Americas ETP News
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Toronto Stock Exchange Reaches a New Exchange Traded Product Milestone
September 6, 2013--Toronto Stock Exchange (TSX) today announced that it now has more than 300 exchange traded products (ETPs) listed. Purpose Investments Inc. listed five exchange traded funds (ETFs) this week, which enabled TSX to achieve this new milestone.
There are now 284 ETFs and 17 exchange traded notes trading on TSX. The number of listed products has increased by 40% in the past two years bringing the total market cap to approximately $70 billion as of August 31 , 2013. There have been 30 new ETFs listed so far this year.
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Source: Toronto Stock Exchange
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Monthly Review-August Equity ETP outflows may not be as bearish as they look
September 6, 2013--Data in this report is as of Fri, Aug 30
Record outflows removed $47.3bn from US ETP assets
ETP assets in the US dropped by $47.3bn to $1.467 trillion (YTD +10.0%) last month. Global ETP industry assets closed at $1.994 trillion (YTD +8.4%)
Flows Review: Intl DM equities gain momentum, while the US takes a breather
US ETPs experienced outflows of $18.4bn during August (-1.2% of last month's AUM).
Within long-only ETPs, total flows were -$19.6bn in August vs. +$39.6bn in July. Equity, Fixed Income and Commodity long-only ETPs experienced outflows of $11.6bn, $7.7bn and $0.1bn, respectively
The $11.6bn equity outflows were led by US-focused ETPs, however if we exclude SPY's outflows (usually more tactical than strategic in nature), long-only Equity ETP flows would have been +$2.4bn; moreover, the latest SPY short interest data available shows that in the first half of August shorted shares declined by 18.5m (-7.6%) compared to a decline of 10.3m (-1.1%) in its shares outstanding; this suggests that the outflows from SPY (and hence equities) could well be from short covering rather than an outright sell-off. Because of this we believe that August outflows from equities are less bearish than they seem and should be short-lived. Meanwhile, investors' attention turned to Intl DM equities, where broad DM ex US ETPs captured $4.7bn in new cash with interest shifting from Japan (-$1.4bn) to Europe (+$4.1bn) during August. Fixed Income ETPs saw strong outflows of $7.7bn during August, Sovereign ETPs, offering mostly rates exposure, experienced historical outflows of $5.2bn; while short duration products continued to attract new assets (+$1.1bn). Last but not least, although Commodity ETPs experienced outflows of $0.1bn, these have slowed down suggesting that negative sentiment towards the asset class has been waning.
New Launch Calendar: income, MLPs, EM, fundamentals and thematic
There were fourteen new ETPs listed during the previous month. Eleven of them were listed in the NYSE Arca, while the remaining three where listed in the NASDAQ. The new products offer exposure to commodities, MLPs, EM high-yielding equities, fundamental and managed futures strategies, thematic exposure to China and the city of Nashville and a mix of asset classes with focus on income generation and diversification.
Turnover Review: Floor activity decreased by 1.4% in August
ETP turnover totaled $1.167 trillion last month, 1.4% (-$16.2bn) lower than the previous month figure of $1.184 trillion, and 0.1% below last year's monthly average of $1.168 trillion. Commodity ETPs turnover increased by $4.3bn (+10.1%); while Equity and Fixed Income ETPs turnover decreased by $17.4bn (-1.7%) and $2.5bn (-2.6%), respectively.
ETP trading made up 27.0% of all US cash equity trading in August, down from this year's peak of 32.0% in June, and still below its 3-year monthly average of 28.2%.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
BMO Asset Management Announces Proposed Termination of Certain BMO Exchange Traded Funds
September 6, 2013--BMO Asset Management Inc. (the "Manager"), the manager of BMO Energy Commodities Index ETF, BMO Agriculture Commodities Index ETF, BMO Base Metals Commodities Index ETF, and BMO Precious Metals Commodities Index ETF (the "Funds") announced that it has decided to terminate the Funds on or about December 6, 2013 (the "Termination Date").
Pursuant to the declaration of trust governing the Funds, the Manager may terminate the Funds on not less than 60 days' notice to unitholders.
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Source: BMO Financial Group
SEC 'monitoring developments' after latest Nasdaq outage
September 5, 2013--The U.S. Securities and Exchange Commission said it was in contact with Nasdaq OMX Group after another brief outage in the system that was at the heart of the exchange's three-hour trading halt last month.
"As is our practice, we are in contact with them and monitoring developments," a spokesman for the securities regulator said.
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Source: Reuters
Emerging Global Advisors Announces Fund Closures
A leading asset gatherer in emerging market equity exchange-traded funds streamlines offerings
September 5, 2013--Emerging Global Advisors (EGA), the asset manager to the EGShares exchange-traded funds ("Funds"), today announced it will close 12 Funds representing 4% of assets under management.
"EGA provides investors with tools that address developing markets allocation needs," said Robert Holderith, founder of EGA. "As part of this ongoing commitment and our regular product line review, we identified an opportunity to streamline our existing offering. These changes are consistent with our dedication to delivering tools that fulfill unmet investor needs."
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Source: Emerging Global Advisors
El aumento del apetito de los institucionales por Europa llevo a Amundi a registrar 12 ETF en el mercado chileno
Entrevista con Laure Peyranne Rovet, responsable de relaciones con clientes de ETF para Iberia y Latinoamérica de Amundi
Septiembre 5, 2013--El negocio de ETF de Amundí Group forma parte del núcleo de su estrategia desde el 2008.
El desarrollo de nuevos productos y su rápida expansión por Europa se han convertido en sus principales impulsores. Actualmente gestiona 3.000 millones de dólares (a marzo de 2013) de inversores latinoamericanos y...
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Source: Funds America
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.
