interest decreased by $16.9 bln over the period ended 9/30/15
The average shares short/shares outstanding for ETFs is currently 3.7%, down from 3.8% last period
For the eighth consecutive period the Market Vectors Semiconductor ETF (SMH) occupied the top spot as the most heavily shorted ETF as a % of shares outstanding at 636%
Eight of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based (SMH, XRT, XBI, IYR, SOXX, DRV, XME, XOP)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only five ETFs exhibited shares short as a % of shares outstanding greater than or equal to 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.2 bln in total market cap of ETFs less than 1-year old
Over the last 13 weeks, recently launched Active ETFs generated net inflows of $604 mln, more than any other category; Active ETFs account for 25% of recently launched market share, trailing only Global ETFs
Notably, 63 International - Developed ETFs were launched over the last year as ETF sponsors have issued products in an area that has exhibited strong net inflows this year
223 new ETF listings and 75 closures YTD
The top 10 most successful launches make up 55% of the market cap of ETFs launched over the past year
Nine ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches; nine different ETF sponsors is one of the most diverse groups of issuers we've experienced since publishing this exhibit
The SPDR DoubleLine Total Return Tactical ETF (TOTL) had another positive week of flows at $30 mln; TOTL is an actively managed fixed income ETF sub-advised by DoubleLine and is the most successful launch, as measured by market cap, over the last year.
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Source: Morgan Stanley
