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DB Index & ETF Research: US ETF Market Weekly Review : Strong inflows of $11 bn defy January's usual drought
February 4, 2011--New content and New Measures for the New Year
Following our annual review recess, with this report we resume the publication of our weeklies. In addition, we have made some enhancements to our report, such as a weekly commentary section, ETN data reported separately from ETP data, and new weekly turnover measure. Please see our “Message to Our Readers” section for more details.
Strong ETP Flows kick off the 2011 game
ETPs had a fantastic year on 2010 cashing in a $115 bn across-the-board inflow, topped with a year-ending of around $1 trillion in AUM. In the same line, without a sign of slowing down, the ETP industry opened the year at full speed with 19 new product launches, strong asset inflows of $11 bn YTD, and a great outlook for its main asset class: US Equities.
Total US ETP flows for the last week registered $2.7 bn of outflows vs $2.1 bn inflows the previous week, setting the YTD weekly flows average at +$2.8 bn. US ETPs AUM keep establishing a threshold above the trillion dollar with $1.01 trillion so far.
Equity ETPs, driven by US equities reallocation, gathered $10.7 bn since the beginning of the year, coming out of the January outflow pattern we have seen since 2007. Emerging Markets ETPs flows, the big equity story of 2010, stands shamefully at a $2.4 bn outflow. While throughout 2010, Broad EM ETPs sheltered the bulk of the new assets, we have seen investors favoring country EM ETPs during 2011 instead. In addition, Fixed Income ETPs have cashed in a surprising $3.1 bn of new flows YTD (Corporates,+$2.0 bn; Sovereign, +$943 mm). Finally, Gold ETPs have experienced their largest outflow (-$2.7 bn), during the same 4-week period. Please see the weekly commentary section for more details.
New Launch Calendar: Quantity and diversity sets the tone
After a quiet year ending, new product activity jump-started with 19 new products coming to market in the first four weeks of the year. The new products listed at NYSE Arca, provide investors with new choices to access distinct return streams in the way of Alternative, Equity, Fixed Income, and Commodity ETPs.
Turnover Review
Turnover has picked up since the end of last year. Last week’s total ETP turnover was $349 bn vs $253 bn the previous week. This represented an increase of about 38% from the previous week (with 4 days only), and a 3.7% increase over last year’s weekly average. Week over week, turnover increased more substantially in Equity (+$81 bn, 37%) and Commodity (+$10 bn, 61%) ETPs.
Assets Under Management (AUM) Review
Mainly driven by a small correction in the equity markets and a flight from emerging markets equities and gold, overall assets decreased by 0.6%, from the previous week, sitting at $1.01 trillion at the end of the week. Year to date US ETPs AUM have increased $8.0 bn or 0.8%.
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Source: Deutsche Bank Global Equity Index & ETF Research
U.S. International Reserve Position
February 4, 2011--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $133,945 million as of the end of that week, compared to $133,303 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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I. Official reserve assets and other foreign currency assets (approximate market value, in US millions) |
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January 28, 2011 | |||
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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133,945 | |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total | |
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(a) Securities |
9,491 |
15,849 |
25,341 | |
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of which: issuer headquartered in reporting country but located abroad |
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0 | |
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(b) total currency and deposits with: |
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| |
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(i) other national central banks, BIS and IMF |
14,331 |
7,772 |
22,103 | |
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ii) banks headquartered in the reporting country |
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0 | |
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of which: located abroad |
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0 | |
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(iii) banks headquartered outside the reporting country |
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0 | |
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of which: located in the reporting country |
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0 | |
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(2) IMF reserve position 2 |
12,689 | |||
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(3) SDRs 2 |
57,720 | |||
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 | |||
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--volume in millions of fine troy ounces |
261.499 | |||
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(5) other reserve assets (specify) |
5,051 | |||
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
5,051 | |||
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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read more
Source: US Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
February 4, 2011--The current reports for the week of February 1, 2011 are now available.
view updates
Source: CFTC.gov
WisdomTree Announces Fourth Quarter and Year End 2010 Results
Company reports record AUM and record revenues; total AUM increased 19% from Q3 to $10.6 billion, up 60% for 2010
$1.3 billion net inflows for the fourth quarter; $3.1 billion net inflows for the year
Positive proforma operating income for the third consecutive quarter and full year
February 4, 2011--WisdomTree (Pink Sheets: WSDT), an exchange-traded fund (“ETF”) sponsor and asset manager, today reported a GAAP net loss of $0.6 million for the fourth quarter of 2010 as compared to a GAAP net loss of $5.0 million in the fourth quarter of 2009 and a GAAP net loss of $1.5 million for the third quarter of 2010.
Proforma operating income (which excludes stock-based compensation and depreciation and amortization expenses) was $1.7 million in the fourth quarter of 2010 as compared to a proforma loss of $1.4 million in the fourth quarter of 2009 and proforma income of $0.5 million in the third quarter of 2010. For the full year, GAAP net loss was $7.5 million as compared to a GAAP net loss of $21.2 million in 2009. Proforma operating income for the full year was $1.5 million as compared to a proforma loss of $10.7 million in 2009.
read more
Source: WisdomTree
WisdomTree files with the SEC
February 4, 2011--WisdomTree has filed a post-effective amendment, registration statement with the SEC for the Global Real Return Fund.
read more
Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
February 4, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, February 4, 2011
Realex Properties Corp. (TSXVN:RP) will be removed from the index.
The shares of the company have been acquired by Dundee REIT (TSX:D.UN).
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 & Poors
FocusShares files with the SEC
February 3, 2011--FocusShares has filed a post-effective amendment, registration statement with the SEC.
view filing
Source: SEC.gov
Claymore files with the SEC
February 3, 2011--Claymore has filed a post-effective amendment, registration statement with the SEC for
Guggenheim ABC High Dividend ETF
Guggenheim BMAC Commodity Producers ETF
Guggenheim Small-Mid Cap BRIC ETF
Guggenheim International High Dividend ETF
view filing
Source: SEC.gov
BMO Financial Group’s ETF Line-Up Expands to 40
Canadian investors benefit from an expansion of yield focused funds and gain access to commodity sector funds
February 3, 2011--BMO Financial Group, a leader in Canada’s Exchange Traded Fund (ETF) market today announced a significant expansion to its line-up with the launch of ten new funds, bringing its product line-up to a total of 40. The expansion reflects BMO Asset Management Inc’s* (BMO AM) proactive commitment to this growing industry and to meeting investors’ needs by providing a broad range of investment options.
The new BMO ETFs-complement the current line-up and include a number of Canadian market firsts:
Target maturity ETFs allow investors to plan for future expenditures through diversified fixed income portfolios with defined maturity dates.
BMO AM is the first Canadian ETF provider to give investors the ability to allocate among four commodity sectors (energy, agriculture, precious metals and base metals) with its commodity ETFs, each indexed to the applicable S&P GSCI commodities index.
BMO AM is also the first Canadian ETF provider to offer a covered call strategy, based on writing call options on a portfolio of Canadian banks.
read more
Source: BMO Financial Group
Global X Funds Launches First Andean ETF
February 3, 2011--Global X Funds, the New York based provider of exchange
traded funds, today launched the Global X FTSE Andean 40 ETF (Ticker: AND). The fund is the
latest expansion in the ETF issuer’s Latin America fund suite and is the first ETF globally to
target this region.
The Global X FTSE Andean 40 ETF launch is a testament to the economic powerhouse that Latin
America has become. The Andean region, comprised of Chile, Colombia, and Peru, has been among the best performing stock markets in the world. The ETF will allow investors to take
advantage of a pending agreement to merge the stock markets of Chile, Colombia, and Peru,
which will create the second largest stock exchange in Latin America after Brazil’s and 50%
larger than Mexico’s (World Federation of Exchanges, 2010).
“We are excited to provide a benchmark and investment vehicle to the combined Chile, Colombia, and Peru exchanges,” said Bruno del Ama, CEO of Global X Funds. “Because of its geographic size, the Andean region is an important investment opportunity underserved by the current Latin American ETF options.” The Global X FTSE Andean 40 ETF tracks the FTSE Andean 40 Index, which is designed to measure the performance of the 40 largest and most liquid companies in the Chilean, Colombian, and Peruvian markets. As of January 26, 2011 the three largest components for AND were Southern Copper Corp., Minas Buenaventura, and Pacific Rubiales Energy.
Source: Global X
