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BlackRock Adds Four iShares Core Allocation ETFs for Buy-and-Hold Investors
Offers Investors a Simple Way to Build a Diversified Core Portfolio with a Single ETF
February 2, 2015--BlackRock, Inc. (NYSE:BLK) has expanded its iShares Core exchange traded fund offering for buy-and-hold investors to include four iShares Core Allocations ETFs.
Originally launched in 2008, the existing products have been modified to hold iShares Core ETFs exclusively and have been renamed: iShares Core Conservative Allocation ETF (NYSEArca:AOK), iShares Core Moderate Allocation ETF (NYSEArca:AOM), iShares Core Growth Allocation ETF (NYSEArca:AOR) and iShares Core Aggressive Allocation ETF.
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Source: BlackRock
State Street cuts fees on 41 ETFs as price competition heats up
February 2, 2015--State Street Corp said on Tuesday it has slashed management fees on 41 of its SPDR exchange-traded funds, joining major ETF providers BlackRock Inc and Vanguard in their efforts to lower fees as price competition heats up.
The price cuts at State Street, which affect a range of international and domestic equity and bond funds, come at a time when cost has become an increasingly important factor for ETF providers. Vanguard, which recently surpassed State Street to become the No. 2 U.S. ETF provider, has been winning assets with its razor-thin fees.
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Source: Reuters
CBOE Holdings Reports January 2015 Trading Volume
ADV of 5.4 Million Contacts Up 5% Over December
CBOE, C2 and CFE ADV Increase From Previous Month
Total Volume of 107.2 Million Contracts Traded
February 2, 2015--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that average daily volume (ADV) during January for options contracts on Chicago Board Options Exchange(R) (CBOE(R)) and C2 Options ExchangeSM (C2SM) and futures contracts
on CBOE Futures Exchange (CFE(R)) was 5.4 million contracts, an increase of five percent from December 2014 and a decrease of seven percent from January 2014.
Monthly ADV at CBOE, C2 and CFE each posted increases over December.
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Source: CBOE
Neuberger Berman eyes future of active ETFs
February 2, 2015--Four years after requesting approval to launch active transparent exchange-traded funds, Neuberger Berman is seeking a different type of exchange-traded product
that protects an active stock-pickers’ "secret sauce" while attracting client assets.
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Source: Financial News
US ETF Weekly Update
February 2, 2015--
Weekly Flows: $1.5 Billion Net Inflows
Second Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion
Two ETF Launches Last Week
AdvisorShares Closes Two ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $1.5 bln last week; second consecutive week of net inflows
Last week's net inflows were led by International - Developed ETFs at $3.3 bln; conversely, US Large-Cap ETFs posted net outflows of $6.8 bln, the most of any category we measured
US Large-Cap ETF flows were dominated by the SPDR S&P 500 ETF (SPY), which had net outflows of $7.1 bln last week
Fixed Income ETFs also had a big week, posting net inflows of $2.3 bln
Ten of the 15 categories we measured posted net inflows last week
ETF assets stand at $2.0 tln, down 1% YTD
13-week flows remain positive among most asset classes; combined $88.1 bln in net inflows - US Sector & Industry ETFs generated net inflows of $20.0 bln over the last 13 weeks, the most of any category, and accounted for 23% of total ETF net inflows - International - Emerging ETFs exhibited net outflows of $3.2 bln over the last 13 weeks, the most of any category, and one of only three segments to post net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
WisdomTree Europe Hedged Equity Fund (HEDJ) posted net inflows of $1.7 bln last week, leading all ETFs
HEDJ's $5.4 bln 13-week net inflows account for 60% of its current market cap; HEDJ is long Eurozone companies, with a focus on exporters, while neutralizing currency risk
The SPDR Gold Trust (GLD) posted net inflows for the third consecutive week; over the three-week period, GLD has generated net inflows of $2.1 bln
Notably, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the SPDR Barclays High Yield Bond ETF (JNK) had a combined $1.0 bln in net inflows last week
The SPDR S&P 500 ETF (SPY) posted net outflows of $7.1 bln last week, the most of any ETF; SPY typically struggles from a flows standpoint during the first quarter of each year and has now exhibited net outflows for five consecutive weeks totaling $28.0 bln
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading was essentially flat in January at 29% relative to December; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume increased by $105 bln last week compared to the prior week and is 21% above its 13-week average
US Large-Cap ETFs accounted for 45% of ETF $ volume last week, above their 43% 13-week average; US Large-Cap ETFs make up 25% of ETF market cap
US-Listed ETFs: Most Successful Recent Launches by Assets
$9.6 bln in total market cap of ETFs less than 1-year old
Active ETFs make up 25% of recently launched ETF market share, the most of any ETF category and are closely trailed by International - Developed ETFs, which have 24% market share
Over the last 13 weeks, International - Developed ETFs have generated net inflows of $1.5 bln, significantly more than any other ETF category
Thirteen new ETF listings and 19 closures YTD
US-Listed ETFs: Most Successful Recent Launches by Assets
$9.6 bln in total market cap of ETFs less than 1-year old
Active ETFs make up 25% of recently launched ETF market share, the most of any ETF category and are closely trailed by International - Developed ETFs, which have 24% market share
Over the last 13 weeks, International - Developed ETFs have generated net inflows of $1.5 bln, significantly more than any other ETF category
Thirteen new ETF listings and 19 closures YTD
The top 10 most successful launches make up 50% of the market cap of ETFs launched over the past year
Three ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches
BlackRock occupies six of the 10 spots in the most successful launches over the past year exhibit
The iShares Core Total USD Bond Market ETF (IUSB) generated net inflows of $348 mln last week, the most of any recently launched ETF; IUSB tracks the USD-denominated fixed income market, which includes both investment grade and high yield bonds
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Source: Morgan Stanley
Happy anniversary-but challenges lie ahead
The ETF industry faces hurdles that must be overcome if expected growth is to be achieved
February 1, 2015--
Many will be surprised to learn that exchange traded funds will turn 25 on March 9.
This year marks the silver anniversary of the listing of the TIP 35 ETF (Toronto Index Participation Fund) in Canada on the Toronto Stock Ex-change.
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Source: FT.com
S&P Dow Jones Indices-Canada Index Dashboard
January 30, 2015--Canadian equities were up to start 2015, with the S&P/TSX Composite and the S&P/TSX 60 both gaining 1% in January. Defensive strategies thrived, with the S&P/TSX Composite Low Volatility index ending the month up 2%.The strongest performing sector of the S&P/TSX Composite was Health Care (19%). Financials were the weakest performers, down 5%.
U.S. equities began 2015 in the red, as the Dow Jones Industrial Average and the S&P 500(R) declined 4% and 3%, respectively. Globally, developed markets ended the month flat while emerging markets were up slightly.
Commodities performed poorly across the board. The Dow Jones Commodity Index and the S&P GSCI declined 4% and 8%, respectively. The Energy sector continued its weak performance (-9%).
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Source: S&P Dow Jones Indices
IMF Executive Board Concludes 2014 Article IV Consultation with Canada
January 30, 2015--On January 28, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Canada. 1
Canada's recent growth performance has been solid, alongside a stronger U.S. recovery. U.S. growth momentum, exchange rate depreciation, and high energy demand in early 2014, all led to a pickup in exports, although it has yet to translate into strong investment and hiring. In particular, the slowdown in business investment has been widespread in recent years. Thus, the composition of growth has not yet shifted away from private consumption and residential investment to generate a broader, more durable recovery. Substantially lower oil prices will be a drag on growth through weaker investment in the energy sector. Private consumption has continued to grow thanks to rising household wealth and exceptionally easy financial conditions. Indeed, after a brief pause, Canada's housing market rebounded in 2014, fueled by low and declining interest rates although there are some welcome signs of cooling especially in overheated markets. IMF staff analysis suggests a national real house price overvaluation between 7–20 percent although with important regional differences.
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Source: IMF
CFTC.gov Commitments of Traders Reports Update
January 30, 2015--The current reports for the week of January 27, 2015 are now available.
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Source: CFTC.gov
Exclusive: Guggenheim considering launching currency-hedged ETFs
January 30, 2015--Guggenheim Investments is considering launching one or more currency-hedged exchange-traded funds, one of the hottest and most sought-after financial products the last few months.
"I will confirm that we're interested in this space," Bill Belden, Guggenheim's managing director of product development in Chicago told Reuters on Friday. "We're very familiar with the currency space and we're always interested in providing new products whether they're hedged or not."
