Tag Archives: greece

Continental Europe Materializing As Intermediate-Term Beta Play

In a mid-February address in front of the European Parliament, ECB President Mario Draghi highlighted both the progress of the Eurozone’s economic recovery as well as the evolving challenges still confronting the region, particularly as it relates to mounting concerns over emerging market economies and broader geopolitical risks. In his speech , however, Draghi helped eliminate one of the big question marks facing investors in the region when he affirmed unequivocally that the European Central Bank “will not hesitate to act” if required to help put the euro-area economy on still firmer ground. This, in addition to other catalysts, is among the key factors driving optimism around European equities, as the region could provide one of the more attractive destinations for investors over the next 12 to 18 months. As most marketwatchers are well aware, the economic travails in Europe in the years following the 2008 financial crisis left many investors in the region with white knuckles and lingering suspicions around the durability of any recovery. But today, some 18 months after the U.S. economy has stabilized, it’s becoming evident that European business and economic cycles have finally established a foundation from which more growth will likely come. With an improving macro-economic picture and Mario Draghi affirming his commitment to maintain an accommodative monetary policy, investors in the region can still benefit from valuations that on a relative basis reflect the region’s plodding, indirect path to recovery as opposed to the improving opportunity set now materializing. And while renewed global economic unrest and market volatility may give pause to investors still battle worn from the region, we believe the improving macro picture, the ECB’s ongoing commitment to stimulus, and the attractive valuations, together, make Continental Europe one of the more compelling areas for investors seeking returns amid a volatile global environment. Normalizing Growth In a lot of ways, the opportunity for equities in Continental Europe resembles a coiled spring. The double-dip recession served to defer the start of the region’s economic cycle, but with real GDP growth now beginning to accelerate, the gap between the euro area and the rest of the world is quickly closing (see charts, below). Click to enlarge And while the OECD recently lowered its global growth forecasts , it still projects the Eurozone economy to expand by 1.4% and 1.7% in 2016 and 2017, respectively. Even as the macro picture doesn’t necessarily signal the likelihood for rapid growth, the transition to more consistent and steady expansion will lend itself to improved performance at the corporate level. As companies in the region have focused on cost-cutting initiatives over the previous seven years, the transition back to a growing economy means a large proportion of these businesses are well positioned to increase revenue and earnings and improve margins. Moreover, even as the banking sector in Europe remains an area of concern, bank balance sheets have improved and significant reforms have been implemented, which together have translated into a more robust capital markets environment with available capital to support business expansion. Coupled with GDP growth, the added liquidity is a critical catalyst as most key sectors in Europe seek to resume a growth trajectory. According to S&P Investment Advisory Services, eight out of 10 sectors from the Euro 350 are expected to show significant earnings growth in 2016. Of the eight sectors expected to grow profits, seven are pegged to show double-digit increases this year, led by Technology, Consumer Discretionary and Financials. Only the Energy and Materials sectors are currently projected to show year-over-year profit declines. Click to enlarge Incoming Wave of Liquidity While the European Central Bank was slower to respond than the United States Federal Reserve coming out of the financial crisis, since 2014 the ECB has made up for lost time. In June 2014, the ECB pushed the deposit rate into negative territory, while subsequent interest rate cuts have left the deposit rate at negative 0.4 percent, the most recent cut coming in the second week of March. The ECB also enacted its version of quantitative easing at the start of 2015 and alongside its March interest rate cut, also boosted its bond-buying program from €60 billion a month to €80 billion and made euro-denominated non-bank corporate bonds eligible for the first time. These efforts have had a positive effect, reflected in both economic growth as well as a gradual recovery in credit conditions. In 2015, loans to both non-financial corporations and households showed material increases. (See charts, below.) Click to enlarge For those parsing the minutes from the ECB’s February monetary policy meeting , it was clear that the European Central Bank remains intent on using all means necessary to ensure the recovery stays on track. The ECB, four separate times, underscored that it expected policy rates to remain at current or lower levels for an extended period of time, and reinforced that policy makers were reviewing the technical conditions to ensure “the full range of policy options” would be available if needed. And when the ECB met again in March, it followed through with a 10 basis point cut and the expansion of its QE program. In its decision to include corporate bonds in the QE program, the minutes released in April reveal that the ECB premised the move on an anticipated spillover effect for small and medium-sized enterprises. Finding Value The renewed urgency from the ECB stems from worries over weak energy prices that while positive to household income and corporate profits, are also helping to frame an uncertain backdrop along with skittishness over emerging market growth and renewed geopolitical tensions. Since the ECB’s December 3 policy announcement, the STOXX 600 index had lost as much as 15% leading up to Mario Draghi’s comments in front of the European Parliament in mid February. But as an intermediate-term play, these near-term worries overshadow the fact that on a historical basis, the stock market capitalization of European equities remains near its nadir. Click to enlarge Going back to 2009, the S&P 500 has significantly outperformed the STOXX 600, and European equities today remain far less expensive than US stocks. This is true on both an absolute and relative basis, using a cyclically adjusted price-to-earnings ratio. (See charts, below.) Moreover, as of March 31, 2016, the forward-looking price-to-earnings ratio of 15.2x for the STOXX 600 index remains below the index’s long-term average. When coupled with the consensus expectation of an 11.5% increase in earnings, the upside potential to investors in Europe is clear. Going Passive From the perspective of fund investors, the opportunity set can perhaps be best realized through pure exposure to Continental Europe, excluding the United Kingdom, whose equity markets, today, more closely resemble US stocks on a valuation basis. We also see Europe as a beta play, as current valuations and the ECB’s commitment to stimulus provides a floor for investors offering downside protection, whereas the potential for alpha, via stock selection through actively managed funds, is somewhat muted given the efficiency of the large-cap segment in the region. Of course, those familiar with Europe understand too that several unknowns still weigh on equities. Ongoing efforts to fix the European banking system, which has moved in fits and starts, remain critical to future growth, and marketwatchers already understand that Europe has considerably more exposure to China than U.S. equities. These are two of the primary drivers behind the volatility witnessed at the close of 2015 and into 2016. Not to be overlooked, the left-leaning Socialist movements are another cause for concern, especially as the market witnessed what can happen when the Greece debt crisis unfolded last year, necessitating a third bailout agreement. Today, the biggest unknown facing European equities is around a potential “Brexit” and whether or not UK voters will opt to stay in the European Union. Should voters decide to depart the EU, Britain’s exit would have significant spillover across the continent. On top of all of this, investors have to contend with the “unknown” unknowns, be it terrorism, world affairs or other unforeseen, black swan events. All that being said, over the intermediate term few regions in the world today can match the catalysts currently favoring European equities – benefiting from the improving macro environment, the ECB’s commitment to stimulus and historically attractive valuations. Even as the near-term promises more noise and the long-term may see valuations level off, over the intermediate term, continental Europe represents one of the more attractive destinations for investors in a market suddenly devoid of obvious alternatives. Michael A. Mullaney is a Vice President and Chief Investment Officer in the Boston office of Fiduciary Trust Company ( fiduciary-trust.com ), having joined the firm 15 years ago. Disclosure: The opinions expressed in this publication are as of the date issued and subject to change at any time. The materials discuss general market conditions and trends and should not be construed as investment advice. Any reference to specific securities are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Nothing contained herein is intended to constitute legal, tax or accounting advice and clients should discuss any proposed arrangement or transaction with their legal or tax advisors. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. Additional disclosure: The opinions expressed in this publication are as of the date issued and subject to change at any time. The materials discuss general market conditions and trends and should not be construed as investment advice. Any reference to specific securities are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Nothing contained herein is intended to constitute legal, tax or accounting advice and clients should discuss any proposed arrangement or transaction with their legal or tax advisors.

Country ETF Update

By Joseph Y. Calhoun The theme for Single Country ETFs over the last month is either countries that produce a lot of natural resources (commodities) or countries in which sane people don’t invest. Okay, maybe sanity isn’t the proper metric but surely investors who can’t afford to take a loss shouldn’t be investing in Russia, Peru or Turkey, all three of which make the top 10 for performance over the last 3- and 1-month periods. For the one-month period, just for kicks, Greece makes the top 10, another place the typical retiree probably ought not be chasing yield or returns. To be serious though, the performance of these Country ETFs proves one thing for sure – risk is not a static thing. Any market can become sufficiently cheap that investing in it can be a low risk endeavor. And some of these countries’ stock markets were very cheap before these rallies and even more importantly, some of them still are. Here’s the return rankings: Click to enlarge Click to enlarge This is part of the weak dollar/strong commodity/higher inflation expectations theme I’ve been writing about the last couple of months. As the dollar has softened, commodity prices have risen and stock markets in countries that are heavy commodity producers have risen dramatically, an indication that the sentiment had moved way too far in the other direction. Almost no one was expecting a commodity rally with the global economy – especially China – so weak. But a weak dollar is powerful stuff even if it isn’t fully realized. I think this rally has actually moved a little too far, too fast. Commodities and stock markets in countries where they are produced are due for a rest and the hawkish jawboning of the Fed last week started to take the froth off a bit. Based on the frequency and timing of the Fed’s passive/aggressive hawk/dove act, one could be excused for thinking maybe the object of their obsession is the stock market rather than real economy factors. But I digress and so does James Bullard. It may seem as if the central banks have control, that the dollar is trading in a range that is acceptable to all… something that happens only very rarely and surely won’t last. But in the simplified world of Keynesian economics, the strong dollar was the source of the recent market troubles, a harbinger or reflection of economic woes and therefore had to be nipped in the bud. If a strong dollar caused the problems, a weak one will cure them and the world is on board with that – to a point. Right now, all of these short-term moves don’t mean a thing though from a momentum standpoint, mere dead cat bounces from very oversold conditions. Not one of the Country ETFs in the 3-month or 1-month best return top 10 lists has a buy signal from our long-term momentum indicators. I do think that the dollar’s rise is over for now, though, and some of these will eventually turn out to have been great investments. But not yet. Patience is probably an investor’s best friend right now. As for valuation, using Market Cap/GDP, several of these stick out as cheap. Singapore, Spain, Russia, Brazil, India and Indonesia all look cheap relative to where they’ve traded historically. Watch the dollar carefully for clues about your stock investments. Generally, a weaker dollar will favor foreign equities over domestic. That’s a generalization so it doesn’t apply all of the time with all markets but it is a major factor for monetary as well as economic reasons. For investors, there are ways to cope with a weak dollar and higher inflation. For the Fed, I will just say what I’ve said before about their hope for higher inflation – be careful what your wish for, you just might get it good and hard.

ETF Stats For February 2016: Count Up, Assets Down

Thirteen new products came to market in February: seven exchange-traded funds (“ETFs”) and six exchange-traded notes (“ETNs”). Closures were on the light side, with just three products being liquidated during the month. The net increase of 10 listings pushes the overall count to 1,863, consisting of 1,659 ETFs and 204 ETNs. Assets declined for the third consecutive month and now total $2.02 trillion. In January, three ETNs encountered early terminations. Some of the February introductions were intended to replace those previously terminated ETNs. Two UBS ETRACS ETNs providing leveraged exposure to master limited partnerships (“MLPs”) fell victim to their own anti-ruination triggers on January 20 due to the steep price plunge among MLPs. These two ETNs were liquidated on February 1, and eight days later, UBS rolled out their replacements: ETRACS 2xMonthly Leveraged Alerian MLP Infrastructure Index Series B ETN (NYSEARCA: MLPQ ) and ETRACS 2xMonthly Leveraged S&P MLP Index Series B ETN (NYSEARCA: MLPZ ). ProShares also brought out a replacement product in February. However, unlike UBS, which rushed to fill the gap created by prior terminations, ProShares brought out its “new and improved” version before its predecessor disappeared. ProShares Managed Futures Strategy (BATS: FUT ), launched 2/18/16, is a more shareholder-friendly version of the existing ProShares Managed Futures Strategy (NYSEARCA: FUTS ). The major difference between the two is that the new FUT will issue 1099s at tax time, while FUTS has been issuing K-1 forms. The underlying structural and regulatory differences prevented ProShares from a merger or simple transformation of the “old” into the “new.” Therefore, ProShares went with a “launch one and close the other” plan and provided shareholders with a one-month overlap. An event occurred in February that you will not see in our statistics. On February 26, 2016, the NASDAQ began listing Eaton Vance Stock NextShares (EVSTC). You may have read some articles declaring these to be the next generation of actively managed ETFs. Technically, they are classified as exchange-traded managed funds (“ETMFs”), and ETMFs are not ETFs . For starters, the U.S. Securities and Exchange Commission has placed some tough restrictions on ETMF advertising. Namely, ETMF sponsors and issuers: Cannot call them an open-end investment company; Cannot call them a mutual fund; Cannot call them ETFs; and Must include a statement that says shares are not individually redeemable (when talking about creation/redemption of shares). There you have it. They are not ETFs and will not be included in our ETF statistics at this time. Additionally, they are not mutual funds or open-end investment companies either. They are ETMFs with their own unique set of order types (buy at a future net asset value [“NAV”] plus premium, sell at a future NAV minus discount) and only one broker (Folio Investing) that can currently process these strange orders. The quantity of ETFs with more than $10 billion in assets grew from 51 to 53 in February, and these vital few hold 59.9% of industry assets. The number of products with at least $1 billion in assets increased from 243 to 246. The median asset level is just $61.5 million, which is a far cry from the “average” level of $1.09 billion. Trading activity slid 13.9% lower for the month to $1.87 trillion, reflecting a 92% turnover ($ volume/industry assets) for the month. February 2016 Month End ETFs ETNs Total Currently Listed U.S. 1,659 204 1,863 Listed as of 12/31/2015 1,644 201 1,845 New Introductions for Month 7 6 13 Delistings/Closures for Month 1 2 3 Net Change for Month +6 +4 +10 New Introductions 6 Months 113 13 126 New Introductions YTD 20 6 26 Delistings/Closures YTD 5 3 8 Net Change YTD +15 +3 +19 Assets Under Mgmt ($ billion) $2,001 $19.4 $2,021 % Change in Assets for Month -0.1% -4.1% -0.1% % Change in Assets YTD -4.6% -9.7% -4.6% Qty AUM > $10 Billion 53 0 53 Qty AUM > $1 Billion 242 4 246 Qty AUM > $100 Million 759 33 792 % with AUM > $100 Million 45.8% 16.2% 42.5% Monthly $ Volume ($ billion) $1,789 $78.9 $1,868 % Change in Monthly $ Volume -13.8% -19.9% -13.9% Avg Daily $ Volume > $1 Billion 14 1 15 Avg Daily $ Volume > $100 Million 108 6 114 Avg Daily $ Volume > $10 Million 335 12 347 Actively Managed ETF Count (w/ change) 137 +3 mth 0 ytd Actively Managed AUM ($ billion) $24.3 +1.6% mth +5.9% ytd Data sources: Daily prices and volume of individual ETPs from Norgate Premium Data. Fund counts and all other information compiled by Invest With An Edge. New products launched in February (sorted by launch date): CS X-Links WTI Crude Oil Index ETN (NYSEARCA: OIIL ) , launched 2/9/16, is an ETN issued by Credit Suisse AG that provides exposure to the Bloomberg WTI Crude Oil SubIndex Total Return. The Index is intended to reflect the returns that are potentially available through an unleveraged investment in rolling West Texas Intermediate crude oil futures contracts, plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. It has an expense ratio of 0.55% ( OIIL overview ). ETRACS 2xMonthly Leveraged Alerian MLP Infrastructure Series B ETN (MLPQ) , launched 2/9/16, is an ETN issued by UBS AG linked to the monthly compounded 2X leveraged performance of Alerian MLP Infrastructure Index, less investor fees of 0.85%. MLPQ pays a variable quarterly coupon linked to the cash distributions, if any, on the Index constituents. This ETN essentially replaces the ETRACS 2xMonthly Leveraged Alerian MLP Infrastructure ETN (NYSEARCA: MLPL ), which encountered an early termination trigger in January ( MLPQ overview ). ETRACS 2xMonthly Leveraged S&P MLP Series B ETN (MLPZ) , launched 2/9/16, is an ETN issued by UBS AG linked to the monthly compounded 2X leveraged performance of S&P MLP Index, less investor fees of 0.95%. MLPV pays a variable quarterly coupon linked to the cash distributions, if any, on the Index constituents. This ETN essentially replaces the ETRACS 2xMonthly Leveraged S&P MLP ETN (NYSEARCA: MLPV ), which encountered an early redemption trigger in January ( MLPZ overview ). Guggenheim Total Return Bond ETF (NYSEARCA: GTO ) , launched 2/10/16, is an actively managed ETF offering the opportunity to capitalize on changing relative values in fixed-income securities and sectors. GTO will normally invest in a portfolio of fixed-income instruments of varying maturities and of any credit quality. It uses a strategy that invests primarily in investment-grade fixed-income securities across multiple sectors in any country. It seeks maximum total return comprised of income and capital appreciation, and it has an expense ratio of 0.50% ( GTO overview ). UBS AG FI Enhanced Europe 50 ETN (NYSEARCA: FIEE ) , launched 2/16/16, is an ETN issued by UBS AG linked to the STOXX Europe 50 USD (Gross Return) Index. The ETNs are designed to provide a two times leveraged long exposure to the performance of the Index compounded on a quarterly basis, reduced by the accrued fees of 1.95% per annum ( FIEE overview ). ETRACS S&P GSCI Crude Oil Total Return Index ETN (NYSEARCA: OILX ) , launched 2/18/16, is an ETN issued by UBS AG linked to the performance of the S&P GSCI Crude Oil Total Return Index, less investor fees of 0.50% ( OILX overview ). ProShares Managed Futures Strategy (FUT) , launched 2/18/16, delivers a managed-futures exposure inside of an actively managed ETF. It pursues a long/short strategy with a risk-weighting methodology. It allocates holdings across a broad range of commodity, currency, and financial assets, equally weighting each component based on estimated risk. It uses the S&P Strategic Futures Index as a “performance” benchmark. The new fund will issue 1099s for tax reporting and will essentially be an “improved structure” replacement for FUTS, the ProShares managed-futures ETF that issues K-1 forms and will be closed in March . FUT has an expense ratio of 0.75% ( FUT overview ). UBS AG FI Enhanced Global Yield ETN (NYSEARCA: FIHD ) , launched 2/22/16, is an ETN issued by UBS AG linked to the return on the MSCI World High Dividend Yield USD Gross Total Return Index. The Index reflects both the price performance and the reinvestment of dividends, and therefore FIHD will not pay dividends. The ETN is designed to provide a two times leveraged long exposure to the performance of the Index compounded on a quarterly basis, reduced by its expense ratio of 1.65% ( FIHD SEC filing ). Cambria Sovereign High Yield Bond ETF (Pending: SOVB ) , launched 2/23/16, is an actively managed ETF seeking income and capital appreciation from investments that provide exposure to sovereign and quasi-sovereign bonds. The fund’s holdings consist of liquid sovereign debt issues with high-yield characteristics. It seeks high income generation and capital appreciation and provides exposure to a basket of foreign currencies. Rather than adhering to traditional notions of emerging and developed markets, the strategy seeks the most attractively priced debt securities from a global opportunity set with an expense ratio of 0.59% ( SOVB overview ). Note: The website mentions the Cambria Sovereign Bond Index, but since the EFT is actively managed, it is not clear what purpose the Index serves. Pacer Global High Dividend ETF (BATS: PGHD ) , launched 2/23/16, seeks to track the total return performance of the Pacer Global Cash Cows Dividends 100 Index. The strategy attempts to provide a continuous stream of income and capital appreciation over time by screening for companies with a high free-cash-flow yield and a high dividend yield. Starting with the FTSE All World Developed Large-Cap Index of approximately 1,000 companies in developed markets worldwide, the strategy selects the 300 companies with the highest trailing 12-month free-cash-flow yield. From those, the strategy selects the 100 companies with the highest trailing 12-month dividend yield. PGHD has an estimated initial yield of 4.4% and an expense ratio of 0.60% ( PGHD overview ). WisdomTree CBOE S&P 500 PutWrite Strategy Fund (NYSEARCA: PUTW ) , launched 2/24/16, seeks to track the performance, before fees and expenses, of the CBOE S&P 500 PutWrite Index, a collateralized put write strategy on the S&P 500 Index. The strategy is designed to receive a premium from the option buyer by selling (writing) a sequence of one-month, at-the-money, S&P 500 Index put options. However, if the value of the S&P 500 Index falls below the strike price, the option finishes in-the-money and PUTW must pay the option buyer the difference between the strike price and the value of the S&P 500 Index. This strategy attempts to partially offset a decline in the value of the S&P 500 Index to the extent of the premiums received. In theory, it could help lower portfolio beta and reduce downside risk. PUTW has an expense ratio capped at 0.38% ( PUTW overview ). Janus Small Cap Growth Alpha ETF (NASDAQ: JSML ) , launched 2/25/16, seeks investment results that correspond to the performance of the Janus Small Cap Growth Alpha Index. The underlying strategy seeks risk-adjusted outperformance relative to the U.S. small-cap growth asset class by investing in resilient Smart Growth companies that have proven operational excellence and represent the top 10% of the eligible universe. The Index follows a disciplined process that evaluates key fundamental factors such as growth, profitability, and capital efficiency that are believed to more accurately identify companies poised for long-run sustainable growth. The new ETF has an expense ratio of 0.50% ( JSML overview ). Janus Small/Mid Cap Growth Alpha ETF (NASDAQ: JSMD ) , launched 2/25/16, seeks investment results that correspond to the performance of the Janus Small/Mid Cap Growth Alpha Index. It is a small- and mid-cap growth ETF that systematically identifies Smart Growth companies using a process based on Janus’ fundamental research. The strategy seeks to provide risk-adjusted outperformance by identifying top-tier U.S. small- and mid-cap companies with some of the strongest fundamentals and the capability of delivering sustainable growth in a variety of market environments. It has an expense ratio of 0.50% ( JSMD overview ). Product closures in February and last day of listing : ETRACS 2xMonthly Leveraged Alerian MLP Infrastructure ETN ( MLPL ) 1/29/16* ETRACS 2xMonthly Leveraged S&P MLP ETN ( MLPV ) 1/29/16* Janus Equal Risk Weighted Large Cap (NASDAQ: ERW ) 2/24/16 *Note: The last day of listing for MLPL and MLPV was 1/29/16 (the last business day of January), and they were available to trade throughout January. Therefore, the closures are classified as occurring in February. Product changes in February: Van Eck Global acquired the Yorkville MLP ETFs. The Yorkville High Income Infrastructure MLP (NYSEARCA: YMLI ) became the Market Vectors High Income Infrastructure MLP ETF ( YMLI ), and the Yorkville High Income MLP (NYSEARCA: YMLP ) became the Market Vectors High Income MLP ( YMLP ) effective February 22. Announced product changes for coming months: EGShares Emerging Markets Domestic Demand (NYSEARCA: EMDD ) will become EGShares EM Strategic Opportunities (EMSO) and reduce its expense ratio to 0.65% effective March 1. Despite the name and ticker change, the underlying index still claims to be “a 50-stock free-float market capitalization-weighted index designed to measure the performance of companies in emerging markets that are tied to domestic demand.” Global X FTSE Greece 20 ETF (NYSEARCA: GREK ) will change its underlying index and its name to Global X MSCI Greece ( GREK ) effective March 1. The iShares iBonds target maturity ETFs will be renamed to include “Term” in their names, and the “AMT-Free” funds will be renamed “Muni Bond” ETFs effective March 1. ETFS Physical White Metal Basket Shares (NYSEARCA: WITE ) will close and liquidate, with its last day of trading occurring March 2. Invesco PowerShares will change the names and underlying indexes on four ETFs , with two receiving new ticker symbols, effective March 18. PowerShares S&P Emerging Markets High Beta (NYSEARCA: EEHB ) will become PowerShares S&P Emerging Market Momentum (EEMO), PowerShares S&P International Developed High Beta (NYSEARCA: IDHB ) will become PowerShares S&P International Developed Momentum (IDMO), PowerShares S&P International Developed High Quality (NYSEARCA: IDHQ ) will become PowerShares S&P International Developed Quality ( IDHQ ), and PowerShares S&P 500 High Quality (NYSEARCA: SPHQ ) will become PowerShares S&P 500 Quality ( SPHQ ). Invesco PowerShares will close four ETFs , with March 18 being their last day of listed trading. The affected funds are PowerShares China A-Share (NYSEARCA: CHNA ), PowerShares Fundamental Emerging Markets Local Debt (NYSEARCA: PFEM ), PowerShares KBW Capital Markets (NYSEARCA: KBWC ), and PowerShares KBW Insurance (NYSEARCA: KBWI ). ProShares Managed Futures Strategy ( FUTS ) will have its last day of trading on March 18. Barclays is seeking shareholder approval to add an early termination trigger to the iPath S&P GSCI Crude Oil Total Return ETN (NYSEARCA: OIL ) and reduce the investor fee from 0.75% to 0.70% effective April 29. Previous monthly ETF statistics reports are available here . Disclosure: Author has no positions in any of the securities, companies, or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) is received from, or on behalf of, any of the companies or ETF sponsors mentioned.