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Morgan Stanley Exchange-Traded Funds: US ETF Weekly Update
November 22, 2010--Highlights
Weekly Flows: $3.7 Billion Net Outflows
ETFsTraded $342 Billion Last Week
No ETF Launches
Guggenheim BulletShares’Indexes Undergo Changes
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iSharesRussell 1000 Value (IWD) posted net inflows of $564 mlnlast week, the most of any ETF
On the contrary, SPDR S&P 500 ETF (SPY), was a drag on flows, posting $3.1 blnnet outflows
Despite its weak showing last week, over 13-wk period, SPY has taken in most new money ($10.1 bln)
US-Listed ETFs: ETF Dollar Volume
Market share of monthly ETF volume as % of listed volume has doubled over 5 yrs
Leveraged/Inverse accounts for 12% weekly ETF volume, but only has 3% of market cap
Fixed Income accounts for only 4% weekly ETF volume, but has 15% of market cap
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Source: ETF Research-Morgan Stanley
Credit Suisse files with the SEC
November 22, 2010--Credit Suise has filed a FORM 424(B)(2) with the SEC for VelocityShares ETNs.
view filing
Source: SEC.gov
Eaton Vance Corp. Announces Asset Purchase of Managed ETFs LLC
Acquires Intellectual Property relating to Exchange-Traded Fund Operations and Trading
November 22, 2010--Eaton Vance Corp. (NYSE: EV) announces today that it has purchased the assets of Managed ETFs LLC, a developer of intellectual property in the field of exchange-traded funds. Managed ETFs holds intellectual property assets, including issued patents, that could provide the foundation for more efficient trading of index-based ETFs and facilitate the development of non-transparent, actively managed ETFs.
Commercialization of the acquired technology is subject to the approval of the U.S. Securities and Exchange Commission and market acceptance.Terms of the transaction are not being disclosed.
"Eaton Vance is pleased to acquire the intellectual property of Managed ETFs and to assume responsibility for its commercial development," said Thomas E. Faust Jr., Chairman and Chief Executive Officer. "Facilitating more robust ETF trading and expanding the scope of the ETF market to encompass non-transparent, active strategies is a vision we share with the principals of Managed ETFs."
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Source: Eaton Vance
Huntington files with the SEC
November 19, 2010--Huntington Strategy Shares has filed a registration statement with the SEC for
Rotating Strategy Fund
EcoLogical Strategy Fund and
Equity Protection Strategy Fund
view filing
Source: SEC.gov
Russell files with the SEC
November 22, 2010--Russell has filed a amended and restated application for exemptive relief with the SEC.
read more
Source: SEC.gov
BlackRock(R) Canada Launches the iShares(R) S&P(R)/TSX(R) North American Preferred Stock Index Fund (CAD-Hedged)
ETF to Invest in U.S. and Canadian Securities
November 22, 2010--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc., today announced that iShares, the world's largest provider of Exchange Traded Funds (ETFs), is now providing investors with a new income-oriented product, featuring a consistent distribution schedule, with the launch of the iShares S&P/TSX North American Preferred Stock Index Fund (CAD-Hedged) (XPF). XPF will begin trading on the Toronto Stock Exchange today.
XPF will provide investors with geographically diversified exposure to preferred shares by investing a portion of its assets in U.S. preferred shares and a portion in Canadian preferred shares. Preferred stock is an asset class that combines some characteristics of both equity and debt securities and generally makes regular payments to investors. XPF will hedge its currency exposure to the U.S. dollar, and carry a management fee of 0.45% per year.
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Source: BlackRock
CBOE Futures Exchange Posts Weekly Record Trading Volume in VIX Futures for Third Time This Month
Volume Tops 210,000 Contracts Over Five Trading Days
November 22, 2010--The CBOE Futures Exchange, LLC (CFE) announced that the week of November 15 was the busiest week on record for the trading of futures on the CBOE Volatility Index (VIX).
The three most active weeks in CFE history for the trading of VIX futures have occurred during the first three weeks of November. The 210,995 VIX futures contracts that traded the week of November 15 now ranks as the highest, followed by the previous highs of 171,988 contracts for the week of November 1 and 170,196 contracts for the week of November 8.
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Source: CBOE
SAM And Dow Jones Indexes Launch DJSI World Enlarged Index
New Index Caters To Market Demand for a Broader Sustainability Investing Universe-Further Expansion of Pioneering Sustainability Index Family
Index Subset Allows for Exclusion of Certain Sectors
November 22, 2010--SAM, the investment boutique focused exclusively on sustainability investing, and Dow Jones Indexes, a leading global index provider, today announced the creation of the Dow Jones Sustainability World Enlarged Index (DJSI World Enlarged).
The new index will be launched on November 30, 2010, and is designed to accommodate increasing investor demand for a broader sustainability benchmark. As such, the DJSI World Enlarged tracks the performance of the most sustainable 20% of companies out of the largest 2,500 companies in the Dow Jones Global Total Stock Market Index.
In keeping with all Dow Jones Sustainability Indexes, the components for the DJSI World Enlarged are selected according to SAM’s systematic Corporate Sustainability Assessment, which analyzes company performance in terms of economic, environmental and social criteria. The new index has 513 components, is reviewed on an annual basis, and is weighted according to free float market capitalization. Additionally, there will be a subset index of 459 components that excludes companies from the following sectors: tobacco, alcohol, gambling, armament and firearms, and adult entertainment.
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Source: Dow Jones Indexes
CFTC Seeks Public Input for a Study Regarding the Oversight of Existing and Prospective Carbon Markets
November 19, 2010--The Commodity Futures Trading Commission (CFTC) has approved for publication in the Federal Register a Notice and Request for Comment that is expected to assist in the formulating of recommendations for the oversight of existing and prospective carbon markets.
Section 750 of the Dodd-Frank Wall Street Reform and Consumer Protection Act establishes an interagency working group headed by the CFTC to conduct a study on the oversight of existing and prospective carbon markets to ensure an efficient, secure and transparent carbon market, including oversight of spot markets and derivative markets.
The members of the interagency group are the Chairman of the CFTC, the Secretary of Agriculture, the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, the Administrator of the Environmental Protection Agency, the Chairman of the Federal Energy Regulatory Commission, the Chairman of the Federal Trade Commission and the Administrator of the Energy Information Administration, or their designees. In conducting the study, the Dodd-Frank Act directs the interagency group to consult, as appropriate, with representatives of exchanges, clearing houses, self-regulatory bodies, major carbon market participants, consumers and the general public.
Comments must be received on or before 21 days after publication in the Federal Register.
Source: CFTC.gov
Picard Joins Lyxor Asset Management, Further Strengthening Its U.S. Business
November 19, 2010---- Lyxor Asset Management Inc. ("Lyxor U.S.") has hired Robert Picard as U.S. Head of Managed Account Development. Mr. Picard is based in New York and reports to Lionel Erdely, CEO of Lyxor U.S.
Prior to joining Lyxor, Mr. Picard was Senior Advisor to Navigant Consulting's Financial Institutions Restructuring Solutions Team and active in advising emerging hedge funds. Earlier, he was Chief Investment Officer and Head of Hedge Fund Research at Optima Fund Management overseeing $6.5 Billion of hedge fund investments and a Managing Director at The Carlyle Group where he built and managed an institutional platform for alternative investments. Prior to joining Carlyle, Mr. Picard was Managing Director at RBC Capital Risk Advisors. His Group actively managed more than US $10 billion of Royal Bank's proprietary assets through arbitrage trading, hedge fund investments and structured private equity investments.
Source: Societe Generale
