Americas ETP News
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SEC Approves Listing Options on Nations VolDex(R)
ISE and ISE Gemini will be the First Exchanges to List Options on Nations VolDex
January 28, 2014--International Securities Exchange Holdings, Inc. (ISE Holdings) today announced that the SEC has approved listing options on the Nations VolDex(R) Index (ticker: VOLI).
The Nations VolDex measures implied volatility by focusing on at-the-money options while also offering an alternative gauge of volatility. ISE Holdings' two options exchanges, ISE and ISE Gemini, are the first options exchanges to enter into a licensing agreement with NationsShares(R) to list options on the Nations VolDex. The exchanges plan to list options on VolDex later this year.
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Source: ISE
Launch BlueStar Israeli BIGTech Index
January 28, 2014--ISE ETF Ventures announced today the expansion of its partnership with BlueStar Indexes, a provider of Israeli-focused investment research, by launching the jointly developed BlueStar Israel Global Technology Index, "BIGTech" (Ticker: BGTH).
BIGTech provides a benchmark for investors interested in tracking the broadest and deepest universe of Israeli technology-focused public companies, irrespective of listing venue. BIGTech was also licensed to KSM Sal Indices Certificates Ltd. of Israel as the basis for a new mutual fund.; ISE ETF Ventures signed a separate agreement last year with KSM to license the ISE Water Index for the KSM Water Fund. This is the second index launched through the BlueStar partnership, with the first being the BlueStar Israel Global Index, "BIGI" (ticker: BLS), which launched in June 2013.
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Source: ISE ( International Securities Exchange )
ISE Gemini(TM) Surpasses 750,000 Contracts in a Trading Day
January 27, 2014--ISE GeminiTM today announced that it surpassed 750,000 contracts for the first time (actual: 852,184 contracts) in a single day.
Through January 2014, ISE Gemini has an average daily volume (ADV) of 565,730 and an overall equity options market share of 3.5 percent, excluding dividend trades.
"We are very pleased with ISE Gemini's strong performance and consistent level of growth both in market share and listed classes,"" said Boris Ilyevsky, Managing Director of ISE's Options Exchanges. "We look forward to continued success as we introduce further enhancements to our market structure and trading system."
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Source: ISE
Horizons ETFs announces final valuation times for ETF closures
January 27, 2014--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") has previously announced by way of a press release dated November 29, 2013, that certain exchange traded funds ("ETFs") will be terminated effective upon the close of business on Friday, January 31, 2014.
The ETFs being terminated (collectively, the "Terminated ETFs") are as follows:
Horizons BetaPro COMEX(R) Copper Bull Plus ETF
Ticker: HKU
Horizons BetaPro COMEX(R) Copper Bear Plus ETF
Ticker: HKD
Horizons Australian Dollar Currency ETF
Ticker: ASD
At the request of the Manager, the units of each of the Terminated ETFs will be delisted at the close of business on Tuesday, January 28, 2014 ("Delisting Date").
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Source: Horizons ETFs Management (Canada) Inc.
Pimco to Start 19 Actively Run ETFs as Gross Diversifies
January 27, 2014--Pacific Investment Management Co., the world's biggest bond manager, plans to start 19 actively managed exchange-traded funds as co-founder Bill Gross further diversifies the firm following Chief Executive Officer Mohamed El-Erian's resignation last week.
Pimco will more than triple its active ETF lineup by offering variations of mutual funds such as Pimco Income, Pimco Unconstrained Bond, Pimco Municipal Bond and several StocksPlus and IndexPlus products, according to regulatory filings with the Securities and Exchange Commission on Jan. 24. The StocksPlus funds attempt to beat the equity market with bonds and derivatives. IndexPlus funds use an untraditional benchmark that isn’t dominated by market capitalization.
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Source: Bloomberg
NYSE Liffe to Launch Futures on MSCI Factor Indices: Smart Beta Indices
January 27, 2014--IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that NYSE Liffe will expand its index derivatives franchise with the launch of futures based on MSCI Factor Indices.
NYSE Liffe expects to introduce the industry's first futures contracts on MSCI Equal Weighted Indices and MSCI Minimum Volatility Indices, on February 3, 2014 via Bclear, the Exchange’s wholesale facility.
The following new contracts will be available:
MSCI Emerging Market Minimum Volatility and Equal Weighted Futures
MSCI Europe Minimum Volatility and Equal Weighted Futures
MSCI USA Equal Weighted Futures
MSCI World Minimum Volatility and Equal Weighted Futures
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Source: ICE
Morgan Stanley-US ETF Weekly Update
January 27, 2014--Weekly Flows: $9.3 Billion Net Outflows
ETF Assets Stand at $1.6 Trillion, -2% YTD
Thirteen ETF Launches Last Week
No ETF News Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETF posted net outflows of $9.3 bln last week
Last week's net outflows were led by US Large-Cap ETFs at $5.9 bln and by Leveraged/Inverse at $4.5 bln; for Leveraged/Inverse in particular, the net out flows were 13.9% of its market cap leading into last week
7 of the 15 categories we measured posted net outflows last week
ETF assets stand at $1.6 tln, down 2% YTD
13-week flows remain mostly positive among asset classes; combined $28.5 bln in net inflows
ETFs have generated net inflows 9 of the last 13 weeks
International - Developed ETFs have taken in ~11% of their current market cap over the last 13 weeks; strong inflows can be attributed to bullish sentiment on Europe and Japan with ETFs investing in broad Europe and in Japan taking in $7.4 and $3.4 bln, respectively, over the last 13 weeks
Over the last 13 weeks, International - Emerging ETFs have posted net outflows of $11.0 bln, the most of any category we measure, as investors remain cautious about the ability of the space to deliver on needed structural reforms as well as lower expected GDP growth
US-Listed ETFs: Estimated Largest Flows by Individual ETF
ProShares Ultra MidCap 400 (MVV) posted net inflows of $912 mln this past week, the most of any ETF
MVV's net inflows this past week nearly doubled its market cap, which is now $1.8 billion
The iShares MSCI EAFE ETF (EFA) and the Vanguard FTSE Developed Markets ETF (VEA) combined for net inflows of $850 mln this past week; EFA and VEA provide broad exposure to international developed markets equities
The SPDR S&P 500 ETF (SPY) posted net outflows of $4.2 bln last week, the most of any ETF; SPY has now posted net outflows for three consecutive weeks totaling $8.8 bln
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume increased to 26% in December, which is in-line with the one- year average
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
With the holiday shortened week, ETF $ volume was $287 bln last week (down from $307 bln the prior week)
Leveraged/Inverse ETFs accounted for 8% of ETF $ volume last week, but make up only 2% of ETF market share; this is not surprising as daily compounding makes Leveraged/Inverse ETFs more appropriate for active traders
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 12/31/13
The Utilities Select Sector SPDR (XLU) had the largest increase in USD short interest at $527 mln
XLU's shares short are at their highest level ever after increasing to 80.2 mln from 66.3 mln on 12/13/13
628 ETFs exhibited short interest increases while 610 experienced short interest declines over the last period
Aggregate ETF USD short interest decreased by $14.3 bln over the period ended 12/31/13
The average shares short/shares outstanding for ETFs is currently 4.2%, down from 4.3% last period
Two of the 10 most heavily shorted ETFs as a % of shares outstanding are commodity/currency related, which is down from five last period
The SPDR Oil & Gas Exploration & Production ETF (XOP) is the most heavily shorted ETF with a shares short as a % of shares outstanding of 273%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$7.6 bln in total market cap of ETFs less than 1-year old
Fixed Income ETFs account for 24% of the market capitalization of ETFs launched over the past year, the most of any category
Over the last 13 weeks, International - Developed ETFs have attracted $804 mln in net inflows, the most of any group
2014 ETF issuance=25 ETFs
The top 10 most successful launches make up 46% of the market cap of ETFs launched over the past year
Seven ETF sponsors and two asset classes (equities and fixed income) represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
The Vident International Equity Fund (VIDI) has posted the highest net inflows over the last 4-weeks at $70 mln and its market cap is currently $568 mln; VIDI owns international equities in countries that exhibit favorable conditions for growth
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Source: Morgan Stanley
ISE ETF Ventures Inaugural Year-in-Review
January 27, 2014--The International Securities Exchange Holdings, Inc. (ISE Holdings) announced the inaugural year-in-review for ISE ETF Ventures, the business unit within ISE Holdings dedicated to bringing new exchange traded products (ETPs) to market through capital commitment, business developmen, and marketing support. During this past year, total assets under management for ETPs tied to ISE ETF Ventures indexes neared $1.3 billion. ISE Holdings remains the only U.S. exchange with a group dedicated to providing start-up funding to enable new ETPs to come to market.
Following the launch of the ISE ETF Ventures brand in January 2013, this group's strengthened focus on ETF and index development resulted in many noteworthy milestones. ISE ETF Ventures significantly grew its footprint in the thriving ETF industry in 2013 through various milestones and partnerships, including:
Announced a partnership agreement with Index IQ to support and promote new ETPs focusing on physical diamonds.
Signed a licensing agreement with KSM, the largest ETF issuer in Israel, to license the ISE Water Index (ticker: HHO) for the KSM Water fund (KSMDJWA:IT). The ISE Water Index was named one of the top investment ideas of 2013 by Morgan Stanley Smith Barney’s Global Investment Committee.
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Source: ISE (International Securities Exchange)
NYSE Liffe to Launch Futures on MSCI Factor Indices: Smart Beta Indices
January 27, 2014-IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that NYSE Liffe will expand its index derivatives franchise with the launch of futures based on MSCI Factor Indices.
NYSE Liffe expects to introduce the industry's first futures contracts on MSCI Equal Weighted Indices and MSCI Minimum Volatility Indices, on February 3, 2014 via Bclear, the Exchange's wholesale facility.
The following new contracts will be available:
MSCI Emerging Market Minimum Volatility and Equal Weighted Futures
MSCI Europe Minimum Volatility and Equal Weighted Futures
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Source: IntercontinentalExchange
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Market sell-off removes $35.0bn from ETP assets
January 27, 2014--Data in this report is as of Friday, Jan 24th
Market and Net Cash Flows Review
Global equities fell sharply last week. The US (S&P 500) retreated 2.63%; While, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 1.99% and 2.29%, respectively. In the meantime, performance was negative across all US sectors; the Materials (-4.51%) and Industrials (-3.92%) sectors experienced the largest weekly losses.
The DB Liquid Commodity Index rose by 0.50%; similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil and Gold prices rose by 0.19%, 2.41% and 1.28%, respectively; while Silver prices fell by 2.03%. Meanwhile on the FX side the USD strengthened against all major currencies. The Euro, the British Pound, the Swiss Franc and the Japanese Yen depreciated 1.01%, 0.35%, 1.71% and 1.93%, respectively. Last but not least, Volatility (VIX) rose by 45.82% during the same period.
The total US ETP flows from all products registered $4.4bn (-0.3% of AUM) of outflows during last week vs. $2.8bn (+0.2%) of inflows the previous week, setting the YTD weekly flows average at -$0.3bn (-$1.2bn YTD in total cash flows). Equity, Fixed Income and Commodity ETPs experienced flows of -$2.7bn (-0.2%), -$1.0bn (-0.4%) and -$0.7bn (-1.1%) last week vs. +$2.3bn (+0.2%), +$0.6bn (+0.2%) and -$0.1bn (-0.2%) in the previous week, respectively. Among US sectors, Financials (+$0.7bn, +1.1%) and Healthcare (+$0.3bn, +1.1%) received the top inflows, while Consumer Discretionary (-$0.3bn, -2.1%) and Consumer Staples (-$0.1bn, -0.7%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: EFA (+$0.6bn), IYR (+$0.5bn), VEA (+$0.3bn)
Top 3 ETPs & ETNs by outflows: SPY (-$4.2bn), QQQ (-$1.2bn), EEM (-$1.0bn)
New Launch Calendar: Active, smart beta, currency-hedge and leveraged
There were thirteen new ETFs listed during the previous week. The new products offer exposure to US, Global ex US and EM equities with focus on fundamentals and Dividend, currency-hedged exposure to South Korea, Mexico and Global ex US companies, leveraged (+3/-3) exposure to Europe and actively managed fixed income portfolios with focus in short and medium duration.
Turnover Review: Floor activity decreased by 6.4%
Total weekly turnover decreased by 6.4% to $278.3bn vs. $297.2bn from the previous week. Last week's turnover level was 2.8% below last year's weekly average. Commodity ETPs turnover increased by $0.1bn (+1.4%); while Equity and Fixed Income ETPs turnover decreased by $18.3bn (-6.8%) and $0.9bn (-4.9%), respectively.
Assets under Management (AUM) Review: assets decreased by $35.0bn
US ETP assets dropped by $35.0bn (-2.1%) totaling $1.645 trillion at the end of the week. As of last Friday, US ETPs assets had declined by 2.0% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved -$34.1bn, -$1.0bn and +$0.1bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
