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Van Eck files with the SEC
January 25, 2013--Van Eck has filed a post-effective amendment, registration statement with the SEC for the
Market Vectors Bank and Brokerage ETF (RKH)
Market Vectors Biotech ETF (BBH)
Market Vectors Environmental Services ETF (EVX)
Market Vectors Gaming ETF (BJK)
Market Vectors Pharmaceutical ETF (PPH)
Market Vectors Retail ETF (RTH)
Market Vectors Semiconductor ETF (SMH)
Market Vectors Wide Moat ETF (MOAT)
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Source: SEC.gov
Obama picks Mary Jo White to head SEC
January 24, 2013--President Obama on Thursday nominated Mary Jo White, a former federal prosecutor in New York, to head the Securities and Exchange Commission, the watchdog agency that monitors Wall Street and corporate financial disclosures.
"You don't want to mess with Mary Jo," Obama said in a press conference. "As one former SEC chairman said 'Mary Jo doesn't intimidate easily.' And that's important, because she's got a big job ahead of her."
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Source: CNN
S&P hits 1,500 for first time in 5 years
January 24, 2013--The broad S&P 500 brushed up on the 1500 mark for the first time since before the financial crisis in December 2007.
Meanwhile, shares of Apple weighed on the Nasdaq.
Today's Markets
As of 3:40 p.m. ET, the Dow Jones Industrial Average rose 66 points, or 0.48%, to 13845, the S&P 500 climbed 2.4 points, or 0.16%, to 1497 and the Nasdaq Composite dipped 18.5 points, or 0.58%, to 3135.
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Source: Fox Business News
Commissioner Jill Sommers Announces her Resignation
January 24, 2013--Today, Commissioner Jill Sommers made the following statement:
"As I prepare to leave the Commodity Futures Trading Commission I would like to acknowledge the hard work and dedication of my fellow Commissioners and the many talented staff with whom I have had the pleasure of working for the past five years.
While many challenges remain in finalizing the implementation of the Dodd-Frank Act, I have every confidence that the American public will be well-served by their continuing efforts.”
Source: CFTC.gov
Gold rules 2012 U.S. commodity ETF money with Spyder and iShares
US monetary easing, economy fuel rush into gold ETFs
Spyder attracts $5.3 bln net, iShares $2.4 bln
Lipper universe of U.S. commods products see $11 bln inflow
PIMCO's institutional commodity fund bleeds most money
January 23, 2013--Gold dominated the money that flowed into U.S. commodity exchange-traded funds last year, with 70 percent of investments going into just two funds, after a new round of stimulus in the world's largest economy, Thomson Reuters data showed.
SPDR Gold Trust, also known as Spyder Gold, saw the biggest net inflow of $5.3 billion in 2012, according to data by Lipper, a Thomson Reuters company. BlackRock's iShares Gold drew the second largest net amount of $2.4 billion.
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Source: Reuters
US Department of the Treasury-
January 23, 2013--The Economic Statistics- Monitoring the Economy for U.S. Department of the Treasury has recently been updated.
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Source: US Department of the Treasury
ICG Group selling Investor Force for $23.5 million
January 23, 2013--ICG Group, a technology company that operates cloud-based software and services, is selling software provider Investor Force Holdings Inc. to MSCI Inc. for $23.5 million in cash.
MSCI offers a variety of performance, risk management and corporate governance products and services. These include indices and credit analytics. The New York company's clients include asset managers, banks, hedge funds and pension funds.
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Source: Bloomberg Businessweek
Fragmented U.S. regulatory system stalls Dodd-Frank rules
January 23, 2013--The U.S. financial regulatory system remains fragmented two and a half years after Congress passed the Dodd-Frank law, and time-consuming coordination among regulators has stalled its biggest reforms, a government watchdog said in a report on Wednesday.
The U.S. Government Accountability Office said that as of December, regulators had finished fewer than half of the new rules called for by the 2010 law, which lawmakers crafted in response to the 2007-2009 U.S. financial crisis.
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Source: Thomson Reuters
Morgan Stanley-ETF Weekly Update
January 22, 2013--US ETF Weekly Update
Weekly Flows: $2.9 Billion Net Inflows
ETF Assets Stand at $1.4 Trillion, up 4% YTD
One ETF Launch Last Week
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US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $2.9 bln last week, the 9th consecutive week of net inflows
Net inflows were led by International Developed Market Equity ETFs ($2.6 bln in net inflows last week)
US Large-Cap Equity ETFs exhibited net outflows of $4.8 bln (primarily attributed to the SPDR S&P 500 ETF (SPY))
ETF assets stand at $1.4 tln, up 4% YTD
13-week flows were mostly positive among asset classes; combined $63.5 bln in net inflows
International Equity ETFs have exhibited net inflows of $32.2 bln over the past 13 weeks (57% into EM Equity ETFs)
Over the last 13 weeks, Leveraged/Inverse ETFs posted the largest net outflows of any category ($1.0 bln)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Vanguard FTSE Emerging Markets ETF (VWO) posted net inflows of $676 mln last week, the most of any ETF
Despite announcing a meaningful index transition during the beginning of Q4 (currently taking place), in the 16 weeks since the announcement, VWO has generated net inflows in 14 of them totaling $494 mln over the period
The SPDR S&P 500 ETF (SPY) had net outflows of $5.2 billion last week, the most of any ETF for the second consecutive week
The WisdomTree Japan Hedged Equity Fund (DXJ) generated net inflows of $585 mln last week and over the past 13 weeks has exhibited net inflows of $1.4 bln (65% of current market cap); DXJ hedges out currency risk and focuses on Japanese exporters
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 12/31/12
iShares Russell 2000 Index Fund (IWM) had the largest decline in USD short interest at $2.1 bln
IWM’s shares short are at their lowest level since 10/15/09
Interestingly, the Market Vectors Gold Miners ETF (GDX) exhibited the third largest increase in short interest while the SPDR
Gold Trust (GLD), which holds the physical metal, had the second largest decline in short interest
Aggregate ETF USD short interest decreased by $70 mln over the past two weeks ended 12/31/12
The average shares short/shares outstanding for ETFs is currently 5.3%
Smaller ETFs by market cap may skew results (three of the top 10 with the highest % of shares short have market caps <$5 mln)
Retail ETFs consistently are some of the most heavily shorted ETFs (shares short as a % of shares outstanding)
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 Smith Barney Research. Data estimated as of 1/18/13 based on daily change in share counts and daily NAVs.
$9.8 billion in total market cap of ETFs less than 1-year old
Newly launched Active ETFs account for 47% of the market cap of ETFs launched over the past year; PIMCO Total Return ETF (BOND) is the largest actively managed ETF with a market cap of $4.0 bln
One new ETF listing and three closures YTD (13 announced closures)
The top 10 most successful launches make up 70% of the market cap of ETFs launched over the past year
Six 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
Despite not cracking the top 10 most successful launches over the past year, the iShares MSCI Emerging Markets Asia Index Fund (EEMA) generated net inflows of $103 mln last week, the most of any recently launched ETF
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Source: Morgan Stanley
US active managers disappoint in 2012
January 22, 2013--Performance issues continued to dog active fund managers trying to deliver superior returns to the US stock market in 2012, according to analysts at Bank of America Merrill Lynch.
Active fund managers of large US stocks registered their best year since 2009 but two-thirds still underperformed the US stock market in 2012 with the average fund lagging the benchmark by 1.3 percentage points.
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Source: FT.com
