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DB-Synthetic Equity & Index Strategy-North America-US ETF Market Monthly Review-Market stress removes $63bn from ETP assets in June
July 3, 2013--Data in this report is as of Fri, June 28th
US ETP assets dropped $63bn during June
ETP assets in the US dropped by $62.7bn to $1.419 trillion (YTD +6.4%) last month. Global ETP industry assets closed at $1.921 trillion (YTD +4.4%)
Flows Review: investors stay in stocks while exiting bonds and commodities
US ETPs experienced outflows of $10.9bn during June (-0.7% of last month’s AUM).
Within long-only ETPs, total flows were -$10.6bn in June vs. +$17.6bn in May. Equity, Fixed Income, and Commodity long-only ETPs experienced flows of +$0.4bn, -$8.5bn, and -$2.3bn, respectively.
Long-only Equity ETPs (+$0.4bn) managed to gather new cash during June after experiencing significant outflows during the month. Region wise, flows favored the US (+$6.4bn) and DM ex US (+$1.0bn) products, while investors pulled out $6.3bn from EM ETPs. Value (+$1.3bn), Small Cap (+$2.7bn), Germany (+$1.2bn), and Hong Kong (-$1.1bn) ETP flows were some of the other major trends among equities for the month. In the meantime, Fixed Income products reflected the rates sell-off by recording $8.5bn in outflows (worst on record), despite the fact that short duration products received $4.0bn in inflows. Last but not least, Gold ETPs continued losing assets (-$2.3bn) in line with performance during last month.
New Launch Calendar: nineteen new listings covering multiple asset classes
There were seventeen new ETPs and two new ETN listed during the previous month. Fifteen of them were listed in the NYSE Arca, while the remaining four where listed in the Nasdaq. The new products offer exposure to country, sector, triple-leveraged bull-bear pairs, covered call, volatility hedged and currency-hedged country strategies, in addition to providing access to commodities, CEFs, broad and EM debt, investment grade and high yield as well as short and long duration bond portfolios.
Turnover Review: Floor activity increased by 20% in June
ETP turnover totaled $1.619 trillion last month, 20.0% (+$270bn) higher than the previous month figure of $1.349 trillion, and 38.6% above last year’s monthly average of $1.168 trillion. Equity and Fixed Income ETPs turnover increased by 20.5% (+$240.2bn) and 34.0% (+$34.5bn), respectively; meanwhile, Commodity ETPs turnover decreased by 18.3% (-$11.7bn) during June.
ETP trading made up 32.0% of all US cash equity trading in June, the highest level since November 2011, and 12.8% over its 3-year monthly average of 28.4%.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
DB-US ETF Model Portfolios-Country Rotation Portfolio Update
July 3, 2013--Country Rotation Update as of Jun 28th, 2013
L/S portfolios proved more resilient during June's market stress.
Market Performance
Global equity markets plunged in June. The MSCI AC World Index (ACWI) lost 2.60% during this period, with most countries recording negative returns.
ETF Country Rotation Portfolio (CRP) Series Performance
Our long portfolios posted negative returns for June. The tercile, quartile, and quintile portfolios recorded losses of 4.50%, 5.72%, and 5.70%, respectively. However the long/short portfolios recorded gains of 1.54%, 0.27% and 0.44% for the tercile, the quartile and the quintile portfolios, respectively. Turkey was the main drag on the long side, while Brazil, Greece, and Egypt were the largest contributors to performance on the short side.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
NASDAQ OMX Commemorates Six Months of Ownership of the NASDAQ Dividend Achievers Indexes
Nearly Thirty-Five Percent Growth in Assets Benchmarked to the Indexes Highlights Demand for Income-Generating Investment Products
July 2, 2013-- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today commemorates the six-month anniversary of the ownership of the NASDAQ Dividend and Income Index Family, which has seen assets under management (AUM) on products linked to the Family increase 34.7 percent, to $19.0 billion from $14.1 billion, since it was acquired from Mergent, Inc. in December 2012 and subsequently expanded with two additional indexes.
Assets benchmarked to the NASDAQ Dividend and Income Index Family reached an all-time high of $19.4 billion on June 18, 2013 since NASDAQ OMX purchased the suite of indexes in December 2012.
With the acquisition of the Dividend Achievers, NASDAQ OMX Global Indexes has catapulted into one of the largest providers of dividend indexes in the world, based on benchmarked assets.
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Source: NASDAQ OMX
Federal Reserve Board approves final rule to help ensure banks maintain strong capital positions
July 2, 2013-- The Federal Reserve Board on Tuesday approved a final rule to help ensure banks maintain strong capital positions that will enable them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns.
The final rule minimizes burden on smaller, less complex financial institutions.; It establishes an integrated regulatory capital framework that addresses shortcomings in capital requirements, particularly for larger, internationally active banking organizations, that became apparent during the recent financial crisis. The rule will implement in the United States the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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Source: Federal Reserve Board
CME Group Volume Averaged 16.9 Million Contracts per Day in June 2013, Up 29 Percent from June 2012
Interest rate average daily volume up 70 percent in June
Record metals average daily volume up 27 percent in second quarter
Record foreign exchange average daily volume up 13 percent in second quarter
Energy open interest record set in both WTI and Brent futures during June
OTC cleared interest rate swaps of $66 billion per day in June, up 64 percent from May
July 2, 2013--CME Group, the world's leading and most diverse derivatives marketplace, today announced that June 2013 volume averaged 16.9 million contracts per day, up 29 percent compared with June 2012, and up 15 percent sequentially.
Total volume for June 2013 was more than 339 million contracts, of which 86 percent was traded electronically.
CME Group interest rate volume averaged 8.6 million contracts per day in June, up 70 percent from June 2012, and the highest monthly average daily volume since January 2008. Treasury futures volume averaged 3.3 million contracts per day, up 42 percent compared with the same period a year ago.
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Source: Wall Street Journal
Horizons ETFs Launches Advanced Technical Analysis Tools for ETFs
Canadian ETF provider becomes the first to offer ETF investors with access to Recognia(R) Technical Insight with advanced Elliot Wave analytics
July 2, 2013--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is proud to announce that it will offer Recognia Technical Insight
with Elliott Wave analytics to its clients across Canada, which have been developed by Recognia Inc., a leader in North America in providing technical analysis for retail investment brokers.
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Source: Horizons ETFs Management (Canada) Inc.
Fed Adopts Final Rule On Basel III Bank Capital
July 2, 2013--The U.S. Federal Reserve on Tuesday laid out plans for future U.S. bank reforms that go beyond an international agreement, ahead of a board vote to adopt the base Basel III capital rules in the United States.
Daniel Tarullo, the Fed board member in charge of financial supervision, said bank regulators are working on four new rules for the country's biggest banks in the coming months.
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Source: Fox News
Introducing Winklevoss Bitcoin Shares (If you can't have Facebook )
July 2, 2013--Remember the Winklevoss twins-collectively known as the Winklevii-of Facebook fame?
If not, here’s a quick recap: Cameron and Tyler Winklevoss accused Mark Zuckerberg of taking their idea and making it into what’s now Facebook when they were students at Harvard. Made famous in the movie The Social Network, they settled a lawsuit and walked away with tens of millions. Then they pumped millions into Bitcoin, the virtual currency, buying about $11-million (U.S.) worth, according to what they told The New York Times.
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Source: Globe and Mail
BMO Financial Group's ETF Business Celebrates Fourth Anniversary, Surpasses $11 Billion in Assets Under Management
BMO ETFs led Canadian ETF industry in growth in 2011 and 2012; its line-up currently consists of 55 ETFs designed to address key investor needs-BMO Financial Group is now a leading provider of ETFs listed in U.S. dollars in Canada; offerings allow investors more choice in how they access different asset classes-BMO Asset Management Inc. recently launched seven innovative new ETFs designed to help investors construct their portfolios more effectively
July 2, 2013--BMO Financial Group today announced that its Exchange Traded Funds (ETF) business marked its fourth anniversary by surpassing $11 billion Cdn in assets under management (AUM).
First introduced in 2009, BMO Financial Group's ETF business-under BMO Asset Management Inc. (BMO AM)-has grown to 55 funds and includes several industry firsts.
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Source: Market Watch
Emerging Global Advisors Selects FTSE for the First Emerging Markets Dividend Growth ETF
July 1, 2013--FTSE Group ("FTSE") has been selected by Emerging Global Advisors, the asset management company specializing exclusively in emerging market ETFs, as the index provider for its EGShares Emerging Markets Dividend Growth ETF (EMDG) which listed today on NYSE Arca.
EGShares EMDG is the first US-listed ETF focused on providing dividend growth exposure in emerging markets.
The ETF tracks the FTSE Emerging All Cap ex Taiwan Diversified Capped Dividend Growth 50 Index (EMGD). This capped, market capitalisation weighted index represents the performance of 50 emerging market companies with a high compounded annual dividend growth rate and recognises the increasing number of emerging market companies that pay dividends.
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Source: FTSE
