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SPDR US ETF Snapshot: April 2012
May 11, 2012--1,246 Exchange Traded Funds (ETFs)-with assets totaling $1.2TN-were managed by 36 ETF managers as of April 30, 2012.
Month over month, ETF assets decreased by $5.3BN, down 0.4%.
Despite a $6.7BN gain in the Fixed Income category, the ETF industry experienced a modest 0.4% decline in assets in April.
ETF Industry Detail
Asset Classes-Overall
The S&P 500® Index decreased 0.6% while the MSCI EAFE® Index fell 2.0%. Commodities were slightly negative, with the S&P® GSCI® Index down 0.5% and Gold dropping 0.1%. US Bonds were positive with the Barclays US Treasury Index gaining 1.5% and the Barclays US Aggregate Index increasing 1.1%.
FLOWS
ETF flows topped $2BN in April. The Fixed Income category had a category-leading $4.9BN in inflows, increasing its year-to-date inflows to $20.5BN. The Size - Large Cap category continued its up-and-down trend: $4.5BN left the category in April after seeing $5.9BN in inflows in March, $4.8BN in outflows in February, and $4.8BN in inflows in January.
Manager and Fund Detail
The top three managers in the US ETF marketplace were: BlackRock, State Street and Vanguard. Collectively, they account for approximately 83% of the US listed ETF market.
•The top three ETFs in terms of dollar volume traded for the month were the SPDR® S&P 500 [SPY], iShares Russell 2000 [IWM] and PowerShares QQQ [QQQ].
•The top three ETFs in terms of assets for the month were the SPDR S&P 500 [SPY], SPDR Gold Shares [GLD] and Vanguard Emerging Markets [VWO].
Market Performance
Performance by Asset Class
International - Developed and Emerging Markets decreased 2.0% and 1.2%, respectively. Domestic Large Cap, Mid Cap and Small Cap markets were all negative, losing 0.6%, 0.2% and 1.3%, respectively. The US Aggregate, the US Treasury and the US Corporate Bond were all positive, gaining, 1.1%, 1.5% and 1.3%, respectively. Commodities fell 0.5%.
visit www.spdrs.com for more information.
Source: SSGA
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
May 10, 2012--Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
The shares of Orosur Mining Inc. (TSXVN:OMI) will be removed from the S&P/TSX Venture Composite Index after the close of Friday, May 11, 2012.
The company will graduate to trade on TSX under the same ticker symbol. There is no consolidation of capital.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
CFTC Proposes Order Amending the Effective Date for Swap Regulation Order Issued on July 14, 2011
May 10, 2012--The Commodity Futures Trading Commission (CFTC) today voted to propose an Order regarding the effective date for swap regulation.
The Order is a six-month extension from certain provisions of the Commodity Exchange Act that otherwise would have taken effect on July 16, 2011, the general effective date of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act . Today’s order further narrows the scope of the Order because some rules, for example the further definition of swap dealer and major swap participant, have become effective.
Today, the Commission is extending the effective date for swap regulation until December 31, 2012, or until the Commission’s rules and regulations go into effect, whichever is sooner. The Order proposed today would allow the clearing of agricultural swaps; and remove any reference to the exempt commercial market; and exempt board of trade grandfather relief previously issued by the Commission.
Comments are due 14 days after publication of the proposal in the Federal Register.
view the Second Amendment to July 14,2011 Order for Swap Regulation
Source: CFTC.gov
Target Date Funds Miss The Mark
May 10, 2012--Target date ETFs are an increasingly popular fund category that allow investors to save for retirement by buying a single fund that periodically shifts asset allocation of the underlying investments as the years progress.
It is based on the well-founded concept that younger investors can embrace more risk in search of more reward, but that risk-taking should be reduced as retirement draws close. So what could be wrong with that?
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Source: Forbes
Opening Statement Regarding the Twelfth Open Meeting to Consider Final Rules Pursuant to the Dodd-Frank Act
May 10, 2012--Thank you Mr. Chairman and thank you to the rulemaking team for the hard work and diligence in crafting these rules.
We have before us today final rules relating to the Core Principles for Designated Contract Markets (DCMs). Core Principles were designed to allow DCMs the flexibility to establish compliance regimes that fit with their markets and business models. This flexible approach has been very successful. The proposed DCM Core Principle rules published in late 2010 significantly, and needlessly, strayed from the flexible approach in favor of a prescriptive, one-size-fits-all, rules-based approach. I did not, and still do not, support abandoning the flexible, principles-based approach to regulation. I am pleased, however, that in a number of areas the final rules before us today recognize the value of retaining flexibility and pull back from the overly prescriptive regime set out in the proposed rules. I understand that in a number of areas where we have established specific rules, we have codified the best practices already in place at DCMs today. While on its face this may seem reasonable, I have lingering concerns about whether codifying today’s best practices will prevent exchanges from developing tomorrow’s best practices. Our industry evolves quickly, and we are on the cusp of regulating vast markets and diverse products that we have never regulated before. We must remain vigilant to ensure that our lack of experience in these markets and with these products does not cause us to stand in the way of continued evolution and progress.
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Source: CFTC.gov
Winners Announced at the 8th Annual Global ETF Awards
Awards Given out in 20 Categories for Outstanding Achievements in the Global ETP: Industry Inaugural Nate Most Greatest Contributor to the ETF Market Award Announced
May 10, 2012--The 8th Global ETF Awards® dinner held by US based Exchangetradefunds.com was a tremendous success. ETF professionals from all over the world attended the half-day educational Workshop and Awards presentation in New York City at the Hyatt New York April 26, 2012.
The event began in the afternoon with a Workshop, which featured two sessions--the Investors Discussion Forum and the Industry Discussion Forum. Topics ranging from the evolution of ETF Products and Indexes internationally, regulatory issues currently affecting the markets, actively-managed ETFs, ETNs, ETC’s managing risk and volatility, leveraged products, and emerging markets were discussed.
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Source: Exchangetradedfunds.com
Claymore files with the SEC
May 10, 2012--Claymore has filed a post-effective amendment no. 190, registration statement with the SEC for the
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF
view filing
Source: SEC.gov
Dow Jones Indexes Adds Three Size-Segment Indexes To The Dow Jones LSP Position Sizing Index Family
Series to Include U.S. Large-, Mid- , and Small-Cap Indexes
Based on LSP Partners' Proprietary Investment Strategy
Inaugural Dow Jones LSP Position Sizing Equal Sector U.S. Large-Cap 50 Index Launched in January
May 17, 2012-Dow Jones Indexes, a leading global index provider, today announced the expansion of the Dow Jones LSP Position Sizing Index family to include three new size-segment indexes:
Dow Jones LSP Position SizingU.S.Large-Cap 250 Index
Dow Jones LSP Position SizingU.S.Mid-Cap 250 Index
Dow Jones LSP Position Sizing U.S.Small-Cap 250 Index
The Dow Jones LSP Position Sizing Indexes are quantitative-strategy gauges based on a proprietary quantitative algorithm created by the risk-management-research consulting firm LSP Partners LLC.
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Source: Dow Jones Indexes
NYSE Amex LLC to be renamed NYSE MKT LLC
NYSE Amex Options market will retain its current name
May 10, 2012--
NYSE Euronext (NYX) today announced that NYSE Amex LLC, the self regulatory
organization, will be renamed NYSE MKT LLC effective May 14, 2012, subject to
SEC filing.
NYSE MKT is the premier U.S. equities market for listing and
trading of small growth companies. NYSE MKT’s associated options market will
continue to do business under the name NYSE Amex Options.
“NYSE MKT is a fully integrated trading venue within the NYSE Euronext community and the new name reinforces that fact,” said Scott Cutler, EVP and Co-Head of U.S. Listings and Cash Execution at NYSE Euronext. “The venue is dedicated to growth-oriented companies in the U.S., and we continue to enhance the platform to best meet the needs of these clients.”
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Source: NYSE Euronext
Van Eck Launches Emerging Markets High Yield Bond ETF (HYEM)
Focuses Primarily on USD-denominated Emerging Markets Corporate High-Yield Bonds
May 9, 2012--Market Vectors ETF Trust announced today that it has launched its Emerging Markets High Yield Bond ETF (NYSE Arca: HYEM), the first exchange-traded fund (ETF) designed to focus solely on the U.S. dollar (USD)-denominated non-sovereign segment of the EM high-yield bond market- a segment that has grown 265 percent since 2003, according to data from Bank of America Merrill Lynch.
HYEM seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY), which is comprised of U.S. dollar-denominated bonds issued by non-sovereign emerging market issuers that are rated below investment grade. In order to qualify for inclusion in the Index, an issuer must have risk exposure to countries other than members of FX G10, defined as including Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States, as well as all Western European countries and territories of the U.S. and Western European countries.
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Source: Van Eck
