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Cambria ETF Trust Launches Shareholder Yield ETF (SYLD)
Newly launched ETF provides investors with an innovative approach to high yield stock investing by calculating dividends, share buybacks and debt reduction
May 14, 2013--The Cambria ETF Trust and its investment manager, Cambria Investment Management, LP, today launched the Cambria Shareholder Yield ETF (Ticker:Ticker::SYLD).
SYLD, listed on the NYSE Arca exchange, is an actively managed ETF comprised of U.S. stocks that have historically ranked among the highest in paying cash dividends, engaging in share buybacks and paying down debt. These three factors are collectively known as "shareholder yield."
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Source: Cambria Investment Management
CBO-SEC Regulatory Accountability Act
May 13, 2013--H.R. 1062 would expand the amount of analysis performed by the Securities and Exchange Commission (SEC) when developing or amending regulations.
Specifically, the bill would
direct the SEC to:
Assess the significance of the problem the regulation is designed to address;
Determine whether the estimated costs of the proposed regulation justify its
estimated benefits; and
Identify alternatives to the proposed regulation that are available.
Further, under the bill, the SEC would be required to review its regulations every five years to determine whether they are outmoded, ineffective, or excessively burdensome.
Using the results of the review, the agency would then need to consider modifying or repealing such rules.
view CBO-SEC Regulatory Accountability Act
Source: Source: Congressional Budget Office (CBO)
CBOE Wins In S&P Index Dispute
May 13, 2013--The Chicago Board Options Exchange (CBOE) announced today that the Supreme Court of the United States denied the International Securities Exchange's (ISE) petition to review the Illinois Appellate Court's decision that permanently restrained and enjoined ISE from listing or
providing an exchange market for the trading of S&P 500 Index (SPX) and Dow Jones Industrial Average (DJX) options and enjoined OCC from issuing, view more
Source: CBOE
Morgan Stanley-US ETF Weekly Update
May 13, 2013--US ETF Weekly Update
Weekly Flows: $13.8 Billion Net Inflows
3rd Consecutive Week of Net Inflows
ETF Assets Stand at $1.5 Trillion, up 13% YTD
One ETF Launch Last Wee
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $13.8 bln last week; 3rd consecutive week of net inflows
Last week’s net inflows of $13.8 bln were the second largest of this year behind the first week of 2013; last week’s net inflows
were led by US Large-Cap ETFs ($8.0 bln)
ETF assets stand at $1.5 tln, up 13% YTD; $78.0 bln net inflows YTD
13-week flows were mostly positive among asset classes; combined $48.8 bln in net inflows
Despite talk of a “great rotation” to equity from fixed income we have yet to see it materialize in ETFs; Fixed Income ETFs have
generated net inflows of $16.5 bln over the last 13 weeks, the most of any category we measured
Commodity ETFs have posted net outflows of $15.5 bln over the last 13 weeks; in particular, one ETF, the SPDR Gold Trust
(GLD), has exhibited net outflows of $13.4 bln over this period (GLD accounts for 59% of Commodity market cap)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
The SPDR S&P 500 ETF (SPY) posted net inflows of $6.0 bln last week, the most of any ETF
SPY’s $6.0 bln in net inflows was its largest week of net inflows since the week of 6/11/12
The iShares MSCI Japan Index Fund (EWJ) and the WisdomTree Japan Hedged Equity Fund (DXJ) generated a combined $998
mln in net inflows last week; over the last 13 weeks, the two funds have posted a combined $8.6 bln in net inflows
Notably, three defensive sector ETFs (XLV, XLP, XLU) and two US low/minimum volatility ETFs (SPLV, USMV) posted a
combined $2.5 bln in net outflows last week
US-Listed ETFs: Short Interest Data Updated: Based on data as of 4/30/13
Energy Select Sector SPDR (XLE) had the largest increases in USD short interest at $972 mln
XLE’s 46.6 mln shares short are at their highest level since 5/31/12
GLD’s shares short increased for the second consecutive period and are at their highest level since 8/31/11
Aggregate ETF USD short interest increased by $1.2 bln over the period ended 4/30/13
The average shares short/shares outstanding for ETFs is currently 4.3%
The SPDR Retail ETF (XRT) had the most shares short as a % of shares outstanding at 355% for the period ended 4/30/13; despite
consistently being one of the most heavily shorted ETFs since we began tracking the data, XRT has outpaced the S&P 500 Index
from a total return standpoint YTD and over the past 1-, 3-, and 5-year periods
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can
exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 5/10/13 based on daily change in share counts and daily NAVs.
$6.2 bln in total market cap of ETFs less than 1-year old
Newly launched International – Emerging Equity ETFs accounted for 25% of the market cap of ETFs launched over the past
year, the most of any category; iShares Core MSCI Emerging Markets ETF (IEMG) is the largest recently launched ETF with a
market cap of $1.3 bln
Issuance has been light in 2013 relative to the past three years; 43 new ETF listings and 27 closures/delistings YTD
The top 10 most successful launches make up 68% of the market cap of ETFs launched over the past year
Eight different ETF sponsors and two asset classes represented in top 10 most successful launches
Seven out of the 10 most successful launches over the past year have an income orientation
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) cracked the top 10 most successful launches over
the past year with a $124 mln market cap; TLTE owns emerging market companies tilted toward small cap and value.
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Source: Morgan Stanley
'Jumbo' SPY options make debut, but liquidity a concern to some
Options Exchange lists jumbo options on S&P 500 ETF
ISE believes product could potentially harm liquidity
BOX says marketplace to dictate if product is accepted
May 10, 2013--A new 'jumbo' option contract on the popular S&P 500 tracking ETF debuted on the BOX Options Exchange on Friday, but at least one rival has opted not to list the product for now because of concerns it will hurt liquidity in existing options on the fund.
The new product, known as the Jumbo SPY Options, is ten times the size of a traditional options contract on the fund, and is designed for institutional investors who prefer larger-sized contracts when executing their strategies.
Its introduction comes at a time when competing exchanges are trying to innovate and meet the demand of their customers.
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Source: xe.com
CFTC.gov Commitments of Traders Reports Update
May 10, 2013--The current reports for the week of May 10, 2013 are now available.
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Source: CFTC.gov
ALPS Launches Industry's First MLP-Focused Offering for the Annuity Market
New Portfolio to Track Alerian Energy Infrastructure Index
May 9, 2013--ALPS launches the ALPS|Alerian Energy Infrastructure Portfolio as part of the ALPS Variable Investment Trust.
The Portfolio delivers exposure to the Alerian Energy Infrastructure Index, an index developed by Alerian, which is intended to give investors a transparent and intuitive means of tracking the overall performance of the North American Energy Infrastructure sector. The Index is comprised of equity securities of issuers headquartered or incorporated in the United States and Canada such as Master Limited Partnerships (“MLPs”) and limited liability companies taxed as partnerships, MLP affiliates, and Energy Infrastructure Companies.
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Source: ALPS
Invesco PowerShares Expands Fundamental Fixed-Income Line With Emerging Market Local Currency Sovereign Debt Portfolio
May 9, 2013--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today the launch of the PowerShares Fundamental Emerging Markets Local Debt Portfolio (PFEM) on the NYSE Arca.
PFEM is designed to provide investors fundamentals-weighted exposure to emerging market sovereign debt denominated in local currencies. The Fund has an expense ratio of 0.50% and is expected to issue monthly distributions.
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Source: Invesco PowerShares Capital Management LLC
CFTC's Division of Market Oversight Issues Advisory Providing Guidance to Reporting Markets on How to Submit Block Trade Volume Data
The Division of Market Oversight of the Commodity Futures Trading Commission today issued an Advisory to reporting markets subject to Part 16 of the Commission's
regulations that provides guidance as to how block trade volume data should be reported pursuant to Regulation 16.01 while the Commission transitions to an enhanced data reporting standard.
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Source: AME Info
Morgan Stanley-ETFs Exhibited Net Inflows of $51.7 Billion in 1Q13
May 7, 2013--There were 19 new ETFs listed in the US in the first quarter of 2013. An additional 23 ETFs were launched since the end of the first quarter, bringing year-to-date ETF issuance to 42.
However, there have also been 27 closures/delistings this year, and as of 5/3/13, there were 37 issuers with 1,254 ETFs listed in the US.
Net inflows into US-listed ETFs were $51.7 billion during 1Q13. This is well above the average quarterly rate of net cash inflows over the past three years of $36.1 billion and the largest first quarter flows on record. In addition, this is the third consecutive quarter and the fourth out of the previous five quarters in which ETF net cash inflows exceeded $50 billion.
The largest net cash inflows this past quarter went into International-Developed ETFs. These ETFs had net cash inflows of $13.8 billion this past quarter. Demand for Japanese equities was a key contributor to the strong flows into this market segment. ETFs tracking US sector and industry indices had the next highest net cash inflows this past quarter at $12.3 billion. Within this segment, ETFs providing exposure to real estate and the housing industry were among the ETFs generating the most interest.
Commodity ETFs had the largest net cash outflows in the first quarter of 2013. Net outflows from Commodity ETFs were $7.8 billion. We note that ETFs providing exposure solely to gold had net cash outflows of $8.3 billion with the largest gold ETF accounting for over 93% of those outflows. US ETF industry assets of nearly $1.5 trillion are ~11% higher year to date. Despite the growth of the ETF market, it remains concentrated with three providers and 20 ETFs accounting for almost 81% and 44% of industry assets, respectively.
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Source: Morgan Stanley
