Americas ETP News
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AdvisorShares Announces Change in Portfolio Manager, Ticker Symbol and New Fund Name: AdvisorShares EquityPro ETF (NYSE Arca: EPRO)
November 26, 2013--AdvisorShares, a leading sponsor of 18 actively managed exchange-traded funds (ETFs), today announced that Irvine, Calif.-based The Elements Financial Group, LLC (TEG) was approved by the AdvisorShares Board of Trustees as the new portfolio manager to the AdvisorShares Global Alpha & Beta ETF (NYSE Arca: RRGR), effective December 1, 2013.
Also effective that date, the Fund will be renamed the AdvisorShares EquityPro ETF and continue trading on the NYSE Arca under the ticker symbol, EPRO.
"We constantly evaluate all the products within the AdvisorShares actively managed ETF suite," said Noah Hamman, chief executive officer of AdvisorShares. "After carefully considering the Fund's performance and assets under management, we consulted with Your Source Financial and TEG and subsequently decided that it was in shareholders' best interest to change portfolio managers."
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Source: AdvisorShares
IMF Mexico: Selected Issues Country Report
November 26, 2013-- Summary: Concluding Remarks This note analyzed the recent fiscal reforms, which can make the fiscal framework more instrumental in addressing challenges that Mexico will likely face in coming years. Mexico would benefit from building of fiscal policy buffers to reduce the exposure to high financing and hedging costs during periods of global uncertainty, improving flexibility to implement countercyclical fiscal policies, and addressing long term fiscal challenges associated with a reduction in oil revenue and an increase in health and pension spending.
Introducing an additional target on the public sector borrowing requirement in the Fiscal Responsibility Law will make the fiscal rule more transparent and enhance its credibility, and the new structural current expenditure growth cap will help reducing procyclicality in its fiscal framework by restraining expenditure in periods of unusually high revenues. The reforms to mobilize tax revenue are also encouraging initial steps to improve the management of oil wealth and reduce the public sector dependence on oil revenue over the medium term. Looking forward, Mexico could consider a modification in the design of the oil stabilization funds that would allow for simpler revenue transfer rules and operations.
view the IMF Mexico: Selected Issues Country Report
Source: IMF
Bitcoin: Current US Regulatory Developments
November 26, 2013--In recent months Bitcoin has become a hot topic in the financial, regulatory and legal
community and has received widespread attention from newspapers such as The Wall Street Journal and The New York Times. Katten Muchin Rosenman LLP has been actively working on Bitcoin-related matters for the past year and has become a legal thoughtleader
in the area.
As such, we would like to update our clients and friends on the current
US regulatory developments regarding Bitcoin.
Bitcoin was introduced in 2009 and has produced a dynamic new economy composed of merchants, users, service providers and start-up enterprises. Over the past 12 months the value of bitcoins has appreciated by more than 6000 percent, and Bitcoin has achieved a current market capitalization of over $8 billion. In addition to gaining traction as a medium of exchange and a unit of account, Bitcoin has caught the attention of members of the financial industry, who are beginning to recognize Bitcoin for its potential as a short- and/or long-term investment opportunity. For example, the proposed Winklevoss Bitcoin Trust is designed to be the first exchange-traded fund product based in Bitcoin.1
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Source: Katten Muchin Rosenman, LLP
ISE Gemini Completes Fourth Successful Product Rollout: Approximately 1,000 Products Listed
November 26, 2013--ISE Gemini announced today that it has completed the rollout of 302 additional products, representing the fourth successful product rollout since launch.
ISE Gemini now lists 996 total products and has an equity options market share of 2.9 percent through the month of November, excluding dividend trades.
ISE Gemini Notable Milestones:
August 5, 2013: First day of trading with six symbols listed
August 26, 2013:Becomes fastest new exchange to surpass two percent market share
August 28, 2013: Surpassed one million total contracts traded
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Source: ISE Gemini
CFTC Staff Issues Time-Limited No-Action Letter on the Applicability of Transaction-Level Requirements in Certain Cross-Border Situations
November 26, 2013--The Commodity Futures Trading Commission's (CFTC) Divisions of Swap Dealer and Intermediary Oversight (DSIO), Clearing and Risk, and Market Oversight (collectively, the Divisions) issued a time-limited no-action letter today that provides relief to swap dealers (SDs) registered with the CFTC that are established
under the laws of jurisdictions other than the United States (Non-U.S. SDs) from certain transaction-level requirements under the Commodity Exchange Act.
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Source: CFTC.gov
Global X Funds Lists Three ETFs on Colombian Stock Exchange
November 26, 2013--Global X Funds, the New York-based provider of exchange-traded funds (ETFs), announced it is listing today three ETFs on Bolsa de Valores de Colombia, the Colombian stock exchange.
This marks the first time that a foreign ETF is listed on the Colombian exchange.
The three ETFs are the Global X FTSE Colombia 20 ETF (NYSE Arca: GXG), the Global X Guru Index ETF (NYSE Arca: GURU), and the Global X SuperDividend™ ETF (NYSE: SDIV).
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Source: Global X
iShares Announces Index Change for Ireland ETF
November 26, 2013--BlackRock, Inc. announced today that its iShares Exchange Traded Funds (ETFs) business, the world's largest manager of ETFs(1), will change the investment objective of the iShares MSCI Ireland Capped ETF to track a new underlying index effective November 27, 2013.
The new index is the MSCI All Ireland Capped Index which includes companies that are domiciled in or have significant business in Ireland. The changes are being implemented in order to increase the fund's diversification. The Fund's name and trading symbol will not change.
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Source: MarketWatch
SPDR University-What's Yellen Got to Do With It?
November 25, 2013--Markets were on the move well before the debt ceiling debacle and subsequent
16-day US government shutdown. The Federal Reserve's unexpected decision in late September to delay tapering the $85 billion of assets they purchase each month was the real factor. By holding back, the Fed seemingly acknowledged that the extent of
fiscal uncertainty made it difficult to remove any stimulus. Continuing QE3 caused US Treasuries to rally, the US dollar to weaken and knock-on effects that continue to reverberate across markets.
Thus, it's clear that while politicians remain a steady source of news, the future path of monetary policy should actually be of greater interest to investors.
CEILINGS, SHUTDOWNS & TAPERS
When it's all said and done, the government shutdown will
likely have only a minor impact on fourth quarter GDP. The
greater question is what impact this will have on confidence
across corporations, consumers and investors. Recent data
suggests that economic confidence was negatively impacted by Washington's lack of resolve. Markets, however, seemed to have shrugged off the turmoil relatively easily, but that may not
have been the case if monetary policy conditions weren't as
accommodative. So, President Obama's decision to nominate Janet Yellen to succeed Ben Bernanke as the Chairman of
the Federal Reserve amid the over two-week government shutdown warrants further attention.
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Source: spdrs.com.
Stocks: Nasdaq crosses 4000, can't stay there
The Nasdaq reclaims the 4000 level in intraday trading more than 13 years after it last closed above that key milestone
November 25, 2013-- The Nasdaq composite topped 4000 in intraday trading Monday for the first time since September 2000, a level that most investors thought they would never see again after it crashed 78% to 1114 in the 2000-02 bear market.
But the tech-oriented index couldn't maintain that altitude, settling at 3995 at the close--still a gain of 3 points, or 0.1%, for the day. The Dow Jones industrial average also notched a modest gain--and set a new closing high --while the S&P 500 ended slightly lower.
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Source: USA Today
DB-Synthetic Equity & Index Strategy-North America-Equity ETPs attract $7.0bn in fresh new cash
November 25, 2013--Data in this report is as of Fri, Nov 22
Market and Net Cash Flows Review
Markets were mixed during last week. The US (S&P 500) edged higher by 0.37%; while, outside the US, the MSCI EM (USD) rose by 0.42% and the MSCI EAFE (in USD) ended flat. In the meantime, performance was mixed across US sectors. The Financials (+1.69%) and Healthcare (+1.63%) sectors recorded the biggest weekly gains; while, Utilities (-1.78%) and Technology (-0.53%) were the worst performing sectors; The DB Liquid Commodity Index rose by 0.79%; meanwhile, the Agriculture sector (DB Diversified Agriculture Index), Gold and Silver prices fell by 0.15%, 3.61% and 4.53%, respectively; while, the WTI Crude Oil rose by 1.07%.
Moving into other asset classes, the 10Y US Treasury Yield rose 4 bps ending at 2.75%. Last but not least, Volatility (VIX) rose by 0.57% during the same period.
The total US ETP flows from all products registered $6.0bn (+0.4% of AUM) of inflows during last week vs. $1.3bn (+0.1%) of inflows the previous week, setting the YTD weekly flows average at +$3.3bn (+$157.3bn YTD in total cash flows).
Equity, Fixed Income and Commodity ETPs experienced flows of +$7.0bn (+0.5%), -$0.2bn (-0.1%) and -$0.9bn (-1.3%) last week vs. +$1.9bn (+0.1%), -$0.4bn (-0.2%) and -$0.2bn (-0.3%) in the previous week, respectively.
Among US sectors, Consumer Discretionary (+$0.7bn, +6.1%) and Financials (+$0.6bn, +1.0%) received the top inflows, while Utilities (-$0.3bn, -4.3%) and Telecommunication Services (-$0.0bn, -0.4%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: IWM (+$2.0bn), EFA (+$0.8bn), VWO (+$0.5bn)
Top 3 ETPs & ETNs by outflows: SPY (-$0.7bn), DVY (-$0.6bn), GLD (-$0.5bn)
New Launch Calendar: US Financial sector and EM short term debt
There were two new ETF listed during the previous week. Horizons added HFIN, offering exposure to the US Financial sector and potential for additional monthly income through the sell of covered call options; meanwhile, ProShares launched a new Fixed Income ETF (EMSH) which offers exposure to a diversified portfolio of short term USD emerging market bonds.
Turnover Review: Floor activity increased by 8.4%
Total weekly turnover increased by 8.4% to $274.8bn vs. $253.6bn from the previous week. However, last week's turnover level was 1.9% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover increased by $17.2bn (++7.5%), $2.3bn (++14.2%) and $1.4bn (++20.5%) during the same period, respectively.
Assets under Management (AUM) Review: assets increased by $6.3bn
US ETP assets rose by $6.3bn (+0.4%) totaling $1.636 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +22.7% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$8.8bn, -$0.0bn and -$2.5bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
