Americas ETP News
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CBO-H.R. 2374, Retail Investor Protection Act
July 9, 2013--As ordered reported by the House Committee on Financial Services on June 19, 2013
H.R. 2374 would prohibit the Secretary of Labor from finalizing a regulation related to certain investment advisors until the Securities and Exchange Commission (SEC) issues a final rule setting standards of conduct for brokers and dealers of securities.
The regulation that would be delayed by the bill will define the circumstances under which an individual is considered to be a fiduciary when providing investment advice to retirement and other employee benefit plans and their participants. Under current law, the SEC has been authorized to develop regulations that establish the same standards of conduct for brokers and dealers that are already in place for investment advisors when providing advice to persons who use the information for personal reasons
Based on information from the SEC and the Employee Benefits Security Administration (EBSA), CBO estimates that implementing H.R. 2374 would not have a significant effect on federal spending.
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Source: Congressional Budget Office (CBO)
New ETF Benchmark Changes from SSgA Feed Investor Appetite for Increased Access to US Equity Market
Offers New Small Cap ETF and Benchmark Change for Three SPDR ETFs
July 9, 2013--State Street Global Advisors (SSgA),* the asset management arm of State Street Corporation (NYSE:STT), today announced the availability of the SPDR Russell 2000 ETF (Symbol: TWOK), which began trading on NYSE Arca on July 09, 2013, and changes to the indexes, names and tickers of three US equity SPDR ETFs effective the same date.
The three SPDR ETFs will seek to track Russell Indexes that provide comprehensive coverage of each underlying market segment. Russell captures 72 percent of the market share for all US institutional equity products reporting a benchmark.
Offers New Small Cap ETF and Benchmark Change for Three SPDR ETFs
-State Street Global Advisors (SSgA)*, the asset management arm of State Street Corporation (NYSE:STT), today announced the availability of the SPDR Russell 2000 ETF (Symbol: TWOK), which began trading on NYSE Arca on July 09, 2013, and changes to the indexes, names and tickers of three US equity SPDR ETFs effective the same date. The three SPDR ETFs will seek to track Russell Indexes that provide comprehensive coverage of each underlying market segment. Russell captures 72 percent of the market share for all US institutional equity products reporting a benchmark.
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Source: State Street Global Advisors
New trading hours starting from July 8, 2013
July 8, 2013--BM&FBOVESPA will be implementing new trading hours. The main changes now introduced include:
For each segment, adoption of a uniform, countrywide timetable for trading, effective throughout the year: BOVESPA Segment (Equities): from 10:00 a.m. to 6:00 p.m.
BM&F Segment (Derivatives): from 9 a.m. to 6:00 p.m.
Adoption of a single timetable for closing price determination and stock index calculations, including for marking to market purposes: BOVESPA Segment (Equities): 4:55 p.m. – 5:00 p.m. – closing call for all cash market securities, including odd lots; 4:50 p.m. – 5:15 p.m. – closing call for options on Bovespa Index; 4:55 p.m. – 5:15 p.m. – closing call for all options series and ETFs.
BM&F Segment (Derivatives): 5:00 p.m. – 5:15 p.m. – determination of settlement price for Bovespa Index futures contracts.
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Source: BM&FBOVESPA
Deutsche Bank-Synthetic Equity & Index Strategy-North America-ETF+ Quarterly Directory- Q2 2013 ETPs
July 8, 2013-This document includes all US listed exchange-traded funds (ETFs) and exchange-traded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. Numerous key information points per product have been included in order to give readers an overview of their respective areas of interest. Among the key numeric information we include average daily turnover, assets under management, and cash flows (all in $US). If you have any questions on any of the products listed or any suggestions on how to improve future editions of the directory, please do not hesitate to get in touch.
Deutsche Bank-Synthetic Equity & Index Strategy-North America-ETF+ Quarterly Directory- Q2 2013 ETP
Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
Morgan Stanley-US ETF Weekly Update
July 8, 2013--US ETF Weekly Update
Weekly Flows: $6.1 Billion Net Inflows
ETF Assets Stand at $1.4 Trillion, up 7% YTD
One ETF Launch Last Week
BlackRock Changes Names on 200+ iShares ETFs
US-Listed ETFs: Estimated Flows by Market Segment
> ETFs posted net inflows of $6.1 bln last week, the second consecutive week of net inflows
Fixed Income ETFs generated their first net inflows in eight weeks ($2.7 bln), leading all ETF categories
In addition, US Small- & Micro-Cap ETFs, US Sector & Industry ETFs, and US Large-Cap ETFs all posted net inflows greater than $1 bln last week
ETF assets stand at $1.4 tln, up 7% YTD; $75.5 bln net inflows YTD
> 13-week flows remain mostly positive among asset classes; combined $21.1 bln in net inflows
International- Developed Equity ETFs have generated net inflows of $9.9 bln over the last 13 weeks, the most of any category we measured; specifically, the two largest Japan ETFs (EWJ, DXJ) accounted for $7.8 bln of the net inflows
The market share of International - Emerging Equity ETFs has declined two percentage points over the past year due to net outflows and capital losses; conversely, International - Developed Equity ETFs have seen their market share grow by two percentage points over the same period
US-Listed ETFs: Estimated Largest Flows by Individual ETF
> The iShares 3-7 Year Treasury Bond ETF (IEI) posted net inflows of $2.3 bln, the most of any ETF
IEI and the ProShares Ultra 7-10 Year Treasury (UST) generated a combined $3.0 bln in net inflows, whereas the iShares 20+ Year Treasury Bond ETF (TLT) had net outflows of $314 mln last week; we note that the impact from the surge in US Treasury rates last Friday will not be reflected in ETF flows until next week
The SPDR Gold Trust (GLD) has not posted a net inflow in 31 weeks; over this time period, GLD has exhibited net outflows of $18.6 bln and its market cap has shrunk to $37.8 bln, down nearly 50%
The SPDR S&P 500 ETF (SPY) posted net inflows of $1.6 bln last week, while the iShares Core S&P 500 ETF (IVV) and the ProShares Ultra S&P500 (SSO) exhibited a combined $2.5 bln in net outflows; contradictory flows, while not uncommon in the ETF space, are often difficult to reconcile
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 6/14/13
> iShares MSCI Emerging Markets Index Fund (EEM) had the largest increase in USD short interest at $2.4 bln
EEM’s shares short are at their highest level of all time
Notably, the 26.8 mln shares short on the iShares FTSE EPRA/NAREIT Developed Real Estate ex-US Index Fund (IFGL) are also
at an all-time high
Aggregate ETF USD short interest increased by $8.7 bln over the period ended 6/14/13
> The average shares short/shares outstanding for ETFs is currently 4.9%
The CurrencyShares Euro Trust (FXE) continues to be one of the most heavily shorted ETFs as a % of shares outstanding;
interestingly, over the past year, FXE has actually posted a 2.4% market price return
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 7/5/13 based on daily change in share counts and daily NAVs.
> $7.4 bln in total market cap of ETFs less than 1-year old
Only 17 of the 110 ETFs launched over the past year generated net inflows last week
Newly launched International Equity ETFs account for 41% of recently launched market cap followed by Fixed Income ETFs at
23% of market cap
Issuance has been light in 2013 relative to the past three years; 65 new ETF listings and 30 closures/delistings YTD
The top 10 most successful launches make up 66% of the market cap of ETFs launched over the past year
Six ETF sponsors and two asset classes represented in top 10 most successful launches; seven have an income orientation
The Vanguard Total International Bond ETF (BNDX) led all recently incepted ETFs last week with $239 mln in net inflows
(92% of current market cap); BNDX measures the return of currency hedged, investment grade bonds issued outside of the US
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: Morgan Stanley
NYSE Euronext -4 ETF Launches: iShares
July 8, 2013--NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, July 10, 2013, the following ETFs will be listed on NYSE Arca and will begin trading as new issues:
iSharesBond 2016 Corporate Term ETF
iSharesBond 2018 Corporate Term ETF
iSharesBond 2020 Corporate Term ETF
iSharesBond 2023 Corporate Term ETF
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Source: NYSE Euronext
CFTC.gov Commitments of Traders Reports Update
July 8, 2013--The updated current reports for the week of July 2, 2013 are now available.
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Source: CFTC.gov
NYSE 1 ETF Launch: State Street Global Advisors-July 9, 2013
July 5, 2013--Summary:NYSE Euronext (NYSE:NYX) is pleased to announce that on Tuesday, July 09, 2013, the following ETF will be listed on NYSE Arca and will begin trading as a new issue:
Security Name: SPDR Russell 2000 ETF
Short Name:SPDRRussell2000 ETF
CUSIP:78468R 85 3
The Consolidated Tape Association (CTA) will disseminate real time trade and quote information for the ETF to Tape B. All ETP-Related Indexes will be disseminated via the NYSE Euronext Global Index Feed.
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Source: NYSE Euronext
TMX Group Equity Financing Statistics -June 2013
July 5, 2013--TMX Group today announced its financing activity on Toronto Stock Exchange and TSX Venture Exchange for June 2013.
Toronto Stock Exchange welcomed 6 new issuers in June 2013, compared to 14 the previous month and 10 in June 2012. Of the new listings, 2 were from the real estate sector. Total financings raised was up 61% from May 2013, though it was down 2% year-over-year. The total number of financings in June 2013 was 45, which is up from 39 the previous month and down from 54 in June 2012.
BlackRock Canada Announces Certain Changes to XHY view more
Source: TMX Group Inc.
July 5, 2013--BlackRock Asset Management Canada Limited ("BlackRock Canada"), an indirect, wholly owned subsidiary of BlackRock, Inc., has determined to make certain changes to the investment strategy of the iShares U.S. High Yield Bond Index Fund (CAD-Hedged) (TSX:XHY).
The new investment strategy of XHY will be to invest primarily in a regularly rebalanced portfolio of U.S. dollar-denominated high yield corporate bonds, selected by BlackRock Canada from time to time, that in aggregate closely match the characteristics of the Markit iBoxx USD Liquid High Yield Total Return Index hedged in CAD (the "XHY Index"), and hedge any resulting U.S. dollar currency exposure back to Canadian dollars. This will be a change from the current investment strategy of XHY, which involves investing in the iShares iBoxx $ High Yield Corporate Bond ETF, a U.S. iShares Fund that itself invests in a portfolio of U.S. dollar-denominated high yield corporate bonds included in the XHY Index. The investment objective of XHY and the XHY Index will remain unchanged.
Source: BlackRock
