Americas ETP News
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Seven-year losing streak? Active stock ETFs could change the game
January 15, 2013--Asset management firms beset by massive outflows from actively managed stock funds are lining up to join in on the exchange-traded fund fun. It's probably too late to make a dent on the passive side, but actively managed stock ETFs could be just what the industry needs to tip flows back toward stock pickers.
Last week, T. Rowe Price Group Inc. became the latest fund firm to gain approval from the Securities and Exchange Commission to launch actively managed ETFs. Fidelity Investments, Franklin Resources Inc., Legg Mason Inc., Janus Capital Group Inc. and Columbia Management Investment Advisers all are in various stages of working through the exemptive relief process with the SEC.
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Source: Investment News
Appeal of sector based ETFs spreads
January 15, 2013--Exchange traded funds that track the main sectors of the US stock market are growing in popularity with institutional investors despite them being traditionally used by hedge funds for short-term trading.
The most widely traded are the Select Sector SPDRs which provide exposure to nine broad categories in the US stock market.
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Source: FT.com
DB-Synthetic Equity & Index Strategy-North America-ETF+ Monthly Directory-December 2012
January 15, 2013--This document includes all US listed exchange-traded funds (ETFs) and exchange-traded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US).
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Source:Deutsche Bank-Synthetic Equity & Index Strategy-North America
WisdomTree EM Equity Income ETF Tops $5B in AUM
January 15, 2013--The WisdomTree Emerging Markets Equity Income Fund (DEM) is continuing an impressive asset-gathering run that started in earnest in early 2012.
WisdomTree (WETF) said in a statement that DEM recently crossed the lofty $5 billion in assets under management threshold.
To put that total in perspective, it was in late February 2012 that WisdomTree was touting the fact that DEM had topped $3 billion in AUM.
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Source: Fox Business News
PowerShares DWA Technical Leaders ETFs
PowerShares DWA Technical Leaders ETFs Assets Increase over 50% in 2012
January 15, 2013--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today the PowerShares DWA Technical Leaders family of ETFs recently surpassed $1 billion in total assets.
PowerShares DWA Technical Leaders ETFs, based on the Dorsey Wright & Associates (DWA) relative strength index methodology, were among the first factor-driven ETFs available in the U.S. marketplace.
PowerShares DWA Technical Leaders Strategies:
PDP-PowerShares DWA Technical LeadersTM Portfolio
PIE -PowerShares DWA Emerging Markets Technical Leaders Portfolio
PIZ-PowerShares DWA Developed Markets Technical Leaders Portfolio
DWAS PowerShares DWA SmallCap TechnicalTM Leaders Portfolio
“We are very pleased to celebrate the PowerShares DWA Technical Leaders ETFs' $1 billion AUM milestone,” said Ben Fulton, Invesco PowerShares managing director of Global ETFs. “Dorsey Wright is one of the foremost experts in Relative Strength strategies, which are well-suited for the ETF structure. Asset growth for the PowerShares DWA Technical Leaders ETFs accelerated in 2012, and having achieved such a positive performance track record, we would expect that trend to continue.”
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Source: Invesco PowerShares Capital Management LLC
Global X Funds Launches First Junior MLP ETF (MLPJ)
January 15, 2013--Global X Funds,, the New York based provider of exchange traded funds (ETFs), today launched the Global X Junior MLP ETF (MLPJ).
MLPJ is the first and only ETF to specifically target the often overlooked small-cap segment of the MLP market.
As the energy infrastructure in North America continues to expand, smaller capitalization MLPs often control increasingly important energy assets and are active in the exploration, transportation and storage of domestic energy resources. Because many of these companies are not included in major MLP indices, in many cases they have not experienced the same price growth as their larger counterparts and may offer value at current levels.
According to a 2012 report from the International Energy Association, the U.S. will become the world’s largest oil producer by 2017 and a net exporter of natural gas by 2020. Junior MLPs are poised to benefit from the U.S. energy renaissance, providing critical infrastructure for the exploration and production, transportation and storage of this increase in domestic energy and offering investors a means to access this growth. Despite a difficult IPO market, four energy-related MLPs have made their IPO debuts in 2012 alone, as the smaller-cap segment of the industry continues to expand.
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Source: Global X
BNY Mellon DR Indices Monthly Performance-December 2012
January 15, 2013--The BNY Mellon DR Index Monthly Performance Review December 2012 is now available.
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Source: BNY Mellon
Financial Data for Futures Commission Merchants Update
January 14, 2013--Selected FCM financial data as of November 30, 2012 (from reports filed by January 02, 2013) is now available.
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Source: CFTC.gov
Horizons ETFs launches Active S&P/TSX 60(TM) Covered Call ETF
January 14, 2013--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce the launch of the Horizons Active S&P/TSX 60(TM) Index Covered Call ETF ("HAX" or the "ETF"), an exchange traded fund that uses an innovative covered call strategy to generate additional income from the option eligible stocks comprising the S&P/TSX 60(TM) Index.
The ETF will begin trading on the Toronto Stock Exchange tomorrow under the symbol HAX.
The investment objective of HAX is to provide Unitholders with: (a) exposure to the performance, to the extent possible, of the S&P/TSX 60™ Index, together with the impact of a covered call strategy, before fees and expenses; and (b) monthly distributions of dividend and call option income.
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Source: Horizons Exchange Traded Funds
Morgan Stanley-US ETF Weekly Update
January 14, 2013--Weekly Flows: $2.4 Billion Net Inflows
ETF Assets Stand at $1.4 Trillion, up 3% YTD
No ETF Launches Last Week
Vanguard Begins VWO Index Transition; Changes ETF Name
New Benchmarks for Two Van Eck ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $2.4 bln last week, the 8th consecutive week of net inflows
Net inflows were led by US Sector & Industry and International Equity ETFs, helping to offset outflows from US-Large Cap ETFs
After four consecutive weeks of net outflows, Fixed Income ETFs posted net inflows of $0.5 bln last week
ETF assets stand at $1.4 tln, up 3% YTD
13-week flows were mostly positive among asset classes; combined $69.1 bln net inflows
International Equity ETFs have exhibited net inflows of $29.4 bln over the past 13 weeks (62% into EM Equity ETFs)
Over the last 13 weeks, Leveraged/Inverse ETFs posted the largest net outflows of any category ($1.1 bln)
Despite the demand for income, US Dividend Income ETFs have had net outflows of $0.2 bln over the last 13 weeks
US-Listed ETFs: Estimated Largest Flows by Individual ETF
The Financials Select Sector SPDR (XLF) posted net inflows of $0.8 bln last week, the most of any ETF
This is the fourth consecutive week of net inflows for XLF (combined net inflows of $1.8 bln) and last week’s net inflows were its largest since the week ending March 16, 2012, when it posted net inflows of $1.0 bln
The SPDR S&P 500 ETF (SPY) had net outflows of $3.1 billion last week, the most of any ETF; prior to last week, SPY had posted net inflows for 7 consecutive weeks (combined net inflows of $25.7 billion over the period)
Over the last 13 weeks, the iShares MSCI Emerging Markets Index Fund (EEM) has the highest net inflows among all ETFs at $11.5 bln, accounting for almost 60% of the net flows into emerging market ETFs over the period
US-Listed ETFs: Short Interest Data Updated: 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 their lowest level since October 15, 2009
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 1/11/13 based on daily change in share counts and daily NAVs.
$9.5 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 $3.9 bln
No new ETF listings and 16 announced closures YTD
The top 10 most successful launches make up 72% of the market cap of ETFs launched over the past year
Five different ETF sponsors and two asset classes represented in top 10 most successful launches
The iShares Core MSCI Emerging Markets ETF (IEMG) posted net inflows of $94 mln last week, the most of any recently launched ETF
Five out of the top 10 most successful ETF launches over the past year invest in international equities and fixed income as new
ETF launches have increased the accessibility of these markets
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Source: Morgan Stanley
