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DB-Synthetic Equity & Index Strategy-North America-US ETF Market Monthly Review-Market rally and healthy inflows push ETPs AUM to new all-time highs
October 4, 2013--Data in this report is as of Monday, Sept 30th
US ETP assets higher by $77bn
ETP assets in the US rose by $76.7bn to $1.544 trillion (YTD +15.8%) last month. Global ETP industry assets closed at $2.099 trillion (YTD +14.1%)
Flows Review: Risk is king
US ETPs experienced inflows of $32.4bn during September (+2.2% of last month's AUM).
Within long-only ETPs, total flows were +$32.4bn in September vs. -$19.6bn in August. Equity, Fixed Income and Commodity long-only ETPs experienced flows of +$27.5bn, +$5.3bn and -$0.5bn, respectively.
Numbers suggest that September long-only ETP flows were supportive of risk, especially right after the Fed's no-taper decision; Equity ETPs definitely took the center of the stage. Within equities, most of the attention was centered on US (+$12.9bn) ETPs; although, international ETPs had their own very generous share as well. DM ex US and EM ETPs experienced inflows of $6.7bn and $5.6bn, respectively; mostly favoring broad regional benchmarks. Meanwhile, in the Fixed Income space we saw investors pouring cash both into Corporate (+$2.7bn) as well as Sovereign (+$2.9bn) debt ETPs, with IG (+$3.2bn) overtaking HY (+$2.5bn), although the up-trend was more steady for HY; ETP curve positioning favored the medium range (+$3.5bn), however Short Duration remained as the most consistent trend positioning (+$1.6bn). Lastly, Commodity ETPs saw outflows of -$0.5bn, mostly driven by Gold ETPs.
New Launch Calendar: income, emerging markets, MLPs, Europe, Short Duration IG and HY Corporate debt
There were four new ETPs and three new ETNs listed during the previous month. Five of them were listed in the NYSE Arca, one listed in Nasdaq and the remaining one was listed in BATS. The new products offer exposure to short maturity IG bonds, HY corporate bonds with set maturity, thematic exposure to emerging markets, MLPs, Europe and income through a diversified basket of securities.
Turnover Review: Floor activity increased by 1.3% in September
ETP turnover totaled $1.182 trillion last month, 1.3% (+$14.8bn) higher than the previous month figure of $1.167 trillion, and 1.2% above last year's monthly average of $1.168 trillion. Equity ETPs turnover increased by $17.9bn (+1.8%); while Fixed Income and Commodity ETPs turnover decreased by $2.0bn (-2.2%) and $0.3bn (-0.6%), respectively.
ETP trading made up 26.9% of all US cash equity trading in September, down from this year's peak of 32.0% in June, and still below its 3-year monthly average of 28.1%.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy -North America
Bill McNabb elected ICI chairman
October 4, 2013--The Investment Company Institute's board of governors has elected Bill McNabb, Vanguard chairman and CEO, as its chairman for a one-year term.
"Bill McNabb, already a leader in our industry, has a strong vision for the industry's future," said ICI president and CEO Paul Stevens. "He is widely respected for his contributions and will excel in the role of chairman. I look forward with great pleasure to working with him and our exceptional board of governors."
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Source: Vanguard
NYSE ARCA U.S. New lsitings
October 4, 2013--New listing on NYSE Arca US
ISSUER:Deutsche Bank
LISTING:FI Enhanced Global High Yield Exchange Traded Notes
SYMBOL: FIEG
LISTING DATE : 10/08/2013
ISSUER: ALPS
LISTING:RiverFront Strategic Income Fund
SYMBOL: RIGS
LISTING DATE: 10/08/2013
ISSUER:Direxion
LISTING: Direxion Daily Junior Gold Miners Index Bull 3X Shares
SYMBOL: JNUG
LISTING DATE:
10/03/2013
ISSUER: Direxion
LISTING: Direxion Daily Junior Gold Miners Index Bear 3X Shares
SYMBOL:JDST
LISTING DATE:
10/03/2013
ISSUER: RevenueShares
LISTING: RevenueShares Ultra Dividend Fund
SYMBOL: RDIV
LISTING DATE:
10/01/2013
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Source: NYSE Euronext
Index Provider MVIS Announces Licensing of Its Market Vectors Global Junior Gold Miners Index to Direxion Shares
Index underlies leveraged and inverse leveraged Direxion Shares ETFs
October 4, 2013--Market Vectors Index Solutions today announced the licensing of its Market Vectors Global Junior Gold Miners Index (MVGDXJ) to US-based exchange-traded funds (ETF) provider Direxion Shares to underlie leveraged and inverse leveraged ETFs.
Since October 3, 2013, the index underlies the NYSE Arca-listed Direxion Daily Junior Gold Miners Index Bull 3X Shares ETF and the Direxion Daily Junior Gold Miners Index Bear 3X Shares ETF.
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Source: Market Vectors Index Solutions GmbH
Direxion Launches Leveraged and Inverse Junior Gold Miners ETFs
New Products Enable Both Bull and Bear Investors to Seek to Capitalize on Equity Performance of Domestic and International Junior Gold-Mining Companies
October 3, 2013--Direxion, a leader in alternative investment solutions, has launched two leveraged exchange-traded funds (ETFs) tracking the global equity performance of junior gold-mining companies.
The Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG) seeks to achieve daily investment results, before fees and expenses, of 300 percent of the performance of the Market Vectors™ Junior Gold Miners Index. The Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST) seeks daily investment results, before fees and expenses, of 300 percent of the inverse of the performance of the Market Vectors Junior Gold Miners Index.
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Source: Direxion
JPMorgan's Dimon gives up chairman role at bank subsidiary
October 3, 2013--JPMorgan Chase & Co chairman and CEO Jamie Dimon has given up the title of chairman of the company's main bank subsidiary to conform with a new internal policy on multiple roles.
Dimon has been under regulator scrutiny since the company last year disclosed it was losing billions of dollars on derivatives in what has become known as the "London Whale" trades. At this year's annual meeting, he won a vote of confidence called, in part, because of a breakdown in risk controls.
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Source: Reuters
CBOE's SPXpm Options Establish New Daily Volume Record
October 3, 2013--Chicago Board Options Exchange, Incorporated (CBOE(R) today reported that trading volume in SPXpmSM--S&P 500(R) Index options that are PM-settled--established an all-time daily volume record yesterday as 54,611 contracts changed hands.
Wednesday's record surpassed the previous daily volume record of 39,472 SPXpm contracts traded on June 21, 2013.
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Source: CBOE
Schwab Study Finds 22% Rise in Demand for ETFs
October 3, 2013--For a growing number of investors, exchange-traded funds (ETFs) are being embraced as a mainstay of a diversified portfolio. According to the 2013 ETF Investor Study by Charles Schwab, half of respondents plan to increase their ETF holdings over the next year-a 22 percent increase over those who said the same in 2012.
Nearly one in ten investors (nine percent) now hold 50 percent or more of their portfolios in ETFs, more than double the four percent seen last year. Cost and fees continue to be critical factors when making ETF buying decisions, but topping expense ratios and trade commissions is the concern among investors that ETFs could contain hidden fees.
"Demand is up across the board, and investors who own ETFs appear to be more interested in the product than ever," said Beth Flynn, vice president of ETF platform management at Charles Schwab.
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Source: Charles Schwab
Report: The Potential Macroeconomic Effect of Debt Ceiling Brinksmanship
Unprecedented default could result in recession comparable to or worse than 2008 financial crisis
October 3, 2013--The U.S. Department of the Treasury released a report today on the potential macroeconomic effects of debt ceiling brinksmanship.
The report states that a default would be unprecedented and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, and U.S. interest rates could skyrocket, potentially resulting in a financial crisis and recession that could echo the events of 2008 or worse. By looking at the disruptions to financial markets that ensued in 2011, the report examines a variety of economic indicators-including consumer and small business confidence, stock price volatility, credit risk spreads, and mortgage spreads- through which a similar episode might harm the economic expansion.
"As we saw two years ago, prolonged uncertainty over whether our nation will pay its bills in full and on time hurts our economy," Treasury Secretary Jacob J. Lew said. "Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need- a self-inflicted wound harming families and businesses. Our nation has worked hard to recover from the 2008 financial crisis, and Congress must act now to lift the debt ceiling before that recovery is put in jeopardy."
view the report-THE POTENTIAL MACROECONOMIC
EFFECT OF DEBT CEILING BRINKMANSHIP
Source: US Department of the Treasury
BATS Global Markets Reports 23.4% European Market Share-Sets Record In Germany's SDAX-U.S. Equities Market Share Totals 9.7%-BATS Options Reports 4.1% Market Share
U.S. Equities Market Share Totals 9.7%; BATS Options Reports 4.1% Market Share
October 2, 2013-- BATS Global Markets (BATS) today reported that BATS Chi-X Europe posted overall market share of 23.4% in September, with a new monthly market share record set in Germany's SDAX (8.8%) and its second-best month on record for market share in Depositary Receipts (FTSE ROIB, 8.3%).
BATS Chi-X Europe remained the largest pan-European market by market share and notional value traded in September, with monthly market share exceeding 26% in the UK, German, Swedish and Finnish markets.
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Source: BATS Global Markets (BATS)
