Americas ETP News
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CFTC Certifies Futures Contracts on the CES China 120 Index and the HSI Volatility Index Submitted by Hong Kong Futures Exchange Limited (HKFE)
September 17, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight issued a letter advising the Hong Kong Futures Exchange Limited (HKFE) that its CES China 120 Index futures contract and its HSI Volatility Index futures contract submitted for review on
August 2, 2013 are deemed certified.
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Source: CFTC.gov
CBO The 2013 Long-Term Budget Outlook
September 17, 2013--Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing federal debt to soar.
Federal debt held by the public is now about 73 percent of the economy's annual output, or gross domestic product (GDP). That percentage is higher than at any point in U.S. history except a brief period around World War II, and it is twice the percentage at the end of 2007. If current laws generally remained in place, federal debt held by the public would decline slightly relative to GDP over the next several years, CBO projects. After that, however, growing deficits would ultimately push debt back above its current high level. CBO projects that federal debt held by the public would reach 100 percent of GDP in 2038, 25 years from now, even without accounting for the harmful effects that growing debt would have on the economy (see the figure below). Moreover, debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely.
view the CBO The 2013 Long-Term Budget Outlook
Source: Congressional Budget Office (CBO)
Morgan Stanley-US ETF Weekly Update
September 17, 2013--US ETF Weekly Update
Weekly Flows: $17.6 Billion Net Inflows
First Week of Net Inflows in the Past Five Weeks
ETF Assets Stand at $1.5 Trillion, up 14% YTD
No ETF Launches Last Week
Vanguard S&P 500 ETF (VOO) Announces Reverse Split
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net inflows of $17.6 bln last week, the first week of net inflows over the past five weeks
ETF net inflows were driven primarily by US Large-Cap ETFs and International- Emerging ETFs, which combined for net inflows of $11.1 bln (63% of net inflows this past week)
Only three of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.5 tln, up 14% YTD; $105.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $35.5 bln in net inflows
International- Developed ETFs generated net inflows of $13.1 bln over the last 13 weeks, the most of any category we measured
Strong net inflows into International- Emerging ETFs this past week brought 13-week net inflows for this segment into positive territory at $1.0 bln; interestingly, over the past 13 weeks, the ETFs in this segment with the highest net inflows and outflows both track broad, market- cap weighted EM equity indices
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $4.8 bln this past week, the most of any ETF
The iShares Floating Rate Bond ETF (FLOT) was the only fixed income ETF in the top ten ETFs with the highest net inflows this past week; FLOT provides exposure to investment grade floating rate notes with maturities between one month and five years
Six of the ten ETFs with the highest cash flows last week track broad, market-capitalization weighted indices
The SPDR Gold Trust (GLD) had the highest net outflows last week at just $349 million; net outflows were muted as only 180 ETFs had net outflows (average outflows of $22 mln); by comparison, 330 ETFs experienced net inflows last week (average inflows of $66 mln)
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net inflows of $17.6 bln last week, the first week of net inflows over the past five weeks
ETF net inflows were driven primarily by US Large-Cap ETFs and International- Emerging ETFs, which combined for net inflows of $11.1 bln (63% of net inflows this past week)
Only three of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.5 tln, up 14% YTD; $105.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $35.5 bln in net inflows - International- Developed ETFs generated net inflows of $13.1 bln over the last 13 weeks, the most of any category we measured
Strong net inflows into International- Emerging ETFs this past week brought 13-week net inflows for this segment into positive territory at $1.0 bln; interestingly, over the past 13 weeks, the ETFs in this segment with the highest net inflows and outflows both track broad, market- cap weighted EM equity indices
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $4.8 bln this past week, the most of any ETF
The iShares Floating Rate Bond ETF (FLOT) was the only fixed income ETF in the top ten ETFs with the highest net inflows this past week; FLOT provides exposure to investment grade floating rate notes with maturities between one month and five years
Six of the ten ETFs with the highest cash flows last week track broad, market-capitalization weighted indices
The SPDR Gold Trust (GLD) had the highest net outflows last week at just $349 million; net outflows were muted as only 180 ETFs had net outflows (average outflows of $22 mln); by comparison, 330 ETFs experienced net inflows last week (average inflows of $66 mln)
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume increased to 27% of listed trading volume in August (up from 26% in July)
Over the past 5 years, ETFs peaked at 36% of listed trading volume in November 2008
ETFs traded $257 bln last week, 9% below their 13-week average
Fixed Income ETFs accounted for only 6% of volume last week, however, make up 16% of ETF market cap
US-Listed ETFs: Short Interest Data Updated: Based on data as of 8/30/13
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $7.4 bln
SPY’s shares short are at their highest level since 5/31/12 and 19% above their one-year average
Shares short of iShares MSCI EAFE ETF (EFA) declined to 30.8 mln from 41.2 mln on 8/15/13 and are now roughly in-line with the average shares short over the past year
Aggregate ETF USD short interest decreased by $10.2 bln over the period ended 8/30/13
The average shares short/shares outstanding for ETFs is currently 4.5%
The SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding at 360%, surpassing the CurrencyShares Euro Trust (FXE), which had exhibited the highest shares short as a % of shares outstanding for seven consecutive periods
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.8 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 47% of market capitalization of ETFs launched over the past year and, over the past week, took in over 73% of the net inflows into ETFs that are less than 1-year old
Newly launched Fixed Income ETFs generated net inflows of $752 mln the past 13 weeks, the most of any category
91 new ETF listings and 31 closures/delistings YTD (12 additional closures announced)
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The top 10 most successful launches make up 68% of the market cap of ETFs launched over the past year
Four ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five
The iShares Core MSCI Emerging Markets ETF (IEMG) had the highest net inflows this past week of $117 mln; prior to last week, IEMG had five consecutive weeks in which it had zero net flows
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Source: Morgan Stanley
IndexIQ files with the SEC
September 17, 2013--IndexIQ has filed a amendment no.1 to a application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Horizons ETFs launches two new low-fee sector ETFs and extends fee rebate on HXT
September 17, 2013--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce the launch of two new exchange traded funds ("ETFs") that will provide investors with the lowest-cost ETF exposure to the financials and energy sectors of the Canadian stock market.
The Horizons S&P/TSX Capped Financials Index ETF ("HXF") and the Horizons S&P/TSX Capped Energy Index ETF ("HXE") will begin trading on the Toronto Stock Exchange ("TSX") today under the following ticker symbols:
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Source: Horizons ETFs Management (Canada) Inc.
SEC money-market proposals will hurt U.S. municipalities-treasurers
September 17, 2013--A federal proposal to regulate money market funds will have indirect, costly and burdensome consequences for U.S. local governments and states, say state treasurers who are pressing the Securities and Exchange Commission to drop attempts at reforming the funds' valuations and withdrawals.
"The SEC's proposed rule changes would be detrimental to competition, efficiency, and capital formation for our members as well as cities, counties, and other municipal entities. We do not believe additional changes to money fund regulation are needed at this time," the National Association of State Treasurers wrote in a letter released on Tuesday.
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Source: Reuters
Stock-Options Trading Halted After Data Feed Problem
Technical Glitch Is Latest to Strike Critical Trading Systems
September 16, 2013--U.S. options trading briefly ground to a halt Monday afternoon due to a problem with a benchmark data feed supplying options prices to traders, the latest technology breakdown to strike systems critical to U.S. trading operations.
The market halted at about 1:40 p.m. EDT following an outage at the Options Price Reporting Authority, or OPRA, an electronic pipeline delivering information on options trades and quotes to brokers and investors.
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Source: Wall Street Journal
NYSE Euronext Announces Final Index Composition for Enhanced NYSE Arca Gold Miners Index
Now includes non-U.S. listed gold mining companies
Changes effective September 23, 2013
September 16, 2013--NYSE Euronext today announced an enhanced methodology for the NYSE Arca Gold Miners Index (GDM), the preeminent index covering the gold mining industry.
For the first time ever, the index will include non-U.S. listed companies and set a minimum market capitalization requirement of $750 million for component companies. The changes will be enacted at the next index rebalance effective before the open on Monday, September 23, 2013.
"The NYSE Arca Gold Miners Index is the leading benchmark covering the gold mining industry for the community of market participants and exchange traded product issuers on our exchange," said Dwijen Gandhi, managing director, Global Index and Exchange-Traded Products.
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Source: NYSE Euronext
S&P 500 breaks back above 1,700
September 16, 2013--The S&P 500 broke back above the 1,700 level in intraday trading on Monday as US equities rallied and bond yields fell following news that Lawrence Summers withdrew his name for consideration as the next Federal Reserve chairman.
Real estate stocks were the primary beneficiaries of the rally as the US 10-year Treasury yield fell sharply early but rebounded to finish only 2 basis points lower. The moves encouraged investors about the prospects of a continued US housing recovery.
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Source: FT.com
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly-Markets and $17.6bn inflows push assets higher by 2.7%
September 16, 2013--Data in this report is as of Fri, Sep 13
Market and Net Cash Flows Review
Markets reacted positively to the latest developments in Syria. The US (S&P 500) edged higher by 1.98%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 2.45% and 3.31%,respectively.
In the meantime, performance was positive across US sectors. Industrials (+2.98%) and Consumer Discretionary (+2.69%) recorded the biggest gains; The DB Liquid Commodity Index fell by 1.52%. In the meantime, the Agriculture sector (DB Diversified Agriculture Index) rose by 0.61%; while the WTI Crude Oil, Gold and Silver prices dropped by 2.10%, 4.71% and 6.88%, respectively. Moving into other asset classes, the 10Y US Treasury Yield dropped 4bps ending at 2.90%. Last but not least, Volatility (VIX) dropped by 10.66% during the same period.
The total US ETP flows from all products registered $17.6bn (+1.2% of AUM) of inflows during last week vs. $2.8bn (-0.2%) of outflows the previous week, setting the YTD weekly flows average at +$2.9bn (+$107.8bn YTD in total cash flows).
Equity, Fixed Income and Commodity ETPs experienced flows of +$17.0bn (+1.5%), +$0.9bn (+0.3%) and -$0.4bn (-0.5%) last week vs. -$5.9bn (-0.5%), +$2.9bn (+1.2%) and +$0.2bn (+0.2%) in the previous week, respectively.
Among US sectors, Industrials (+$0.6bn, +5.9%) and Information Technology (+$0.4bn, +2.0%) received the top inflows, while Telecommunication Services (-$0.0bn, -2.1%) experienced the only outflows.
Top 3 ETPs & ETNs by inflows: SPY (+$4.8bn), EEM (+$2.7bn), IWM (+$0.9bn)
Top 3 ETPs & ETNs by outflows: GLD (-$0.3bn), LQD (-$0.2bn), TIP (-$0.2bn)
New Launch Calendar: No new listings
There were no new listings during last week.
Turnover Review: Floor activity increased by 8.7%
Total weekly turnover increased by 8.7% to $257.7bn vs. $237.0bn from the previous week. However, last week's turnover level was 4.4% below last year's weekly average. Equity and Commodity ETPs turnover increased by $23.5bn (+11.5%) and $1.2bn (+13.5%), respectively; while Fixed Income ETPs turnover decreased by $3.9bn (-17.6%) during the same period.
Assets under Management (AUM) Review: assets rose by $40.3bn
US ETP assets rose by $40.3bn (+2.7%) totaling $1.523 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +14.2% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$42.1bn, +$1.7bn and -$3.6bn during last week, respectively.
Visit https://eqindex.db.com/etf/ for more info.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
