Americas ETP News
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Guggenheim Investments Expands BulletShares(R) Product Suite With Two New ETFs
BulletShares' Total Assets Increased 133 Percent Year-Over-Year
July 17, 2013--Guggenheim Investments, the investment management division of Guggenheim Partners, today announced the launch of two new BulletShares ETFs: Guggenheim BulletShares 2021 Corporate Bond ETF and Guggenheim BulletShares 2022 Corporate Bond ETF.
BulletShares were the first defined-maturity corporate bond ETFs available on the market. In 2012, total assets in the suite increased 133 percent, and year-to-date assets are up $967 million--a 56% percent increase (as of June 30, 2013).
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DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Markets and $17.5bn inflows into equity drive assets higher by 3.9% The total US ETP flows from all products registered $16.77bn (+1.2% of AUM) of inflows during last week vs. $6.1bn (+0.4%) of inflows the previous week, setting the YTD weekly flows average at +$3.4bn (+$94.13bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$17.5bn (1.6%), -$0.4bn (-0.15%) and -$0.6bn (-0.84%) last week vs. +$3.0bn (0.28%), +$3.4bn (1.33%) and -$0.4bn (-0.61%) in the previous week, respectively.
Among US sectors, Financials (+$1.03bn, +1.7%) and Consumer Discretionary (+$0.78bn, +7.0%) received the top inflows, while Utilities (-$0.18bn, -2.3%) and Materials (-$0.12bn, -1.2%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: SPY (+$8.4bn), IWM (+$1.2bn), MDY (+$0.7bn)
Top 3 ETPs & ETNs by outflows: GLD (-$0.9bn), EEM (-$0.4bn), TLT (-$0.3bn)
New Launch Calendar: small-caps and investment grade corporate bonds
Turnover Review: Floor activity rose by 27.5%
Total weekly turnover increased by 27.5% to $296.9bn vs. $232.85bn from the previous week (4th of July week); Furthermore, last week's turnover level was 10.1% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover increased by $56.9bn (+28.2%), $4.6bn (+23.6%) and $1.7bn (+18.4%) during the same period, respectively
Assets under Management (AUM) Review: assets increased by 3.9%
request report NYSE Euronext-1 ETF Launch: iShares July 18, 2013 view more Citi Appointed by Mirae Asset to Provide Fund Administration and Custody Services for its US-listed Exchange Traded Funds view more WisdomTree Emerging Markets Local Debt Fund (ELD) Receives NAIC Designation view more Treasury International Capital Data for May
Foreign residents left unchanged their holdings of long-term U.S. securities in May. Net sales by private foreign investors were $43,8 billion, and net purchases by foreign official institutions were $43.8 billion. view more Advisors don't understand ETF liquidity says report Bitcoin ETF plan struggles to find support read more BNY Mellon Expands Wealth Management Team view more Morgan Stanley-US ETF Weekly Update ETFs posted net inflows of $16.7 bln last week, the largest weekly net inflows YTD
13-week flows remain mostly positive among asset classes; combined $29.0 bln in net inflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
US Equity ETFs accounted for the top 10 largest net inflows last week
US-Listed ETFs: Short Interest
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $2.0 bln
The average shares short/shares outstanding for ETFs is currently 4.6%
interestingly, over the past year, FXE has actually posted a 6.3% market price return
US-Listed ETFs: Most Successful Recent Launches by Assets $7.9 bln in total market cap of ETFs less than 1-year old
The top 10 most successful launches make up 66% of the market cap of ETFs launched over the past year
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Source: Guggenheim Investments
July 16, 2013--Market and Net Cash Flows Review
Global markets rallied across the board during last week. The US (S&P 500) climbed 2.96%; outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 3.84% and 3.07%, respectively. Moving on to other asset classes, the 10Y US Treasury Yield dropped by 12 bps last week, while the DB Liquid Commodity Index was up by 2.17%.
Similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold and Silver prices moved higher by 0.67%, 2.64%, 5.11% and 5.41%, respectively. Last but not least, Volatility (VIX) dropped by 7.05% during the same period.
There were five new ETFs listed during the previous week. State Street launched TWOK, offering exposure to US Small-cap; In the meantime, BlackRock launched four new target-date IG Corporate bond ETFs with maturities in 2016 (IBDA), 2018 (IBDB), 2020 (IBDC) and 2023 (IBDD).
US ETP assets rose by $55.8bn (+3.9%) totaling $1.491 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of 11.8% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$51.6bn, +$1.6bn and +$2.4bn during last week, respectively.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
July 16, 2013--NYSE Euronext (NYSE:NYX) is pleased to announce that on Thursday, July 18, 2013, the following ETF will be listed on NYSE Arca and will begin trading as a new issue:
Security Name: iShares MSCI USA Quality Factor ETF
Short Name: iShrs MSCI USA Qlty
CUSIP: 46432F339
Trading Symbol: QUAL
Source: NYSE Euronext
July 16, 2013-- Citi has been appointed by Mirae Asset to provide fund administration, custody and index receipt services for a new ETF platform in the US under the Horizons brand. The first ETF, the Horizons S&P 500(R) Covered Call ETF ("HSPX") launched on June 24, 2013 and will be followed by a series of sector ETFs.
"We have a long-standing relationship with Citi and we knew we could rely on their expertise and global model to provide valuable insight across transactional services and trading," said Taeyong Lee, President of Mirae Asset Global Investments' Global Business Unit.
Source: Mirae Asset Global Investments
July 16, 2013--WisdomTree (Nasdaq:WETF), an exchange-traded fund ("ETF") sponsor and asset manager, today announced the WisdomTree Emerging Markets Local Debt Fund (ELD) has received a risk-based capital Designation of 1 (-) from the Securities Valuation Office of the National Association of Insurance Commissioners (NAIC).
This follows a previous NAIC 3 Designation of The WisdomTree Emerging Markets Corporate Bond Fund (EMCB) on April 16, 2013.
Source: WisdomTree
July 16, 2013--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2013. The next release, which will report on data for June 2013, is scheduled for August 15, 2013.
The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $56.4 billion. Of this, net foreign private inflows were $46.6 billion, and net foreign official inflows were $10.0 billion.
Source: US Department of the Treasury
July 16, 2013--According to recent research from Cerulli Associates, a Boston-based analytics firm, exchange-traded fund (ETF) sponsors report ETF liquidity as the subject advisors understand the least.
"The type of assistance advisors require from ETF sponsors varies significantly," says Alec Papazian, associate director at Cerulli Associates. "ETF sponsors view liquidity as the top growth challenge in 2013 as nearly two-thirds (63%) rated it as such."
- See more at: http://www.ftseglobalmarkets.com/news/advisors-dont-understand-etf-liquidity-says-report.html#sthash.Du28qV4h.dpuf
Source: FTSE Global Markets
July 16, 2013--In the $2 trillion market for exchange traded funds, they are calling it the "Winkle wrinkle".
The recent proposal from the controversial Winklevoss twins to launch an ETF that tracks the volatile virtual currency known as Bitcoin has been met with skepticism from industry insiders.
Source: FT.com
July 15, 2013--In Philadelphia, Francis Schickling Jr., Karin Kinney and James Lu have joined the firm's portfolio management teams, and Jonathan Sprogell has joined the private banking team.
Schickling was appointed senior director of portfolio management and team leader. Prior to joining BNY Mellon, he was a senior relationship manager with Brown Brothers Harriman and also served with PNC Bank.
Source: Private Wealth
July 15, 2013--Highlights
Weekly Flows: $16.7 Billion Net Inflows
ETF Assets Stand at $1.5 Trillion, up 11% YTD
Five ETF Launches Last Week
State Street Makes Name, Ticker, and Index Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs have generated net inflows for three consecutive weeks totaling $26.0 bln
US Equity ETF categories posted across-the-board positive net inflows last week totaling $17.3 bln
ETF assets stand at $1.5 tln, up 11% YTD; $92.2 bln net inflows YTD
US Large-Cap ETFs have generated net inflows of $15.1 bln over the last 13 weeks, the most of any category we
measured; specifically, the SPDR S&P 500 ETF (SPY) has accounted for 54% of the net inflows in this space
Over the last 13 weeks Fixed Income ETF flows have gone slightly negative (net outflows of $511 mln) as we have seen investors move into short duration Fixed Income and US Equity ETFs
The SPDR S&P 500 ETF (SPY) posted its largest net inflows since the week of 3/12/12, leading all ETFs
The SPDR Gold Trust (GLD) has not posted a net inflow in 32 weeks; over this time period, GLD has exhibited net outflows of $19.5bln, including $900 mln last week, and its market cap has shrunk to $38.8 bln
Based on the largest flows, we noticed a rotation to cyclical areas of the market from defensive areas last week
Data Updated: Based on data as of 6/28/13
SPY’s shares short are at their highest level since 4/15/13 and nearly 10% above their one-year average
The iShares MSCI Emerging Markets ETF (EEM) shares short declined 28% from their all-time high set last period
Aggregate ETF USD short interest decreased by $2.9 bln over the period ended 6/28/13
The CurrencyShares Euro Trust (FXE) continues to be one of the most heavily shorted ETFs 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%)
Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 7/12/13 based on daily change in share counts and daily NAVs.
Over the last 13 weeks, recently launched ETFs have generated net inflows of $3.4 bln, or nearly 12% of ETF industry net inflows
Fixed Income ETFs account for 19% of ETFs launched over the past year, the most of any category
Issuance has been light in 2013 relative to the past three years; 70 new ETF listings and 30 closures/delistings YTD
Six ETF sponsors and two asset classes represented in top 10 most successful launches; six have an income orientation
The PowerShares DWA SmallCap Technical Leaders Portfolio (DWAS) cracked the top 10 most successful launches last week
with a current market cap of $193 mln; DWAS had net inflows of $55 mln last week (29% of current market cap)
Since inception, the iShares Core MSCI Emerging Markets ETF (IEMG) has not posted a weekly net outflow; conversely, its
sister fund, iShares MSCI Emerging Markets ETF (EEM), has exhibited net outflows of $1.1 bln in net outflows over the same
Source: Morgan Stanley
