Americas ETP News
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BlackRock(R) Canada Publishes Latest Edition of the iShares(R) Connect Guide to Firms Offering Investable Portfolios Using ETFs
MAy 22, 2014--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc., today announced the publication of the latest updated edition of "iShares Connect: Canada Guide to ETF Investment Strategists". As the number of exchange traded fund (ETF) strategists and strategies in Canada has grown rapidly in recent months, so has the Canadian iShares Connect guide.
The latest edition features two new fund managers, representing an additional $600 million in ETF assets under management, for a total of 18 managers with a combined $4.6 billion in ETF assets as of March 31, 2014. The updated guide has added eight new ETF-based strategies in the most recent version, bringing the total number to 39.
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Source: BlackRock
ISE Launches Do Not Trade Through Functionality for Multi-Legged Orders
May 22, 2014--ISE announced today the launch of Do Not Trade Through (DNTT) functionality, a new price protection for multi-legged orders. Orders marked as DNTT will only trade at or better than the National Best Bid or Offer (NBBO) on each leg of the multi-legged order, including option and stock legs.
DNTT orders do not trade through away market prices on any leg. ISE is the only exchange to offer this protection for both incoming and resting multi-legged orders.
Boris Ilyevsky, Managing Director, said, "ISE continues to set the industry standard in multi-legged orders, and the launch of the DNTT feature is another step in providing our members with the best trading functionality and execution quality. With the introduction of DNTT and future enhancements in our pipeline, our goal is to ensure that ISE will continue to remain a leading routing destination for multi-legged orders."
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Source: ISE Holdings
New Endowment Index Launched to Provide Independent Benchmark for Fiduciaries
Endowment Index(TM) now available as a benchmarking tool for investors that manage multi-asset portfolios comprised of both traditional (stocks and bonds) and alternative (private equity, real assets, hedge funds) asset classes.
May 22, 20143--Endowment Wealth Management,Inc. in collaboration with ETF Model Solutions,LLC have launched the Endowment Index(TM) (Symbol: ENDOW) as a benchmarking tool for investors in globally-diversified,multi-asset portfolios that include alternative investments.
The Endowment Index,calculated by Nasdaq OMX(R) is an objective benchmark comprised of three major asset class building blocks: Global Equity,Global Fixed Income,and Alternatives which includes hedge funds,private equity and real assets.
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Source: Endowment Wealth Management, Inc.
Minutes Of The Federal Open Market Committee, April 29-30, 2014
May 21, 2014--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 29-30, 2014.
view the Minutes Of The Federal Open Market Committee, April 29-30, 2014
Source: Federal Reserve Board
Dubai market bounces back
May 21, 2014--Ending a five-day losing streak, the Dubai Financial Market General Index climbed by 4.18 per cent on Wednesday, May 21.
Tailwinds from Europe (where Italian and Spanish government bonds gained) and East Asian markets, where indices stabilised, helped the gauge to regain territory. Islamic insurance provider Dar Takaful gained the most, closing 11.66 per cent...
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Source: AME Info
NYSE Arca-1 ETF Launch: Deutsche Bank
May 21, 2014--NYSE Euronext is pleased to announce that on Wednesday, May 21, 2014, the following ETF will be listed on NYSE Arca and will begin trading as a new issue:
Security Name: db X-trackers Harvest CSI 500 China A-Shares Small Cap Fund
Short Name: DBX CN SM CAP Fund
CUSIP:233051 754
Trading Symbol: ASHS
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Source: NYSE Arca
Deutsche Asset & Wealth Management Launches the First U.S.-listed ETF to Provide Access to Small Cap China A-shares Equities with ASHS
May 21, 2014--Deutsche Asset & Wealth Management ("DeAWM") announced today the launch of the db X-trackers Harvest CSI 500 China A-Shares Small Cap Fund, the first U.S.-listed exchange-traded fund ("ETF") to provide investors with direct access to small cap China A-shares equities.
DeAWM has once again partnered with subadvisor Harvest Global Investments Limited to launch this new product, which features an expense ratio of 0.82%.
"Deutsche Asset & Wealth Management continues to break ground with its passive offerings, as evidenced by the latest ETF to provide access to a new and attractive segment of the Chinese equity market," said Jerry Miller, Head of DeAWM in the Americas. "We are committed to utilizing our unique global capabilities to anticipate and offer solutions that meet current and future investor demand....
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Source: Deutsche Asset & Wealth Management
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review- Equity ETPs led weekly inflows with $5.7bn in new cash
May 21, 2014--Data in this report is as of Friday, May 16
Market and Net Cash Flows Review
The US (S&P 500; -0.03%) ended almost flat for the week; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 0.31% and 2.52%, respectively. In the meantime, performance was mixed across US sectors; the Technology (+0.86%) and Healthcare (+0.54%) sectors recorded the largest weekly gains; meanwhile, the Financials (-0.85%) and the Utilities (-0.56%) were the worst performing sectors.
The DB Liquid Commodity Index rose by 0.55%; in the meantime, the Agriculture sector (DB Diversified Agriculture Index) fell by 0.57%, while the WTI Crude Oil, Gold and Silver prices rose by 2.03%, 0.36% and 1.10%, respectively. Moving into other asset classes, the 10Y US Treasury Yield dropped by 10 bps ending at 2.52%. Last but not least, Volatility (VIX) dropped by 3.72% during the same period.
The total US ETP flows from all products registered $6.5bn (+0.4% of AUM) of inflows during last week vs. $1.4bn (-0.1%) of outflows the previous week, setting the YTD weekly flows average at +$1.8bn (+$35.1bn YTD in total cash flows).
Equity, Fixed Income and Commodity ETPs experienced flows of +$5.6bn (+0.4%), +$0.8bn (+0.3%) and -$35mn (-0.1%) last week vs. -$2.8bn (-0.2%), +$1.3bn (+0.5%) and +$0.1bn (+0.1%) in the previous week, respectively.
Among US sectors, Energy (+$0.6bn, +1.7%) and Utilities (+$0.3bn, +4.0%) received the top inflows, while Healthcare (-$0.2bn, -0.7%) and Consumer Discretionary (-$0.1bn, -1.2%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: IWM (+$1.4bn), SPY (+$0.5bn), XLE (+$0.5bn)
Top 3 ETPs & ETNs by outflows: IVW (-$0.3bn), XLF (-$0.2bn), MDY (-$0.2bn)
New Launch Calendar: Municipals
There was one new ETF listed during last week. The new product offer exposure to Municipals.
Turnover Review: Floor activity increased by 8.4%
Total weekly turnover increased by 8.4% to $294.1bn vs. $271.4bn from the previous week; furthermore, last week's turnover level was 2.7% over last year's weekly average. Equity ETPs turnover increased by $25.9bn (+10.5%); while Fixed Income and Commodity ETPs turnover decreased by $2.4bn (-13.1%) and $0.6bn (-10.3%), respectively.
Assets under Management (AUM) Review: Assets increased by $11.2bn
US ETP assets rose by $11.2bn (+0.6%) totaling $1.741 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of 3.7% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$9.4bn, +$1.6bn and +$0.1bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
NASDAQ OMX Lists First Trust Managed Municipal ETF
Actively Managed ETF Began Trading May 15, 2014
May 20, 2014--NASDAQ OMX today announced that First Trust launched a new exchange traded fund (ETF), First Trust Managed Municipal ETF (Nasdaq:FMB), which is listed on The NASDAQ Stock Market(R)(NASDAQ(R)).
FMB began trading on NASDAQ on Thursday, May 15, 2014.
"We are thrilled to list the First Trust Managed Municipal ETF (FMB) on The NASDAQ Stock Market, where we can explore countless opportunities in municipal bonds," said Ryan Issakainen, Exchange Traded Fund Strategist and Senior Vice President at First Trust Portfolios L.P.
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Source: NASDAQ OMX
Morgan Stanley-US ETF Weekly Update
May 19, 2014--US ETF Weekly Update
Weekly Flows: $6.5 Billion Net Inflows
ETFs Have Generated Net Inflows 13 of 20 Weeks YTD
ETF Assets Stand at $1.7 Trillion, Up 4% YTD
Two ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $6.5 bln last week, rebounding from the prior week’s net outflows
Last week's net inflows were led by US Small- & Micro-Cap ETFs at $1.2 bln; conversely, Global ETFs posted net outflows of $45 mln, the most of any category we measured
Thirteen of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 13 of the 20 weeks YTD
Only 13% of ETFs posted net outflows last week
ETF assets stand at $1.7 tln, up 4% YTD
13-week flows remain positive among asset classes; combined $43.6 bln in net inflows
International - Developed ETFs generated $10.8 bln in net inflows over the last 13 weeks, the most of any category we measured; notably, International - Developed ETF market share has climbed to 14% from 11% over the past year
Over the last 13 weeks, Currency and Commodity ETFs were the only categories to post net outflows (only exhibited a combined $437 mln in net outflows)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 ETF (IWM) posted net inflows of $1.4 bln this past week, the most of any ETF
The Energy Select Sector SPDR (XLE) also had a strong week of net inflows; XLE generated net inflows of $486 mln last week and $3.0 bln over the last 13 weeks on the back of strong commodity prices
The iShares MSCI Emerging Markets ETF (EEM) generated net inflows of $421 mln last week and over the last 13 weeks has posted net inflows of $3.6 bln as emerging market equities have received a bid
Notably, the iShares S&P 500 Growth ETF (IVW) exhibited net outflows of $283 mln last week as money shifts away from growth and momentum stocks, into more value oriented names
Over the last 13 weeks, the iShares Core S&P 500 ETF (IVV) has posted net inflows of $6.3 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume decreased in April to 25%, down from 27% the prior month; 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 to $304 bln last week from $279 bln, but is still 9% below its 13-week average
US Small- & Micro-Cap ETFs accounted for 13% of ETF $ volume last week compared to their 13-week average of 10% and their market share of only 5%
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 4/30/14
iShares Russell 2000 ETF (IWM) had the largest increase in USD short interest at $2.3 bln
IWM's shares short are at their highest level (156 mln shares) since 1/31/13; notably, IWM is up nearly 25% since 1/31/13 on a total return basis
617 ETFs exhibited short interest increases while 656 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $358 mln over the period ended 4/30/14
The average shares short/shares outstanding for ETFs is currently 4.5%, flat from last period
The SPDR Retail ETF (XRT) is the most heavily shorted ETF as measured by shares short/shares outstanding at 362%
Six of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based (XRT, XOP, IYR, XBI, SMH, RTH)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.5 bln in total market cap of ETFs less than 1-year old
Over the last year, 35 Fixed Income ETFs have been brought to market, the most of any category; Fixed Income ETFs currently account for 27% of ETF market share measured by market capitalization as investors continue to show interest in the asset class
70 new ETF listings and 19 closures YTD
The top 10 most successful launches make up 46% of the market cap of ETFs launched over the past year
Seven ETF sponsors and two asset classes (equities and fixed income) represented in top 10 most successful launches
Despite not cracking the top 10 most successful launches, the db X-trackers MSCI Europe Hedged Equity Fund (DBEU) had net inflows of $65 mln last week, the most of any recently launched ETF
Notably, the Global X Next Emerging & Frontier ETF (EMFM) entered the top 10 most successful launches list over the past year last week; EMFM owns companies in countries beyond the BRICs and the most developed tier of emerging markets
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Source: Morgan Stanley
