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DB-Synthetic Equity & Index Strategy-US ETF Market Weekly Review-Equity ETPs attract $6.7bn in fresh new cash
March 18, 2015--Friday, March 13th
Market and Net Cash Flows Review
The US (S&P 500) fell by 0.86%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 1.72% and 3.24%, respectively. In the meantime, performance was mixed across US sectors.
The Healthcare (+0.46%) and the Financials (+0.41%) sectors recorded the largest increases; Energy (-2.94%) and Technology (-2.16%) were the worst performing sectors. The DB Liquid Commodity Index fell by 3.62%; similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold, and Silver prices fell by 2.47%, 9.61%, 0.74%, and 1.53%, respectively.
Moving into other asset classes, the 10Y US Treasury Yield decreased 11bps ending at 2.13%. Last but not least, Volatility (VIX) rose by 5.26% during the same period.
The total US ETP flows from all products registered $5.5bn (+0.3% of AUM) of inflows during last week vs. $0.4bn (+0.0%) of inflows the previous week, setting the YTD weekly flows average at +$3.2bn (+$34.8bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of +$6.7bn (+0.4%), -$1.4bn (-0.4%), and -$0.1bn (-0.1%) last week vs. +$6.0bn (+0.4%), -$4.7bn (-1.4%), and -$1.1bn (-1.8%) in the previous week, respectively.
Among US sectors, Consumer Discretionary (+$0.4bn, +2.3%) and Healthcare (+$0.3bn, +0.6%) received the top inflows, while Energy (-$0.4bn, -1.1%) and Industrials (-$0.3bn, -1.8%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: VIG (+$3.2bn), HEDJ (+$1.3bn), EFA (+$1.0bn)
Top 3 +ETPs & ETNs by outflows: EEM (-$1.7bn), SPY (-$1.2bn), HYG (-$1.0bn)
New Launch Calendar: US mid and large-cap equities, US small and mid cap equities, China A Shares, IG Corporate bonds, Homebuilders
There were ten new ETFs and two new ETNs listed during the previous week. The products offer exposure to high dividends US equities with focus on mid and large cap, high dividends small and mid cap US equities, China A-Shares, IG corporate bonds with a maturity targeted between 2017 and 2025, and two thematic ETNs focusing on homebuilders companies including a double leverage.
Turnover Review: Floor activity increased by 1.9%
Total weekly turnover increased by 1.9% to $357.9bn vs. $351.1bn from the previous week. However, last week's turnover level was 11.2% over last year's weekly average. Equity ETPs turnover increased by $13.4bn (+4.4%); while Fixed Income and Commodity ETPs turnover decreased by $6.0bn (-19.2%) and $0.9bn (-9.0%), respectively.
Assets under Management (AUM) Review: Assets dropped by $9.0bn
US ETP assets dropped by $9.0bn (-0.4%) totaling $2.025 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +2.3% YTD. Assets for Equity, Fixed Income, and Commodity ETPs moved -$6.5bn, -$1.2bn, and -$1.7bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
CFTC Swaps Report Update
March 18, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 17-18 FOMC meeting
March 18, 2015--The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the March 17-18 meeting of the Federal Open Market Committee.
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Source: FRB
Federal Reserve issues FOMC statement
March 18, 2015--Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat. Labor market conditions have improved further, with strong job gains and a lower unemployment rate.
A range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; declines in energy prices have boosted household purchasing power. Business fixed investment is advancing, while the recovery in the housing sector remains slow and export growth has weakened. Inflation has declined further below the Committee's longer-run objective, largely reflecting declines in energy prices. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable.
SEC Joins Battle on Broker Bias That Could Remake Industry
March 17, 2015--The head of the U.S. Securities and Exchange Commission called for tighter rules on brokers, echoing the White House's campaign to crack down on what the government calls biased financial advice that is costing investors billions of dollars.
The move brings the SEC to the forefront in a battle with Wall Street that could reshape the landscape for advisers and savers alike, touching on how brokers steer clients and collect fees, and potentially creating new winners and losers among investment funds.
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Source: Bloomberg
Global X Funds Expands SuperDividend(R) ETF Suite With Emerging Market And REIT Offerings
March 17, 2015--Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today launched the Global X SuperDividend(R) Emerging Markets ETF (SDEM) on the NYSE Arca and the Global X SuperDividend(R) REIT ETF (SRET) on the NASDAQ Stock Exchange.
Both funds come as a result of strong investor interest in Global X's 'Super Family' of income-focused ETFs.
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Source: MarketWatch
U.S. bond ETF set for record outflow in March-TrimTabs
March 17, 2015--U.S. bond exchange-traded funds are on track to experience outflow in March on worries the Federal Reserve may raise interest rates later this year, TrimTabs Investment Research said on Tuesday.
Investors already pulled $6.4 billion from bond ETFs during the first 10 trading days of March.
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Source: Reuters
Vanguard to Bring Price War to Small-Business Pensions Market
Investment manager's cut-price index funds spawned a competitive race to slash fees among rivals
March 17, 2015--Vanguard Group is bringing the investment price war to the small-business pensions market, according to its Chief Executive F. William McNabb III.
The investment manager is known for its cut-price index funds, which sparked a competitive race to slash fees among rivals that manage money for large-company pension plans or individual investors.
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Source: Wall Street Journal
Reading the confusing alphabet soup of exchange-traded fund trends
The ETF universe seems to perpetually expand but the result of pushing the envelope isn't necessarily always positive
March 17, 2015--Every year, investing in exchange-traded funds gets more confusing. Last year, 178 new ETFs launched (based on their inception date as determined by Morningstar Inc.) and while the ETF universe seems to perpetually expand, the result of pushing the envelope in product development isn't necessarily always positive.
Investors should be aware of these trends, while understanding that new ETFs aren't like cars or phones-there is no reason to assume the new model is better.
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Source: Investment News
Nasdaq Lists The Global X SuperDividend(R) REIT ETF
Offers Features to Help Reduce Interest Rate Risk and Diversify Portfolios
March 17, 2015--Nasdaq announced that Global X Funds will list a new exchange-traded fund (ETF), The Global X SuperDividend(R)REIT ETF (Symbol:SRET), which will begin trading on The Nasdaq Stock Market today.
"At a time of continued low interest rates, income-seekers are in need of alternative sources for yield," said Bruno del Ama, Chief Executive Officer of Global X Funds.
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Source: Nasdaq.com
