Exchange-Traded Funds
Wow, a whole new ETF risk I’ never thought of. According to a report from Indexuniverse.com, about two-thirds of the trades, which the NASDAQ and the NYSE are likely to cancel, involved exchange-traded products (ETP), like exchange-traded funds (ETF) and exchange-traded notes (ETN), although the reasons are not yet clear. NASDAQ hasn’t admitted to any technological breakdown, but it has decided to cancel all trades executed between 2:40 and 3:00 p.m. EDT that took place more than 60% away from the last consolidated print at 2:40 p.m. The decision, apparently, can’t be appealed. The NYSE said that 111 of the 173 securities that were affected by questionable trades, or 64%, were either ETFs or ETNs. On the NASDAQ, 193 of the 281 affected securities were also ETPs. Did the widespread use of ETFs during the height of the volatility in some way cause the system to come apart, and do ETP providers and exchanges need to rethink how the products are designed and traded? Authorized Participants who construct and monitor ETF portfolios are often the same firms who engage in high- frequency trading, which could contribute to the volatility. As well, Authorized Participants often hedge their exposure using financial contracts that are correlated to the market in unexpected ways. Some funds in Europe, for example, use Japanese equities to hedge exposure to European and U.S. equities. In volatile times, normal correlations can change, creating unexpected consequences. The extreme volatility affected numerous ETP providers, including ETPs from: Claymore, Direxion, Fidelity, First Trust, HOLDRS, iPath, iShares, PowerShares, ProShares, Rydex, Schwab, State Street Global Advisors, Van Eck, Vanguard and WisdomTree. And while many of the affected ETPs were highly volatile levered ETFs, like ProShares UltraShort QQQ (QID) and Rydex 2x S&P 500 ETF (RSU), there were many unlevered ETPs like the iShares S&P 500 Value Index Fund (IVE) and the Schwab U.S. Large Cap ETF (SCHX), which were caught in the extreme volatility.

Met andere woorden, er gaan een aantal fondsen flink om hun oren krijgen.

Dan zou ik maar uitstappen nu!

Nederlandse beleggingsfondsen zien vermogen flink groeien
Het vermogen van Nederlandse beleggingsfondsen is in de eerste drie maanden van het jaar voor het vierde kwartaal op rij gegroeid. Dat blijkt uit woensdag gepubliceerde cijfers van De Nederlandsche Bank (DNB).


Groei
De groei bedroeg 5 procent tot een totaal van 432 miljard euro. Dat kwam vooral door een koerswinst van 8 procent op de aandelenportefeuilles. De koerswinst op obligaties kwam uit op 2 procent. Daarnaast legden beleggers netto ruim 1 miljard in de fondsen in.

Naast deze 'reguliere' inleg was ook nog sprake van bijzondere transacties in verband met herstructureringen bij het ambtenarenpensioenfonds ABP en het Pensioenfonds Zorg en Welzijn. Zij hevelden voor bijna 14 miljard euro aan zelf aangehouden beleggingen over naar beleggingsfondsen, aldus DNB.



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