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Morgan Stanley-US ETF Weekly Update
November 24, 2014--US ETF Weekly Update
Weekly Flows: $6.9 Billion Net Inflows
Seventh Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETFs Have Generated Net Inflows 36 of 47 Weeks YTD
ETF Assets Stand at $2.0 Trillion, Up 16% YTD
One ETF Launch Last Week
EGShares Announces Changes to Dividend Suite
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $6.9 bln last week; seventh consecutive week of net inflows
Over the last seven weeks, ETFs have generated net inflows of $61.0 bln
Last week's net inflows were led by International - Developed ETFs at $2.2 bln; conversely, Fixed Income ETFs posted net outflows of $982 mln, the most of any category we measured
Ten of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 36 of the 47 weeks YTD totaling $173.2 bln; notably, the fourth quarter is typically the strongest quarter for ETF flows
ETF assets stand at $2.0 tln, up 16% YTD
13-week flows remain positive among most asset classes; combined $85.0 bln in net inflows
US Large-Cap ETFs generated net inflows of $41.7 bln over the last 13 weeks, accounting for 49% of ETF net inflows, the most of any category
Commodity ETFs have lagged over the last 13 weeks, exhibiting net outflows of $2.5 bln; over the last two years Commodity ETF market share has declined to 3% from 9%
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Core S&P Mid-Cap ETF (IJH) posted net inflows of $997 mln last week, the most of any ETF
Over the last four weeks, the PowerShares QQQ (QQQ) has generated net inflows of $4.4 bln as investors flock to high-growth companies
The iShares MSCI Japan ETF (EWJ) and the WisdomTree Japan Hedged Equity Fund (DXJ) had another solid week of net inflows, posting a combined $836 mln in net inflows
Despite exhibiting net outflows of $432 mln last week, the SPDR S&P 500 ETF (SPY) has posted net inflows of $23.4 bln over the last 13 weeks, the most of any ETF
The iShares 1-3 Year Treasury Bond ETF (SHY) exhibited net outflows of $2.0 bln last week, the most of any ETF, and the fifth consecutive week of net outflows
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume jumped in October to 30% amid a spike in volatility and trading volumes; October's reading compares to September's 25%; 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 increased by $40 bln last week compared to the prior week, but is still 15% below its 13-week average
Global ETFs accounted for 5% of ETF $ volume last week compared to their 13-week average of 4% and 3% market cap share
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 10/31/14
PowerShares QQQ (QQQ) had the largest increase in USD short interest at $982 mln
QQQ's shares short at 79 mln are at their highest level since 4/30/14
Notably, the iShares US Real Estate ETF (IYR) had a $1.0 bln decline in short interest compared to the prior period; IYR has a current market cap of $5.1 bln
703 ETFs exhibited short interest increases while 633 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $7.5 bln over the period ended 10/31/14
The average shares short/shares outstanding for ETFs is currently 4.1%, up from 3.9% last period
The Market Vectors Semiconductor ETF (SMH) de-throned the SPDR Retail ETF (XRT) as the most heavily shorted ETF as a % of shares outstanding last period; SMH shares short as a % of shares outstanding is 350%
Seven of the 10 most heavily shorted ETFs as a % of shares outstanding are sector/industry based (SMH, XRT, XOP, DDG, DRV, IYR, XBI)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.4 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 43% of recently launched ETF market share and 50% of net inflows over the last 13 weeks, the most of any category
Over the last year, 33% of all ETF launches can be attributed to international equity ETFs
Recently launched Fixed Income ETFs posted net inflows of $137 mln last week, the most of any category
177 new ETF listings and 60 closures YTD (additional two announced)
The top 10 most successful launches make up 52% of the market cap of ETFs launched over the past year
Five ETF sponsors and three asset classes (equity, fixed income, and currency) were represented in top 10 most successful launches
The Vident Core US Bond Strategy ETF (VBND) generated net inflows of $104 mln last week, the most of any recently launched product; VBND is diversified across fixed income sectors and screens for companies with strong leadership, governance, and creditworthiness factors
request report
Source: Morgan Stanley
São Paulo-based exchange eyes stakes in Latin American rivals
November 23, 2014--Brazil's BM&FBovespa is planning to buy up to 15 per cent of every significant stock exchange operator in Latin America in its boldest move yet to assert its influence in the region.
The São Paulo-based exchange operator hired two banks last month to acquire large enough stakes in the national exchanges of Mexico, Colombia, Chile, Peru and Argentina to ensure a seat on the board of each, BM&FBovespa's chief executive Edemir Pinto told the Financial Times.
CFTC.gov Commitments of Traders Reports Update Assets Decline for 'ETF Managed Portfolios' in 3Q view more Ontario's Funds Industry is Playing an Increasingly Valuable Role in the Province's Economy view more Teucrium Trading, LLC Announces Fund Closures of Teucrium WTI Crude Oil Fund and the Teucrium Natural Gas Fund view more AdvisorShares Weekly Market Update-For the week of November 10-November 14 view more SEC Adopts Rules to Improve Systems Compliance and Integrity view more
CFTC.gov Swaps Report Update CFTC Launches National Campaign to Protect Consumers from Financial Fraud view more
Source: FT.com
November 21, 2014--The current reports for the week of November 18, 2014 are now available.
view updates
Source: CFTC.gov
November 21, 2014--So-called ETF managed portfolios took a step back in the third quarter.
Total assets for the group-managers that build portfolios using exchange-traded funds-fell 6% to $96, from June through September, according to Morningstar's Ling-Wei Hew.
Morningstar includes 677 strategies from 143 firms in its tabulation.
Source: Barron's
November 20, 2014--The value of mutual funds and exchange traded funds (ETF) held in Ontario has grown by 90 per cent in the last decade,
helping Ontario's funds industry play an increasingly valuable role in the province's economy, according to The Conference Board of Canada's...
Source: Yahoo Finance
November 20, 2014--Teucrium Trading, LLC ("Teucrium"), a commodity pool operator and the Sponsor of commodity-focused exchange-traded products ("ETPs"), today announced that it will close the Teucrium WTI Crude Oil Fund and the Teucrium Natural Gas Fund (collectively, the "Funds").
Teucrium has determined that the closure of the Funds is advisable because of current market conditions and the Funds respective asset size.
Source: Teucrium Trading LLC
November 20, 2014--
Yes, The Stock Market Was Open Last Week?
Macro
In our update last week we had a lot of ground to cover with all the activity in markets as well as external events with the potential to move markets.
Fast forward one week and activity
could best be described as tumbleweeds rolling through town
or the sound of crickets chirping.
The S&P 500 traded in a very narrow range closing up 38 basis
points on the week.
Source: AdvisorShares
Rules to Strengthen Technology Infrastructure of Securities Markets
November 19, 2014--The Securities and Exchange Commission today voted to adopt new rules designed to strengthen the technology infrastructure of the U.S. securities markets.
The rules-together comprising Regulation Systems Compliance and Integrity (Regulation SCI)-impose requirements on certain key market participants intended to reduce the occurrence of systems issues and improve resiliency when systems problems do occur.
Source: SEC.gov
November 19, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
view updates
Source: CFTC.gov
November 19, 2014--New CFTC SmartCheck Website Offers Investors Access to Quick, Effective Tools to Check Backgrounds of Financial Professionals
November 19, 2014--The U.S. Commodity Futures Trading Commission (CFTC) today launched CFTC SmartCheck, a new national campaign to help investors identify and protect themselves against financial fraud.
The comprehensive campaign includes a new website, a national advertising campaign and interactive videos that will help investors spot investment offers that are potentially fraudulent. The new website, SmartCheck.CFTC.gov, unveiled today, is an educational tool that helps investors conduct background checks of financial professionals.
Source: CFTC.gov
