Americas ETP News
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ETFs/ETPs listed in the United States have gathered a record 201.7 billion US dollars in net new assets this year as of the end of November 2015, according to ETFGI
December 10, 2015--ETFs/ETPs listed in the United States have gathered a record US$201.7 billion in net new assets as of the end of November 2015 which is 5% above the record level of US$191.8 billion of net new assets gathered at this point in 2014.
This marks the 10th consecutive month of positive net inflows. The US ETF/ETP industry had 1,824 ETFs/ETPs, assets of US$2.1 trillion, from 92 providers listed on 3 exchanges at the end of November, according to ETFGI's Global ETF and ETP insights report for November 2015.
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Source: ETFGI
ETFs/ETPs listed in Canada have gathered a record 11.3 Bn US dollars in net new assets this year as of the end of November 2015, according to ETFGI
December 10, 2015--ETFs/ETPs listed in Canada have gathered a record US$11.3 billion in net new assets as of the end of November 2015 which is 10.7% above the record level of US$10.2 billion of net new assets gathered at this point in 2012.
This marks the 12th consecutive month of positive net inflows. The Canadian ETF industry had 373 ETFs, with 522 listings, assets of US$66 Bn, from 12 providers on 1 exchange at the end of November, according to ETFGI’s Global ETF and ETP insights report for November 2015 .
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Source: ETFGI
BATS Welcomes iShares FactorSelect MSCI Emerging ETF
New ETF Began Trading Today on The BATS ETF Marketplace
December 10, 2015--BATS Global Markets (BATS), the #1 U.S. market for the trading of exchange-traded funds (ETFs), today welcomed the iShares FactorSelect MSCI Emerging ETF (BATS: EMGF), which began trading today on The BATS ETF Marketplace.
The iShares FactorSelect MSCI Emerging ETF seeks to track the investment results of the MSCI Emerging Markets Diversified Multiple-Factor Index which is composed of stocks of large-and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints.
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Source: BATS Global Markets, Inc.
Corporate Bond Liquidity Healthy by Most Measures: FINRA Research
Analysis of TRACE Data Also Finds Potentially Significant Changes in Market Structure
December 10, 2015--The Financial Industry Regulatory Authority (FINRA) today issued new research that provides a deep and focused look at the state of liquidity in the U.S. corporate-bond market.
Analyzing all TRACE transactions from 2003 to September 2015, the research found:
Most measures indicate a healthy market. New bond issuance is at a record level, transaction volumes have continued to grow, and the number of trades is rising. The cost of trading corporate bonds has been decreasing, as indicated by narrower bid-ask spreads and falling price impact to block trades.
However, several measures offer evidence of potentially significant changes in how the market is working, including smaller average trade size and a declining proportion of bonds traded in blocks of $5 million or more. These trends are consistent with a market that has a larger number of issues, more electronic trading and a growing network of counterparties.
view the FINRA research note-Analysis of Corporate Bond Liquidity
Source: FINRA
Elkhorn Launches RAFI High Yield U.S. Equity ETF
December 10, 2015--Elkhorn Capital Group, LLC, a pioneer of research-based investing and a strategic partner of Barclays, announced today the launch of the Elkhorn FTSE RAFI U.S. Equity Income ETF (BATS: ELKU).
This new ETF is based on the FTSE RAFITM US Equity Income Index and offers a risk-managed approach to high yield dividend investing. The RAFI strategy screens high-dividend paying stocks for financial health and then applies their patented fundamental weighting.
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Source: Elkhorn Investments
Vanguard rolls out all-cap developed market ex North America ETFs on Toronto Stock Exchange
December 9, 2015--Vanguard Investments Canada, the Toronto outpost of exchange-traded funds giant Vanguard, has launched two new ETFs on the Toronto Stock Exchange: the Vanguard FTSE Developed All Cap ex North America Index ETF (VIU), which targets small-, mid-, and large-cap equities listed on exchanges within developed markets excluding the US and Canada,
and a CAD--hedged version Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) (VI).
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Source: etfstrategy.co.uk
High-Frequency Trading Helps Canadian Markets, Regulator Says
December 9, 2015--IIROC says HFT has 'mostly positive' impact on stock market
Study finds speed traders boost liquidity, improve prices
High-frequency trading--the often-criticized practice of light-speed buying and selling--has mostly helped the Canadian stock market, according to the regulatory body that oversees dealers who trade the shares.
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Source: Bloomberg
CFTC.gov Swaps Report Update
December 9, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Invesco PowerShares Celebrates 10th Anniversary of First Smart Beta Portfolio, PowerShares FTSE RAFI US 1000 (PRF)
PowerShares, Research Affiliates Commemorate Milestone with NYSE Bell Ringing
December 9, 2015--Invesco PowerShares Capital Management, LLC, a
leading global provider of exchange-traded funds (ETFs), today joined index provider Research Affiliates to ring the New York Stock Exchange opening bell to recognize the 10th anniversary of the PowerShares FTSE RAFI US 1000 Portfolio (PRF),
the first fundamental index strategy ETF
that may have been the starting point for the "smart beta" industry as we know it today.
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Source: Invesco
DB Markets Research-Synthetic Equity & Index Strategy-United States-US ETF Compass
December 9, 2015--YTD Flows ahead of last year driven by strong $26bn inflows on November
November saw very strong equity flows (+$25bn), despite weak performance across asset classes
Although November was a weak month for most asset classes across equities, rates, credit, and commodities, ETPs still registered $26bn in inflows. At a broad asset class level, the dollar was the main winner with the bullish USD ETF (UUP) up 3.3% for the month. Small Caps (+3.3%) and Banks (4.6%-6.6%) in the US were also strong.
Global equity markets were 0.5% down in the same period; however Equity ETFs received very strong inflows (+$25bn), mostly driven by ETFs with US (+$19.6bn) and Global ex-US regional (+$4.2bn) focus. As of Nov 30th, the industry reached $2.13 trillion in assets for an YTD growth of 7.6%.
Smart Beta and Currency Hedge products continue to dominate new listings
Last month launches were dominated by low risk, multi-factor, and currency hedged equity ETFs. Actually since the beginning of the year, Smart Beta and Currency Hedged Equity ETFs have raised $63bn and $46bn in cash, respectively.
Low Risk ETFs organic growth has been six times faster than the rest of Equity ETFs in the last 12M
During the last 12 months we have seen resurgence in the Low Risk theme with this group of ETFs recording a relative organic growth 6 times larger than the rest of Equity ETFs excluding Low Risk products. Moreover, on an absolute basis, Low Risk ETFs gathered $9.6bn of inflows in the same period, reaching a level of assets of $23.8bn as of the end of November.
Expect big inflows from December's ETF Seasonal effect
ETFs have exhibited clear seasonality patterns in the last 15 years, particularly in the case of SPY. Based on seasonal patterns and recent flow trends, we could easily see about $10bn-$15bn of inflows going into SPY, and another strong month of $20bn-$25bn inflows for ETFs in December
The time of the "Tax-Loss-Harvests" has arrived
Using capital losses to offset capital gains within the fund has been a common method used by investors to improve the tax-efficiency of a fund. We provide two lists of ETFs which can provide suitable implementation for stock-ETF and ETF-ETF replacement strategies, respectively.
Systemic risk from Leveraged & Inverse ETFs is misunderstood and overstated
Even under the worst (and very unlikely) scenario in which Leveraged and Inverse ETFs would have to redeem their assets all at once, we believe that the impact would not pose a systemic risk for the following reasons: (1) Actual assets and levered notional are relatively small compared to the rest of the markets, (2) many exposures offset each other, reducing the actual market activity required to liquidate positions, and (3) assets are highly diversified across hundreds of securities which in most cases are highly liquid.
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Source: Deutsche Bank Markets Research-Equity & Index Strategy
