Americas ETP News
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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
Schwab Launches Schwab ETF OneSource (TM)
February 7, 2013--Charles Schwab announced today the launch of Schwab ETF OneSource(TM)-a new ETF platform that gives investors and advisors access to the most commission-free ETFs anywhere in the industry1.
Beginning today, Schwab clients can buy and sell 105 ETFs with $0 online trade commissions. The offering spans major asset classes, with funds from leading providers, including State Street SPDR® ETFs, Guggenheim Investments, PowerShares, ETF Securities, United States Commodity Funds, and Charles Schwab Investment Management.
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Source: Charles Schwab
ProShares files with the SEC
February 6, 2013--ProShares has filed a post-effective amendment, registration statement with the SEC. This post-effective amendment relates only to ProShares Credit Suisse 130/30, ProShares Short MSCI Emerging Markets, ProShares UltraShort MSCI Emerging Markets, ProShares UltraShort MSCI Brazil,
ProShares UltraShort MSCI Mexico Investable Market, ProShares Ultra MSCI Emerging Markets, ProShares Ultra MSCI Brazil, ProShares Ultra MSCI Mexico Investable Market, ProShares Ultra High Yield and ProShares Ultra Investment Grade Corporate, each a series of ProShares Trust.
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Source:
US sues S&P over inflated ratings
February 6, 2013--The US Justice Department said on Tuesday it is seeking at least $5bn in civil penalties from Standard & Poor's for losses due to inflated ratings of mortgage bonds.
Announcing a suit against S&P and its parent, The McGraw-Hill Companies, Attorney General Eric Holder said the powerful rating agency knowingly exaggerated the ratings on financial securities, misrepresenting their true credit risk.
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Source: FIN24
ETFs and ETPs listed in the United States reach a new all-time high of $1.42 trillion at the end of January
February 6, 2013--Assets invested in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed in the United States reached a new record high of $1.42 trillion at the end of January 2013. ETF and ETP assets have increased by 5.5% from $1.35 trillion to $1.42 trillion during January, according to figures from ETFGI's monthly United States 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. 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 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
International Securities Exchange and IndexIQ Announce Broad Partnership to Develop and Launch Innovative Exchange-Traded Products
February 6, 2013--The International Securities Exchange (ISE), a leading U.S. options exchange, and IndexIQ, a leading asset management firm, announced today their partnership agreement to support and promote new exchange traded products (ETPs) focusing on physical commodities.
“This is an exciting partnership that couples ISE’s ETP experience with IndexIQ’s reputation for creating innovative products,” said Kris Monaco, Head of ISE’s ETF Ventures team. “We look forward to working with IndexIQ to provide investors with more efficient access to new segments of the commodities market. Much like physically backed commodity trusts like “GLD” securitized gold, we hope to provide investors with similar benefits in different segments of the commodities market.”
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Source: International Securities Exchange (ISE)
FINRA: Cut Equity-Trade Reporting to 10 Seconds
February 6, 2013--The Financial Industry Regulatory Authority is seeking a rule change that would require brokerages to report trades within 10 seconds rather than 30.
The rule would apply to all equity transactions, including companies not listed on an exchange, and order cancellations, Finra said in a Feb. 1 filing to the U.S. Securities and Exchange Commission. The change will help ensure that trade data reflects the current market, according to Finra’s proposal.
Finra also strengthened language to prohibit delays in reporting and said brokers should program systems to report executions as soon as possible. More than 99 percent of transactions executed by brokers away from the exchanges already report within 10 seconds, said the group that oversees 4,300 brokerages.
