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First Bridge Data- 'ETF 20/20 Report' May 2015
May 7, 2015--Key Highlights
Our monthly 'ETF 20/20' report summarizes recent Exchange Traded Fund (ETF) trends in the US. It uses data from the Firs tBridge global ETFdatabase .
Assets for ETFs listed in the US grew in April to $2.136T. As of end April, 2015, there were 1,703 ETPs listed in the US.
Both emerging and developed Ex-US equities outperformed US equities in April; the European Commission revised its Eurozone 2015 GDP forecast up wards to 1.5%.
17 new ETPs were launched in the US in April 2015, indicative of an industry that is still in growth mode. Multi-factor equity ETFs accounted for many of the launches.
The dollar pulled back against the other major currencies in April, reversing a trend where currency hedged ETFs were outperforming their unhedged counterparts.
Dividend and value were the best performing of the widely followed factor strategies among US large cap-equities in April, though growth outperformed value and low volatility over the trailing 12 months.
China and Biotech ETFs were the best performing ETF categories in trailing 12-month total returns (excluding leveraged & inverse ETFs). Natural gas futures and Greek equities were the weakest.
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Source: Bridge Bridge Data
CBO-Monthly Budget Review for April 2015
May 7, 2015--The federal government ran a budget deficit of $285 billion for the first seven months of fiscal year 2015, CBO estimates.
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Source: Congressional Budget Office (CBO)
AdvisorShares Weekly Market Update:
May 7, 2015--For the week of April 27-May 1
Shouldn't We Have More Growth By Now?
Macro
US equity markets were lower across the board last week. The Dow Jones Industrial Average fell 33 basis points, the S&P 500 gave up 46 basis points, the NASDAQ set back
1.71% but still barely held the 5000 level for the weekly close
and the Russell 2000 was the laggard with a 3.10% drop.
Recapping the current earnings season Barron's reports
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Source: AdvisorShares
Hidden Illiquidity with Multiple Central Counterpartie
May 7, 2015--This paper focuses on the systemic risks in markets cleared by multiple central counterparties (CCPs). Each CCP charges margins based on the potential impact from the default of a clearing member and subsequent liquidation of a large position. Swaps dealers can split their positions among multiple CCPs, effectively "hiding" potential liquidation costs.
A lack of coordination among CCPs can lead to a "race to the bottom" because CCPs with lower perceived liquidation costs can drive competitors out of the market.
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Source: OFR
OFR-Systemic Risk: The Dynamics under Central Clearing
May 7, 2015--This paper develops a model for concentration risks that clearing members pose to central counterparties. Over time, larger clearing members crowd out smaller clearing members.
Systemic risk is created because high clearing member concentration results in relatively lower lending, higher cost of capital, and increasingly costly hedging. To address this risk, the paper proposes a self-funding systemic risk charge.
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Source: OFR
CETFA March 2015 Statistics-Restated (May 7, 2015)
May 7, 2015--CETFA March 2015 Statistics-Restated (May 7, 2015)
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Source: CETFA
ETF provider RevenueShares explores company sale
May 7, 2015--VTL Associates, LLC, a Philadelphia-based consulting firm that owns the RevenueShares exchange-traded funds, has tapped Royal Bank of Canada to help find a buyer for the company, VTL's chief executive told Reuters on Thursday.
RevenueShares has eight exchange-traded funds, with $1 billion in assets, according to Lipper. Its ETFs are based on indexes, but are weighted according to its holdings' revenues, as opposed to market capitalization.
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Source: Reuters
Convergex Names Kelli Annequin Chief Marketing Officer
May 7, 2015--Convergex, an agency-focused global brokerage and trading related services provider, today announced the appointment of Kelli Annequin as its new Chief Marketing Officer (CMO).
During her twenty years of experience in the global financial services industry, Ms. Annequin has developed and implemented global marketing initiatives at several industry-leading firms.
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Source Convergex Group
Portfolio Management Top of Mind for Advisors in 2015
May 7, 2015--Portfolio management was advisors' top concern in the first quarter of this year, according to a recent Fidelity survey, an indication that advisors are getting more discretionary with their client accounts.
Nearly a third of advisors cited portfolio management as an area of focus during the quarter, up from 18 percent in the fourth quarter 2014, according to Fidelity's Advisor Investment Pulse.
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Source: Wealth Management
Pioneer Investments Announces Initiative To Launch NextShares Exchange-Traded Managed Funds
May 6, 2015--Pioneer Investments today announced that it has entered into a preliminary agreement with Navigate Fund Solutions LLC ("Navigate"), a subsidiary of Eaton Vance Corp. (NYSE: EV), to support the launch of a family of Pioneer NextShares(TM) exchangetraded managed funds.
Lisa Jones, President and Chief Executive Officer of Pioneer Investment Management USA, Inc., said, "NextShares offer the potential for an enhanced client investment experience and outcome, a commitment Pioneer has focused on since 1928. NextShares are an innovative way to deliver our active management to investors."
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Source: nextshares.com
