Americas ETP News
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ETFs should go active
April 23, 2012--The debut of Pimco's Bill Gross in the exchange-traded funds market has gone smoothly. Launched at the start of March, this actively managed clone of his $250bn Total Return fund -stripped of derivatives- has gathered $466m.
It regularly trades 200,000 shares a day. Its discount to assets is tight. Its 55 basis point fee is higher than Total Return’s institutional class, but far lower than retail fees of 90bps, or up to 375bps including advisor fees.
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Source: Efinancial news
DB Equity Research Equity Research-North America: Positive markets and inflows added $5.0bn to ETP assets
April 23, 2012--Net Cash Flows Review
Last week, most markets managed to end up positive. The US (S&P 500) gained 0.60%. Outside the US, the MSCI EAFE (in USD) climbed by 1.65%; however the MSCI EM (in USD) declined by 0.37% during the week. Moving on to other asset classes, the 10Y Treasury yield retreated by 3bps last week, while the DB Liquid Commodity Index was down by 0.95%. Other sectors were mixed. The Agriculture sector (DB Diversified Agriculture Index) and the Gold price fell by 1.04% and 0.92%, respectively; while the WTI Crude Oil and the Silver prices edged higher by 0.21% and 0.56%, respectively. Last but not least, Volatility (VIX) retreated by 10.79% during the same period.
The total US ETP flows from all products registered $0.8bn of inflows during last week vs $6.3bn of outflows the previous week, setting the YTD weekly flows average at +$2.9bn (+$47.5bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of -$1.2bn, +$2.2bn, and -$0.2bn last week vs. -$6.8bn, +$0.9bn, and -$0.3bn the previous week, respectively.
Within Equity ETPs, Global ex-US regional, US sector, and Small Cap products experienced the largest outflows (-$0.5bn, -$0.5bn, -$0.4bn, respectively); while dividend vehicles experienced the largest inflows (+$0.3bn). Within Fixed Income ETPs, Corporates products recorded the largest inflows (+$1.2bn), followed by broad benchmark products (+$0.5bn). Within Commodity ETPs Silver products experienced the largest outflows (-$0.1bn).
Top 3 ETPs & ETNs by inflows: VOO (+$0.4bn), HYG (+$0.4bn), DIA (+$0.3bn) Top 3 ETPs & ETNs by outflows: QQQ (-$0.9bn), EFA (-$0.6bn), XLF (-$0.5bn)
New Launch Calendar: more income-generating vehicles,br> There were two new ETF listings and one ETN listing during the previous week. The products were listed on NYSE Arca and BATS. The two ETFs offer access to income strategies; one in the form of MLPs and the other in the form of corporate emerging market debt. The ETN, however, employs a trend-following strategy to give exposure to China.
Turnover Review: Volatility down 11%, Dollar Volume down 12%
Total weekly turnover decreased by 12.2% to $291bn vs. $332bn in the previous week. Last week’s turnover level is also 22% below last year’s weekly average. The largest decrease was on Equity ETP turnover, which fell by $32.1bn or 10.8% to $264bn. Fixed Income and Commodity ETP turnover followed with decreases of -27.0% (-$5.0bn) and -21.6% (-$3.1bn), respectively.
Assets Under Management (AUM) Review:
bottom line says AUM +$5.0bn
Overall positive markets and flows resulted in a gain in ETP assets of $5.0bn. ETP AUM rose by 0.4% to $1.17 trillion from the previous week’s level. YTD growth remains strong at 11.9%. Assets for equity, fixed income and commodity ETPs moved +$4.2bn, +$2.5bn, and -$1.7bn during last week, respectively.
to request report
Source: Deutsche Bank-Equity Research-North America
Horizons Exchange Traded Funds Files for Three ETFs in the U.S.
Filing Marks Canadian ETF Provider's U.S. Debut
April 23, 2012--Horizons Exchange Traded Funds Inc. (Horizons ETFs), and Exchange Traded Concepts, LLC (ETC) have filed a registration statement with the Securities and Exchange Commission to issue three covered call exchange traded funds (ETFs) in the United States.
The Horizons branded covered call ETFs are based on new indices from S&P Indices that seek to increase yield and mitigate downside risk by using covered calls on the individual constituent securities in the indices. The ETFs are:
Horizons S&P 500 Covered Call ETF
Horizons S&P Financial Select Sector Covered Call ETF
Horizons S&P Energy Select Sector Covered Call ETF
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Source: Horizons ETFs
Newest benchmark offering: NASDAQ Commodity Index Family
April 23, 2012--NASDAQ OMX Global Indexes is proud to add the NASDAQ Commodity Index Family to our index offering. The index family is designed to measure the performance of single commodities as well as sectors through the use of futures contracts on physical commodities.
The primary benchmark is the NASDAQ Commodity Benchmark Index (NQCI). NQCI offers a broader and more diversified representation of the commodity futures market compared to many other commodity indexes.
The NASDAQ Commodity Index Family consists of a broad benchmark, a liquidity-based tradable index, as well as ten sector and 33 single indexes. The five main sectors include energy, industrial metals, precious metals, agriculture and livestock. The wide range of commodities, from ten exchanges worldwide, provides the index with a high level of diversification across and within all subsectors. The indexes will have history back to January 1999 for customers interested in reviewing long-term tracking results.
Flexible rolls, more choices
The index family is available in five different roll versions to offer the choice of different exposure and strategies along the commodity futures curve. The 450 indexes are calculated in U.S. dollars in both excess and total return, and facilitate a superior tracking, trading and investing opportunity.
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Source: NASDAQ OMX
After a short engagement, Gus Fleites splits from his CEO spot with an Oregon 401(k) platform provider
April 23, 2012--After a short engagement, Gus Fleites splits from his CEO spot with an Oregon 401(k) platform provider
Invest n Retire is shifting to pouring resources into technology right now after looking at a sales buildup that Fleites was expected to facilitate
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Source: RIA Biz
ETF PROVIDERS ANNOUNCE CREATION OF THE NATIONAL ETF ASSOCIATION, "NETFA"
New organization will help raise awareness of $1.2 trillion US ETF industry through education and outreach to private and public sector stakeholders
April 23, 2012--Senior executives of leading US-based exchange-traded fund ("ETF") companies have agreed to launch the National Exchange Traded Funds Association ("NETFA"), an independent national trade association that will represent and promote the US ETF industry.
“In the 20 years since the first US ETF launched, the industry has grown to over $1.2 trillion in assets, over 1400 funds, and approximately 2 dozen different issuers. This is an ideal time for the industry to establish its own industry trade group to represent and promote the ETF sector”, stated the new Chairman of NETFA, John Hyland.
NETFA’s new Vice-Chairman, Adam Patti adds “Once an industry sector achieves a certain scale, it can no longer depend on ad-hoc efforts by individual companies, or the efforts of non-ETF industry groups, to represent itself to the public or to the regulators. This is the first step in a long journey to establish a professional and coordinated approach to the topics of investor education and industry representation.”
Increasingly, investors are choosing to use ETFs for their investment needs. Over the last five years, assets in US-listed ETFs have grown an average of 24% annually, from $408 billion in December 29, 2006 to $1,211 billion as of March 30, 2012. There are over 1,400 ETFs listed on US exchanges as of March 30, 2012 (source: 2011 ICI Factbook, Index Universe).
Membership in NETFA will be open to any Exchange Traded Fund issuer or sponsor. There is also a class of membership for firms that are active in the ETF industry, but are not issuers of ETFs.
CONTACTS
Chair: John T. Hyland, CFA
Chief Investment Officer
United States Commodity Funds LLC
jhyland@unitedstatesoilfund.com
Vice-Chair: Adam S. Patti
Chief Executive Officer
IndexIQMbr>
apatti@indexiq.com
Media Contact: Patricia Lobato
SVP & Director of Creative Services
ALPS, A DST Company
(303) 623-2577 or
patricia.lobato@alpsinc.com
Website: www.nationaletf.org
Source: NETFA
Dow Jones Industrial Average Component Companies Increase Expected Annual Dividend Distribution by 8.40% From a Year Ago
Survey by Dow Jones Indexes Also Indicates Expected Annual Dividend Distribution From DJIA's 30 Stocks to Rise 2.18% From Previous Quarter
DJIA Components' Dividends Represent 37% of Total U.S. Stock Market Payouts
Dividend Data Provides Insight Into Outlook of Bellwether U.S. Corporations, Dow Jones Indexes Says
April 23, 2012--The Dow Jones Industrial Average's 30 component companies are expected to increase their annual dividend payout by 8.40% year-over-year and 2.18% from the previous quarter,
according to a first-quarter 2012 survey by Dow Jones Indexes.
DJIA component companies' $107 billion expected dividend distribution for the 12 months beginning April 1, 2012, represents 37% of all indicated annual dividends (IAD) by U.S. companies as measured by the Dow Jones U.S. Index, a gauge that accounts for roughly 95% of the U.S. equity market. (IAD is a forward-looking measure defined as a company's most recently paid quarterly dividend multiplied by four.)
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Source: Dow Jones Indexes
Exchange Traded Concepts Partners with Horizons Exchange Traded Funds on Covered Call ETF Series
Established Canadian ETF Provider Opts for U.S. Debut with Exchange Traded Concepts
April 23, 2012--Exchange Traded Concepts, LLC (ETC), in conjunction with Horizons Exchange Traded Funds Inc. (Horizons ETFs), has filed a registration statement with the Securities and Exchange Commission to issue three covered call exchange traded funds (ETFs) in the United States.
This new series of Horizons’ ETFs represents the latest endeavor by ETC to help a third-party investment manager bring ETFs to market quickly and cost-effectively. The Horizons ETFs group has been an active sponsor of ETFs in Canada, with more than 80 ETFs listed on the Toronto Stock Exchange and CAD$3.3 billion in assets under management. ETC, a U.S. private-label ETF advisor, will serve as manager and investment adviser to the ETFs. Mirae Asset Global Investments (USA) LLC, the sub-adviser to the ETFs, and Horizons ETFs are both subsidiaries of Mirae Asset Global Investments Co., Ltd.
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Source: Exchange Traded Concepts
AdvisorShares Announces Global Echo ETF Launch Date
AdvisorShares and Philippe Cousteau Jr. Partner to Launch the First Multi-Manager Active ETF Focused on Sustainable Investment Themes
April 23, 2012--On April 19, 2012 AdvisorShares, a leading sponsor of actively managed Exchange Traded Funds (ETFs), announced today that the Global Echo ETF (NYSE: GIVE) will open for trading on Thursday, May 24, 2012.
GIVE is a broadly diversified multi-manager ETF with a focus on Sustainable Investment themes, that seeks to achieve long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to a blend of traditional financial market indices such as the S&P 500 Index, over a full market cycle. GIVE has four portfolio managers allocating to different investment strategies and asset classes:
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Source: Bizjournal
Alerian MLP ETF Reaches Milestone: Three Billion in Net Assets
April 23, 2012--The Alerian MLP ETF (master limited partnership exchange-traded fund) reached three billion in net assets on April 18, 2012.
The fund began trading on August 25, 2010.
“We have been tremendously pleased with the growth of the Alerian MLP ETF, the first ever ETF product focused on MLPs and after-tax yield.” said Kenny Feng,
President and CEO of Alerian. “We have enjoyed partnering with ALPS, a firm which possesses a strength in alternative investments as well as a specialized sales team knowledgeable in MLPs. We look forward to a continued partnership with ALPS and bringing more information and product access to the MLP asset class.”
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Source: Alerian MLP
