Americas ETP News
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WisdomTree on US sales hiring spree
February 11, 2015--WisdomTree is plotting a major expansion of its US sales force, including hiring a dedicated head of sales,
in order to capitalise on what it calls the "tremendous opportunities" in the $2tn exchange traded fund market.
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Source: FT.com
Invesco PowerShares Adds Five ETFs to Schwab OneSource(TM)
Leading Global ETF Provider Adds Five Products to Line-up Bringing Total Offerings Within Commission-Free Program to 24
February 10, 2015--Invesco PowerShares Capital Management, LLC ("PowerShares"), a leading global provider of exchange-traded funds (ETFs)
announced today that it has expanded its offerings on Schwab ETF OneSource(TM), the program that provides investors and advisors with access to the most commission-free ETFs in the industry1. As of February 1, 2015, Schwab clients can now buy and sell 24 PowerShares ETFs, with $0 online commissions.
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Source: Invesco PowerShares Capital Management
Bond Trading Needs a More Thorough Review, SEC Official Says
February 10, 2015--Large investors including BlackRock Inc. have criticized the structure of the U.S. bond market in recent years. Even the market's regulator says trading needs to be reviewed better.
"We spend a lot of time on equities, when there is a greater amount of efficiency," Stephen Luparello, the Securities and Exchange Commission’s director of trading and markets, said Tuesday at a Investment Company Institute conference in New York. "We spend less time on fixed income, when there is a greater amount of inefficiency."
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Source: Bloomberg
First Asset Launches Smart Balanced Portfolio Solution
February 10, 2015--First Asset Investment Management Inc. is pleased to announce the launch of First Asset Core Balanced ETF (TSX:CBB), a low-cost balanced ETF portfolio solution.
Investing in primarily Canadian issuers, First Asset Core Balanced ETF`s investment objective is to seek to provide holders of its units with a balance between long term capital appreciation and consistent income while diversifying risk by investing the portfolio to gain exposure to equity and fixed income securities.
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Source: First Asset
First Asset Energy Giants Covered Call ETF: Combining the Largest Energy Producers in the World with Higher Cash Flow
February 10, 2015--First Asset Investment Management Inc. is pleased to announce the launch of First Asset Energy Giants Covered Call ETF (TMX: NXF).
NXF invests on an equal weight basis in a portfolio of equity securities of the 15 largest non-Canadian oil and gas exploration and production companies measured by $USD market capitalization with common stock or ADRs listed on a Canadian or U.S. stock exchange, and employs a covered call option writing program on approximately, and not more than, 25% of the securities of each portfolio issuer.
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Source: First Asset
Wall Street Says Fed Rule Hampers Efforts to Shrink Big Banks
February 9, 2015--Big U.S. banks have a big, overarching concern with a new capital rule proposed by the Federal Reserve: Uncertainty.
The proposed rule would hit the eight biggest U.S. banks with an extra capital requirement, scaled to each bank’s relative riskiness, as measured by a series of complex calculations.
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Source: Wall Street Journal
SEC proposes stricter rules for hedging disclosures
February 9, 2015--The Securities and Exchange Commission is considering stricter rules for publicly traded companies to disclose hedging policies.
The new rules would require companies to disclose whether their director, officers and other employees are allowed to hedge or offset any decreases in the market value of stock shares that are granted to them by the company as compensation or held directly or indirectly by employees or directors.
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Source: The Hill
SEC Proposes Rules for Hedging Disclosure
February 9, 2015--The Securities and Exchange Commission today announced it has approved the issuance of proposed rules that would enhance corporate disclosure of company hedging policies for directors and employees, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The proposal would require disclosure about whether directors, officers and other employees are permitted to hedge or offset any decrease in the market value of equity securities granted by the company as compensation or held, directly or indirectly, by employees or directors.
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Source: SEC.gov
Morgan Stanley US ETF Weekly Update
February 9, 2015--US ETF Weekly Update
Weekly Flows: $15.0 Billion Net Inflows
Third Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion
Five ETF Launches Last Week
United States Commodity Funds Announces ETF Closure
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $15.0 bln last week; third consecutive week of net inflows
Last week's net inflows were led by Fixed Income ETFs at $9.5 bln; conversely, US Sector & Industry ETFs posted net outflows of $2.7 bln, the most of any category we measured
US Large-Cap ETFs also had a big week, posting net inflows of $3.1 bln
Nine of the 15 categories we measured posted net inflows last week
ETF assets stand at $2.0 tln, up 2% YTD
13-week flows remain positive among most asset classes; combined $88.2 bln in net inflows
Fixed Income ETFs generated net inflows of $24.4 bln over the last 13 weeks, the most of any category, and accounted for 28% of total ETF net inflows; Fixed Income ETFs have 16% market share
International - Emerging ETFs exhibited net outflows of $3.8 bln over the last 13 weeks, the most of any category, and one of only three segments to post net outflows; International - Emerging ETFs have 7% market share
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $2.3 bln last week, leading all ETFs
First net inflows in SPY in the last six weeks
Three US Treasury 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 $4.3 bln in net inflows last week
Notably, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) had another week of net inflows; HYG generated net inflows of $1.1 bln last week and $2.6 bln over the last 13 weeks
The iShares US Technology ETF (IYW) posted net outflows of $1.2 bln last week, the most of any ETF; IYW has exhibited net outflows nine of the last 13 weeks
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading was essentially flat in January at 29% relative to December; 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 decreased by $13 bln last week compared to the prior week, but is 15% above its 13-week average
US Sector & Industry ETFs accounted for 18% of ETF $ volume last week, above their 14% 13-week average; US Sector & Industry ETFs make up 12% of ETF market cap
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 1/15/15
Industrials Select Sector SPDR (XLI) had the largest increase in USD short interest at $485 mln
Despite XLI's recent increase in shares short, its 45 mln shares short are essentially in-line with its 52-week average
Notably, shares short for the Market Vectors Gold Miners ETF (GDX) are at their highest level of all time, at 41 mln shares
731 ETFs exhibited short interest increases while 592 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $236 mln over the period ended 1/15/15
The average shares short/shares outstanding for ETFs is currently 3.8%, flat from last period
For the fourth straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 457%
Eight of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, XOP, XBI, DRV, XRT, IYR, OIH, XME)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$9.9 bln in total market cap of ETFs less than 1-year old
Active ETFs make up 33% of recently launched ETF market share, the most of any ETF category; based on the number of SEC filings, we anticipate Active ETF issuance to remain robust
Despite mixed performance, 55 International Equity ETFs have come to market over the last year
Eighteen new ETF listings and 20 closures YTD
The top 10 most successful launches make up 56% of the market cap of ETFs launched over the past year
Five ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches
The First Trust Enhanced Short Maturity ETF (FTSM) generated net inflows of $813 mln last week, the most of any recently launched ETF; FTSM is an actively managed ETF that invests in short-duration, USD-denominated, investment grade securities
Notably, the First Trust Eurozone AlphaDEX ETF (FEUZ) exhibited net outflows of $276 mln, the most of any recently launched ETF
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Source: Morgan Stanley
ETFs/ETPs listed in Canada gathered net inflows of US$400 million in January 2015, according to ETFGI
February 9, 2015--ETFGI's new research finds ETFs/ETPs listed in Canada gathered net inflows of US$400 Mn in January.
The Canadian ETF industry had 347 ETFs, with 490 listings, assets of US$62 Bn, from 9 providers listed on 1 exchange at the end of January, according to preliminary data from ETFGI’s end January 2015 global ETF and ETP industry insights report.
In January, ETFs/ETPs saw net inflows of US$400 Mn. Fixed income ETFs/ETPs gathered the largest net inflows with US$366 Mn, while equity ETFs/ETPs experienced the largest net outflows with US$118 Mn followed by commodities which recorded net outflows of US$8 Mn.
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Source: ETGI
