Americas ETP News
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JPMorgan's private equity unit to become independent
June 14, 2013--JPMorgan Chase & Co said on Friday its private equity unit, One Equity Partners, will become independent, as the largest U.S. bank increases its focus on client businesses.
One Equity Partners, which manages $4.5 billion of investments, will raise its next investment fund externally rather than from JPMorgan, becoming similar to stand-alone private equity firms that pool funds from a variety of investors.
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Source: Reuters
Concluding Statement of the 2013 Article IV Mission to The United States of America
June 14, 2013--1. The U.S. recovery has remained tepid over the past year, but underlying fundamentals have been gradually improving. The modest growth rate of 2.2 percent in 2012 reflected legacy effects from the financial crisis, fiscal deficit reduction, a weak external environment, and temporary effects of extreme weather-related events.
These headwinds notwithstanding, the nature of the recovery appears to be changing. In particular, house prices and construction activity have rebounded, household balance sheets have strengthened, labor market conditions have improved, and corporate profitability and balance sheets remain strong, especially for large firms. With the sizeable output gap and well-anchored inflation expectations keeping inflation subdued, the Fed appropriately continued to add monetary policy accommodation over the past year by increasing its asset purchases and linking the path of short-term rates to quantitative measures of economic performance, thus helping to maintain long-term rates at exceptionally low levels. Overall financial conditions have eased, as risk spreads narrowed, stock market valuations surpassed their pre-crisis peak, and bank credit conditions gradually eased.
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Source: IMF
Stifel-ETF Update May 2013
June 14, 2013--Update Overview
Total Exchange Traded Products: 1,466
Total Assets: $1.5 trillion
Number of ETF Industry Providers: 48
Monthly Asset Increase: $19.63 billion (1.3%)
ETF Industry Detail
Asset Classes-Overall The S&P 500® Index returned 2.3%, while the MSCI EAFE® Index fell 2.4%. Commodities were negative, with the S&P GSCI® Index down 1.5% and Gold decreasing 5.1%. U.S. Bonds were negative, with the Barclays U.S. Treasury Index decreasing 6.8% and the Barclays U.S. Aggregate Index decreasing 1.8%.
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Source: Stifel
CFTC.gov Commitments of Traders Reports Update
June 14, 2013--The updated current reports for the week of June 11, 2013 are now available.
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Source: CFTC.gov
WisdomTree Lists 12 Additional ETFs on Bolsa Mexicana de Valores
Company Further Expands Global Footprint in Latin America
June 13, 2013--WisdomTree Investments, Inc. (Nasdaq:WETF), an exchange-traded fund ("ETF") sponsor and asset manager, today announced that an additional 12 WisdomTree ETFs have been listed on The Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV), S.A.B. de C.V.
All 12 equity ETFs are listed in the special international section of the BMV, the Sistema Internacional de Cotizaciones ("SIC"). SIC makes it possible for certain institutional investors to trade foreign securities in Mexico. Securities listed on the SIC are not publicly offered in Mexico.
"We are pleased to cross-list an additional 12 ETFs on the Bolsa Mexicana de Valores and further expand WisdomTree's exposure in Mexico and our relationship with Compass Group Holdings S.A.," said Jonathan Steinberg, WisdomTree CEO and President.
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Source: Wisdom Tree
SSgA-US ETF Snapshot: May 2013
June 13, 2013--SNAPSHOT OVERVIEW
1,259 Exchange Traded Funds (ETFs)-with assets totaling $1.5TN-were managed by 38 ETF managers as of May 31,, 2013.
Month over month, ETF assets increased $4.3BN, up 0.3%.
In May, assets increased 0.3%, driven by an $11.7BN gain in the Size-Large Cap category.
Positioning Your Portfolio for Medium-Term Inflation
Investors appear to have higher medium-term inflation expectations relative to short-term inflation expectations. Intermediate-term TIPS, such as the new SPDR Barclays 1-10 Year TIPS ETF [TIPX], offer precise exposure to hedge against a rise in medium-term inflation expectations. For information on the new SPDR Barclays 1-10 Year TIPS ETF, [TIPX],
ETF Industry Detail
Asset Classes — Overall
The S&P 500(R) returned 2.3%, while the MSCI EAFE(R) dropped 2.4%. Commodities were negative, with the S&P GSCI(R) down 1.5% and Gold dropping 5.1%. US Bonds were negative with the Barclays US Treasury Index and the Barclays US Aggregate Index falling 1.7% and 1.8%, respectively.
FLOWS
ETF flows topped $17BN in May. The Size- Large Cap category had a leading $5.4BN of inflows. The Commodity category had the most significant outflows during May, with $4.0BN leaving the category, increasing its year-to-date total net outflows to $18.9BN.
Manager and Fund Detail
The top three managers in the US ETF marketplace were: BlackRock, State Street and Vanguard. Collectively, they account for approximately 83% of the US listed ETF market.
The top three ETFs in terms of dollar volume traded for the month were the SPDR S&P 500 [SPY], iShares Russell 2000 [IWM] and PowerShares QQQ [QQQ].
The top three ETFs in terms of assets for the month were the SPDR S&P 500 [SPY], Vanguard Emerging Markets [VWO] and SPDR Gold Shares [GLD].
Market Performance
Performance by Asset Class
International Developed decreased 2.4% while Emerging Markets dropped 2.6%. Domestic Large Cap, Mid Cap and Small Cap markets returned 2.3%, 2.3% and 4.4%, respectively. The US Aggregate, the US Treasury and the US Corporate Bond markets were all negative, losing 1.8%, 1.7% and 2.4%, respectively. Commodities were down 1.5%.
visit www.spdrs.com for complete report
Source: SSgA
Canadian Securities Regulators Now Require Delivery of the Fund Facts for Mutual Funds
June 13, 2013--The Canadian Securities Administrators (CSA) today published amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) and related consequential amendments, which will require delivery of the Fund Facts document for mutual
funds instead of the simplified prospectus to satisfy the prospectus delivery requirements.
The Fund Facts is a document written in plain language, no more than two pages double-sided and
highlights key information about a mutual fund that research by the CSA has identified as important
to investors. As of January 1, 2011, the Fund Facts has been required to be made available to
investors on request or on the mutual fund’s or mutual fund manager’s website. The amendments
published today further advance this important investor-focused initiative by requiring that the Fund
Facts be delivered to investors instead of the simplified prospectus, giving investors enhanced access
to more meaningful and effective disclosure about their mutual funds.
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Source: CSA
Credit Suisse launches two commodity index ETNs
The Commodity Benchmark ETN ("CSCB") and the Commodity Rotation ETN ("CSCR") offer innovative strategies to access diversified commodity exposure
June 12, 2013--Credit Suisse today announced the launch of two new commodity index ETNs which are listed under the ticker symbols "CSCB" and "CSCR" and began trading on the NYSE ARCA this morning.
CSCB is the first exchange traded product in the US market to offer investors access to the Credit Suisse Commodity Benchmark Total Return Index. CSCR is the first exchange traded product in the US market to offer investors exposure to the Credit Suisse Backwardation Total Return Index).
The Credit Suisse Commodity Benchmark Total Return Index underlying the CSCB ETN is a long-only diversified commodity benchmark index composed of notional futures contracts on 34 physical commodities (as of the 2013 annual rebalance). The index seeks to provide wider diversification and closer reflection of the overall global commodity complex than existing commodity indices. The index features an extended roll period of 15 days per month. The index also invests in contracts that expire between one to three months (where available), spreading exposure across multiple delivery periods, versus the more traditional front-month contract only investment.
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Source: Credit Suisse AG
DB-Synthetic Equity & Index Strategy-North America-US ETF Weekly Review- Mixed markets fuel $10.5bn ETP outflows
June 11, 2013--Market and Net Cash Flows Review
Equity Markets were mixed during last week. The US (S&P 500) edged higher by 0.78%; While, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 1.1% and 2.67%, respectively.
Moving on to other asset classes, the 10Y US Treasury Yield rose by 1 bps last week; while the DB Liquid Commodity Index was up by 1.64%. Similarly, the Agriculture sector (DB Diversified Agriculture Index) and the WTI Crude Oil advanced by 1.01% and 4.41%, respectively, while Gold and Silver prices retreated by 0.35% and 2.68%, respectively. Last but not least, Volatility (VIX) dropped by 7.12% during the same period.
The total US ETP flows from all products registered $10.48bn (-0.7% of AUM) of outflows during last week vs. $1.96bn (-0.1%) of outflows the previous week, setting the YTD weekly flows average at +$3.1bn (+$71.76bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of -$3.91bn (-0.35%), -$4.8bn (-1.75%), -$0.33bn (-0.42%) last week vs. -$0.65bn (-0.06%), -$1.22bn (-0.44%), -$0.15bn (-0.19%) in the previous week, respectively.
Among US sectors, Consumer Staples (+$0.27bn, +2.69%) and Utilities (+$0.19bn, + 2%) received the top inflows, while Healthcare (-$0.27bn, -1.52%) and Industrials (-$0.26bn, -3.25%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: UWM (+$1.1bn), IWM (+$1bn), EWG (+$0.8bn)
Top 3 ETPs & ETNs by outflows: SPY (-$2.2bn), EEM (-$2bn), IEI (-$1.4bn)
New Launch Calendar: Barron’s 400 and new db x-tracker income alternatives
There were 3 ETFs launched during the previous week. One of the ETFs provides access to a select list of 400 companies chosen based on a fundamental screening process (BFOR). The remaining two ETFs offer two new income product alternatives, UTLT focuses on global regulated utilities; while RVNU offers access to municipal infrastructure revenue bonds.
Turnover Review: Floor activity rose by 30%
Total weekly turnover increased by 51.9% to $431.63bn vs. $284.12bn from the previous week. Last week's turnover level was 60% over last year's weekly average.
Assets under Management (AUM) Review: assets dropped by $17bn
US ETP assets dropped by $0.94bn (-0.6%) totaling $1.472 trillion at the end of the week. As of last Friday, US ETPs have accumulated an asset growth of 10.4% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved -$5.7bn, -$6.2bn, -$0.4bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy - North America
SEC Charges CBOE for Regulatory Failures
June 11, 2013-- The Securities and Exchange Commission today charged the Chicago Board Options Exchange (CBOE) and an affiliate for various systemic breakdowns in their regulatory and compliance functions as a self-regulatory organization, including a failure to enforce or even fully comprehend rules to prevent abusive short selling.
CBOE agreed to pay a $6 million penalty and implement major remedial measures to settle the SEC's charges. The financial penalty is the first assessed against an exchange for violations related to its regulatory oversight. Previous financial penalties against exchanges involved misconduct on the business side of their operations.
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Source: SEC.gov
