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DB Global Equity Research:US ETF Market Weekly Review : ETP AUM hits all-time high, driven by market and inflows
February 28, 2012--Net Cash Flows Review
Equity markets kept the momentum last week. The US (S&P 500) was up by 0.33% completing its seventh positive week out of eight this year; other developed and emerging markets outside the US did similarly; the MSCI EAFE (in USD), and the MSCI EM (in USD) were up by 1.70% and 0.49% during the week, respectively.
Moving on to other asset classes, the 10Y Treasury yield fell by 3bps last week, while the DB Liquid Commodity Index increased by 3.6%. Other sectors were all positive, the Agriculture sector (DB Diversified Agriculture Index), Gold, Silver and WTI Crude Oil price increased by 0.18%, 2.85%, 6.37% and 6.33%, respectively. Last but not least, Volatility (VIX) decreased to 17.3 recording a 2.6% decrease during the week.
ETP flows had a bullish week, taking the YTD cash flow figure to $35.8bn. The total US ETP flows from all products registered $4.7bn of inflows during last week vs $2.4bn of outflows the previous week, setting the YTD weekly flows average at +$4.5bn.
ETP markets experienced positive flows across the three major asset classes, with Equity leading the path. Equity, Fixed Income, and Commodity ETPs experienced flows of +$2.4bn, +$1.4bn, and +$0.8bn last week vs. -$4.1bn, +$1.3bn, and +$0.2bn the previous week, respectively.
Within Equity ETPs, US Sector products experienced the largest inflows (+$2.4bn), followed by Mid Cap ETPs (+$0.3bn); while Leveraged vehicles experienced the largest outflows (-$0.2bn). Within Fixed Income ETPs, Corporate products experienced the largest inflows (+$1.0bn), followed distantly by broad benchmarked ETPs (+$0.1bn). Within Commodity ETPs, Gold products recorded the largest inflows (+$0.3bn).
New Launch Calendar: more equity beta and dividend strategies
There were 4 new ETFs listed during the previous week. The new ETFs offer additional exposure to developed and emerging markets in different ways. Two of them offer diversified high beta portfolios on global DM and EM while the other two focus on dividend from Asia Pacific and Global Emerging Markets. (See Figure 18 for details)
Turnover Review: Floor activity decreases on shorter week
Total weekly turnover decreased by 29% to $181bn vs. $300bn in the previous week. The largest decrease was on Equity ETP turnover, which decreased by $87.6bn or 32.6% to $181bn followed by Fixed Income ETP with a 17.8% (-$2.6bn) fall to $11.9bn, while Commodity ETP turnover went on the opposite direction rising by 23.4% (+$3.4bn) to $17.8bn.
Assets Under Management (AUM) Review: AUM at all-time highs
Last week, total ETP assets reached $1.181 trillion, pushed by upside markets and inflows. Assets for equity, fixed income and commodity ETPs moved +$6.4bn, +$2.2bn, and +$4.8bn during last week, respectively. As of last Friday, total assets had grown by 12.9% or $135.2bn YTD.
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Source: Deutsche Bank - Global Equity Research
PowerShares files with the SEC
February 28, 2012--PowerShares has a filed a post-effective amendment, registration statement with SEC.
view filing
Source: SEC.gov
United States Department Of The Treasury: Preliminary Report On Foreign Holdings Of U.S. Securities At End-June 2011
February 28, 2012--Preliminary data from a survey of foreign portfolio holdings of U.S. securities at end-June 2010 are released today on the U.S. Treasury web site. A revised table on Major Foreign Holders of Treasury Securities, where estimates through end-December 2010 are based in part on survey data, is also released.
Final survey results, which will include additional detail as well as possible revisions to the preliminary data, will be reported on April 29, 2011.
The survey was undertaken jointly by the U.S. Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The next survey will be for end-June 2011 and preliminary data are expected to be released by February 28, 2012.
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Source: US Department of the Treasury
Horizons Gold Yield Fund completes conversion into ETF
February 27, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce the conversion of the Horizons Gold Yield Fund (the "Fund") into an open-end exchange traded fund.
The Fund has been renamed the Horizons Gold Yield ETF (the "ETF") and the Class E units of the ETF (the "Class E Units") will begin trading on the Toronto Stock Exchange on February 28, 2012 , under the symbol HGY.
Concurrent with, but unrelated to, the conversion, the ETF will begin issuing Advisor Class units (the "Advisor Class Units") which will also begin trading on the TSX on February 28, 2012 , under the symbol HGY.A.
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Source: Horizons ETFs Management (Canada) Inc
SEC's Paredes calls for new Volcker rule draft
February 27, 2012-- U.S. regulators should scrap a proposal on the Volcker rule that curbs banks' speculative bets, and work on a fresh one that does not threaten the health of markets, a member of the U.S. Securities and Exchange Commission said on Friday.
"There is a considerable risk that as proposed, the regulatory infrastructure to implement the Volcker rule could unduly impede the competitiveness... of our financial markets and hinder the flow of capital," said Republican SEC Commissioner Troy Paredes during a speech at the Practising Law Institute's annual SEC Speaks conference.
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Source: Yahoo News
EGA Emerging Global Shares files with the SEC
February 27, 2012--On February 24, 2012 EGA Emerging Global Shares filed a post-effective amendment, registration statement with the SEC for the EGA Emerging Global Shares Trust.
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Source: SEC.gov
Huntington files with the SEC
February 27, 2012--Huntington Asset Advisors, Inc has filed amended and restated application for exemptive relief with the SEC for actively- managed ETFs.
view filing
Source: SEC.gov
Schwab files with the SEC
February 27, 2012--Charles Schwab has filed an application for exemptive relief with the SEC for actively-managed ETFs with the SEC. The Future Funds may include one or more exchange-traded funds ("ETFs") which invest in other investment companies and/or ETFs ("Fund of Fund ETFs"). All Future Funds that are not Fund of Fund ETFs will operate as an ETF and may operate as a feeder fund ("Feeder Fund") in a master-feeder structure.
view filing
Source: SEC.gov
State Street files with the SEC
February 27, 2012--State Street has filed a post-effective amendment, registration statement with the SEC for the
SPDR MSCI ACWI IMI ETF (ACIM)
and SPDR MSCI EM 50 ETF (EMFT).
view filing
Source: SEC.gov
Morgan Stanley-US ETF Weekly Update
February 27, 2012--Weekly Flows: $4.7 Billion Net Inflows
ETF Assets Stand at $1.2 Trillion, up 13% YTD
Four ETF Launches Last Week
Guggenheim to Close Eight ETFs
Guggenheim to Rename Rydex ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs rebounded last week, posting net inflows of $4.7 bln
Net inflows were led by Fixed Income and US Sector & Industry Equity ETFs last week (combined $2.4 bln in net inflows)
Only Global Equity and Currency ETFs posted net outflows this past week ($144 mln in net outflows)
ETF assets stand at $1.2 tln, up 13% YTD
13-week flows were mostly positive among asset classes; combined $55.2 bln net inflows
Fixed Income ETFs have consistently generated weekly net inflows (28 consecutive weeks of net inflows)
Compared to this point last year, ETF net inflows are up 122% in 2012 (net inflows of $35.6 bln in 2012)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR Dow Jones Industrial Average ETF (DIA) posted net inflows of $564 mln last week, most of any ETF
US Equity ETFs occupied the top four spots and six of the top ten to post the largest net inflows last week (combined $2.0 bln in net inflows)
Over the past 13 weeks, the Vanguard MSCI Emerging Markets ETF (VWO) has generated the most net inflows, an impressive $5.5 bln
Data Unchanged: Based on data as of 1/31/12
EEM exhibited the largest increase in USD short interest since last updated
$241 million in increased short interest and the highest level of shares short since 10/31/11
Despite the increase in short interest, EEM has generated double-digit price returns YTD
Financials make up 3 of the 10 most heavily shorted ETFs (defined as shares short/shares outstanding)
SPDR Retail ETF (XRT) continues to be the most heavily shorted ETF as a % of shares outstanding, but is down from 459% over the prior period
Based on multiple borrowings and the ability to continuously create new shares, short interest as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 2/24/12 based on daily change in share counts and daily NAVs.
$8.1 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $763 mln
61 new ETF listings and 8 closures YTD; at this point last year, only 33 ETFs had come to market
Over past year, many of the successful launches have a dividend/income orientation
7 different ETF sponsors and 2 asset classes represented in top 10 most successful launches
Despite not cracking the top 10 most successful launches over the past year, the ProShares Ultra VIX Short-Term Futures ETF (UVXY) posted net inflows of $48 mln last week, the most of any recently launched ETF
Top 10 most successful launches account for 60% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
