Americas ETP News
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AdvisorShares Announces Launch of Four Gold/Currency ETFs (GEUR, GGBP, GYEN, GLDE)
Continuing Innovation Allows Exposure to Gold in Different Currency Terms
February 11, 2014--AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced today the launch of four industry-first ETFs- providing gold exposure in different currency terms through a 40 Act structure-which will begin trading on Wednesday, February 12, 2014:
AdvisorShares Gartman Gold/Euro ETF (NYSE Arca: GEUR)
AdvisorShares Gartman Gold/British Pound ETF (NYSE Arca: GGBP)
AdvisorShares Gartman Gold/Yen ETF (NYSE Arca: GYEN)
AdvisorShares International Gold ETF (NYSE Arca: GLDE)
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Source: AdvisorShares
Guggenheim Investments to Close and Liquidate Enhanced Core Bond ETF (GIY)
Firm is dedicated to its ETF business covering a broad range of strategies including-domestic and international equity, fixed-income and currency
February 11, 2014-- Guggenheim Investments, the investment management division of Guggenheim Partners, LLC, today announced that it will liquidate the Guggenheim Enhanced Core Bond ETF (GIY) in order to reinforce its commitment to focusing resources on products that have demonstrated the most demand in the marketplace. The firm currently ranks eighth in AUM among U.S. ETF providers1.
"Guggenheim remains committed to its leadership position in the ETF business and engages in a regular and thoughtful review of all of our products to ensure that we are meeting our clients' needs," said William Belden, managing director, product development for Guggenheim Investments. "ETF closures are a healthy part of the maturation of the industry, and enable providers to free up capital to develop new and innovative product offerings for investors."
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Source: Guggenheim Partners
CFTC Announces Measures to Promote Trading on Swap Execution Facilities and Support an Orderly Transition to Mandatory Trading
February 11, 2014--The Commodity Futures Trading Commission (Commission) today announced measures to promote trading on swap execution facilities (SEFs)
and support an orderly transition to mandatory trading of swaps, which begins for certain interest rate swaps on February 15, 2014.
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Source: CFTC.gov
S. 540, Temporary Debt Limit Extension Act
February 11, 2014--Upon enactment, S. 540 would suspend the current debt limit through March 15, 2015. On the following day, the debt ceiling would be raised by the amount of obligations incurred up to that point.
The legislation also would extend across-the-board cuts (known as sequestration) in certain direct spending programs for an additional year beyond 2023-the last year for which sequestration will apply under current law. CBO estimates that those provisions would reduce direct spending by about $9.2 billion in fiscal year 2024.
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Source: Congressional Budget Office (CBO)
First Asset Launches Four Low Risk Weighted ETFs Based on MSCI Indexes
Canadian investors now have a unique opportunity to access index tracking products that are designed to emphasize lower risk stocks and capture the volatility and size effect factors which aim to deliver superior risk-adjusted portfolio returns
February 11, 2014--First Asset Investment Management Inc. (First Asset), an independent Canadian investment management company, is pleased to announce the launch of four new Exchange Traded Funds (ETFs) built on MSCI risk weighted equity indexes.
"The MSCI Risk Weighted Indexes are uniquely designed to provide broad market exposure to the geographical regions they represent, while being weighted on the basis of low volatility. We believe these new ETFs, which aim to replicate the MSCI indexes, provide Canadian investors excellent diversification and attractive risk-adjusted returns," said Barry Gordon, First Asset CEO.
Source: First Asset Investment Management Inc.
Vanguard expands into ETF model portfolios
February 11, 2014--Vanguard is now offering model portfolios to help financial advisers package their exchange traded funds, part of the firm's heavy investment to build out its intermediary sales business.
In recent years, it has roughly doubled its sales force, transitioned to a field-based sales model and worked to support advisers with dedicated technology and education materials. The model portfolios were developed as another tool to help advisers incorporate Vanguard ETFs into client portfolios.
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Source: FT.com
S.E.C.'s Review of Stock Trading Will See Some of Its Own Work
February 11, 2014--There are now at least 58 stock exchanges in the United States, many of them dark pools where the trades can be made anonymously.
With institutional investors claiming they are outgunned by high-frequency traders, and individual investors adrift in fragmented markets, it's no wonder that Mary Jo White, the new head of the Securities and Exchange Commission, is moving to review and overhaul how stocks are traded. The issue is that the S.E.C. may have created the problem it is now hoping to solve.
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Source: NY Times
U.S. Bancorp Fund Services Adds Additional ETF From Vident Financial to its MST
February 10, 2014--U.S. Bancorp Fund Services (USBFS) has added another exchange traded fund (ETF) from Vident Financial to its ETF Series Solution (ESS) multiple series trust (MST).
Vident Core U.S. Equity launched Wednesday, January 22, 2014.
"We are grateful to the team at U.S. Bancorp Fund Services for helping make the Vident Core U.S. Equity Fund launch a resounding success. Their attention to detail and client orientation made a complicated endeavor go smoothly," said Nick Stonestreet, chief executive officer for Vident Financial.
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Source: U.S. Bancorp Fund Services (USBFS)
'Done-Away' Order Management Launches in PrecISE Trade(R)
Members Can Now Consolidate All Order Management in PrecISE
February 10, 2014--The International Securities Exchange Holdings, Inc. (ISE Holdings) today announced the launch of 'done-away' order management in PrecISE Trade(R), ISE and ISE Gemini's front-end order and execution management system. 'Done-away' order management provides ISE and ISE Gemini members with fully consolidated order and execution management, regardless of execution method or destination. This enhancement is the latest addition to PrecISE Trade's suite of OMS features, which are available to all PrecISE users at no additional cost.
"Over the past year, we have worked to expand PrecISE from a leading execution management tool to a comprehensive order management system," said Jeanine Hightower, Business Development Officer. "The new 'done-away' feature enhances PrecISE's OMS capabilities and offers consolidated order management in a single, user-friendly and cost-efficient platform."
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Source: ISE (International Securities Exchange Holdings)
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review -$14.9bn flows into Fixed Income while $24.1bn exits Equity ETPs
February 10, 2014--Data in this report is as of Friday, Feb 7th
Market and Net Cash Flows Review
The US (S&P 500) edged higher by 0.81%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 0.76% and 0.11%, respectively. In the meantime, performance was mostly positive across US sectors. The Consumer Discretionary (+1.93%) and Materials (+1.49%) sectors recorded the largest weekly gains. The DB Liquid Commodity Index rose by 2.52%; similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold and Silver prices rose by 2.24%, 2.45%, 1.83% and 4.43%, respectively.
Moving into other asset classes, the 10Y US Treasury Yield rose by 4bps ending at 2.71%. Last but not least, Volatility (VIX) dropped by 16.95% during the same period.
The total US ETP flows from all products registered $9.1bn (-0.6% of AUM) of outflows during last week vs. $14.0bn (-0.9%) of outflows the previous week, setting the YTD weekly flows average at -$4.0bn (-$24.3bn YTD in total cash flows). Equity, Fixed Income and Commodity ETPs experienced flows of -$24.1bn (-1.9%), +$14.9bn (+5.7%) and +$0.2bn (+0.4%) last week vs. -$14.3bn (-1.1%), +$1.0bn (+0.4%) and -$0.2bn (-0.4%) in the previous week, respectively.
Among US sectors, Information Technology (+$0.6bn, +2.1%) and Healthcare (+$0.5bn, +1.6%) received the top inflows; while Consumer Discretionary (-$1.3bn, -11.8%) and Consumer Staples (-$1.2bn, -12.3%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: SHY (+$3.7bn), IEI (+$3.6bn), UST (+$2.8bn)
Top 3 ETPs & ETNs by outflows: SPY (-$9.8bn), IVV (-$3.1bn), IJH (-$2.9bn)
New Launch Calendar: Floating Rate Notes, AMT-Free and currency-hedged
There were six new ETFs listed during the previous week. The new products offer access to FRNs, a new type of marketable security with a floating interest rate offered by the US Treasury; AMT-Free Municipals with set maturity for 2019; and currency-hedged exposure to Japan, Germany and international (ex US and Canada) developed markets.
Turnover Review: Floor activity increased by 13.6%
Total weekly turnover increased by 13.6% to $485.5bn vs. $427.4bn from the previous week. Furthermore, last week's turnover level was 69.6% over last year's weekly average. Equity and Fixed Income ETPs turnover increased by $42.1bn (+10.9%) and $17.6bn (+73.8%), respectively; while Commodity ETPs turnover decreased by $1.5bn (-11.9%) during the same period.
Assets under Management (AUM) Review: assets decreased by $1.7bn
US ETP assets dropped by $1.7bn (-0.1%) totaling $1.619 trillion at the end of the week. As of last Friday, US ETPs assets had declined by 3.5% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved -$17.5bn, +$14.9bn and +$0.9bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
