Americas ETP News
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Consultants branded 'a waste of space'
September 29, 2013--How many consultants does it take to change a lightbulb? Five: one to change the bulb and four to tell him or her how much better they could have done it. At least, that is how the joke goes.
Within the asset management market, however, you might be hard pressed to find four consultancy firms that could rightly claim they would have done a better job-let alone one that might have done a decent job in the first place.
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
September 27, 2013--The current reports for the week of September 24, 2013 are now available.
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Source: CFTC.gov
CFTC's Division of Market Oversight Issues Time-Limited-Action Relief for Temporarily Registered Swap Execution Facilities from Certain Swap Data Reporting Requirements of Parts 43 and 45 of the Commission's Regulations
September 27, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight (Division) issued a letter providing temporarily registered swap execution facilities (SEFs) with relief from certain swap data reporting requirements of Parts 43 and 45 of the Commission's Regulations with respect to certain swaps in the equity,
foreign exchange (FX) and other commodity asset classes executed on, or pursuant to, the rules of a SEF, and subject to conditions specified in the letter.
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Source: CFTC.gov
NYSE ARCA U.S. New Listing-ETPs
September 27, 2013--List of recent ETP listings on NYSE Euronext
| Issuer Name Symbol(s) | Announcement | Date Posted | |
| RevenueShares | RDIV | Listing of 1 RevenueShares ETF | 09/27/2013 |
| Deutsche Bank | DBUK, DBEU, DBAP | Listing of 3 Deutsche Banks ETFs | 09/27/2013 |
| Issuer Name Symbol(s) | Announcement | Date Posted | |
| Citigroup | MLPC | Listing of 1 Citigroup ETFs | 09/24/2013 |
| Guggenheim | BSJJ, BSJK | Listing of 2 Guggenheim ETFs | 09/20/2013 |
| UBS | DVHI | Listing of 1 UBS ETN | 09/17/2013 |
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Source: NYSE Euronext
Toroso-Small Caps -What do you want to own?
September 27, 2013--Using ETFs to own small cap stocks can be a tricky proposition and requires investigative analysis to uncover what the investor truly owns.
We find that small cap stocks, as an asset class, are generally unsuited for indexing since most indexation methodologies over-weight the largest companies and thereby often fail to capture the expected small cap exposure. So it is important to know what index the ETF is based on and how it impacts the holdings. As we will see, the index method being used in the ETF can have a material effect on the holdings and create unintended results.
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Source: Toroso Investments, LLC
WisdomTree Launches Emerging Markets Consumer Growth Fund (EMCG)
Exposure to macro-economic theme with a broadly diversified approach to selection and sensitivity to valuation
September 27, 2013--WisdomTree (NASDAQ: WETF), an exchange-traded fund ("ETF") sponsor and asset manager, today announced the launch of the WisdomTree Emerging Markets Consumer Growth Fund (EMCG) on the NASDAQ Stock Market.
EMCG is designed to provide exposure to consumer growth stocks in the emerging markets and has an expense ratio of 0.63%.
Jeremy Schwartz, WisdomTree Director of Research, said, "One of the major themes we believe will drive much of the global economy over the coming years is the potential growth from the emerging market consumers. Despite short-term noise in the markets this year, the strong underlying fundamentals of emerging markets are demographic in nature (larger and younger populations compared to the developed world) and have not deteriorated, nor do they shift much year-to-year."
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Source: WisdomTree
BlackRock launches short-maturity bond ETF
September 26, 2013--BlackRock Inc, the largest provider of exchange-traded funds through its iShares business, is set to launch a new actively managed ETF focused on short-maturity bonds that will begin trading Thursday.
The introduction of the iShares Short Maturity Bond ETF, which will trade under the ticker "NEAR" on the BATS Exchange, comes at a time when BlackRock and other ETF providers say concerns about rising interest rates have driven investor interest toward more short-term fixed-income securities.
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Source: Reuters
Invesco PowerShares Announces Name Changes for DWA Technical Leaders Suite of ETFs
Renames Suite as AUM Passes $2 Billion Mark
September 26, 2013--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced name changes for its four DWA Technical Leaders ETFs.
The Funds will continue to be based on Dorsey, Wright & Associates index methodology, and existing ticker symbols and investment objectives will remain unchanged.
On Sept. 24, the Board approved the following name changes that will take effect on October 4, 2013.
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Source: Invesco PowerShares Capital Management LLC
CFTC Closes Investigation Concerning the Silver Markets
September 25, 2013--The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets.
The Division of Enforcement is not recommending charges to the Commission in that investigation. For law enforcement and confidentiality reasons, the CFTC only rarely comments publicly on whether it has opened or closed any particular investigation. Nonetheless, given that this particular investigation was confirmed in September 2008, the CFTC deemed it appropriate to inform the public that the investigation is no longer ongoing. Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets.
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Source: CFTC.gov
What Makes Alternative Beta Smart?
September 25, 2013--A growing variety of alternative beta strategies have come to market in recent years. Many of these strategies are purported to be "Smart Betas." Are they? What makes them smart?
According to Towers Watson (2013), a leading global investment-consulting firm, “Smart beta is simply about trying to identify good investment ideas that can be structured better... smart beta strategies should be simple, low cost, transparent and systematic.” This straightforward definition indicates what investors ought to expect of a "Smart Beta." Our research suggests that many alternative beta strategies fall short of this definition. Some are overly complex and opaque in the source of their value added. Others will incur unnecessary implementation costs. Many alternative beta strategies don’t seem so smart.
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Source: Research Affiliates
