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SPDR ETF SNAPSHOT: June 2011
July 12, 2011--As of June 30, 2011, 1,105 Exchange Traded Funds (ETFs)—with assets totaling $1.1TN—were managed by 35 ETF managers.
Month over month, ETF assets fell $15.4BN, down 1.4%.
STATE STREET HIGHLIGHTS, JUNE 2011
Investing in Emerging Markets Dividend Stocks
The SPDR® S&P® Emerging Markets Dividend ETF [EDIV] provides exposure to high yielding common stocks from emerging markets. The index is comprised of 100 of the highest yielding emerging markets stocks. Constituents include publicly traded companies with total market capitalizations greater than $1BN, a float-adjusted market cap greater than $300MM and a three-month average daily value traded greater than $1MM as of the rebalance reference date.
ETF Industry Detail
ASSET CLASSES ― OVERALL
The MSCI EAFE® Index dropped 1.2% and the S&P 500® Index lost 1.7%. Commodities also suffered, with the S&P GSCI Index declining 5.3% and Gold falling 2.0%. US Bonds were also negative with the Barclays U.S. Treasury Index and the Barclays U.S. Aggregate Index down slightly over and slightly under 0.3%, respectively.
Fixed Income assets gained $2.4BN.
FLOWS
Following a May which had the first month of outflows since August of 2010, ETF flows topped $8BN in June. The Size - Large Cap category had the most inflows, drawing $3.8BN. The Fixed Income category continued to see positive inflows, attracting $3.3BN in June and $16.3BN year-to-date. With $1.3BN leaving the category, the Style - Small Growth category saw the most significant outflows.
MANAGER AND FUND DETAIL
The top three managers in the US ETF marketplace were: BlackRock, State Street, and Vanguard. Collectively, they account for approximately 83% of the US listed ETF market.
The top three ETFs in terms of dollar volume traded for the month were the SPDR S&P 500 [SPY], iShares Russell 2000 [IWM], and PowerShares QQQ [QQQ].
Market Performance
PERFORMANCE BY ASSET CLASS
After falling 6.9% in May, Commodities gave back another 5.3% in June. International - Developed and Emerging Markets declined 1.2% and 1.5%, respectively. Domestic Large Cap, Mid Cap and Small Cap markets all slipped approximately 2%, while the US Aggregate, the US Treasury, and the US Corporate Bond markets each fell roughly 0.5%.
visit www.spdrs.com for more indo
Source: SPDR-State Street Global Advisors
First U.S.-Listed Nikkei 225 ETF to Launch on NYSE Arca
July 11, 2011--Precidian Funds LLC, a wholly-owned subsidiary of Precidian Investments LLC, received approval from the SEC to launch the first U.S.-based Nikkei 225 ETF. The MAXIS(SM) Nikkei 225 Index Fund (NYSE Arca: NKY) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Japanese market, as measured by the Nikkei 225 Index.
"We are thrilled that we are the first to be able to offer access to the Nikkei 225 through a U.S. ETF," stated Dan McCabe, Chief Executive Officer of Precidian Funds. "Through a strong relationship with Mitsubishi UFJ Asset Management we were fortunate enough to secure an exclusive sublicense to utilize the Nikkei 225 Index, which enabled us to offer the only U.S. ETF which provides investors with exposure to this widely followed Japanese benchmark," continued Mr. McCabe.
The MAXIS(SM) Nikkei 225 Index ETF is expected to begin trading July 13th on NYSE Arca at approximately $15 per share and has an annual expense ratio of 50 basis points (.50%). Precidian Funds LLC serves as Adviser, Northern Trust as Sub-adviser, JP Morgan Chase as Administrator and Custodian, and Foreside Fund Service LLC as Distributor.
read more
Source: PR Newswire
Morgan Stanley-US ETF Weekly Update
July 11, 2011--Weekly Flows: $11.3 Billion Net Inflows
ETF Assets at $1.1 Trillion, Up 12% YTD
Launches: 1 New ETF
Trading Ceases This Week on 4 FaithShares ETFs
ETFs exhibited net inflows of $11.3 billion last week, the largest weekly net inflows of the year
ETFs have taken in $21.8 bln in net new money the past four weeks
US Large-Cap ETFs posted the largest net inflows last week ($7.0 bln net inflows)
ETF assets stand at $1.1 trillion, up 12% YTD; we estimate from both net new money and market appreciation
13-week flows remained mostly positive among asset classes
$28.7 billion net inflows into ETFs over past 13 weeks (Fixed Income up $9.8 bln; Commodity down $4.0 bln)
We estimate ETFs have generated net inflows 17 out of 27 weeks YTD; YTD net inflows of $68.0 bln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated $4.7 bln net inflows last week, the most of any ETF
Six of the top 10 ETFs to post net inflows last week were US equity focused (most broad market)
Over the past 13 weeks, the iShares Silver Trust (SLV) has posted the largest net outflows ($2.2 bln),
coinciding with silver’s 10.3% market price drop
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Source: Morgan Stanley
Policy Instruments To Lean Against The Wind In Latin America -IMF Working paper
July 11, 2011-Summary: This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them. The instruments examined include: (i) capital requirements, dynamic provisioning, and leverage ratios; (ii) liquidity requirements; (iii) debt-to-income ratios;
(iv) loan-to-value ratios; (v) reserve requirements on bank liabilities (deposits and nondeposits); (vi) instruments to manage and limit systemic foreign exchange risk; and, finally, (vii) reserve requirements or taxes on capital inflows. Although the instruments analyzed are mainly microprudential in nature, appropriately calibrated over the financial cycle they may serve for macroprudential purposes.
view the IMF Working paper-Policy Instruments To Lean Against The Wind In Latin America
Source: IMF
Deutsche Bank files with the SEC
July 11, 2011--Deutsche Bank has filed an application for exemptive relief with the SEC for the DBX ETF Trust.
view filing
Source: SEC.gov
Brazilian And Colombian Exchanges Search For Market Interconnection
July 11, 2011-- The Colombian Stock Exchange (BVC) and BM&FBOVESPA announced their interest in exploring alternatives focused on a possible interconnection of their Equities, Fixed Income and Derivatives markets to promote the development of the capital markets.
With the signature of a memorandum of understanding, the two exchanges are keen on starting an exploration phase, that will establish a plan that would make feasible the interconnection of securities trading platforms in both countries, which allows the bid and ask order routing.
The purpose is to explore the benefits and value opportunities in both markets and this is the first step of the process; the modalities and the date for the happening of the interconnection will be discussed and established by the exchanges in the future.
Source: BM&FBOVESPA
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
July 11, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, July 11, 2011:
Western Potash Corp. (TSXVN:WPX) will be removed from the index.
The company will graduate to trade on TSX under the same ticker symbol. Western Potash will remain a constituent of the S&P/TSX Venture 30 Index until the next index rebalancing in the end of July, 2011.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
ISE Announces 1 Million Contracts Traded on Optimise
July 8, 2011--The International Securities Exchange (ISE) announced that it reached a new milestone when over one million contracts traded in a single day on its new options trading system based on Deutsche Börse Group’s OptimiseTM trading architecture. On July 7, 2011, 1.2 million options contracts traded on Optimise out of ISE’s total daily volume of 3.4 million contracts.
“Reaching this important milestone is a reflection of the diligent efforts of the cross-Atlantic technology teams who are working on this project,” said Gary Katz, President and Chief Executive Officer of ISE. “They have worked hard throughout our phased migration to make it as smooth as possible for our member firms, and we look forward to delivering the full benefits of the new system once the rollout is complete.”
After an initial launch of ten options on April 11, 2011, ISE has carried out a phased migration from its predecessor platform to Optimise. Currently, 2,139 options products have been moved to the new system, with the rollout targeted for completion by the end of July 2011.
To learn more about Optimise, visit www.ise.com/optimise.
Source: International Securities Exchange (ISE)
PowerShares files with the SEC
July 8, 2011--PowerShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares CSI Fundamental Greater China Portfolio.
view filing
Source: SEC.gov
Morgan Stanley-Preliminary 2Q 2011 ETF Net Cash Flows
July 8, 2011--We estimate that net cash inflows into US-listed ETFs were $29.2 billion during the second quarter of 2011. This report contains our estimates
and analysis of 2Q 2011 ETF flows for the US market. Once official data are released, we will publish our more comprehensive flow analysis.
Net inflows into US-listed ETFs were $29.2 billion during the second quarter of 2011. The $29.2 billion
in net cash inflows is below the average quarterly rate of $31.5 billion over the past five years. Total USlisted
ETF assets are now over $1 trillion, which represents an increase of roughly 10% year to date.
The largest net cash inflows went into ETFs tracking fixed income indices. This asset class had net cash inflows of $10.6 billion in 2Q 2011. US Large Cap Equity ETFs had the next highest net cash inflows at $3.8 billion. Commodity ETFs had the largest net cash outflows this past quarter at $3.3 billion.
Vanguard exhibited cash inflows of $10.4 billion in 2Q 2011, the largest of any provider. BlackRock posted the second highest net cash inflows at $7.5 billion. As of 7/5/11, BlackRock, State Street Global Advisors and Vanguard accounted for 79% of ETF assets. United States Commodity Funds had the largest net cash outflows of $0.9 billion in the second quarter.
There were 90 new ETFs launched in the US during 2Q 2011. In the first half of the year, there have already been 153 ETFs launched. As of 7/5/11, there were 34 issuers with 1,120 ETFs listed in the US.
Over $11 billion in the total market cap of ETFs is from ETFs issued over the past year. The most successful of these (by total market cap) track US large-cap equities and MLPs. Recent fixed income ETF launches have also gained traction.
request report
Source: Morgan Stanley
