Americas ETP News
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Chile 65, the First Chilean ETF, is Now Listed on the Chilean Electronic Stock Exchange (BEC)
Comprised of the 65 largest cap stocks in the Chilean market
June 27, 2012--The CHILE 65 index of the Chilean Electronic Stock Exchange (BEC), the first all-Chilean ETF, started trading in the local market last week by initiative of IM Trust S.A.
The CHILE 65 index of the Chilean Electronic Stock Exchange (BEC) is the first all-Chilean ETF. It started trading in the local market last week by initiative of IM Trust, according to reports from the BEC.
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Source: Funds America
Van Eck files with the SEC
June 26, 2012--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Nigeria-Focused West Africa ETF.
view filing
Source: SEC.gov
Alps files with the SEC
June 26, 2012--ALps has filed a post-effective amendment, registration statement with the SEC for the ALPS Sector Dividend Dogs ETF.
view filing
Source: SEC.gov
Dow Jones RBP Index Family Expands To Include Gauge That Allocates Among Indexes With Bullish, Bearish And Neutral Viewpoints
New Index Methodology Automatically Reallocates Index Weights
Based on Economic and Market Indicators
June 26, 2012--Dow Jones Indexes, a leading global index provider, today announced the launch of the Dow Jones RBP U.S. Directional Allocation Index, a unique gauge that automatically allocates weights among other indexes that reflect distinct viewpoints on the U.S. market.
Constructed as an “index of indexes,” the new gauge reallocates among an “aggressive” index, a “defensive” index and a “market” index—while also allowing the possibility to allocate fully to a cash component—based on an automated system that uses economic and market indicators as inputs.
The Dow Jones U.S. RBP Directional Allocation Index is the latest addition to the Dow Jones RBP Index series offered by Dow Jones Indexes and Transparent Value LLC, a New York-based asset management and financial information services company. The Dow Jones RBP Indexes are built upon a methodology using proprietary, rules-based analytics supplied by Transparent Value.
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Source: Dow Jones Indexes
Manning & Napier Launches Actively Managed, ETF-Based Target Date Solutions
June 26, 2012--Manning & Napier recently announced the launch of the Manning & Napier Goal Collective Investment Trust (CIT) Funds, a suite of ten actively managed target date funds which will invest in a variety of exchange-traded funds (ETFs).
The Manning & Napier Goal CIT Funds provide an opportunity for active management at a lower cost structure while maintaining diversification of asset classes, market sectors, and securities through ETFs.
The Manning & Napier Goal CIT Funds range from an Income fund to a 2055 fund and will be built using the same active asset allocation approach the Company has implemented for more than 40 years. The active approach allows for flexibility to shift portfolio assets away from over-valued sectors and towards areas of lower risk. Utilizing a team-based investment strategy, the Goal CIT Funds will be overseen by the Company's Senior Research Group.
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Source: Manning & Napier
DB-Equity Research-US ETF Market Weekly Review : Market pullback removed $12bn from ETP assets
June 26, 2012--Net Cash Flows Review
Following a two-week relief rally, markets pulled back again during last week. The US (S&P 500) dropped by 0.56%. While, outside the US, the MSCI EAFE (in USD) advanced by 0.36% and the MSCI EM (USD) lost 0.82%. Moving on to other asset classes, the 10Y US Treasury yield rose by 9bps last week; while the DB Liquid Commodity Index was down by 2.29%. Similarly, the WTI Crude Oil, the Gold, and the Silver prices retreated by 5.08%, 3.36% and 6.20%, respectively; while the Agriculture sector (DB Diversified Agriculture Index) rose by 1.90%. Last but not least, Volatility (VIX) dropped by 14.21% and crossed the 20 level downwards during the same period.
The total US ETP flows from all products registered $1.3bn of outflows during last week vs $12.1bn of inflows the previous week, setting the YTD weekly flows average at +$2.9bn (+$72.1bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of -$2.5bn, +$0.7bn, and +$0.4bn last week vs. +$9.4bn, +$2.3bn, and +$0.4bn the previous week, respectively.
Within Equity ETPs, emerging markets regional products experienced the largest inflows (+$0.8bn); while large cap and mid cap vehicles experienced the largest outflows (-$3.6bn, -$0.6bn, respectively). Within Fixed Income ETPs, Corporates products recorded the largest inflows (+$0.6bn), followed by broad benchmarked products (+$0.2bn); while Sovereign experienced outflows of $0.3bn. Within Commodity ETPs, Precious Metals products experienced the largest inflows ($0.3bn).
Top 3 ETPs & ETNs by inflows: VWO (+$0.6bn), AMJ (+$0.4bn), VXX (+$0.3bn) Top 3 ETPs & ETNs by outflows: SPY (-$3.8bn), IWR (-$0.5bn), XLI (-$0.4bn)
New Launch Calendar: fixed income, commodity, and active equity ETFs
There were 5 new ETPs listed on the NYSE Arca during the previous week. Two of them offer access to US crossover and emerging market corporate debt, the next one provides a one-stop vehicle to invest in the industrial and precious metal segments, and the last two ETPs offer access to equity strategies employing an active investing approach.
Turnover Review: floor activity dropped by 5%
Total weekly turnover dropped by 5.0% to $300bn vs. $316bn in the previous week. Last week’s turnover level was 20% below last year’s weekly average. Equity ETPs experienced a drop of $19.3bn or 20.4% to $263bn. In the meantime, Fixed Income and Commodity ETP turnover rose by 11.8% (+$1.9bn) and 9.2% (+$1.3bn), respectively.
Assets Under Management (AUM) Review: a small pullback
ETP assets dropped by 1.1% during last week and ended the week at $1.14 trillion. Last week’s $12.1bn drop put the ETP YTD assets growth back to the single digit area with 9.1%. Assets for equity, fixed income and commodity ETPs moved -$9.4bn, +$0.9bn, and -$3.6bn during last week, respectively.
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Source: Deutsche Bank-Equity Research-North America
Russell completes annual global index reconstitution process to reflect today's global markets
Notable decline in global market capitalization and correlation
Strong performance for U.S. large-cap stocks, with technology sector leading the way
Emerging Markets decline in capitalization relative to Developed Markets
June 25, 2012--Today marks the first day of the newly reconstituted Russell Global Indexes following the completion of Russell.s annual index reconstitution on June 22nd.
Final membership lists for the Russell Global, Russell 3000®, Russell 1000®, Russell 2000®, Russell Midcap® and Russell Microcap® Indexes, accounting for approximately $3.9 trillion in assets benchmarked, were confirmed after Friday's market close. Final lists of additions and deletions are available on the Russell reconstitution website.
Market Capitalization
Global market capitalization, as reflected in the post-reconstitution Russell Global Index, had a notable decline, decreasing from $52.2 trillion on May 31, 2011 to $44.2 trillion on May 31, 2012. U.S. market cap, as illustrated by the Russell 3000 Index, declined from $16.7 trillion to $15.8 trillion during this same period.
"The strong performance of the global markets in the first quarter of 2012, led by large-cap stocks in the U.S., showed in the all-time high of the Russell 1000 Index on April 2," said Stephen Wood, chief market strategist for North America at Russell Investments. "However, international turmoil over the last few months has contributed to a decline in the global equity market and a resulting drop in market capitalization of the Russell global index family, as shown during the annual rebalancing process."
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Source: Russell Investments
Global X Canada Preferred ETF (CNPF) Yields 4.00% At First Year Anniversary
June 26, 2012--Global X Funds, the New York based provider of exchange traded funds, today announced the 12-month yield for the Global X Canada Preferred ETF (CNPF), following its first year anniversary.
Concurrently, Canadian banks were ranked among the world's strongest, according to a May 2012 Bloomberg News report. Canada received distinguished honors with 5 spots in the top 20— U.S. banks did not fare so well. Even with a population 9 times larger than Canada, the U.S. held only 3 spots in the top 20. Strict regulations set by the Office of the Superintendent of Financial Institutions of Canada (OSFI) have helped Canada raise the bar beyond global banking standards by requiring more equity as a percentage of capital relative to their foreign counterparts.
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Source: Global X
Direxion Announces Modifications To Eight Exchange-Traded Funds
June 25, 2012--Direxion, a leader in alternative investment solutions, announces changes to the benchmark indices of eight leveraged and inverse exchange-traded funds (ETFs), along with other adjustments.
The eight ETFs undergoing changes are: Direxion Daily Large Cap Bull 3X Shares (BGU), Direxion Daily Large Cap Bear 3X Shares (BGZ), Direxion Daily Mid Cap Bull 3X Shares (MWJ), Direxion Daily Mid Cap Bear 3X Shares (MWN), Direxion Daily Technology Bull 3X Shares (TYH), Direxion Daily Technology Bear 3X Shares (TYP), Direxion Daily Energy Bull 3X Shares (ERX) and Direxion Daily Energy Bear 3X Shares (ERY).
The modifications will take effect on or about June 29, 2012.
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Source: Direxion
S&P Indices Announces Changes In The S&P/TSX Canadian Indices-Completion Of A Plan Of Arrangement Between Denison Mines Corp. And Energy Fuels Inc.
June 25, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Denison Mines Corp. (TSX:DML) and Energy Fuels Inc. (TSX:EFR) have agreed today to complete a Plan of Arrangement whereby Energy Fuels will acquire the US mining interests of Denison Mines.
Denison Mines shareholders will receive 1.106 shares of Energy Fuels for each share held.
After the close of trading on Friday, June 29, 2012, the close price of Denison Mines will be reduced by 1.106 times the close price of Energy Fuels and new divisors will be generated in all indices where Denison Mines is a constituent except the S&P/TSX Composite Equal Weight and Composite High Beta Indices. New divisors will be generated in the S&P/TSX Composite and Capped Composite, the S&P//TSX Equity and Capped Equity, the S&P/TSX Completion and Equity Completion, the S&P/TSX SmallCap and Equity SmallCap and the S&P/TSX Global Mining Indices. The issued shares of Energy Fuels will not be added to any indices.
Source: Standard & Poor's
