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H.R. 4554, Restricted Securities Relief Act of 2014
August 1, 2014--As ordered reported by the House Committee on Financial Services on May 22, 2014
H.R. 4554 would broaden the instances where sellers of certain securities can take advantage of a safe harbor that allows the securities to be sold without registering the offering with the Securities and Exchange Commission (SEC).
Under current law, owners of restricted or control securities (securities acquired through private transactions or held by an affiliate of the issuer) are prohibited from selling those securities on public exchanges unless certain requirements are met. H.R. 4554 would, among other things, shorten the time an owner must hold such securities, from six months to three months.
Based on information from the SEC, CBO estimates that implementing H.R. 4554 would cost less than $500,000 over the 2015-2019 period for rulemaking activities required under the bill. Further, the SEC is authorized to collect fees sufficient to cover its annual appropriation; therefore,
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Source: Congressional Budget Office (CBO)
CME Group earnings drop on weak trading volumes
July 31, 2014--CME Group Inc, the world's largest futures market operator, on Thursday reported lower-than-expected second-quarter earnings due to weak trading volumes.
Net profit fell to $263.8 million, or 79 cents a share, from $311.2 million, or 93 cents a share, a year earlier.
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Source: Reuters
Morgan Stanley-US ETF Weekly Update
July 29, 2014--US ETF Weekly Update
Weekly Flows: $345 Million Net Outflows
Second Consecutive Week of Modest Net Outflows
ETFs Have Generated Net Inflows 21 of 30 Weeks YTD
ETF Assets Stand at $1.8 Trillion, Up 10% YTD
Two ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $345 mln last week, the second straight week of modest net outflows
Last week’s net outflows were led by US Large-Cap ETFs at $2.6 bln; conversely, International - Emerging ETFs posted net inflows of $873 mln, the most of any category we measured
Nine of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 21 of the 30 weeks YTD
ETF assets stand at $1.8 tln, up 10% YTD
13-week flows remain positive among asset classes; combined $47.5 bln in net inflows
International - Developed ETFs generated $12.0 bln in net inflows over the last 13 weeks, the most of any category we measured and easily beating Fixed Income ETFs, the second largest asset gatherer from a flows perspective
Interestingly, International - Developed ETF market share has grown to 13% from 11% over the past year, whereas Fixed Income ETF market share has declined to 14% from 16% over the same time period
US Small- & Micro-Cap ETFs exhibited net outflows of $3.7 bln over the last 13 weeks and was one of two categories to post net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares S&P 500 Low Volatility Portfolio (SPLV) posted net inflows of $528 mln last week, the most of any ETF
SPLV has generated net inflows for 13 consecutive weeks totaling $723 mln; SPLV currently has 24% allocated to Utilities
Three European equity ETFs, the iShares MSCI EMU (EZU), Vanguard FTSE Europe ETF (VGK), and WisdomTree Europe SmallCap Dividend Fund (DFE) posted a combined $1.1 bln in net outflows last week
Notably, the two largest emerging market equity ETFs, the Vanguard FTSE Emerging Markets ETF (VWO) and the iShares MSCI Emerging Markets ETF (EEM) posted a combined $619 mln in net inflows last week and $4.5 bln over the last 13 weeks
Over the last 13 weeks, the iShares Russell 2000 ETF (IWM) has posted net outflows of $2.7 bln, the most of any ETF; US small-cap equities have drastically underperformed their larger cap counterparts over this time period from a performance standpoint
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume decreased in June to 22%, down from 24% the prior month; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%; June’s 22% is the lowest level since May 2007
Over the last five years, ETF monthly $ volume as a %of listed trading volume peaked in August 2011 at 36%
ETF $ volume was $83 bln less last week compared to the prior week and is 10% below its 13-week average
International - Emerging ETFs accounted for 10.5% of ETF $ volume last week compared to their 13-week average of 8.8% and market cap share of 8.3%
US-Listed ETFs: Short Interest Data Updated: Based on data as of 7/15/14
Financials Select Sector SPDR (XLF) had the largest increase in USD short interest at $636 mln
Notably, XLF and two REIT ETFs (also Financials) experienced the largest $ change in short interest last period
722 ETFs exhibited short interest increases while 586 experienced short interest declines over the last period
Aggregate ETF USD short interest increased by $794 mln over the period ended 7/15/14
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Source: Morgan Stanley
AdvisorShares Announces Morgan Creek Capital Management Begins as Portfolio Manager of Global Tactical ETF (GTAA)
July 28, 2014--AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced that Chapel Hill, North Carolina-based Morgan Creek Capital Management will assume sub-advisor responsibilities of AdvisorShares Morgan Creek Global Tactical ETF (NYSE Arca: GTAA) today,
July 28, 2014. Mark W. Yusko, Morgan Creek's CEO and CIO, will serve as lead portfolio manager of GTAA.
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Source: AdvisorShares,
Capital Group Joins BlackRock Filing for New Type of ETF
July 28, 2104--Capital Group Cos., owners of the $1.17 trillion American Funds family, has joined money managers including BlackRock Inc. in seeking regulatory approval for a new type of exchange-traded fund.
Capital Group filed today with the U.S. Securities and Exchange Commission to open a non-transparent, actively-managed ETF, a product that would clear the way for traditional stock-picking managers to offer their funds in an ETF package.
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Source: Bloomberg
Morgan Stanley- ETF Fund Flows Report
July 28, 2014--There were 43 new ETFs listed in the US in 2Q14, and two new
providers entered the market. There were no ETF liquidations in the
second quarter. An additional eight ETFs have been launched since the
end of 2Q14, and as of 7/22/14 there were 47 issuers with 1,416 ETFs
listed in the US.
Net inflows into US-listed ETFs were $58.5 billion during 2Q14. This
is significantly above the $39.8 billion average quarterly rate of net
inflows since the beginning of 2011 and is also higher than average
second quarter flows since 2011, at $32.4 billion. Since the beginning of
2011, only two quarters have exceeded 2Q14's net inflows and both were
fourth quarters, which are typically strong quarters for ETF flows.
Notably, most global markets were positive in 2Q14. YTD, ETFs have
generated net inflows of $69.3 billion.
The largest net cash inflows in the second quarter went into International-Developed ETFs. These ETFs had net cash inflows of $12.5 billion this past quarter, driven by European equity ETFs or those ETFs with significant European equity exposure. Fixed Income ETFs had the next highest inflows this past quarter at $12.0 billion. Nine of the 10 ETFs to generate the largest net inflows in 2Q14 were equity-based. US Small- & Micro-Cap ETFs had the largest net outflows in 2Q14. Net cash outflows from these ETFs were $3.8 billion. The iShares Russell 2000 ETF (IWM) was the primary driver of the net outflows in this category. IWM exhibited net outflows of $2.7 billion in 2Q14.
Commodity ETFs also struggled during 2Q14, posting net outflows of $902 million. Notably, only US Small- & Micro-Cap ETFs, Commodity ETFs, and Currency ETFs exhibited net outflows during the quarter. US ETF industry assets of over $1.8 trillion. Despite the growth of the ETF market, it remains concentrated with three providers and 20 ETFs accounting for 80% and 41% of industry assets, respectively.
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Source: Morgan Stanley
SEC Adopts Money Market Fund Reform Rules
July 24, 2014--The Securities and Exchange Commission today adopted amendments to the rules that govern money market mutual funds.
The amendments make structural and operational reforms to address risks of investor runs in money market funds, while preserving the benefits of the funds.
Today's rules build upon the reforms adopted by the Commission in March 2010 that were designed to reduce the interest rate, credit and liquidity risks of money market fund portfolios. When the Commission adopted the 2010 amendments, it recognized that the 2008 financial crisis raised questions of whether more fundamental changes to money market funds might be warranted.
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Source: SEC.gov
Deutsche expands U.S. exchange-traded products team
July 22, 2014--Deutsche Bank AG has hired three new regional vice presidents to join its U.S. distribution team focused on exchange-traded products, the company said on Tuesday.
The new additions, who joined Deutsche Asset & Wealth Management from BlackRock Inc and TS Capital LLC, are part of a broader expansion effort as Deutsche looks to build out its ETP footprint in the United States.
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Source: Reuters
Hot ETF sellers give distribution its due
July 22, 2014--Smaller exchange traded fund providers are pointing to heavy investments in distribution staff that have helped them rake in assets and compete in new markets
Several of the fastest-growing firms so far this year, including Deutsche Asset and Wealth Management, ALPS, Northern Trust's FlexShares and Guggenheim Investments, have added significantly to their sales forces over the past 12 to 18 months.
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Source: FT.com
NASDAQ OMX Lists First Trust Dorsey Wright International Focus 5 ETF
International ETF Tracks Index Based on Systematic Momentum Strategy
July 22, 2014-- NASDAQ OMX today announced that First Trust will launch a new exchange traded fund (ETF),First Trust Dorsey Wright International Focus 5 ETF (Symbol: IFV),which will be listed on The NASDAQ Stock Market(R) (NASDAQ(R)). IFV will begin trading on NASDAQ on Wednesday,July 23,2014.
"International investing has always been a passion of mine," said Tom Dorsey,President and CEO of Dorsey,Wright & Associates. "I am excited that we have collaborated with First Trust to bring a second ETF that captures the Dorsey Wright Focus Five methodology and now provides investors with a tactical international equity strategy."
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Source: NASDAQ OMX
