Americas ETP News
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AdvisorShares Weekly Market Update-Deflation in the USA
March 19, 2015--For the week of March 9 thru March 13
Macro
On Friday the Producer Price Index (PPI) printed at -0.50% which was the fourth monthly decline in a row. This creates a quandary for the Federal Reserve Bank at their meeting
this week because it wants to hike interest rates in the next
few months.
While lower prices are usually a positive for consumers, the data may be signaling a problem with demand which in turn becomes a problem for
growth. This should not be too shocking given the sluggish economic performance in much of the developed world.
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Source: AdvisorShares
Research Affiliates shutters index line licensed to PowerShares
March 19, 2015--Invesco PowerShares is swapping indices on nine smart beta equity exchange traded funds after Research Affiliates announced it would discontinue a family of benchmarks.
Research Affiliates will no longer calculate the US style index series, which rely on the firm's patented methodology.
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Source: FT.com
New Research From Fidelity(R) and BlackRock Reveals a Key to Growth for ETF Adoption is Educating Investing on ETF Basics
March 19, 2015--ETF Industry Grows at Record Pace, Even Though Two-Thirds of U.S. Investors Don't Own ETFs
Greater Awareness, Further Education Are Powerful Drivers To Increasing ETF Adoption Among Investors and Advisors
Current ETF Owners Increasingly Turning to ETFs for Long-Term Holdings
Eight in 10 See Benefit in Combining ETFs and Mutual Funds in a Portfolio
While the exchange traded fund (ETF) industry continues to grow at a record pace, with more than $2 trillion in assets in the United States1, less than one-third (32 percent) of individual investors currently own ETFs in their portfolio. What's holding some investors back? According to a new study from Fidelity Investments and BlackRock (NYSE: BLK) of more than 1,000 individual investors, 61 percent of non-owners report they have not invested in ETFs because of a lack of general familiarity with the products.
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Source: Fidelity Investments
Beacon Announces Strategic Hire for ETF and Office Expansion
March 19, 2015--Beacon Consulting Group (Beacon) announces the addition of Steve Messinger to the management team as it continues its West Coast growth and expansion in the ETF and investment management industry.
Steve joins Beacon as a Managing Director and his responsibilities will include leading client engagements, business development, and driving strategic initiatives.
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Source: Beacon Consulting Group
Emerging Market debt markets offer value and diversity
March 19, 2015--There are significant pockets of value in emerging markets debt with a wide variety of options for investors to access fixed income assets at a low cost, according to Francis Rodilosso, Senior Investment Officer for Van Eck Global's Market Vector's fixed income exchange traded funds (ETFs).
Mr Rodilosso said rising demand for emerging markets debt from pension funds and insurance companies should underpin ongoing demand.
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Source: Professional Planner
Regulators Outpace Physicists in Race to Catch Flash Boys
March 18, 2015-- Regulators are testing the limits of science in their drive to stop high-frequency traders from manipulating European securities markets.
The European Securities and Markets Authority wants high-frequency trading venues to synchronize their clocks to within a nanosecond, or one-billionth of a second, to help supervisors better track potential market manipulation.
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Source: Bloomberg
DB-Synthetic Equity & Index Strategy-US ETF Market Weekly Review-Equity ETPs attract $6.7bn in fresh new cash
March 18, 2015--Friday, March 13th
Market and Net Cash Flows Review
The US (S&P 500) fell by 0.86%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 1.72% and 3.24%, respectively. In the meantime, performance was mixed across US sectors.
The Healthcare (+0.46%) and the Financials (+0.41%) sectors recorded the largest increases; Energy (-2.94%) and Technology (-2.16%) were the worst performing sectors. The DB Liquid Commodity Index fell by 3.62%; similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold, and Silver prices fell by 2.47%, 9.61%, 0.74%, and 1.53%, respectively.
Moving into other asset classes, the 10Y US Treasury Yield decreased 11bps ending at 2.13%. Last but not least, Volatility (VIX) rose by 5.26% during the same period.
The total US ETP flows from all products registered $5.5bn (+0.3% of AUM) of inflows during last week vs. $0.4bn (+0.0%) of inflows the previous week, setting the YTD weekly flows average at +$3.2bn (+$34.8bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of +$6.7bn (+0.4%), -$1.4bn (-0.4%), and -$0.1bn (-0.1%) last week vs. +$6.0bn (+0.4%), -$4.7bn (-1.4%), and -$1.1bn (-1.8%) in the previous week, respectively.
Among US sectors, Consumer Discretionary (+$0.4bn, +2.3%) and Healthcare (+$0.3bn, +0.6%) received the top inflows, while Energy (-$0.4bn, -1.1%) and Industrials (-$0.3bn, -1.8%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: VIG (+$3.2bn), HEDJ (+$1.3bn), EFA (+$1.0bn)
Top 3 +ETPs & ETNs by outflows: EEM (-$1.7bn), SPY (-$1.2bn), HYG (-$1.0bn)
New Launch Calendar: US mid and large-cap equities, US small and mid cap equities, China A Shares, IG Corporate bonds, Homebuilders
There were ten new ETFs and two new ETNs listed during the previous week. The products offer exposure to high dividends US equities with focus on mid and large cap, high dividends small and mid cap US equities, China A-Shares, IG corporate bonds with a maturity targeted between 2017 and 2025, and two thematic ETNs focusing on homebuilders companies including a double leverage.
Turnover Review: Floor activity increased by 1.9%
Total weekly turnover increased by 1.9% to $357.9bn vs. $351.1bn from the previous week. However, last week's turnover level was 11.2% over last year's weekly average. Equity ETPs turnover increased by $13.4bn (+4.4%); while Fixed Income and Commodity ETPs turnover decreased by $6.0bn (-19.2%) and $0.9bn (-9.0%), respectively.
Assets under Management (AUM) Review: Assets dropped by $9.0bn
US ETP assets dropped by $9.0bn (-0.4%) totaling $2.025 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +2.3% YTD. Assets for Equity, Fixed Income, and Commodity ETPs moved -$6.5bn, -$1.2bn, and -$1.7bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
CFTC Swaps Report Update
March 18, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 17-18 FOMC meeting
March 18, 2015--The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the March 17-18 meeting of the Federal Open Market Committee.
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Source: FRB
Federal Reserve issues FOMC statement
March 18, 2015--Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat. Labor market conditions have improved further, with strong job gains and a lower unemployment rate.
A range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; declines in energy prices have boosted household purchasing power. Business fixed investment is advancing, while the recovery in the housing sector remains slow and export growth has weakened. Inflation has declined further below the Committee's longer-run objective, largely reflecting declines in energy prices. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable.
