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Morgan Stanley ETF Weekly Update
December 29, 2014--US ETF Weekly Update
Weekly Flows: $20.4 Billion Net Inflows
Twelfth Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion, Up 19% YTD
One ETF Launch Last Week
2014 Guggenheim BulletShares to Mature
Two Teucrium Commodity ETFs Close
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $20.4 bln last week; 12th consecutive week of net inflows
Over the last twelve weeks, ETFs have generated net inflows of $112.8 bln
Last week's net inflows were led by US Large-Cap ETFs at $17.9 bln; conversely, US Mid-Cap ETFs posted net outflows of $1.2 bln, 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 19% YTD
13-week flows remain positive among most asset classes; combined $109.5 bln in net inflows
US Large-Cap ETFs generated net inflows of $44.5 bln over the last 13 weeks, the most of any category, and accounted for 41% of total ETF net inflows
International-Emerging ETFs exhibited net outflows of $4.1 bln over the last 13 weeks, the most of any category, and one of only four sectors to post net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $15.5 bln last week, the most of any ETF
Over the last 13 weeks, SPY has generated net inflows of $25.9 bln; the fourth quarter is typically a strong quarter for SPY flows
Notably, the iShares Core S&P 500 ETF (IVV) also posted meaningful net inflows last week at $535 mln; both SPY and IVV mirror the S&P 500 Index and have posted impressive fourth quarter inflows
The Energy Select SPDR (XLE) had net inflows of $839 mln last week, lagging only SPY; despite weakness in energy markets the past few months, XLE has posted $2.9 bln in net inflows over the last 13 weeks
Over the last 13 weeks, the iShares MSCI Emerging Markets ETF (EEM) has exhibited net outflows of $5.0 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume declined in November to 23%and is the lowest reading since June 2014; 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 declined by $406 bln last week compared to the prior week amid a shortened trading week
Leveraged/Inverse ETFs accounted for 6%of ETF $ Volume last week, down from their 8%13-week average
US-Listed ETFs: Short Interest Data Updated: Based on data as of 12/15/14
Energy Select Sector SPDR (XLE) had the largest increase in USD short interest at $1.0 bln
XLE's shares short at 66 mln are at their highest level since 9/30/11 as oil prices have declined dramatically over the past few months
Notably, shares short for the iShares Russell 2000 ETF (IWM) at 106 mln are at their lowest level since 1/15/09
595 ETFs exhibited short interest increases while 774 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $3.2 bln over the period ended 12/15/14
The average shares short/shares outstanding for ETFs is currently 3.9%, down from 4.2%last period
For the second straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 457%
Seven of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, XOP, XRT, XBI, IYR, OIH, DRV)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.6 bln in total market cap of ETFs less than 1-year old-Active ETFs account for 32% of recently launched ETF market share, the most of any ETF category
Recently launched Fixed Income ETFs generated net inflows of $65 mln last week, more than any other category
189 new ETF listings and 70 closures YTD (additional three closures announced)
The top 10 most successful launches make up 48% of the market cap of ETFs launched over the past year
Four ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches
Interestingly, over the last year, BlackRock has launched more ETFs at 29 than any other ETF issuer accounting for a market cap of $1.7 bln; First Trust, on the other hand, has launched only 15 ETFs, but those 15 ETFs have a total market cap of $2.6 bln, the most of any issuer
Source: Morgan Stanley
Rush for exposure to US fuels ETF inflows
December 28, 2014--A scramble for exposure to the US’s economic recovery dominated flows into fast-growing exchange traded funds in 2014, and contrasted with fading investor enthusiasm for Europe.
International flows into all ETFs with exposure to the US this year were equivalent to almost 50 per cent of starting assets under management-the strongest since 2008, according to an analysis for the Financial Times by Markit, the financial data provider.
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Source: FT.com
Why it’s time for investors to move out of Canada- and stay out
December 27, 2014--It's easy to make a case against the Canadian stock market.
For starters, resources make up a third of the S&P/TSX composite index and they are being absolutely pummelled. Factor in a 35% weight in financials, and there’s very little on the Canadian benchmark that is non-cyclical.
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Source: Financial Post
Vanguard Cuts Fees on Sector Stock ETFs
December 26, 2014--The was no Christmas truce in the ETF fee wars this year.
Vanguard Group announced earlier this week that it lowered expenses for its 10 U.S. sector stock exchange-traded funds,
as well as for two separate ETFs and more than a dozen mutual funds.
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Source: Barron's
ETFs Shatter Records, Climb Above $2 Trillion in Assets
December 26, 2014--When the history of the investment world is written, 2014 might go down, in part, as the year of the ETF.
ETFs hit new record
Assets in U.S. listed exchange traded funds and other exchange traded products, which were initially designed to offer investors low fee exposure to various "beta" market investments, have reached over $2 trillion in assets under management, according to new research from ETFGI.
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Source: ValueWeek
SEC Issues Annual Staff Reports on Credit Rating Agencies
September 24, 2014--The Securities and Exchange Commission today issued its annual staff report on the findings of examinations of credit rating agencies registered as nationally recognized statistical rating organizations (NRSROs).
The agency also submitted an annual staff report on NRSROs to Congress.
"The two reports reflect an evolving industry," said Thomas J. Butler, director of the SEC's Office of Credit Ratings. "The examination report shows that the SEC’s vigilant oversight is improving compliance at NRSROs, while the annual report to Congress depicts an industry that is growing more competitive and transparent."
view the Annual Report on Nationally Recognized Statistical Rating Organizations
Source: SEC,gov
Precidian Takes Another Pass at Non-Transparent ETFs
December 24, 2014--Precidian Investments earlier this week modified a proposal for non-transparent exchange-traded funds after retreating from an initial version that met scrutiny from regulators.
In October, the Securities and Exchange Commission told Precidian that its model for shielding stock holdings from public view might prevent specialized dealers from keeping funds’ prices in line with their net-asset values.
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Source: Barron's
CFTC.gov Swaps Report Update
December 24, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
view update
Source: CFTC.gov
Mutual Fund Store, once skeptical of ETFs, joins the fray
RIA with $9.5 billion from ordinary people branches into the funds
December 23, 2014--It may be the Mutual Fund Store, but company executives are not dogmatic about the "mutual fund" part.
Starting in 2015, the $9.5 billion registered investment adviser known for selling mutual funds and financial advice to the masses will add a product to its repertoire: ETFs.
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Source: Investment News
ProShares Announces Changes to ETF Lineup
December 23, 2014--ProShares announced today that it plans to close and liquidate 17 ETFs. The funds all trade on NYSE Arca.
"We continually review our lineup of ETFs to ensure our products meet the changing needs of investors," said Steve Cohen, managing director and head of strategy for ProShare Advisors, LLC. "Investor preferences and client feedback indicate these funds have little long-term demand."
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Source: ProShares
