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CFTC's Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter for Commodity Pool Operators of Registered Funds with Controlled Foreign Corporations

September 5, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter to commodity pool operators of registered funds that trade in commodity interests through

wholly-owned controlled foreign corporations (CFCs).

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Source: CFTC.gov

CBOE Holdings Reports August 2012 Consolidated Trading Volume Of Over 91 Million Contracts; ADV Of Nearly 4 Million Contracts

September 4, 2013--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that August 2012 consolidated trading volume for options contracts on the Chicago Board Options Exchange(R) (CBOE(R)) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures Exchange (CFE(R)) totaled over 91 million contracts.

August 2012 average daily volume (ADV) for the three exchanges, combined, was 3.97 million contracts, a 40-percent decrease when compared to the all-time-monthly record ADV of 6.65 million contracts in August 2011, and a seven-percent decrease from 4.24 million contracts ADV in July 2012.

Year to date through August 2012,consolidated ADV for the three exchanges totaled 4.65 million contracts, down seven percent from the same period a year ago.

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Source: CBOE

EGShares Emerging Markets Consumer ETF (Ticker: ECON) Reaches Three-Year Milestone

ECON has become a vehicle of choice for investors seeking access to the rapidly growing emerging market middle class, making it the largest emerging markets consumer ETF
September 4, 2013--Emerging Global Advisors (EGA) today announced that its EGShares Emerging Markets Consumer ETF (Ticker: ECON), the first and largest emerging markets (EM) consumer exchange-traded fund (ETF), reached its three-year milestone this month.

The growth of the EM consumer has been called "the biggest growth opportunity in the history of capitalism" as EM domestic spending is expected to reach $30 trillion annually by 2025 and EM consumers are expected to become the dominant force in the global economy.1

Investor demand has made ECON a vehicle of choice for accessing this growth and has become a long-term, strategic allocation for many equity growth portfolios.

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Source: EGA

PowerShares Canada reduces management fee for Senior Loan ETF (BKL)

September 4, 2013--In a continuing effort to deliver low-cost access to innovative asset classes, PowerShares Canada has reduced the management fee on PowerShares Senior Loan (CAD Hedged) Index ETF (TSX: BKL) by 0.10% to 0.80%. The fee reduction is effective Friday September 6, 2013.

Canada's first senior loan ETF, BKL provides access to an asset class that has historically delivered higher yield than other fixed-income securities of equal or higher credit quality and offers investors an added measure of security against borrower default. In addition, the low duration of senior loans may help to reduce a portfolio's overall interest-rate sensitivity.

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Source: Invesco Canada Ltd.

ETF 'Godfather,' two others, to exit trading firm KCG

September 4, 2013--KCG Holdings Inc (KCG.N), the trading firm formed in July after Getco Holding Co's $1.4 billion takeover of Knight Capital Group, said on Wednesday that the head of its exchange-traded funds team and two other managers were leaving the company.

The managers leaving are Reggie Browne, Eric Lichtenstein and Darren Taube, a company spokeswoman said. The two sides had been unable to agree on the terms of new contracts, a person familiar with the situation said.

Browne, known as "the Godfather of ETFs," joined Knight along with Lichtenstein and Taube in 2009 from brokerage Newedge USA.

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Source: Reuters

Vanguard Announces Results of Financial Advisor Compensation Survey

September 4, 2013--Vanguard Investments Canada Inc. announced today the results of a Vanguard-sponsored survey on advisor compensation that shows, while investors see great value in the services provided by advisors, there are disconnects between what advisors are paid and what their clients think they are paying. Vanguard partnered with Rogers Publishing Limited to compile the survey.

"As the survey indicates, it appears investors could benefit from a clearer picture of the amount and type of compensation they pay to advisors," said Atul Tiwari, Managing Director of Vanguard Investments Canada. "Advisors have an opportunity to educate investors on the value they provide, in advance of the implementation of new Client Relationship Model reforms which will mandate greater fee transparency. We believe that this is a positive development for both advisors and investors."

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Source: MarketWatch

Purpose Investments Inc. Launches New Funds and Revolutionary Fund Structure

September 3, 2013--Purpose Investments Inc. ("Purpose") is pleased to announce that the first two of its funds, Purpose Core Dividend Fund and the Purpose Tactical Hedged Equity Fund (collectively, the "Purpose Funds"), have completed the initial public offering of their exchange traded series of shares ("ETF Shares").

The ETF Shares of Purpose Core Dividend Fund and Purpose Tactical Hedged Equity Fund will commence trading on the Toronto Stock Exchange today under the ticker symbol PDF and PHE, respectively.

Today's launch is part of Purpose’s first series of open-ended funds for Canadian investors. view more

Source: Purpose Investments Inc.

Morgan Stanley-US ETF Weekly Update

September 3, 2013--US ETF Weekly Update
Weekly Flows: $5.8 Billion Net Outflows
Third Consecutive Week of Net Outflows
ETF Assets Stand at $1.5 Trillion, up 10% YTD
No ETF Launches Last Week

US-Listed ETFs: Estimated Flows by Market Segment

ETFs exhibited net outflows of $5.8 bln last week, the third consecutive week of net outflows
For the third straight week, net outflows were driven by US Large-Cap ETFs; the SPDR S&P 500 ETF (SPY) accounted for 90% of the net outflows in the category
Ten of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.5 tln, up 10% YTD; $91.1 bln net inflows YTD

13-week flows remain mostly positive among asset classes; combined $10.5 bln in net inflows
US Small- & Micro-Cap ETFs posted net inflows of $6.0 bln over the last 13 weeks; while not the largest absolute net inflows, the category’s net inflows account for 9% of its current market cap, the most of any category we measured
Fixed Income ETFs have posted net outflows for five consecutive weeks and, over the last 13 weeks, have exhibited net outflows of $10.6 bln, the most of any category we measured

US-Listed ETFs: Estimated Largest Flows by Individual ETF

Energy Select Sector SPDR (XLE) posted net inflows of $922 mln this past week, the most of any ETF
The two largest emerging markets ETFs, the Vanguard FTSE Emerging Markets ETF (VWO) and the iShares MSCI Emerging Markets ETF (EEM), exhibited a combined $1.1 bln in net outflows last week and $6.5 bln in net outflows over the last 13 weeks
The SPDR Gold Trust (GLD) has now posted net inflows for three consecutive weeks totaling $451 mln
Conversely, the WisdomTree Japan Hedged Equity Fund (DXJ) has exhibited three straight weeks of net outflows totaling $591 mln
Over the last 13 weeks, the iShares Core S&P Mid-Cap ETF (IJH) has generated net inflows of $2.7 bln, the most of any ETF; interestingly, small-cap stocks have been the best performers over this time period with mid-caps essentially performing in-line with large-cap stocks

US-Listed ETFs: Short Interest Data Updated: Based on data as of 8/15/13

iShares MSCI EAFE ETF (EFA) had the largest increase in USD short interest at $897 mln
EFA’s shares short are at their highest level since 12/15/11 and 38% above their one-year average
Shares short for the iShares China Large-Cap ETF (FXI) are at their lowest level since 5/31/13 and slightly below their one-year average; over the last year, FXI has dramatically underperformed the S&P 500 Index from a total return standpoint
Aggregate ETF USD short interest decreased by $2.9 bln over the period ended 8/15/13

US-Listed ETFs: Most Successful Recent Launches by Assets

$8.3 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 44% of market capitalization of ETFs launched over the past year and make up 38% of net inflows over the last 13 weeks of recently launched ETFs
Newly launched Fixed Income ETFs generated net inflows of $790 mln the past 13 weeks, the most of category
91 new ETF listings and 30 closures/delistings YTD

The top 10 most successful launches make up 68% of the market cap of ETFs launched over the past year
Five ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently six
Despite exhibiting no net flows over the last four weeks, the iShares Core MSCI Emerging Markets ETF (IEMG) has posted net inflows of $591 mln over the last 13 weeks, the most of any recently launched ETF

The average shares short/shares outstanding for ETFs is currently 4.1%
For the seventh consecutive period, the CurrencyShares Euro Trust (FXE) exhibited the highest shares short as a % of shares outstanding
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%)

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Source: Morgan Stanley

ISE and ISE Gemini Report Business Activity for August 2013

September 3, 2013--ISE and ISE Gemini(TM) combined represent 16.2% of equity options market share, excluding dividend trades.
ISE reported a combined ADV of 2.1 million contracts.
Dividend trades made up 1.7% of industry volume in August 2013.

The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.1 million contracts in August 2013 for its two exchanges, ISE and ISE Gemini. This represents16.2% of U.S. equity options market share.

Business highlights for the month of August include:

On August 5, ISE Gemini launched as the twelfth U.S. options exchange.

On August 27, ISE Gemini became the fastest new exchange to surpass two percent market share in equity options and also announced a successful accelerated product rollout.

On August 28, ISE was the first U.S. options exchange to sign a Memorandum of Understanding to facilitate information sharing with Moscow Exchange.

For the month of August, Implied Order functionality accounted for 7.2% of all non-crossing, multi-legged contract volume executed on ISE.

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Source: ISE (International Securities Exchange)