Americas ETP News
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DB-Synthetic Equity & Index Strategy-US ETF Weekly Research-Fixed Income ETPs gathered $2.5bn inflows last week
March 31, 2015--Data in this report is as of Friday, March 27t
Market and Net Cash Flows Review
The US (S&P 500) was down 2.23%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) fell by 0.73% and 1.11%, respectively. In the meantime, performance was negative across all US sectors. The Financials (-3.0%) and the Industrials (-2.7%) sectors recorded the largest decreases. The DB Liquid Commodity Index decreased by 0.25%; similarly, the Agriculture sector (DB Diversified Agriculture Index) fell by 1.01%; meanwhile, the WTI Crude Oil, Gold, and Silver prices rose by 6.89%, 1.36%, and 1.29%, respectively.
Moving into other asset classes,the 10Y US Treasury Yield rose by 2bps ending at 1.95%. Last but not least, Volatility (VIX) increased by 15.75% during the same period.
The total US ETP flows from all products registered $7.3bn (-0.3% of AUM) of outflows during last week vs. $26.8bn (+1.3%) of inflows the previous week, setting the YTD weekly flows average at +$4.2bn (+$54.3bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of -$9.3bn (-0.5%), +$2.5bn (+0.8%), and -$0.5bn (-0.9%) last week vs. +$24.1bn (+1.5%), +$2.1bn (+0.6%), and +$0.6bn (+1.1%) in the previous week, respectively. It is worth noting that most of the equity outflows were expected and were related to short-term flows as we mentioned last week.
Top 3 ETPs & ETNs by inflows: HEDJ (+$0.9bn), HYG (+$0.6bn), XT (+$0.6bn)
Top 3 ETPs & ETNs by outflows: VIG (-$3.9bn), SPY (-$3.4bn), VYM (-$1.6bn)
New Launch Calendar: Global New Economy, Global Small-Cap, Event-Driven Strategy, Long/Short Strategy
There were four new ETFs listed during the previous week. The new products are designed to provide exposure to global companies that create or use exponential technologies and are part of the new world economy, global small-cap equities, and two alternative funds focusing on an event-driven strategy and a long/short strategy, respectively.
Turnover Review: Floor activity decreased by 17.3%
Assets under Management (AUM) Review: Assets decreased by $40.5bn
request report S&P Dow Jones Indices-Latin America Index Dashboard view more S&P Dow Jones Indices-Canada Index Dashboard Large-cap U.S. equities encountered significant turbulence in the first quarter. The S&P 500(R) ended the quarter up 1%, while the Dow Jones Industrial Average(R) was relatively flat. view more Victory Capital Announces Plans to Launch NextShares(TM)Exchange-Traded Managed Funds view more Some NYSE Arca ETFs briefly halted; issue resolved view more SSgA picks ex-Fidelity funds chief as CEO Scott Powers to Retire from SSGA in 2015 view more
Sprott Junior Gold Miners ETF Launches on NYSE
The goal of the ETF is to provide exposure to the Sprott Zacks Junior Gold Miners Index (NYSE: ZAXSGDJ), which seeks to outperform a passive, market-capitalization representation of junior gold stocks. view more Research Paper-Do High Frequency Traders Need to be Regulated? Evidence from Algorithmic Trading on Macro News view paper Yieldcos: For Energy Investors Seeking Dividends view more
Total weekly turnover decreased by 17.3% to $342.0bn vs. $413.3bn from the previous week. However, last week's turnover level was 6.2% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover decreased by $62.0bn (-16.8%), $4.8bn (-18.1%), and $3.6bn (-30.7%) during the same period, respectively.
US ETP assets dropped by $40.5bn (-1.9%) totaling $2.062 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +4.2% YTD. Assets for Equity, Fixed Income, and Commodity ETPs moved -$43.4bn, +$2.6bn, and +$0.4bn during last week, respectively.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
March 31, 2015--Latin American equities ended the quarter in the red. The S&P Latin America BMI and the S&P MILA Andean 40 declined 10% and 9%, respectively. Brazil and Colombia were the weakest performers, ending the quarter down 16% and 19%, respectively. Health Care was the weakest sectoral performer, declining 25%.
Globally, developed markets had a strong quarter, gaining 4%, while emerging markets were up 2%. Japan had an extraordinary quarter, as the S&P TOPIX 150 gained 11%. Large-cap U.S. equities encountered significant turbulence in the first quarter. The S&P 500® ended the quarter up 1%, while the Dow Jones Industrial Average(R) was relatively flat.
Source: S&P Dow Jones Indices
March 31, 2015--Canadian equities ended the first quarter of 2015 in the black, with the S&P/TSX Composite and the S&P/TSX 60 gaining 3% and 2%, respectively.
The strongest performing sector of the S&P/TSX Composite was Health Care by a wide margin (45%). Energy was the weakest performer, down 1%.
Source: S&P Dow Jones Indices
March 31, 2015--Victory Capital today announced that it has entered into a preliminary agreement with Navigate Fund Solutions LLC ("Navigate"), a subsidiary of Eaton Vance Corp., to support the launch of a family of NextShares(TM) exchange-traded managed funds.
"NextShares are a natural extension of our multi-boutique investment model," said David Brown, Chairman and Chief Executive Officer of Victory Capital. "Our goal is to deliver best-in-class investment solutions managed by autonomous investment franchises and NextShares will enable us to provide our clients with an actively managed vehicle that features lower costs and greater tax efficiencies."
Source: Victory Capital
March 31, 2015--Some exchange-traded funds on the New York Stock Exchange's Arca system were briefly halted on Tuesday morning due to technical issues.
The halt started around 10:36 a.m. ET and lasted about 10 minutes. The quote dissemination issue affected tickers starting with letters U through Z.
Source: CNBC
March 31, 2015--State Street Global Advisors has tapped the former asset management chief at Fidelity Investments as its new president and chief executive, replacing Scott Powers who will retire after seven years.
view more
Source: Financial News
Industry Veteran Ronald P. O'Hanley is named President and CEO
March 31, 2015--State Street Corporation (NYSE: STT) announced today that Scott Powers (age 56), president and chief executive officer of State Street Global Advisors, intends to retire later this year after more than seven years leading the firm and three decades in the investment management industry.
Ronald (Ron) O'Hanley (age 58) will succeed Powers at the beginning of April. He and Powers will work together over the next several months to ensure a smooth transition of responsibilities. O'Hanley will report to Jay Hooley, chairman and chief executive officer of State Street, and will join the company's Management Committee, its senior-most strategy and policy-making team.
Source: State Street Corporation
March 31, 2015--Sprott Asset Management LP ("Sprott") is pleased to announce the launch of the Sprott Junior Gold Miners Exchange Traded Fund ("the ETF") on the New York Stock Exchange (NYSE: SGDJ).
The ETF was created in partnership with ALPS Advisors Inc.("ALPS") and Zacks Index Services.
Source: Sprott Asset Management LP
March 30, 2015--Abstract
Stock index ETF and futures prices respond to macroeconomic announcement surprises within a tenth of a second, with trading intensity increasing ten-fold in the quarter second following the news release. Trading profits, however, are relatively small and decline in recent years.
We find no evidence that the controversial practice of selling early access to macro news produces incremental profits. Our findings suggest that algorithmic traders operate in a highly competitive environment. Consistent with this view, we find event profits are decreasing in quote intensity. Order flow also becomes less informative over time as quotes respond to news directly rather than indirectly through trading.
Source: Goizueta Business School, Emory University
March 30, 2015--Yieldcos: For Renewable Energy Investors Who Love Dividends
Have you heard of Yieldcos?
This popular new option on the stock market is a win-win: it allows people to earn income from operating renewable energy plants, while giving developers access to capital for future projects.
Source: Nasdaq.com
