Americas ETP News
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Canada: Concluding Statement of the 2014 Article IV Mission
November 26, 2014--The Canadian economy performed relatively well over the past year. An awaited pick-up in exports has lifted activity, but rebalancing of growth away from household consumption and residential investment remains incomplete, owing to tentative business investment.
Going forward, external demand from stronger U.S. growth should support above-potential growth and a broadening recovery. Although key domestic vulnerabilities in the housing market and the household sector can interact with adverse external shocks to harm growth, risks appear contained from a financial stability perspective. An appropriate mix of policies should facilitate domestic rebalancing and mitigate key risks to ensure a durable recovery.
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Source: IMF
CFTC.gov Swaps Report Update
November 26, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
2 New First Trust ETFs Hit $1 Billion In Assets
November 26, 2014--Those that follow the ETF industry are keenly aware of the funds that are attracting assets as a result of their unique value proposition, low cost, or enhanced distribution channels.
One company that continues to show significant growth through these methods is First Trust Portfolios L.P., which is known for their expanding suite of fundamental and tactical ETFs.
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Source: marketwatch.com
OFR Working paper-Effects of Limit Order Book Information Level on Market Stability Metrics
November 25, 2014--Abstract
Using an agent-based model of the limit order book, we explore how the levels of information available to participants, exchanges, and regulators can be used to improve our understanding of the stability and resiliency of a market.
Ultimately, we want to know if electronic market data contains previously undetected information that could allow us to better assess market stability.
Using data produced in the controlled environment of an agent-based model's limit order book, we examine various resiliency indicators to determine their predictive capabilities. Most of the types of data created have traditionally been available either publicly or on a restricted basis to regulators and exchanges, but other types have never been collected.
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Source: OFR (Office of Financial Research)
Direxion Investments Announces Reverse Share Splits of Two Leveraged ETFs
November 25, 2014--Direxion Investments, an ally for both strategic and tactical investors seeking to solve for better investment outcomes, has announced it will execute reverse share splits for two of its leveraged exchange-traded funds ("ETFs").
The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.
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Source: Direxion Investments
Russell Sets Orderly Schedule to Close the Russell Equity ETF (ONEF)
November 25, 2014--Russell Investments announced today that the Board of Trustees of Russell Exchange Traded Funds Trust authorized the orderly termination and liquidation of the Russell Equity ETF (ONEF) on or before February 6, 2015.
The Fund will be closed to new investment on January 26, 2015. NYSE Arca, Inc. will suspend trading in the Fund before the open of trading on January 27, 2015. Full liquidation of the Fund is intended to be completed by February 6, 2015.
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Source: Russell Investments
Economic growth reaches 11-year high
November 25, 2014--About a month ago, Americans received some unexpectedly good news on the economic front: preliminary estimates showed the gross domestic product exceeding expectations in the third quarter (July through September), with GDP at 3.5%. This morning, that number was revised-and now looks even better.
The economy expanded even faster in the third quarter than previously reported, offering fresh evidence that the U.S. entered the final months of 2014 on an accelerated track.
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Source: msnbc.com
DB-Synthetic Equity & Index Strategy-North America-Equity ETPs attract $7.9bn in fresh new cash
November 24, 2014--Data in this report is as of Friday, November 21
Market and Net Cash Flows Review
The US (S&P 500) edged higher by 1.16%; while, outside the US, the MSCI
EAFE (in USD) and the MSCI EM (USD) rose by 1.03% and 1.38%, respectively.
In the meantime, performance was positive across US sectors. The Materials (+2.74%) and the Energy (+2.62%) sectors recorded the largest increases. The DB Liquid Commodity Index rose by 0.54%; similarly, the WTI Crude Oil, Gold, and Silver prices rose by 0.91%, 1.08%, and 0.80%, respectively; meanwhile,
the Agriculture sector (DB Diversified Agriculture Index), fell by 0.54%.
Moving into other asset classes, the 10Y US Treasury Yield dropped by 1bps ending at
2.31%. Last but not least, Volatility (VIX) dropped by 3.08% during the same
period.
The total US ETP flows from all products registered $6.9bn (+0.4% of AUM) of inflows during last week vs. $12.0bn (+0.6%) of inflows the previous week, setting the YTD weekly flows average at +$3.9bn (+$182.6bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of +$7.9bn (+0.5%), -$1.3bn (-0.4%), and +$0.2bn (+0.3%) last week vs. +$11.2bn (+0.7%), +$0.8bn (+0.2%), and +$30mn (+0.1%) in the previous week, respectively. Among US sectors, Energy (+$0.7bn, +2.3%) and Consumer Discretionary (+$0.3bn, +2.3%) received the top inflows; while, Consumer Staples (-$0.2bn, -1.2%) and Financials (-$0.1bn, -0.2%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: IJH (+$1.0bn), QQQ (+$0.7bn), IVV (+$0.7bn).
Top 3 ETPs & ETNs by outflows: SHY (-$2.0bn), MDY (-$0.5bn), SPY (-$0.4bn).
New Launch Calendar: China Fixed-Income
There was one new ETF listed during the previous week. The new fund offer
exposure to RMB-denominated bonds that are issued by governments,
agencies, and Central State-Owned Enterprises within mainland China,
providing exposure to the local currency, the Yuan.
Turnover Review: Floor activity increased by 14.5% Total weekly turnover increased by 14.5% to $303.4bn vs. $265.1bn from the previous week, furthermore, last week's turnover level was 6.0% over last year's weekly average. Equity and Fixed Income ETPs turnover increased by $34.7bn (+14.6%) and $4.4bn (+29.2%), respectively; while, Commodity ETPs turnover decreased by $0.4bn (-4.2%) during the same period.
Assets under Management (AUM) Review: Assets increased by $26.3bn
US ETP assets rose by $26.3bn (+1.4%) totaling $1.953 trillion at the end of the
week. As of last Friday, US ETPs had accumulated an asset growth of +16.4%
YTD. Assets for Equity, Fixed Income, and Commodity ETPs moved +$25.6bn,
-$1.3bn, and +$1.7bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
Exchange Traded Concepts Crosses $2 Billion in Assets
Second Distinguished Milestone Surpassed in 2014 for the ETF-In-A-BoxTM Private-Label ETF Advisor
November 24, 2014--Exchange Traded Concepts ("ETC"), the private-label ETF advisor recognized for bringing to market exchange traded funds on behalf of their clients
through a complete turnkey solution, is pleased to announce the surpassing of $2 billion in assets as of this week.
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Source: Exchange Traded Concepts
Emerging Global Advisors Streamlines Dividend Suite
Emerging markets asset manager announces index, investment strategy transition as well as fund name change for the EGShares Low Volatility Emerging Markets Dividend ETF (Ticker: HILO); firm will also close two funds
November 24, 2014--Emerging Global Advisors (EGA), the investment advisor to the EGShares suite of emerging markets (EM) exchange-traded funds (ETF),
today announced changes to its suite of income-oriented ETFs. Effective January 26, 2015, the EGShares Low Volatility Emerging Markets Dividend ETF (Ticker: HILO) will begin tracking the self-indexed EGAI Emerging Markets Quality Dividend Index and will be renamed the EGShares EM Quality Dividend ETF.
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Source: Emerging Global Advisors (EGA)
