Americas ETP News
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Nasdaq talked with Carlyle about going private-sources
February 11, 2013--Private equity firm Carlyle Group recently approached Nasdaq OMX Group about taking the exchange operator private, but the talks fell apart over a disagreement on price, sources familiar with the deal said on Monday.
Carlyle initiated the discussions and was in early stages of due diligence when differences emerged, bringing the talks to an end, a source familiar with the matter told Reuters.
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Source: Reuters
Advisers Reap Rewards as First ETF Turns 20 .
February 8, 2013--Despite skeptical clients and limited choices in the early going, portfolio managers who have been on the leading edge of bringing exchange-traded funds into the forefront of investing say they feel a sense of vindication.
The first ETF--the SPDR S&P 500 (SPY)--turned 20 late last month, and in the last two decades the U.S. marketplace has swelled to nearly 1,500 different funds and more than $1.4 trillion in assets.
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Source: Wall Street Journal
Guggenheim files with the SEC
February 8, 2013--Guggenheim has filed a second amended and restated application for exemptive relif with the SEC.
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Source: SEC.gov
ETFs And ETPs In Canada Reach A New All-Time High Of $56.7 Billion US Dollars At The End Of January 2013
February 8, 2013--Assets invested in Exchange Traded Funds (ETFs)and Exchange Traded Products (ETPs) listed in Canada reached a new all-time high of $56.7 billion at the end of January 2013, according to figures from ETFGI's monthly Canada ETF and ETP industry insights.
Market performance contributed to the increase in the value of assets held in ETFs and ETPs as 18 of the top 20 markets globally showed gains in January, including the S&P/TSX composite index in Canada which was up 2% in local currency terms. Two of the markets with strong gains were the US and the UK where history has shown that a strong January tends to be a good predictor for the rest of the year. A review of history in both markets shows that strong January performance is typically followed by positive returns in the subsequent 11 months.
The FTSE 100 index was up 6.5% in January, which ranks as the best start to the year since 1989. According to FTSE, 14 of the 17 Januaries with positive performance since 1984 (when the index was launched) were followed by 11 months of positive returns. Similarly, the S&P 500 index was up 5.0% in January, which ranked as the 12th best January since 1950 and the 19thJanuary since 1950 when the index was up more than 4%. Again, since 1950, January gains of at least 4% in the S&P 500 have been followed on average by gains of 15.1% in the subsequent 11 months of the year. Only once since 1950 did the S&P 500 rise by more than 4% in January and then finish the year lower than it did at January’s end – and that was in 1987.
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Source: ETFGI
Foreign bonds back in Vanguard pipeline
February 8, 2013--Vanguard says it is ready to launch its first international bond fund, after backtracking twice previously on a rollout.
The Total International Bond Index Fund, with an accompanying exchange traded fund share class, is now scheduled to appear sometime before midyear, according to a company announcement.
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Source: FT.com
PIMCO To Launch Foreign Currency Strategy Exchange Traded Fund (FORX)
PIMCO To Launch Foreign Currency Strategy Exchange Traded Fund (FORX)
An actively managed ETF that provides access to a basket of currencies likely to benefit from dollar weakness
February 8, 2013--PIMCO, a leading global investment management firm, will list Feb. 12 the PIMCO Foreign Currency Strategy Exchange Traded Fund (Ticker: FORX), created to offer investors the potential to benefit from fundamental changes in global currency dynamics by diversifying away from the dollar.
The fund will be jointly managed by Scott Mather, managing director and head of global portfolio management; Vineer Bhansali, managing director and head of quantitative investment portfolios; and Thomas Kressin, senior vice president and head of European foreign exchange.
Rising debt levels, limited fiscal flexibility and easy monetary policy in the U.S. may weigh on the dollar for years. FORX is a portfolio of currencies and local currency bonds actively managed to help investors diversify out of the dollar and preserve their purchasing power. The active management is a notable difference for an ETF marketplace made up mostly of passive products in which investors generally must form their own views on individual currencies or currency indexes.
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Source: PIMCO
Credit Suisse AG Announces the Repurchase of its Four ELEMENTS(TM) Notes
February 8, 2013--The four notes are the ELEMENTS(TM) Linked to the MLCX Gold Index-Total Return due April 10, 2023, the ELEMENTS(TM) Linked to the Credit Suisse Global Warming Index, Exchange Series due April 10, 2023, the ELEMENTS(TM) Linked to the MLCX Livestock Index-Total Return due April 10, 2023 and the
ELEMENTS™ Linked to the MLCX Precious Metals Plus Index—Total Return due April 10, 2023 (collectively, the "Notes").
Credit Suisse AG expects to deliver notice via The Depository Trust Company of the repurchase of the Notes on or about February 14, 2013. Investors will receive a cash payment in an amount equal to the applicable daily repurchase value on the valuation date. The valuation date in each case is expected to be February 15, 2013. The repurchase date for each Note is expected to be February 21, 2013, which is three business days after the valuation date.
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Source: Credit Suisse AG
U.S. Department of the Treasury Economic Statistics-Monitoring the Economy Update
February 8, 2013----The Economic Statistics-Monitoring the Economy for U.S. Department of the Treasury have been updated and are now available.
view the US Economic Data-Quarterly report
Source: US Department of the Treasury
United States Commodity Funds LLC announces four of its Exchange Traded Commodity Funds are available to trade commission-free in the new Schwab ETF OneSource program
February 7, 2013--United States Commodity Funds, LLC announces that four of its exchange traded commodity funds; United States Commodity Index Fund (ticker: USCI), United States 12 Month Oil Fund, LP (ticker: USL), United States Gasoline Fund, LP (UGA), and the United States 12 Month Natural Gas Fund, LP (UNL), will trade commission-free on the recently announced Schwab ETF OneSource platform.
Charles Schwab & Co. announced earlier today that Schwab clients can now buy and sell 105 ETFs with $0 online trade commissions. They also stated that all major asset classes are included in the offering, with funds from six leading providers, including the United States Commodity Funds. Schwab clients who buy and sell ETFs on the Schwab ETF OneSource platform will pay the exact same operating expense ratio (OER) they would elsewhere, but without paying a commission.
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Source: United States Commodity Funds LLC
Deutsche Bank-Synthetic Equity & Index Strategy-North America-US ETF Market Monthly Review- ETPs support January risk-on rally with $29.5bn inflows
February 7, 2013--ETP assets in the US rose by $72.1bn to $1.406 trillion (YTD ↑5.4%) last month. Global ETP industry assets rose and closed at $1.933 trillion (YTD ↑5.2%)
ETP flows support the risk-on rally
US ETP flows experienced inflows of $29.5bn during January (2.2% of last year’s AUM).
Within long-only ETPs, total flows were +$28.6bn in January vs. +$28.9bn in December.
Equity, Fixed Income, and Commodity long-only ETPs experienced cash flows of +$28.0bn, +$0.9bn, and -$0.9bn, respectively.
The risk-on trend was clear across the board last month. Inflows were strong across all regional equities with US (+$12.6bn), EM (+$6.2bn), and Intl DM (+$4.3bn) equities all trending higher; in terms of size allocations, small cap (+$2.9bn) product flows came in stronger than large and mid caps; and sector wise the rotation to Cyclicals (Global +$1.9bn, Dom. +$3.7bn) from Defensives (-$0.3bn) was also clear. Within the Fixed Income space, investors made their preferences clear with Corporates (+$1.8bn) outperforming Sovereigns (-$2.0bn) flow-wise, and high yield (+$0.9bn) leading investment grade (-$1.5bn) ETPs. Finally, the money withdrawal from Gold ETPs (-$1.1bn) also pointed to a departure from safe-haven assets.
New Launch Calendar: income, quality, and global corporates
There were three new ETFs and two new ETNs listed during the previous month. Three of them were listed in the NYSE Arca, while the remaining two products were listed in Nasdaq. The new product offer exposure to MLPs, gold, global corporate bonds and Large Cap companies with solid earnings quality.
Turnover Review: Floor activity increased by 1.2% in January
ETP turnover totaled $1.121 trillion last month, up by 1.2% (+$13.8bn) from the previous month figure of $1.107 trillion, but still 4.1% below last year’s monthly average of $1.168 trillion.
ETP trading made up 24.6% of all US cash equity trading in January, down from last year’s peak of 28.8% in June, and still below its 3-year monthly average of 29.8%.
Equity ETPs turnover fell during last month by $14.7bn or -1.5%; meanwhile Fixed Income and Commodity ETPs turnover rose by $21.5bn (+34.3%) and $4.8bn (+8.8%), respectively.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
