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DB Global Equity Index & ETF Research :Emerging markets steam ahead as ETF launches reach record high
December 3, 2010--Investment Outlook:
Emerging markets continue to benefit from domestic Euro-zone uncertainty
The impact of the Irish bailout continued to run its course on the equity markets across Europe for the week that ended on November 26 2010
All major equity indices lost ground with the Euro Stoxx 50 index leading the decline, registering a decrease of 3.7%. The CAC 40 index lost 3.4% and the FTSE 100 was down by 1.1%. The DAX defied the declining trend and held its ground by rising 0.1%. Gold (US$/oz) also benefited and saw its price rise by 0.8% to $1,352.9.
The European ETP industry cash flows totaled €522 million. Both ETFs and ETCs saw net inflows of €314 million and €208 million respectively (versus €58 and €5 million last week). European ETF domestic cash flow patterns remained subdued, showing no significant change in investor mood from the prior two weeks.
Euro-zone concerns continued to generate flows that broadly reflected market return patterns. Investors took money out of declining European equity indices, generating mild outflows (€200 million). Emerging market benchmarked ETFs were the biggest beneficiaries, they received upwards of €300 million, bringing the total European emerging market ETF inflows to an astounding €7.5 billion year to date. Conversely, European benchmarked equity ETFs, including sectors, registered roughly half of the emerging market inflows (€3.8 billion year to date).
Commodities had a good week, raising close to a quarter of a billion Euros (€253 million vs. €81 million inflow during previous week). Gold saw a revival in its fortunes by netting inflows of €143 million, while broad commodity benchmarked ETFs also saw inflows of €55 million.
Product Launch Calendar:
A very strong week, with a new issuer entering the European market
New Products:
Hedge fund & equity sector benchmarked ETFs define the calendar
As the year draws to a close, new ETF launches continued unabated. A total of thirteen new ETFs by three providers were launched in the past week, bringing the total new ETPs in 2010 to 347. This is by far the strongest launch year since the creation of the European ETF industry.
The majority of the new ETFs were issued by Deutsche Bank’s db x-trackers and they were comprised of one hedge fund and ten equity sector benchmarked ETFs. The hedge fund ETF is benchmarked to an index that is intended to reflect the total return performance of an exposure to a portfolio of hedge funds operating equity hedge and equity market neutral strategies, which can take both long and short positions in order to generate positive returns. The sector benchmarked ETFs track a variety of MSCI World sector specific indices. All db x-trackers ETFs were launched on Deutsche Boerse.
This week saw the entry of a new issuer in the ETF market, Goldman Sachs Asset Management. The provider debuted on Deutsche Boerse with the launch of an ETF that tracks an alternative benchmark named the Absolute Return Tracker Index. The ETF is seeking to replicate the investment returns of hedge fund betas (market exposure) by investing (both long and short) in a number of asset classes, such as equity, fixed income and commodities.
UBS launched an ETF tracking the price of silver on the Swiss Stock Exchange.
New Listings/Share Classes
A total of 35 cross-listings took place during the week, 17 by Deutsche Bank on Spain’s BME and Italy’s Borsa Italiana, 14 by Lyxor on the Swiss Stock Exchange, 3 by UBS on the Swiss Stock Exchange and 1 by Blackrock on Deutsche Borse. A full listing of this week’s cross-listed products can be found on page 5 of this report.
On-exchange turnover:
Sharp rise led by equity trading
Average rolling 22-day on-exchange ETP turnover rose by 7.7%, to €2.18 billion. Equity ETF turnover led the rise, with an increase of 10.5% over the prior week, to €1.6 billion. Commodity turnover also rose, by 2.7%, reaching €338 million. Fixed Income ETF turnover declined by 3.3%, to €211 million.
Assets Under Management (AUM)
European ETP assets rose by 0.6%, finishing the week at €218.0 billion. Positive cash flows off-set the impact of equity market losses, thus enabling ETF AUM to rise by €300 million, reaching €199.8 billion. ETC assets rose by 5.2%, reaching €18.2 billion, largely supported by the rising price of gold and positive commodity flows. Year to date, European ETP AUM are up by 28.4%.
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Source: DB Global Equity Index & ETF Research
Three New UBS ETFs Launched on Xetra
December 3, 2010--The first hedge fund ETF issued by UBS ETFs plc along with two new equity index funds issued by UBS ETF SICAV have been tradable in Deutsche Börse’s XTF segment since Friday.
ETF name: UBS ETFs plc - HFRX Global Hedge Index SF
Asset class: equity index ETF
ISIN: IE00B52TX001
Management fee: 0.60 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
The composition of the underlying index represents the entire hedge fund universe, comprising all available hedge fund strategies, including convertible arbitrage (exploiting differences in valuation between convertible bonds and equities), distressed securities (investing in companies in financial or operational difficulty), and equity hedge (simultaneously buying undervalued equities and selling overvalued equities). The different strategies are weighted to reflect the distribution of assets in the hedge fund sector.
ETF name: UBS-ETF MSCI Emerging Markets A
Asset class: equity index ETF
ISIN: LU0480132876
Management fee: 0.65 percent
Distribution policy: distributing
Benchmark: MSCI Emerging Markets
ETF name: UBS-ETF MSCI Emerging Markets I
Asset class: equity index ETF
ISIN: LU0480133098
Management fee: 0.40 percent
Distribution policy: distributing
Benchmark: MSCI Emerging Markets
These two ETFs allow investors to participate in the performance of the MSCI Emerging Markets Index. The index currently includes companies from emerging market countries Brazil, Chile, China, Columbia, the Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Morocco, Mexico, Peru, the Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The index tracks approximately 85 percent of market capitalization in this total market. The UBS-ETF MSCI Emerging Markets I is aimed primarily at institutional investors.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 756 exchange-traded index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse
Postbank AG leaves MDAX
Free float drops below 10 percent / Deutsche Wohnen AG moves up
December 3, 2010--Deutsche Börse has announced an unscheduled adjustment in MDAX. Following the tender offer of Deutsche Bank AG the free float of the MDAX constituent Postbank AG has dropped below 10 percent. In line with the fast exit rule the share is taken out of the index.
Deutsche Wohnen AG replaces Postbank AG in MDAX; SAF Holland S.A. replaces Deutsche Wohnen AG in SDAX
The adjustment will be effective Wednesday, 8 December.
The next regular review of the Deutsche Börse equity indices is scheduled for 3 March 2011.
Source: Deutsche Börse
Changes in SDAX
December 3, 2010--On Friday, Deutsche Börse has decided on a change according to the regular review of its equity indices
Hawesko Holding AG will be included in SDAX and replaces Teleplan AG.
This change will take effect on 20 December 2010.
The next regular index review will be held on 3 March 2011.
Source: Deutsche Börse
UK official holdings of international reserves, November 2010
December 3, 2010--This monthly press notice shows details of movements in November in the UK’s official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in November 2010:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
view UK official holdings of international reserves, November 2010
Source: HM Treasury
Growth indicator points to two-speed eurozone
December 3, 2010-- Private sector manufacturing and services output hit three-month highs each across the eurozone in November, but a two-speed pattern was increasingly evident, a key survey showed Friday.
The big three economies of Germany, France and Italy led progress but Ireland posted only modest growth and the figures for Spain indicated a third successive month of contraction, according to the purchasing managers' index (PMI).
The indicator of industrial and services activity rose to 55.5 points in November after falling to 53.8 points in October, which was an eight-month low. Any reading above 50 points signals growth.
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Source: EUbusiness
NASDAQ OMX Hosts 25th Investor Program In London In Association With Morgan Stanley
Europe's Largest Investor Conference for U.S. Equities Will Spotlight Telecom, Financials, Information Technology, Industrials, Material, Consumer and Healthcare Sectors
December 3, 2010--
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) will host its 25th Investor Program in London on December 7 - 8, 2010, in association with Morgan Stanley. Presentations will be made by the senior management of 55 companies from the Telecom, Financials, Information Technology, Industrials, Material, Consumer and Healthcare sectors. These presentations will be webcast live at http://www.nasdaqomx.com/investorprogram
NASDAQ OMX has been hosting investor programs in Europe for more than 16 years. The investor conferences have primarily been held in London, Europe's largest financial centre, and have grown to become the largest institutional investors programs for U.S. equities in Europe. Bruce Aust, Executive Vice President, Global Corporate Client Group, will be the NASDAQ OMX host on site.
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Source: NASDAQ OMX
CESR Publishes A Call For Evidence On Implementing Measures On The Alternative Investment Fund Managers Directive
November 3, 2010--This call for evidence seeks stakeholders’ input on the provisional mandate from the European Commission regarding CESR’s technical advice on the implementing measures on the Alternative Investment Fund Managers Directive.
This input will help CESR and its successor, the European Securities and Markets Authority (ESMA), in the development of its draft advice on the content of the implementing measures, which will be published for consultation in 2011.
New Lipper ETF Report Q3-2010
December 2, 2010--Executive Summary
Assets under management (AUM) in the pan-European exchange-traded funds (ETF) segment continued to show a
growth pattern over third quarter 2010, gaining 5.80% to 197.06 billion euros—a surprising inflow because of movements in the global stock markets. Analysis of the individual asset classes
shows that only money market ETFs had decreasing AUM, while all other asset classes enjoyed rising AUM.
The average monthly turnover in euros for third quarter 2010 surprisingly was down 30.88%—from 51.41 billion euros for
second quarter 2010 to 35.54 billion euros for third quarter 2010. While looking at these numbers, one needs to bear in mind that the numbers for Q2-2010 were driven by a new all-time high in on-exchange turnover in May 2010.
This report shows that the ETF segment remained in general very concentrated; the five largest exchanges accounted for 90.76% of the average quarterly on-exchange turnover, while the five largest promoters accounted for 76.97% of the AUM and the 50 largest
funds accounted for 47.58% of the total net assets in the ETF segment.
1.0 Pan-European ETF Turnover in Euros
The total turnover of ETFs traded on the exchanges within this report decreased in third quarter 2010 to a monthly average of 35.54 billion euros. This number was 30.88% lower than the turnover for second quarter 2010, but still 9.46% higher than the turnover for third quarter 2009. As the picture below depicts, trading activity normally highly correlates with market volatility. The falling volatility and rising equity markets led to lower turnover numbers on the pan-European exchanges in third quarter 2010.
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Source: Lipper EMEA Research
CESR Updates The List Of Measures Recently Taken By Members Regarding Short-Selling
December 2, 2010--CESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. The statement paper includes either the statements or links to the statements published by CESR Members explaining the measures taken. This paper is not a comparison of the measures taken.
CESR updates the list of measures recently taken by Members regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the Austrain FMA.
view the Measures adopted by CESR Members on short selling
-Updated-
Source: CESR
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