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Nasdaq to Acquire Chi-X Canada
Expands Equity Trading Beyond U.S. and Nordics
December 8, 2015--Nasdaq (Nasdaq:NDAQ) today announced that it will acquire Chi-X Canada, an Alternative Trading System for Toronto Stock Exchange (TSX) and TSX Venture Securities, from Chi-X Global.
The acquisition will provide Nasdaq with direct access to the Canadian equities market. The deal is expected to close in the first quarter of 2016, and be accretive to the company's earnings at closing, excluding transaction-related costs.
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Source: Nasdaq.com
Direxion Uses ISE-REVERE Natural GasTM Index (index ticker: FUM) For New Leveraged ETF
December 8, 2015--ISE ETF Ventures today announced that it has licensed the ISE-REVERE Natural Gas Index (index ticker: FUM) to Direxion Investments for a new exchange-traded fund (ETF) that seeks to achieve 300 percent of the inverse of FUM's daily performance.
The ETF launched on December 3 on NYSE Arca.
"The current global economic climate has forced many investors to closely monitor how different commodities perform on a daily basis," said Kris Monaco, Head of ISE ETF Ventures.
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Source: ISE (International Securities Exchange)
First Trust Announces Changes to Investment Objectives for Twelve AlphaDEX(R) ETFs
December 8, 2015--On or about April 8, 2016, each of the index exchange-traded funds listed below (each, a "Fund") will change its investment objective to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of a new corresponding NASDAQ AlphaDEX(R) Equity Index (each, a "New Index").
Each New Index is a modified equal-dollar weighted index developed and maintained by The NASDAQ OMX Group, Inc. ("NASDAQ") that is designed to generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology.
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Source: First Trust Advisors L.P.
Morgan Stanley-US ETF Weekly Update
December 8, 2015--Weekly Flows: $8.1 Billion Net Inflows
Ninth Consecutive Week of Net Inflows, Totaling $67.6 Billion
High-conviction ETF Recommendations Slide: No Changes
ETF Assets Stand at $2.1 Trillion, up 8% YTD
Nine ETF Launches Last Week
Guggenheim Makes Changes to Income ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $8.1 bln last week; ninth consecutive week of net inflows, totaling $67.6 bln
Last week's net inflows were led by International-Developed ETFs at $2.6 bln; conversely, Commodity ETFs posted outflows of $603 mln, the most of any category we measured
Thirteen of the 15 categories we measured posted net inflows last week
ETFs have generated net inflows 36 of 49 weeks YTD-ETF assets stand at $2.1 tln, up 8% YTD
13-week flows remain positive among most asset classes; combined $80.3 bln in net inflows
US Large-Cap ETFs have posted $20.9 bln in net inflows over the last 13 weeks, the most of any segment that we measured; Fixed Income ETFs have also had a strong 13 weeks, generating net inflows of $17.0 bln
Commodity ETFs are the one area of the market that have exhibited net outflows over the last 13 weeks, at $490 mln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares MSCI EMU ETF (EZU) posted net inflows of $840 mln last week, leading all ETFs
Over the last 13 weeks, EZU has generated net inflows of $3.6 bln, trailing only the iShares Core US Aggregate Bond ETF (AGG), which had net inflows of $4.1 bln, over the same time period
The Financials Select Sector SPDR (XLF) posted net inflows of $744 mln last week as investors pile into the sector in anticipation of Fed rate hikes
Conversely, the SPDR Gold Trust (GLD) had net outflows of $535 mln last week as investors flee the metal; GLD has exhibited net outflows for six consecutive weeks totaling $2.0 bln
Four US Treasury-based ETFs, the iShares 20+ Year Treasury Bond ETF (TLT), iShares 3-7 Year Treasury Bond ETF (IEI), iShares 7-10 Year Treasury Bond ETF (IEF), and SPDR Barclays 1-3 Month T-Bill ETF (BIL) posted a combined $1.1 bln in net outflows last week
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was down in November to 25% relative to October's 26% reading; over the last five years, ETF monthly $ volume as a % of listed trading volume averaged 27%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was up $232 bln last week and rebounded from the prior week's shortened trading schedule; last week's ETF $ volume was 14% above its 13-week average
US Large-Cap ETFs accounted for 44% of US-listed trading volume last week and compares to the category's 25% market cap share
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Source: Morgan Stanley
Horizons Seasonal Rotation ETF Turns Six Years Old
December 7, 2015--Horizons ETFs Management (Canada) Inc. and AlphaPro Management Inc. (collectively "Horizons ETFs") are proud to announce that the Horizons Seasonal Rotation ETF ("HAC") is celebrating its sixth year anniversary.
Launched in late November 2009, HAC uses an innovative seasonal rotation strategy that seeks to deliver absolute returns in all market conditions by investing in seasonally favourable asset classes and sectors throughout the course of the year, primarily through the purchase of North American-listed ETFs.
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Source: Horizons ETFs Management (Canada) Inc.
FTSE Russell Introduces Focused Factor
December 7, 2015--Diversified multi-factor approach built on US large-cap Russell 1000(R)Index
Index captures low volatility, yield & momentum-oriented US stocks
Addresses increasing client interest in multi--factor index approaches
FTSE Russell, the global index provider, today announced the launch of the FTSE Russell Focused Factor Indexes, now used as the basis for three new ETFs recently launched by State Street Global Advisors.
These three new indexes, which are based on the US large-cap Russell 1000(R) Index, are designed to provide exposure to US large-cap stocks exhibiting low volatility, yield or momentum characteristics respectively.
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Source: FTSE Russell
CBO-Monthly Budget Review for November 2015
December 7, 2015--The federal budget deficit was $200 billion for the first two months of fiscal year 2016, CBO estimates.
That deficit was $22 billion larger than the one recorded during the same period last year. Revenues and outlays were both higher than last year's amounts, by 3 percent and 6 percent, respectively.
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Source: Congressional Budget Office (CBO)
OFR-Expectations Solidify for Federal Reserve to Lift Rates in December
December 7, 2015--The Federal Reserve's "liftoff"-its first increase in interest rates since setting them near zero during the financial crisis-is now broadly expected to occur at the December 15-16 monetary policy meeting.
The shift in market expectations was fueled by very strong U.S. employment data and communications from Federal Reserve officials. The European Central Bank also announced at its December meeting a package of new easing measures, reinforcing the theme of economic and monetary policy divergence among major economies. This divergence remains a powerful driver of currencies and interest rates in these markets.
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Source: financialresearch.gov
SEC To Propose Rules That Could Crimp Leveraged ETFs
December 7, 2015--Traders and fund companies who favor fast-moving leveraged exchange-traded funds may encounter resistance this week from securities regulators.
The Wall Street Journal's Andrew Ackerman and Leslie Josephs report that the Securities and Exchange Commission on Friday will propose restrictions on derivatives in funds, which would potentially crimp leveraged ETFs that rely on derivatives to deliver the promised two-or-three times daily returns.
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Source: Barron's
NYSE Arca Expands Amounts Stock Prices Can Move When Reopening
December 7, 2015--Price levels were widened for opening auctions in September
Exchange will announce date for system change in later update
NYSE Arca, the New York Stock Exchange's sister market, widened the amount prices are able to move when a security reopens after a trading halt.
Under the exchange's new rule, securities valued at 1 cent to $25 a share can rise or fall 10 percent from their prior level. Securities between $25.01 and $50 can move 5 percent, and those valued at more than $50 can move 3 percent. Previously, those thresholds were 5 percent, 2 percent and 1 percent, respectively.
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Source: Bloomberg
