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NSX Introduces New Pricing Schedule and Market Data Revenue Sharing
May 9, 2012--Fee and Rebate Schedule
Updated as of May 9, 2012
The Schedule of Fees and Rebates (pursuant to Rule 16.1(a) and Rule 16.1(c)) for the National Stock Exchange, Inc. ("NSX"). Order matching computations are made on a monthly basis unless otherwise noted.
All references to “per share” mean “per share executed.”
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Source: NSX
MarketShares files with the SEC
May 9, 2012--MarketShares has filed a first and amended application for exemptive relief with the SEC.
view filing
Source: SEC.gov
ArrowShares Debuts Global Yield ET (GYLD)
May 8, 2012--In the latest example of a mutual fund company making the move to ETFs, ArrowFunds, the Maryland-based firm which currently has five mutual funds in its lineup, is now an ETF advisor as well.
The company launched its first fund, under the ArrowShares brand name, the Dow Jones Global Yield ETF (GYLD) looking to give investors a new way to play the high yield market from a global perspective.
GYLD In Focus
This global ETF looks to provide exposure to both traditional and alternative sources of yield around the globe by following the Dow Jones Global Composite Yield Index.
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Source: Zacks
BM&FBOVESPA announces winner of the bidding process for use of the new IBOVESPA ETF
May 8, 2012--Individuals and companies from all over the world can make credit card donations to rigorously selected and monitored projects listed on the BVSA portal
May 8, 2012--Caixa Economica Federal won the bidding process that BM&FBOVESPA held to license use of the BOVESPA Index for a new ETF based on IBOVESPA. The Exchange opened the proposals and announced the results of the process. Three institutions participated.
The Index Licensing Agreement shall be signed within the next 15 days. After the Securities and Exchange Commission of Brazil (CVM) and BM&FBOVESPA grant the due authorizations for the functioning and registration of a new ETF based on IBOVESPA, Caixa Econômica Federal will have 30 consecutive days to start trading the new ETF on the Exchange. The ETF based on the IBOVESPA reflects the performance of the 68 most traded stocks on BM&FBOVESPA.
ETFs are index funds traded on the Exchange like stocks and which replicate the composition of an index. An investor that buys a unit in an ETF is making a simultaneous investment in a share portfolio composed of companies in different sectors of the Brazilian economy, without having the buy the separate shares of the respective index.
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Source: BM&FBOVESPA
Dow Jones Indexes To License Yield-Oriented, Multi-Asset Class Index For New Arrowshares ETF
Launch of Dow Jones Global Composite Yield Index To Respond to High Level of Interest in Yield-Based Themes
Five Subindexes to Provide Equally Weighted Exposure to Traditional, Alternatives Sources of Income
Across Multiple Assets Classes
May 8, 2012--Dow Jones Indexes today announced that Arrow Investment Advisors, LLC has licensed the Dow Jones Global Composite Yield Index to serve as the basis for the Arrow Dow Jones Global Yield ETF.
The ETF — the first to launch under Arrow Investment Advisors’ new exchange-traded product line branded ArrowShares — was launched today and will trade on NYSE Arca.
The Dow Jones Global Composite Yield Index, also launched today, is designed to reduce concentration risk by tracking five yield-oriented baskets — each one a 30-component subindex launching today — that provide equally weighted exposure to traditional and alternative sources of income across multiple asset classes.
The five Dow Jones Global Composite Yield Index subindexes are:
•Dow Jones Global Equity Yield Index: measures high dividend-paying stocks selected from developed and emerging markets;
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Source: Dow Jones Indexes
Arrow Makes Its Exchange Traded Fund Debut With the Launch of the Arrow Dow Jones Global Yield ETF (GYLD)
Based on the Dow Jones Global Composite Yield Index, GYLD Targets a Competitive Yield via Direct Exposure to Traditional and Alternative Assets
May 8, 2012--Arrow Investment Advisors, LLC, the advisor to Arrow Funds, today announced the launch of its first exchange traded fund (ETF).
The Arrow Dow Jones Global Yield ETF (GYLD) debuts as the only fund to track the Dow Jones Global Composite Yield Index, a newly launched benchmark that provides diversified exposure to traditional and alternative sources of income across multiple asset classes.
The benchmark has shown a competitive yield range of approximately 7% to 9% over the past year, subject to market fluctuation.
"The prevailing low interest rate environment has made it extremely challenging for income-oriented investors to generate substantial yield via traditional means," says Joseph Barrato, CEO, Arrow Investment Advisors. "The Arrow Dow Jones Global Yield ETF provides an exchange traded solution designed to boost the yield play in an investment portfolio."
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Source: Arrow Investment Advisors
Horizons plans ETF closures
May 8, 2012--Horizons Exchange Traded Funds Inc. says it will be terminating five exchange traded funds (ETFs) effective at the close of business on June 29.
The ETFs being terminated are:
Horizons BetaPro COMEX Long Gold/Short Silver Spread ETF (TSX:HBZ)
Horizons BetaPro COMEX Long Silver/Short Gold Spread ETF (TSX:HZB)
Horizons BetaPro COMEX Gold Inverse ETF (TSX:HIB)
Horizons BetaPro COMEX Silver Inverse ETF (TSX:HIZ)
Horizons BetaPro U.S. 30-year Bond Bull Plus ETF (TSX:HTU)
Direct subscriptions for units of the terminated ETFs are no longer being accepted.
Monday June 25 is expected to be the last date on which a redemption request may be placed with the Horizons ETFs Management (Canada) Inc., and the terminated ETFs are expected to be de-listed from the Toronto Stock Exchange at the close of business on June 26. All units still held by investors will be subject to a mandatory redemption as of June 29.
Source: Canadian ETF Watch
ETF Research Center-Q1 2012 Earnings Reports-Week Three
May 7, 2012--HIGHLIGHTS:
With more than 80% of S&P500 firms reporting, overall index earnings likely grew by $15.5bn or 7.4% YoY to $24.81 per share. Tech (XLK),
Financials (XLF) and Industrials (XLI) were the biggest contributors to S&P profit growth
The same three sectors saw margin improvements versus a year ago, on about 5.0% sales growth overall. All other sectors were either flat or lower; Materials (XLB) and Utilities (XLU) were especially weak
Energy (XLE) sales surprised on the upside, but earnings came up short of expectations anyway. Meanwhile revenue for Utilities was well short of forecasts but profits managed to meet expectations
Energy has the lowest P/E ratio of any sector at 11.1x 2012E EPS vs. 13.2x for the S&P as a whole. Consumer Discretionary (XLY) has the highest, at 16.3x
request report
Source: AltaVista Research
Morgan Stanley-US ETF Weekly Update
May 7, 2012--US ETF Weekly Update
Weekly Flows: $1.6 Billion Net Outflows
ETF Assets Stand at $1.2 Trillion, up 11% YTD
One ETF Launch Last Week
Van Eck Reduces Expense Cap on Indonesia ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $1.6 bln last week
Last week¡¦s net outflows were primarily driven by US Equity ETFs ($3.8 bln in aggregate)
ETF assets stand at $1.2 tln, up 11% YTD; ETFs have posted net inflows 14 out of 18 weeks YTD ($52.7 bln in net inflows)
13-week flows were mixed among asset classes; combined $22.7 bln net inflows
Fixed Income ETFs have consistently generated weekly net inflows (38 straight weeks of net inflows) and account for 66% of
the ETF net inflows over the past 13 weeks
US Small- & Micro-Cap ETFs exhibited net outflows of $2.9 bln, the most out of any category over the last 13 weeks
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Barclays 1-3 Yr T-Bond Fund (SHY) generated net inflows of $633 mln last week, the most of any ETF
Four out of the top 10 ETFs to post the largest net inflows last week were Treasury oriented and seven out of 10 were fixed income
focused
Vanguard MSCI Emerging Markets ETF (VWO) has exhibited $2.9 bln in net inflows over the last 13 weeks, the most of any ETF
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 4/13/12
SPDR S&P 500 ETF (SPY) posted the largest increase in USD short interest
Despite SPY’s sizeable increase in USD short interest, its short interest ratio (short interest divided by average daily traded
volume) declined from 2.03 to 1.75 as SPY’s ADTV increased from 133 mln shares to 159 mln shares
iShares Russell 2000 Index Fund (IWM) exhibited the largest decrease in USD short interest (lowest level since 1/31/11)
The average shares short/shares outstanding for ETFs is currently 5%
SPDR Retail ETF (XRT) is the most heavily shorted ETF as a % of shares outstanding (375%); the fund has seen a rise in shares short in each of the last three periods reported
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 5/4/12 based on daily change in share counts and daily NAVs.
$7.8 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched Fixed Income ETFs generated most net inflows at $799 mln
95 new ETF listings and 17 closures YTD; 42 of the ETFs launched YTD were issued by iShares
Over the past year, many of the successful launches have an income/dividend orientation
Six different ETF sponsors and three asset classes represented in top 10 most successful launches; six of the 10 focus on fixed
income securities
PIMCO Total Return ETF (BOND) continues to generate strong net inflows ($360 mln over past four weeks); notably, BOND
accounts for 63% of net inflows for newly launched ETFs over the past 4 weeks
Top 10 most successful launches account for 58% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
Invesco PowerShares Celebrates 1 Year Anniversary of Fastest Growing ETF of 2011
May 7, 2012--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today celebrates the one year anniversary of the PowerShares S&P 500® Low Volatility Portfolio (NYSE: SPLV) which has attracted the highest monthly inflows of all ETFs listed in 2011.
Listed on May 5, 2011, the PowerShares S&P 500 Low Volatility Portfolio (SPLV) represents the first volatility-weighted ETF available to US investors and currently has over $1.5 billion in AUM.
Since inception, the PowerShares S&P 500 Low Volatility Portfolio has outperformed the S&P 500 Index market-cap weighted benchmark while delivering lower volatility. For the one-year period ending May 5, 2012, SPLV achieved a total return of 11.57% based on NAV, significantly outperforming the S&P 500 Index which had a total return of 4.80% during the same period. (Note: total return figures include all dividends). Additionally, SPLV had a volatility of 16.14%, compared to 23.12% for the S&P 500 Index over the same period.1
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Source: Invesco PowerShares
