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U.S. House Approves Legislation Easing Dodd-Frank Provisions
January 14, 2015--House Republicans made one of their first attempts in the new Congress to roll back Dodd-Frank constraints on Wall Street, in what's poised to become a recurring battle with Democrats who oppose changing the law.
Today's 271-154 vote on legislation that would delay aspects of the Volcker Rule restriction on banks making risky investments followed a failed effort to advance the bill last week.
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Source: Bloomberg BusinessWeek
Direxion Debuts Lightly Leveraged ETFs
January 14, 2015--Leveraged ETFs have traditionally been the domain of aggressive traders, hedge funds, and other institutional investors with an above-average risk tolerance.
They have been introduced in variations that are typically two or three times the daily underlying or inverse price movement of a heavily traded index.
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Source: Nasdaq.com
SEC Adopts Rules to Increase Transparency in Security-Based Swap Market
Commission Also Proposes Additional Security-Based Swap Transaction Reporting Rules and Guidance
January 14, 2015--The Securities and Exchange Commission today adopted two new sets of rules that will require security-based swap data repositories (SDRs) to register with the SEC and prescribe reporting and public dissemination requirements for security-based swap transaction data.
Source: SEC.gov
New Study-Funds That Use Options-Growth (Part 1)
January 13, 2015--A new study -"Highlights of Performance Analysis of Options-Based Equity Mutual Funds, CEFs, and ETFs"-analyzed SEC-regulated investment companies that focus on use of exchange-listed options for portfolio management (options-based funds).
Key highlights of the study are summarized below, and for more analysis please visit www.cboe.com/funds.
CO-AUTHORS of the CBOE-commissioned study on behalf of INGARM are Keith Black, Ph.D., CAIA, CFA, Managing Director of CAIA (Chartered Alternative Investment Analyst Association) and Edward Szado, Ph.D., CFA, Assistant Professor of Finance, Providence College.
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Source: Matt Moran, CBOE
SEC Announces 2015 Examination Priorities
January 13, 2015--The Securities and Exchange Commission today announced its Office of Compliance Inspections and Examinations’ (OCIE) priorities for 2015 which focus on three areas: protecting retail investors, especially those saving for or in retirement; assessing market-wide risks; and using data analytics to identify signs of potential illegal activity.
"Our examination program collects information for the Commission on a range of important trends, issues, and risks,” said SEC Chair Mary Jo White. "OCIE helps us to maintain a strong presence with SEC registrants and to make a positive impact for the benefit of investors and our markets."
view the EXAMINATION PRIORITIES FOR 2015
Source: SEC.gov
ETFGI Press Release December 2014: United States
January 12, 2015--ETFs/ETPs listed in the United States end 2014 surpassing the 2 trillion US dollars in assets and gathering 245.7 billion US dollars a record level of net new assets according to research by ETFGI
ETFGI's research finds 2014 was a very good year for the ETF/ETP industry in the United States. Some highlights:
Assets invested in the ETF/ETP industry in the United States surpassed the US$2 trillion milestone at the end of 2014.
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Source: ETFGI
ETFGI Press Release December 2014: Canada
January 12, 2015--The ETF/ETP industry in Canada gathered a record level of 2.7 billion US dollars in net new assets in December 2014 according to ETFGI
ETFGI's research finds the ETF/ETP industry in Canada gathered a record level of 2.7 billion US dollars in net new asset (NNA) in December 2014.
During 2014 net inflows totalled US$9.2 billion. At the end of December 2014, the Canadian ETF industry had 341 ETFs, with 475 listings, assets of US$66 Bn, from 9 providers listed on 1 exchange, according to preliminary data from ETFGI’s end December 2014 Global ETF and ETP industry insights report.
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Source: ETFGI
Gross Says Pimco Fired Him After Offer to Scale Back Role
January 12, 2015--Bill Gross said he was fired from Pacific Investment Management Co., the first time he's publicly confirmed that he was dismissed from the firm he co-founded in 1971.
Gross, speaking in an interview with Bloomberg View's Barry Ritholtz, said he offered to step down from the executive committee and compensation committee and oversee closed-end funds after differences with management over his personality and the firm's business direction.
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Source: Bloomberg
US ETF Weekly Update-Weekly Flows: $4.6 Billion Net Outflows
January 12, 20155--US ETF Weekly Update
Weekly Flows: $4.6 Billion Net Outflows
First Net Outflows in 14 Weeks
We Estimate 2014 ETF Net Inflows at $240.4 Billion
High
conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion
Six ETF Launches Last Week
First Trust ETF Undergoes Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $4.6 bln last week; first net outflows in 14 weeks
Last week's net outflows were led by US Large-Cap ETFs at $9.3 bln; conversely, US Sector & Industry ETFs posted net inflows of $2.8 bln, the most of any category we measured
Eleven of the 15 categories we measured posted net inflows last week
We estimate ETFs generated net inflows of $240.4 bln in 2014
ETF assets stand at $2.0 tln; ETF assets were up 18% in 2014
13-week flows remain positive among most asset classes; combined $110.8 bln in net inflows
US Large-Cap ETFs generated net inflows of $38.8 bln over the last 13 weeks, the most of any category, and accounted for 35% of total ETF net inflows
International - Emerging ETFs exhibited net outflows of $2.3 bln over the last 13 weeks, the most of any category, and one of only four sectors to post net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Health Care Select Sector SPDR (XLV) posted net inflows of $884 mln last week, leading all ETFs
Notably, the United States Oil Fund (USO) had net inflows of $396 mln last week, which equates to 26% of its current market cap; USO owns near month WTI oil futures contracts
The iShares Core MSCI Total International Stock ETF (IXUS) also generated large net inflows last week relative to its market cap; IXUS exhibited net inflows of $386 mln, which equates to 31% of current market cap
The SPDR S&P 500 ETF (SPY) posted net outflows of $7.7 bln last week, the most of any ETF; SPY typically struggles from a flows standpoint during the first quarter of each year
Over the last 13 weeks, the iShares MSCI Emerging Markets ETF (EEM) has exhibited net outflows of $2.4 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading jumped to 30% in December, up from 23% in November; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume increased by $188 bln last week compared to the prior week and is 19% above its 13-week average
US Large-Cap ETFs accounted for 46% of ETF $ Volume last week, above their 43% 13-week average; US Large-Cap ETFs comprise 27% of ETF market cap
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 12/15/14
Energy Select Sector SPDR (XLE) had the largest increase in USD short interest at $1.0 bln
XLE's shares short at 66 mln are at their highest level since 9/30/11 as oil prices have declined dramatically over the past few months
Notably, shares short for the iShares Russell 2000 ETF (IWM) at 106 mln are at their lowest level since 1/15/09
595 ETFs exhibited short interest increases while 774 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $3.2 bln over the period ended 12/15/14
The average shares short/shares outstanding for ETFs is currently 3.9%, down from 4.2% last period
For the second straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 457%
Seven of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, XOP, XRT, XBI, IYR, OIH, DRV)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.2 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 25% of recently launched ETF market share, the most of any ETF category; notably, Active ETFs have posted $291 mln in net outflows over the last 13 weeks coming primarily from the First Trust Enhanced Short Maturity ETF (FTSM)
Over the last 13 weeks, recently launched US Custom ETFs have generated net inflows of $925 mln, the most of any category
190 new ETF listings and 72 closures in 2014
The top 10 most successful launches make up 45% of the market cap of ETFs launched over the past year
Four ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches
The First Trust Dorsey Wright Focus 5 ETF (FV) had another solid week of net inflows at $87 mln; FV has a market cap of $1.4 bln and is the largest recently launched ETF
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Source: Morgan Stanley
U.S. SEC economists to write paper on risky ETFs and market volatility
January 9, 2015--U.S. Securities and Exchange Commission economists have begun scrutinizing riskier types of exchange-traded funds as part of an effort to determine whether they may inflame already rocky market conditions.
SEC Chief Economist Mark Flannery said he and colleagues had started working on a white paper about the extent to which ETFs "exacerbate financial volatility."
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Source: Reuters
