Americas ETP News
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PIMCO Launches Global Advantage Inflation-Linked Bond Strategy Fund
ETF With Actively Managed Global Inflation-Linked Bonds Using a GDP-Based Investment Approach
April 24, 2012--PIMCO, a leading global investment management firm, is listing on May 1st the Global Advantage Inflation-Linked Bond Strategy Fund (ILB), which is designed to offer investors the potential for long-term returns above inflation by actively managing global inflation-linked bonds and currencies via the accessible and transparent ETF vehicle.
The fund is managed by Mihir Worah, Managing Director and Head of PIMCO's Real Return portfolio management team.
ILB continues the expansion of PIMCO's range of actively managed ETFs, which combine PIMCO's time-tested global investment process and expertise in managing global fixed income with the tradability of an ETF vehicle, providing investors intraday pricing and daily portfolio disclosures in a single share class.
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Source: PIMCO
Advisers prefer beta products, and not only due to lower fees
April 24, 2012--Passive investments are growing in popularity among registered investment advisers.
Across all adviser channels, RIAs use index-based products the most, with 32.5 per cent indicating they use more passive products than active. That’s according to the findings of a new adviser survey from kasina. The consulting firm, which partnered with Horsesmouth on the study, surveyed 499 advisers across all channels between February 16 and March 7.
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Source: FT.com
PIMCO to Launch Another Actively Managed ETF
April 24, 2012--Bond giant PIMCO said in a statement today that it will introduce the Global Advantage Inflation-Linked Bond Strategy Fund on May 1. The new actively managed ETF will trade on the New York Stock Exchange under the ticker "ILB."
The Global Advantage Inflation-Linked Bond Strategy Fund is designed to offer investors the potential for long-term returns above inflation by actively managing global inflation-linked bonds and currencies under the ETF wrapper, according to a statement issued by PIMCO. The new fund is managed by Mihir Worah, Managing Director and Head of PIMCO's Real Return portfolio management team.
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Source: MarketWatch
PowerShares Canada launches first low-volatility Canadian equity index ETF; Adds high-beta ETFs to lineup
April 24, 2012--Continuing its commitment to empowering investors with exchange-traded funds (ETFs) for diverse market conditions, Invesco Canada today announced the listing of the nation's first low-volatility Canadian equity index ETF, PowerShares S&P/TSX Composite Low Volatility Index ETF [TSX: TLV].
Also added today to the PowerShares lineup of intelligent ETFs are Canada's first high-beta index ETFs: PowerShares S&P/TSX Composite High Beta Index ETF [TSX: THB] and PowerShares S&P 500 High Beta (CAD Hedged) Index ETF [TSX: UHB].
PowerShares' low-volatility offerings, TLV and the recently launched PowerShares S&P 500 Low-Volatility (CAD Hedged) Index ETF [TSX: ULV], are designed to provide investors with core exposure to Canadian and U.S. equities, while offering a measure of protection against market downturns. Meanwhile, the high-beta ETFs, THB and UHB, allow investors to potentially capitalize on bull markets by adding beta to their portfolio.
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Source: PowerShares
FTSE launches US Total Market Index Series
New Series is Broadest US Domestic Index Available
April 24, 2012--FTSE Group. the award-winning global index provider, today announces the launch of the FTSE US Total Market Index Series (FTSE US TMI Series), a comprehensive domestic index series which aims to provide US and international investors with the most broad-based representation of the US equity market.
The FTSE US Total Market Index Series represents over 99.5% of the total US equity market capitalization. The series comprises over 4,500 stocks – more than any other US domestic index series available today. The series is rules-based and transparent, and its constituents are screened for size and investability with an entry requirement of at least USD 25 million in market capitalization. All security types are included in the US TMI Series, including OTC issues, REITs, ADRs, master limited partnerships, and other equities. The eligible universe of the FTSE US TMI Series includes both the securities of companies incorporated and listed in the US, as well as the securities of companies not incorporated in the US but have a primary listing in the US and not in their country of domicile.
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Source: FTSE
PowerShares files with the SEC
April 24, 2012--PowerShares has filed a third and amended application for exemptive relief with the SEC.
view filing
Source: SEC.gov
WisdomTree Founder and CEO Jonathan Steinberg to be Named President
Bruce Lavine to Become Vice Chairman
April 24, 2012--WisdomTree Investments, Inc., an exchange-traded fund sponsor and asset manager, today announced that its Board of Directors will appoint Jonathan Steinberg, WisdomTree's founder and CEO, as President, effective August 1st.
Mr. Steinberg will succeed Bruce Lavine who will relinquish President & Chief Operating Officer (COO) responsibilities and relocate to California for family reasons. Mr. Lavine will remain employed by WisdomTree and serve as Vice Chairman where he will continue to serve a leadership role in operations and strategy. Mr. Lavine will also be nominated to serve a new three-year term as a member of the Company's Board of Directors at the upcoming annual meeting of stockholders.
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Source: WisdomTree
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.
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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
