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The Fund that Reshaped the Gold Market
Rise and Fall of GLD Exchange-Traded Fund Mirrors Metal's Appeal
November 17, 2014--The first U.S. exchange-traded fund to give investors a stake in gold was the fastest-growing financial product of its kind when it launched 10 years ago.
Today, SPDR Gold Trust, better known by its ticker symbol GLD...
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Source: Wall Street Journal
IMFSurvey Magazine:Mexico's Economy Shows Steady Growth Fueled by Key Reforms
November 17, 2014--Growth forecast at 2.4 percent for 2014, 3.5 percent for 2015
Ambitious structural reforms in key sectors will provide additional boost to economy
Strong linkages to U.S. economy could pose a risk to continued growth trajectory
Major reforms in the energy, telecommunications, education, and financial sectors have been designed to unlock potential growth in Mexico.
Major reforms in the energy, telecommunications, education, and financial sectors have been designed to unlock potential growth in Mexico.
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Source: IMF
PIMCO's Enhanced Short Maturity Active ETF Reaches Five Year Anniversary
The actively managed ETF, MINT, has returned 1.20 percent since 2009
November 17, 2014--PIMCO, a leading global investment management firm, marks the five-year anniversary of its first actively managed exchange-traded fund, the PIMCO Enhanced Short Maturity Active ETF, or MINT.
The ETF has returned 1.20 percent on an annualized basis after fees since its inception five years ago. The index, in contrast, returned only 0.07 percent since November 2009.
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Source: PIMCO
First Trust Gets Approval to Sell Two ETFs to Mexican Pensioners
November 17, 2014--First Trust, the sixth-largest U.S. issuer of exchange traded funds, last week won approval from La Comisiín Nacional del Sistema de Ahorro para el Retiro (CONSAR), the regulatory agency that oversees Mexico's pension investments, to sell two ETFs to pensioners in Latin America's second-largest economy.
With the approval, Illinois-based First Trust will be able to market the $1.27 billion First Trust Large Cap Value Opportunities AlphaDEX Fund (FTA) and the $1.5 billion First Trust Large Cap Core AlphaDEX Fund (FEX) to Mexico’s 51 million pensioners.
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Source: Yahoo Finance
PowerShares Rolls Out a New Diversified Commodity ETF (PDBC)
November 17, 2014--At a time when the greenback is marching higher, supported by an improving U.S. economy and rising rate concerns, launch of a commodity-focused ETF seems ill-timed since commodities normally carry an inverse relationship with the greenback.
Plus, a sluggish global backdrop will likely keep consumption low resulting in a rough stretch for commodities. The latest oil rout and continued decline in precious metals reinforce such downbeat sentiment over commodities.
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Source: Nasdaq.com
CFTC Commissioner Says Agency Has Authority Over Bitcoin Price Manipulation
November 17, 2014--A commissioner at the Commodity Futures Trading Commission said Monday that the agency was authorized to intervene with enforcement actions against price manipulation in bitcoin markets.
"It has not been tested, but I do believe we have the authority because if you think of any reasonable reading of our statute, bitcoin classifies as a commodity," said CFTC Commissioner Mark P. Wetjen...
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Source: Wall Street Journal
Morgan Stanley-US ETF Weekly Update
October 17, 2014--US ETF Weekly Update
Weekly Flows: $12.0 Billion Net Inflows
Sixth Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETFs Have Generated Net Inflows 35 of 46 Weeks YTD
ETF Assets Stand at $1.9 Trillion, Up 15% YTD
Four ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $12.0 bln last week; sixth consecutive week of net inflows
Over the last six weeks, ETFs have generated net inflows of $54.1 bln
Last week's net inflows were led by US Large-Cap ETFs at $6.2 bln; conversely, Leveraged/Inverse ETFs posted net outflows of $181 mln, the most of any category we measured
Twelve of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 35 of the 46 weeks YTD totaling $166.3 bln; notably, the fourth quarter is typically the strongest quarter for ETF flows
ETF assets stand at $1.9 tln, up 15% YTD
13-week flows remain positive among most asset classes; combined $87.4 bln in net inflows
US Large-Cap ETFs generated net inflows of $41.2 bln over the last 13 weeks, accounting for 47% of ETF net inflows, the most of any category
Fixed Income ETFs have also done well over the last 13 weeks, posting net inflows of $20.3 bln, trailing only US Large-Cap ETFs
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $3.7 bln last week, the most of any ETF
The three ETFs to mirror the S&P 500 Index (SPY, IVV, and VOO) generated a combined $4.9 bln in net inflows last week
For the second consecutive week, the iShares MSCI Japan ETF (EWJ) and the WisdomTree Japan Hedged Equity Fund (DXJ) posted meaningful net inflows; it will be interesting to see whether this carries over this week given the weak Japanese GDP print
Amid a decline in oil prices last week the Energy Select Sector SPDR (XLE) and the SPDR Oil & Gas Exploration & Production ETF (XOP) exhibited a combined $506 mln in net outflows
Over the last 13 weeks the iShares MSCI Emerging Markets ETF (EEM) posted net outflows of $4.1 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume jumped in October to 30% amid a spike in volatility and trading volumes; October's reading compares to September's 25%; 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 declined by $76 bln last week compared to the prior week, and is 25% below its 13-week average
US Large-Cap ETFs accounted for 37% of ETF $ volume last week compared to their 13-week average of 42%, but still high compared to their 27% market cap share
US-Listed ETFs: Short Interest Data Updated: Based on data as of 10/31/14
PowerShares QQQ (QQQ) had the largest increase in USD short interest at $982 mln
QQQ's shares short at 79 mln are at their highest level since 4/30/14
Notably, the iShares US Real Estate ETF (IYR) had a $1.0 bln decline in short interest compared to the prior period; IYR has a current market cap of $5.1 bln
703 ETFs exhibited short interest increases while 633 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $7.5 bln over the period ended 10/31/14
The average shares short/shares outstanding for ETFs is currently 4.1%, up from 3.9% last period
The Market Vectors Semiconductor ETF (SMH) de-throned the SPDR Retail ETF (XRT) as the most heavily shorted ETF as a % of shares outstanding last period; SMH shares short as a % of shares outstanding is 350%
Seven of the 10 most heavily shorted ETFs as a % of shares outstanding are sector/industry based (SMH, XRT, XOP, DDG, DRV, IYR, XBI)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Largest Launches by Assets
$7.9 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 45% of recently launched ETF market share and 52% of net inflows over the last 13 weeks, the most of any category
The only US equity category to exhibit modest issuance over the last year was the US Custom category, which includes multiple non-traditional sub-groups
176 new ETF listings and 57 closures YTD (additional three announced)
At this point last year, only 131 ETFs had been launched and 43 products had been liquidated or de-listed
The largest launches make up 52% of the market cap of ETFs launched over the past year
Five ETF sponsors and three asset classes (equity, fixed income, and currency) were represented in top 10 most successful launches
The First Trust Dorsey Wright Focus 5 ETF (FV) had another solid week of net inflows last week at $72 mln; FV has generated net inflows for 37 consecutive weeks
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Source: Morgan Stanley Wealth Management
Precidian Not Finished With Non-Transparent Push
November 17, 2014--Precidian Investments and BlackRock (BLK) formally withdrew applications for so-called non-transparent, actively managed exchange-traded funds late last week after hitting regulatory snags.
Precidian vowed to push on. BlackRock's next move isn't clear.
Both withdrawals aren't surprising given that the Securities and Excahange Commission last month expressed concern about the mechanics of the "blind trust" structure both firms advanced.
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Source: Barron's
BlackRock defends non-disclosure deals
November 16, 2014--BlackRock has defended the practice of asset managers requiring pension funds to sign non-disclosure agreements
despite an outpouring of anger that such arrangements prevent fee transparency
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Source: FT.com
BlackRock, Precidian Pull Applications for New ETF Type
November 14, 2014--BlackRock Inc. (BLK) and Precidian Investments pulled applications for a new type of exchange-traded fund that wouldn't disclose holdings daily, after regulators said they planned to reject them.
Both firms had until Nov. 17 to request a hearing on their applications after the U.S. Securities and Exchange Commission said Oct. 22 that it probably won't approve them. The SEC approved the withdrawal, according to letters dated today.
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Source: Bloomberg
