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BMO 2015 ETF Outlook Report: Opportunities and Challenges for the ETF Industry
Canadian ETF Industry Assets Are Expected to Reach $200 Billion by 2020
BMO's ETF Business Led the Canadian ETF Industry in New Assets for the Fourth Year in a Row
Trends Include Increased Use by Investors and Advisors, as Well as the Maturation of Smart Beta ETFs
January 23, 2015--BMO Global Asset Management (BMO GAM) today released its bi-annual BMO 2015 ETF Outlook Report, which examines growth opportunities for Exchange Traded Funds (ETFs) and the industry's challenges for 2015.
According to the report, the Canadian ETF industry experienced significant growth in 2014, with more than C$10.3 billion in inflows-double the flows seen in 2013. Equity ETFs alone experienced C$5.8 billion in inflows in 2014 and fixed income ETFs had impressive inflows of more than C$4.3 billion. The report noted that this is because of the efficiency and liquidity benefits of offering fixed income on an exchange, bundling bonds in a basket instead of holding individual positions.
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Source: BMO Financial Group
Horizons ETFs announces changes to the Horizons Equity Managed Risk ETFs
January 23, 2015--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are announcing that, effective immediately, that Horizons ETFs will assume all day-to-day portfolio management responsibilities on the Horizons US Equity Managed Risk ETF ("HUS").
This follows a similar change that occurred in May of 2014, when Horizons ETFs assumed all day-to-day portfolio management responsibilities for the Horizons Canadian Equity Managed Risk ETF ("HUT").
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Source: Horizons ETFs Management (Canada) Inc.
CFTC.gov Commitments of Traders Reports Update
January 23, 2015--The current reports for the week of January 20, 2015 are now available.
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Source: CFTC.gov
Morgan Stanley-Fourth Quarter ETF Fund Flows-ETFs Exhibited Net Inflows of $117.6
January 23, 2015--There were 45 new ETFs listed in the US in 4Q14, and four new providers entered the market. There were 35 ETF liquidations in the
fourth quarter. An additional 11 ETFs have been launched since the end
of 4Q14 and 17 ETFs have already closed in 2015. As of 1/20/15 there
were 53 issuers with 1,444 ETFs listed in the US.
Net inflows into US-listed ETFs were $117.6 billion during 4Q14.
Fourth quarter ETF flows were a record and meaningfully higher than the average quarterly rate of net inflows since the beginning of 2011, of $45.1 billion. Net inflows during the fourth quarter typically accelerate as investors position for year-end tax planning, and as active managers lock in gains by purchasing index-based ETFs when appropriate. Since 2011, fourth quarter ETF net inflows have averaged $69.4 billion.
For the full year 2014, ETFs generated net inflows of $233.6 billion, a record year. The largest net cash inflows in the fourth quarter went into US Large-Cap ETFs. These ETFs had net cash inflows of $47.2 billion, catapulted by the SPDR S&P 500 ETF (SPY), which posted net inflows of $27.3 billion, or 58% of the category’s net inflows. Fixed Income ETFs had the next highest inflows this past quarter at $25.5 billion driven by a decline in interest rates. The three ETFs to generate the largest net inflows during the fourth quarter each mirror the S&P 500 Index. They had a combined $37.7 billion in net inflows.
International-Emerging ETFs had the largest net outflows in 4Q14. Net cash outflows from these ETFs were $4.0 billion. Additionally, Commodity ETFs had another rough quarter driven by a rout in commodity spot prices. Commodity ETFs exhibited net outflows of $1.3 billion in the quarter.
US ETF industry assets are $2.0 trillion. Despite the growth of the ETF
market, it remains concentrated, with three providers and 20 ETFs
accounting for 81% and 41% of industry assets, respectively.
Furthermore, US Equity ETFs account for 58% of the ETF market.
Source: Morgan Stanley
CFTC.gov Swaps Report Update
January 28, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
AdvisorShares Weekly Market Update: Swiss National Bank Causes Havoc
For the week of January 12-January 16
January 22, 2015--Macro
Thursday was a truly monumental day in the capital markets
as the Swiss National Bank (SNB) threw in the towel on trying to maintain its currency at 1.20 to the euro. The reason forthe peg was to keep its exports competitive in the European
market.
The natural inertia has been franc strength against the euro due to Switzerland’s relative economic strength.
The immediate reaction to the news sent Swiss franc up 30% against the euro and 25% against the US dollar before closing the day with gains of 19% and 18% respectively. These would be large moves for multi-year periods let alone one day.
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Source: AdvisorShares
Highland Capital Management Announces Expansion of ETF Platform
January 22, 2015--Dallas-based investment management firm Highland Capital Management Fund Advisors, L.P. (together with its affiliates "Highland"), is pleased to announce the expansion of its suite of Exchange Traded Funds ("ETFs") with the initial registration of 17 new ETFs.
These new products will invest across various alternative asset classes and will focus on providing efficient access to sophisticated strategies at an attractive price.
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Source: Highland Capital Management Fund Advisors
Direxion Launches 3X Leveraged ETFs Tracking FTSE Developed Europe Index
New Products Provide Bull and Bear Traders with Exposure to Developed European Markets
January 22, 2015--Direxion, a leader in alternative investment solutions, has launched a pair of leveraged exchange-traded funds (ETFs) tracking the equity performance of mid-and large-capitalization companies in Europe's developed markets.
The Direxion Daily FTSE Europe Bull 3X Shares (EURL) seeks to generate daily investment results of 300 percent of the FTSE Developed Europe Index's performance, before fees and expenses.
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Source: Direxion
CFTC.gov Swaps Report Update
January 22, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
U.S. CFTC grants SGX U.S. futures clients direct access
January 22, 2015--The Commodity Futures Trading Commission on Thursday granted the Singapore Exchange Ltd the right to provide clients located in the United States direct access to its derivatives trading platform.
The futures and swaps regulator said that Singapore Exchange Derivatives Trading Limited (SGX-DT) had shown that the Monetary Authority of Singapore's regulatory regime was comparable to that exercised by the CFTC.
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Source: Reuters
