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Morgan Stanley US ETF Weekly Update
February 9, 2015--US ETF Weekly Update
Weekly Flows: $15.0 Billion Net Inflows
Third Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion
Five ETF Launches Last Week
United States Commodity Funds Announces ETF Closure
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $15.0 bln last week; third consecutive week of net inflows
Last week's net inflows were led by Fixed Income ETFs at $9.5 bln; conversely, US Sector & Industry ETFs posted net outflows of $2.7 bln, the most of any category we measured
US Large-Cap ETFs also had a big week, posting net inflows of $3.1 bln
Nine of the 15 categories we measured posted net inflows last week
ETF assets stand at $2.0 tln, up 2% YTD
13-week flows remain positive among most asset classes; combined $88.2 bln in net inflows
Fixed Income ETFs generated net inflows of $24.4 bln over the last 13 weeks, the most of any category, and accounted for 28% of total ETF net inflows; Fixed Income ETFs have 16% market share
International - Emerging ETFs exhibited net outflows of $3.8 bln over the last 13 weeks, the most of any category, and one of only three segments to post net outflows; International - Emerging ETFs have 7% market share
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $2.3 bln last week, leading all ETFs
First net inflows in SPY in the last six weeks
Three US Treasury ETFs, the iShares Short Treasury Bond ETF (SHV), iShares 7-10 Year Treasury Bond ETF (IEF), and iShares 3-7 Year Treasury Bond ETF (IEI) had a combined $4.3 bln in net inflows last week
Notably, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) had another week of net inflows; HYG generated net inflows of $1.1 bln last week and $2.6 bln over the last 13 weeks
The iShares US Technology ETF (IYW) posted net outflows of $1.2 bln last week, the most of any ETF; IYW has exhibited net outflows nine of the last 13 weeks
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 $13 bln last week compared to the prior week, but is 15% above its 13-week average
US Sector & Industry ETFs accounted for 18% of ETF $ volume last week, above their 14% 13-week average; US Sector & Industry ETFs make up 12% of ETF market cap
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 1/15/15
Industrials Select Sector SPDR (XLI) had the largest increase in USD short interest at $485 mln
Despite XLI's recent increase in shares short, its 45 mln shares short are essentially in-line with its 52-week average
Notably, shares short for the Market Vectors Gold Miners ETF (GDX) are at their highest level of all time, at 41 mln shares
731 ETFs exhibited short interest increases while 592 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $236 mln over the period ended 1/15/15
The average shares short/shares outstanding for ETFs is currently 3.8%, flat from last period
For the fourth straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 457%
Eight of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, XOP, XBI, DRV, XRT, IYR, OIH, XME)
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 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$9.9 bln in total market cap of ETFs less than 1-year old
Active ETFs make up 33% 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
Despite mixed performance, 55 International Equity ETFs have come to market over the last year
Eighteen new ETF listings and 20 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 two asset classes (equity and fixed income) were represented in top 10 most successful launches
The First Trust Enhanced Short Maturity ETF (FTSM) generated net inflows of $813 mln last week, the most of any recently launched ETF; FTSM is an actively managed ETF that invests in short-duration, USD-denominated, investment grade securities
Notably, the First Trust Eurozone AlphaDEX ETF (FEUZ) exhibited net outflows of $276 mln, the most of any recently launched ETF
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Source: Morgan Stanley
ETFs/ETPs listed in Canada gathered net inflows of US$400 million in January 2015, according to ETFGI
February 9, 2015--ETFGI's new research finds ETFs/ETPs listed in Canada gathered net inflows of US$400 Mn in January.
The Canadian ETF industry had 347 ETFs, with 490 listings, assets of US$62 Bn, from 9 providers listed on 1 exchange at the end of January, according to preliminary data from ETFGI’s end January 2015 global ETF and ETP industry insights report.
In January, ETFs/ETPs saw net inflows of US$400 Mn. Fixed income ETFs/ETPs gathered the largest net inflows with US$366 Mn, while equity ETFs/ETPs experienced the largest net outflows with US$118 Mn followed by commodities which recorded net outflows of US$8 Mn.
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Source: ETGI
Fixed income and commodity ETFs/ETPs listed in the United States have best start to the year on record, according to ETFGI
February 9, 2015 — ETFGI's new research finds ETFs/ETPs listed in the United States suffered net outflows of US$4.0 Bn in January, with a record $17.0 Bn net outflows from equities overshadowing the best ever start of the year for fixed income and commodity products, which gathered net inflows of US$7.5 Bn and US$4.1 Bn respectively.
The US ETF/ETP industry had 1,652 ETFs/ETPs, assets of US$1,980 Bn, from 70 providers on 3 exchanges at the end of January 2015 according to preliminary data from ETFGI's end January 2015 global ETF and ETP industry insights report.
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Source: ETFGI
BNY Mellon ADR Index Monthly Performance Update-January 2014
February 9, 2015--The BNY Mellon ADR Index Monthly Performance Update is now available.
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Source: BNY Mellon
Currency-hedged ETFs in vogue as investors clamor for more
February 8, 2015--U.S. investors spooked by wild swings in the foreign exchange market are piling into exchange-traded funds that strip out the local currency on their international equity portfolios, making them one of the most sought-after financial products in 2015.
With the dollar having rallied more than 19 percent since the beginning of 2014, investors are seeing gains in overseas stock markets eaten up by losses against the greenback.
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Source: Reuters
Gross Owns Majority of Janus Fund Through Two Brokerages
February 6, 2015--Bill Gross and his family own more than half of the bond fund he runs on behalf of Janus Capital Group Inc., after acquiring their shares through brokerage accounts at Morgan Stanley and Charles Schwab Corp.
Gross and his family held a 51.2 percent stake in Janus Global Unconstrained Bond Fund as of Dec. 31, according to a filing Friday by Denver-based Janus with the U.S. Securities and Exchange Commission.
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Source: Bloomberg
CBO-Monthly Budget Review for January 2015
February 6, 2015--The federal government ran a budget deficit of $195 billion for the first four months of fiscal year 2015, CBO estimates-$12 billion more than the shortfall recorded in the same span last year. Revenues and outlays were both 8 percent higher than they were at this time a year ago.
If lawmakers enact no further legislation affecting spending or revenues, the federal government will end fiscal year 2015 with a deficit of $468 billion, or 2.6 percent of gross domestic product (GDP), CBO estimates, down from a deficit of $483 billion, or 2.8 percent of GDP, in 2014.
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Source: Congressional Budget Office (CBO)
ICE commits to NYSE for at least 2 years
January 6, 2015--The owner of the New York Stock Exchange has indicated it will give the institution at least two years to deliver better performance, batting down speculation its recently acquired bourse was for sale.
Intercontinental Exchange said on Thursday it expected the "Big Board" to be a major contributor to earnings in coming years, although warned it would be prepared to jettison an underperforming division.
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Source: CNBC.com
CFTC.gov Commitments of Traders Reports Update
February 6, 2015--The current reports for the week of February 3, 2015 are now available.
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Source: CFTC.gov
Fidelity Investments(R) Expands Commission-Freei Passive Sector ETFs with Launch of Real Estate ETF
Low-Cost Sector ETF Lineup Surpasses $2.2 Billion in Assets;
New ETF Expands Passive Mutual Fund and ETF Product Offering for Investors and Advisors
February 5, 2015--Fidelity Investments(R), a pioneer in sector investing and the second largest passive mutual fund manager, today announced it expanded its passive sector ETF product lineup with the launch of Fidelity(R) MSCI Real Estate Index ETF (FREL).
Available to individual investors and financial advisors, FREL is a passively-managed, market-cap weighted real estate ETF. Fidelity, who has been managing index funds for over 25 years, now offers 16 Fidelity index mutual funds and 12 passively managed Fidelity ETFs totaling $177 billion assets under management.
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Source: CNBC.com
