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Morgan Stanley US ETF Weekly Update
February 18, 2015--US ETF Weekly Update
Weekly Flows: $8.8 Billion Net Inflows
Fourth Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion
Six ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $8.8 bln last week; fourth consecutive week of net inflows
Last week's net inflows were led by International - Developed ETFs at $4.3 bln; conversely, US Sector & Industry ETFs posted net outflows of $934 mln,the most of any category we measured
Nine of the 15 categories we measured posted net inflows last week
ETF assets stand at $2.0 tln,up 4% YTD
13-week flows remain positive among most asset classes; combined $84.9 bln in net inflows
Fixed Income ETFs generated net inflows of $25.8 bln over the last 13 weeks,the most of any category,and accounted for 30% of total ETF net inflows
International - Emerging ETFs exhibited net outflows of $4.3 bln over the last 13 weeks,the most of any category,and one of only four segments to post net outflows; notably,International - Developed ETFs posted net inflows of $19.5 bln over the same time period illustrating the divergence of international equities
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $1.7 bln last week,leading all ETFs
Despite SPY's strong net inflows last week,over the last 13 weeks, the fund has exhibited net outflows of $7.0 bln
The WisdomTree Europe Hedged Equity Fund (HEDJ) had another positive week of net flows at $658 mln; over the last 13 weeks, HEDJ generated net inflows of $6.0 bln, more than any ETF, and 58% of its current market cap
Notably, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) had another week of net inflows; HYG generated net inflows of $599 mln last week and $3.3 bln over the last 13 weeks
The iShares Russell 2000 ETF (IWM) posted net outflows of $647 mln last week; IWM's recent flows have been erratic as the fund has not exhibited net flows in one direction for three consecutive weeks since July 2014
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading was essentially flat in January at 29% relative to December; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume decreased by $113 bln last week compared to the prior week and is 16% below its 13-week average
US Large-Cap ETFs accounted for 39% of ETF $ volume last week, below their 43% 13-week average; US Large-Cap ETFs make up 26% of ETF market share
US-Listed ETFs: Short Interest Data Updated: Based on data as of 1/30/15
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $2.1 bln
Despite SPY's recent increase in shares short, its 228 mln shares short are 9% below its 52-week average
Notably, shares short for the Energy Select Sector SPDR (XLE) are at 54 mln and have declined for four consecutive periods
670 ETFs exhibited short interest increases while 659 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $751 mln over the period ended 1/30/15
The average shares short/shares outstanding for ETFs is currently 3.6%, down from 3.8% last period
For the fifth straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 240%, but is down from the prior period's 457%
Eight of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, BBC, DRV, XBI, XOP, XRT, IYR, KRE)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than or equal to 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$10.5 bln in total market cap of ETFs less than 1-year old
Active ETFs make up 34% of recently launched ETF market share, the most of any ETF category; based on the number of SEC filings, we anticipate Active ETF issuance to remain robust
Twenty-four new ETF listings and 21 closures YTD
The top 10 most successful launches make up 56% of the market cap of ETFs launched over the past year
Five ETF sponsors and three asset classes (equity, fixed income, and commodity) were represented in top 10 most successful launches
The iShares Commodity Select Strategy ETF (COMT) generated net inflows of $312 mln last week, the most of any recently launched ETF; COMT is an actively managed ETF that invests in commodity futures contracts and commodity producer stocks
Notably, the PureFunds ISE Cyber Security ETF (HACK) has posted $57 mln in net inflows over the last four weeks and has gathered meaningful attention given recent cybersecurity threats and crimes
request report
Source: Morgan Stanley
BATS Global Markets reportedly to replace CEO
February 18, 2015--BATS Global Markets is preparing to launch an initial public offering again, three years after a software problem forced a halt to a previous attempt.
The company is expected to appoint Chris Concannon, a former executive at high-speed trader Virtu Financial, as chief executive, while CEO Joseph Ratterman would become board chairman, sources say.
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Source: SmartBrief
Legg Mason Announces Hire Of Seasoned ETF Professionals
Team will lead the creation and execution of new product offerings with Legg Mason investment affiliates
February 18, 2015--Legg Mason Inc., (NYSE: LM), today announced that the firm has hired Rick Genoni and Brandon Clark to lead the firm's strategy in the ETF product category.
The team joins Legg Mason from The Vanguard Group where they collectively had nearly 18 years of experience in the ETF business. Mr. Genoni led Vanguard's Index and ETF product management team and Mr. Clark led Vanguard's ETF Capital Markets Group.
"Our product development agenda is driven by our clients' needs and preferences. The ETF vehicle continues to evolve beyond the delivery of traditional index-based passive products and we want to have the ability to offer an ETF vehicle where it is beneficial to clients and consistent with our affiliates' existing investment process.
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Source: CNN
T. Rowe Price Launches Two New Bond Funds The Global Unconstrained Bond
Fund and the Global High Income Bond Fund Invest to Capitalize on Expanding Fixed Income Opportunities
February 18, 2015--T. Rowe Price (NASDAQ-GS: TROW) has launched the Global Unconstrained Bond Fund (Investor Class: RPIEX; Advisor Class: PAIEX) and the Global High Income Bond Fund (Investor Class: RPIHX; Advisor Class: PAIHX), building on the firm's well-established fixed income franchise.
The two new funds are designed to help long-term investors navigate increasingly uncertain fixed income markets, which are characterized today by unprecedented low yields, uncertainty surrounding interest rates, and diverging global monetary policies.
While both funds were created to play supporting roles in an investor's portfolio, the Global Unconstrained Bond Fund focuses more on downside protection, while the Global High Income Bond Fund focuses more on capturing upside potential.
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Source: T. Rowe Price
AdvisorShares Pacific Asset Enhanced Floating Rate ETF (FLRT) To Begin Trading on Thursday, February 19th
New ETF seeks attractive monthly income through active management within the most liquid segments of floating rate loan marketplace
February 18, 2015--AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced today that the AdvisorShares Pacific Asset Enhanced Floating Rate ETF (NYSE Arca: FLRT) will begin trading on Thursday, February 19, 2015.
The FLRT portfolio is managed by Pacific Asset Management, a Newport Beach, Calif.-based SEC registered investment adviser that specializes in institutional fixed income management, and features an investment professional team that carries multiple decades of experience managing floating rate loan portfolios.
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Source: AdvisorShares
ISE Holdings Statement On The Passing Of Ivers W. Riley
February 18, 2015--The International Securities Exchange Holdings, Inc. (ISE Holdings) today released a statement on the passing of Ivers W. Riley, who joined ISE's Board of Directors in 2000 and served as its Chairman from 2002 to 2006.
David Krell, ISE Chairman and a co-founder of the exchange, said, "Ivers was a true rarity in this industry. He was involved in many of the transformative moments that set the course for the robust options markets in existence today. From convincing the SEC to allow trading of puts, to developing the first ETF products, to leading the industry toward the benefits of electronic trading, Ivers had a clear vision driven by a desire for innovation and transparency.
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Source: ISE Holdings
BATS Exchange Welcomes KraneShares
KraneShares Emerging Markets Plus ETF (KEMP) Available for Trading on BATS Exchange
February 17, 2015--BATS Global Markets (BATS), a leading operator of securities markets in the U.S. and Europe, today announced that KraneShares, a New York-based ETF company focused on providing investment exposure to the market in China, has listed the KraneShares FTSE Emerging Markets Plus ETF on BATS Exchange.
The new ETF, which listed on Friday, Feb. 13th, trades under the symbol KEMP and is KraneShares' first listing on BATS Exchange.
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Source: BATS Global Markets, Inc.
The PureFunds ISE Cyber Security ETF (HACK) Exceeds One Million Shares in a Trading Day
Assets Under Management Now Over $200 Million
February 17, 2015--PureFunds(R) announced today the PureFunds ISE Cyber Security ETF (NYSEArca: HACK) exceeded one million shares traded on Friday, February 13, 2015 (actual: 1,397,800), bringing the total assets under management for HACK to over $231 million*.
HACK also closed at a record high $28.24, up 6.61% YTD. These milestones come just three months after the fund's launch on November 12, 2014.
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Source: PureFunds
With the Launch of Four New Funds, BlackRock Expands the iShares Core for Canadian Investors
The iShares Core now includes low-cost options for access to the U.S. Total Stock Market, currency-hedged developed markets and the world
iShares also launches a new unhedged option to access dividend-paying U.S. companies
February 17, 2015--iShares, the industry-leading exchange traded fund (ETF) business at BlackRock Asset Management Canada Limited (BlackRock Canada),
an indirect, wholly-owned subsidiary of BlackRock, Inc. (BlackRock), announced the launch of four new funds in the iShares Core, providing even more comprehensive exposures and currency-hedging optionality to the asset classes sought most by Canadian investors today(1). In addition, iShares also announced the launch of a new fund that provides an unhedged option to dividend-paying U.S. companies, offering additional ways for Canadian investors to reach for income in an ongoing low-yield environment. XUU, XAW, XHU, XFH and XUH have now closed the initial offering of their units. The units of XUU, XAW, XHU and XFH will be listed on the TSX when the market opens today. The units of XUH are expected to be listed on the TSX when the market opens on February 19, 2015.
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Source: BlackRock
Solar: Creating Jobs in the U.S. Through Growth & Innovation
February 17, 2015--If you're looking for an example of growth and innovation in the U.S. that's creating lots of jobs, look no further than solar, which is popping up everywhere, from airports to schools and the military, and of course, at homes and businesses.
In late December, the world's largest solar array at an airport starting generating power at Indianapolis International Airport. Covering 162 acres, electricity from the 22.2 megawatt (MW) system (76,000 solar panels) will be sold to the utility to power residential and commercial customers. The biggest solar system in Minnesota is under construction at Minneapolis St. Paul International Airport-at 3 MW, it will provide 20% of the power.
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Source: Nasdaq.com
