Americas ETP News
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ProShares Launches Listed Private Equity ETF
Private Equity Publicly Available Through an ETF
February 28, 2013--ProShares, a premier provider of alternative ETFs, today announced the launch of ProShares Global Listed Private Equity ETF (BATS: PEX).
PEX is the first globally diversified ETF focused on companies that invest primarily in private enterprises.
"Private equity has long been a staple of institutional and high-net-worth individuals' portfolios; for other investors, it's been difficult to access," said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "PEX offers access to global private equity with the liquidity, transparency and cost effectiveness of an ETF."
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Source: Proshares
WealthManagement.com Survey: Advisors Still Uneasy About ETFs
Despite the dramatic growth of ETFs, many advisors still don't use them and don't understand them, a new WealthManagement.com survey found.
February 28, 2013--Exchanged traded products like exchange traded notes and exchange traded funds are one of the fastest growing investment vehicles in the market, both in terms of assets and number of products.
Globally, assets in ETFs and ETPs reached an all-time high of $2.05 trillion at the end of January, according to ETFGI, a London-based research and consultancy firm. There are currently 4,766 different exchange traded products in the market.
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Source: Wealth Management.com
U.S. ETF prices come to Canada
Ultra-cheap ETFs have arrived
February 28, 2013--It's been a few years since we've had a good old-fashioned gas-price war at the pumps.
But most of us can still remember the vehicle lineups. Some car owners even filled Jerry cans to squeeze every last ounce of value from the temporarily depressed fuel costs. A few bucks saved on a couple tanks of gas is one thing; but that’s peanuts compared to what you could save during the price war now raging at an investment brokerage near you. It’s a marvel what a little competition can do for a marketplace.
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Source: Canadian Business
Horizons ETFs Announces Unit Consolidation
February 27, 2013--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate Horizons ETFs Management (Canada) Inc., the manager and trustee of the Horizons BetaPro S&P 500 VIX Short-Term Futures(TM) Bull Plus ETF (the "ETF"), listed on the Toronto Stock Exchange ("TSX") under the symbol HVU, has announced today that it intends to consolidate
the units of the ETF, as indicated below:
Unit Consolidation After the TSX has closed for trading on Tuesday, March 12, 2013, the units of the ETF will be consolidated on the basis of the ratio (the "Consolidation Ratio") set out
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Source: Horizons Exchange Traded Funds
FTSE and TMX Datalinx create new global fixed income index business: FTSE TMX Debt Capital Markets
FTSE TMX Debt Capital Markets will be one of the leading global fixed income ETF index providers
Will combine TMX Datalinx's fixed income index business, PC-Bond, with FTSE's existing international fixed income business
February 27, 2013--FTSE Group ("FTSE"), part of London Stock Exchange Group ("LSEG"), and TMX Group today announce that they have signed a definitive agreement to combine their fixed income index businesses in a new joint venture.
FTSE TMX Debt Capital Markets will be the third largest fixed income exchange traded fund (ETF) index provider globally. Together these indices are used as benchmarks for more than C$1 trillion in fixed income assets.
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Source: London Stock Exchange
Horizons ETFs Launches Broad Commodity Index ETF
February 26, 2013--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce the launch of the Horizons Auspice Broad Commodity Index ETF ("HBR"), an innovative alternative strategy ETF that offers investors diversified, tactical long exposure to up to 12 different commodity futures in the energy, metals and agricultural sectors.
HBR is designed to track, before fees and expenses, the Auspice Broad Commodity Excess Return Index (the "Auspice Index"), hedged to the Canadian dollar. The Auspice Index is a commodity futures based index developed by Calgary-based Auspice Capital Advisors Ltd. ("Auspice"). Auspice is a leader in the design and execution of systematic commodity trading strategies in Canada, and a seasoned manager of commodity risk.
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Source: Horizons Exchange Traded Funds
New listing NYSE Euronext
February 26, 2013--NYSE Euronext (NYSE:NYX) is pleased to announce that on Thursday, February 28, 2013, the following ETF will be listed on NYSE Arca and will begin trading as a new issue:
Security Name:
U.S. Equity High Volatility Put Write Index Fund
Short Name: Hi Vol Put Write Fnd
CUSIP: 00162Q 73 4
Trading Symbol:HVPW
NAV Symbol: HVPW.NV
Shares Out. Symbol : HVPW.SO
Est. Cash Symbol:HVPW.EU
Total Cash Symbol:HVPW.TC
IOPV Symbol: HVPW.IV
Morgan Stanley-US ETF Weekly Update
February 26, 2013--US ETF Weekly Update
Weekly Flows: $1.6 Billion Net Outflows
Only 2nd Week of Net Outflows in 2013
ETF Assets Stand at $1.4 Trillion, up 5% YTD
Two ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
For only the second week in 2013, ETFs posted net outflows
Last week's $1.6 bln in net outflows were driven by Commodity ETFs, which posted net outflows of $2.3 bln; specifically, the SPDR Gold Trust (GLD) had net outflows of $2.1 bln
Seven of the 15 ETF segments exhibited net outflows last week
ETF assets stand at $1.4 tln, up 5% YTD; $34.9 bln net inflows YTD
13-week flows were mostly positive among asset classes; combined $81.5 bln in net inflows
International Equity ETFs have posted net inflows of $34.0 bln over the last 13 weeks, which equates to 42% of ETF net inflows over this period, while the segment accounts for only 22% of ETF market cap
US Large-Cap ETFs have also generated impressive net inflows over the past 13 weeks ($18.7 bln in net inflows)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares DJ US Real Estate Index Fund (IYR) posted net inflows of $490 mln last week, the most of any ETF
Japan continues to exhibit investor interest as the iShares MSCI Japan Index Fund (EWJ) and the WisdomTree Japan Hedged Equity Fund (DXJ) each posted another week of net inflows; EWJ has generated net inflows seven of the past 10 weeks while DXJ has exhibited net inflows for 10 consecutive weeks
The SPDR Gold Trust (GLD) has not posted a weekly net inflow in 12 weeks and over this time period has exhibited net outflows of $3.7 bln; in our opinion, last week's net outflows were primarily driven by the Fed signaling a possible discontinuation of asset
purchases
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 1/31/13
iShares Russell 2000 Index Fund (IWM) had one of the largest increases in USD short interest at $1.3 bln
Despite the increase in short interest for IWM, IWM¡¦s shares short (159 mln) are 11% below their 52-week average
The Vanguard FTSE Emerging Markets ETF (VWO) is coming off its highest level of shares short since inception; VWO shares short declined 54% from 1/15/13 to 1/31/13
Aggregate ETF USD short interest increased by $2.7 bln over the period ended 1/31/13
The average shares short/shares outstanding for ETFs is currently 5.0%
The SPDR Retail ETF (XRT) exhibited shares short/shares outstanding over 1,000% on 1/15/13; since then, XRT¡¦s ratio has come
down; however, it is still more than 300%, signifying a continued desire to be short the retail space
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only five ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 2/22/13 based on daily change in share counts and daily NAVs.
$10.1 billion in total market cap of ETFs less than 1-year old
Newly launched Active ETFs account for 50% of the market cap of ETFs launched over the past year; PIMCO Total Return ETF (BOND) is the largest actively managed ETF with a market cap of $4.2 bln; BOND will hit its one-year anniversary on 3/1
Issuance is off to a slow start in 2013; 12 new ETF listings and three closures YTD (22 announced closures)
The top 10 most successful launches make up 73% of the market cap of ETFs launched over the past year
Six different ETF sponsors and two asset classes represented in top 10 most successful launches
Seven out of the 10 most successful launches over the past year have an income orientation
The Market Vectors Preferred Securities ex-Financials ETF (PFXF) cracked the top 10 most successful launches over the past year last week; PFXF has a market cap of $141 mln and has benefitted from the search for yield and its differentiated exposure
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Source: Morgan Stanley
State Street Global Advisers-ETF Industry Guide - Q4 2012
Quarterly update on 1,241 funds across 42 categories
February 26, 2013--Corporate bonds. Dividend-producing equities. Sectors. Commodities. Name almost any asset class and ETFs give you a range of low-cost, transparent investment options.
The ETF Industry Guide, which displays the full lineup of virtually every ETF provider, with key facts about each fund, updated quarterly.
visit statestreetspdrs.com to request report
Source: State Street Global Advisers
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Markets and commodity outflows remove $10.4bn from US ETP assets
February 26, 2013--Data in this report is as of Fri, Feb 22
Market and Net Cash Flows Review
Equity markets moved lower last week. The US (S&P 500) fell by 0.28%; while outside the US, the MSCI EAFE (in USD) and the MSCI EM (in USD) dropped by 0.15% and 1.22%, respectively. Moving on to other asset classes, the 10Y US Treasury Yield fell by 4 bps last week; in the meantime, all major commodity indicators pulled back during the week, the DB Liquid Commodity Index was down by 2.52%, while the Agriculture sector (DB Diversified Agriculture Index), WTI Crude Oil, Gold and Silver prices retreated by 0.61%, 2.85%, 1.78% and 3.57%, respectively.
Last but not least, Volatility (VIX) rose by 13.72% during the same period.
The total US ETP flows from all products registered $1.54bn (-0.1%) of outflows during last week vs. $7.19bn (+0.5%) of inflows the previous week, setting the YTD weekly flows average at +$4.4bn (+$35.58bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of +$0.6bn (0.1%), +$0.15bn (0.1%), -$2.29bn (-2.1%) last week vs. +$6.23bn (0.6%), +$0.98bn (0.4%), -$0.22bn (-0.2%) in the previous week, respectively.
Among US sectors, Financials (+$0.65bn, +1.3%) and Consumer Staples (+$0.2bn, +2.0%) received the top inflows, while Materials (-$0.43bn, -4.1%) and Information Technology (-$0.17bn, -0.9%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: IYR (+$0.5bn), XRT (+$0.2bn), EWJ (+$0.2bn)
Top 3 ETPs & ETNs by outflows: GLD (-$2.1bn), SPY (-$0.7bn), EWZ (-$0.4bn)
New Launch Calendar: new versions for the Russell low volatility indices
There were 2 new ETFs listed during last week on the NYSE Arca. The new products offer access to low volatility strategies.
Turnover Review: Floor activity rose by 11%
Total weekly turnover increased by 10.5% to $245.06bn vs. $221.76bn from the previous week. However, last week's turnover level was 9.0% below last year's weekly average. Equity and Commodity ETPs turnover increased by $23.3bn (+12.5%) and $1.2bn (+7.4%), respectively; meanwhile, Fixed Income ETPs turnover decreased by $1.5bn (-9.2%), during the same period.
Assets under Management (AUM) Review: assets dropped by $10bn
US ETP assets dropped by $10.4bn (-0.7%) totaling $1.406 trillion at the end of the week. As of last Friday, US ETPs have accumulated an asset growth of 5.5% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved -$5.7bn, +$0.3bn, -$5.0bn during last week, respectively.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy -North America
