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Morgan Stanley- ETF Fund Flows Report
July 28, 2014--There were 43 new ETFs listed in the US in 2Q14, and two new
providers entered the market. There were no ETF liquidations in the
second quarter. An additional eight ETFs have been launched since the
end of 2Q14, and as of 7/22/14 there were 47 issuers with 1,416 ETFs
listed in the US.
Net inflows into US-listed ETFs were $58.5 billion during 2Q14. This
is significantly above the $39.8 billion average quarterly rate of net
inflows since the beginning of 2011 and is also higher than average
second quarter flows since 2011, at $32.4 billion. Since the beginning of
2011, only two quarters have exceeded 2Q14's net inflows and both were
fourth quarters, which are typically strong quarters for ETF flows.
Notably, most global markets were positive in 2Q14. YTD, ETFs have
generated net inflows of $69.3 billion.
The largest net cash inflows in the second quarter went into International-Developed ETFs. These ETFs had net cash inflows of $12.5 billion this past quarter, driven by European equity ETFs or those ETFs with significant European equity exposure. Fixed Income ETFs had the next highest inflows this past quarter at $12.0 billion. Nine of the 10 ETFs to generate the largest net inflows in 2Q14 were equity-based. US Small- & Micro-Cap ETFs had the largest net outflows in 2Q14. Net cash outflows from these ETFs were $3.8 billion. The iShares Russell 2000 ETF (IWM) was the primary driver of the net outflows in this category. IWM exhibited net outflows of $2.7 billion in 2Q14.
Commodity ETFs also struggled during 2Q14, posting net outflows of $902 million. Notably, only US Small- & Micro-Cap ETFs, Commodity ETFs, and Currency ETFs exhibited net outflows during the quarter. US ETF industry assets of over $1.8 trillion. Despite the growth of the ETF market, it remains concentrated with three providers and 20 ETFs accounting for 80% and 41% of industry assets, respectively.
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Source: Morgan Stanley
SEC Adopts Money Market Fund Reform Rules
July 24, 2014--The Securities and Exchange Commission today adopted amendments to the rules that govern money market mutual funds.
The amendments make structural and operational reforms to address risks of investor runs in money market funds, while preserving the benefits of the funds.
Today's rules build upon the reforms adopted by the Commission in March 2010 that were designed to reduce the interest rate, credit and liquidity risks of money market fund portfolios. When the Commission adopted the 2010 amendments, it recognized that the 2008 financial crisis raised questions of whether more fundamental changes to money market funds might be warranted.
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Source: SEC.gov
Deutsche expands U.S. exchange-traded products team
July 22, 2014--Deutsche Bank AG has hired three new regional vice presidents to join its U.S. distribution team focused on exchange-traded products, the company said on Tuesday.
The new additions, who joined Deutsche Asset & Wealth Management from BlackRock Inc and TS Capital LLC, are part of a broader expansion effort as Deutsche looks to build out its ETP footprint in the United States.
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Source: Reuters
Hot ETF sellers give distribution its due
July 22, 2014--Smaller exchange traded fund providers are pointing to heavy investments in distribution staff that have helped them rake in assets and compete in new markets
Several of the fastest-growing firms so far this year, including Deutsche Asset and Wealth Management, ALPS, Northern Trust's FlexShares and Guggenheim Investments, have added significantly to their sales forces over the past 12 to 18 months.
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Source: FT.com
NASDAQ OMX Lists First Trust Dorsey Wright International Focus 5 ETF
International ETF Tracks Index Based on Systematic Momentum Strategy
July 22, 2014-- NASDAQ OMX today announced that First Trust will launch a new exchange traded fund (ETF),First Trust Dorsey Wright International Focus 5 ETF (Symbol: IFV),which will be listed on The NASDAQ Stock Market(R) (NASDAQ(R)). IFV will begin trading on NASDAQ on Wednesday,July 23,2014.
"International investing has always been a passion of mine," said Tom Dorsey,President and CEO of Dorsey,Wright & Associates. "I am excited that we have collaborated with First Trust to bring a second ETF that captures the Dorsey Wright Focus Five methodology and now provides investors with a tactical international equity strategy."
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Source: NASDAQ OMX
Morgan Stanley-US ETF Weekly Update
July 21, 2014--US ETF Weekly Update
Weekly Flows: $321 Million Net Outflows
First Net Outflows in 10 Weeks
ETFs Have Generated Net Inflows 21 of 29 Weeks YTD
ETF Assets Stand at $1.8 Trillion, Up 10% YTD
Two ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $321 mln last week, the first net outflows in 10 weeks
Last week's net outflows were led by US Small- & Micro-Cap ETFs at $1.3 bln; conversely, Fixed Income ETFs posted net inflows of $1.1 bln, the most of any category we measured
Nine of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 21 of the 29 weeks YTD
ETF assets stand at $1.8 tln, up 10% YTD
13-week flows remain positive among asset classes; combined $49.4 bln in net inflows
International - Developed ETFs generated $12.9 bln in net inflows over the last 13 weeks, the most of any category we measured and easily beating Fixed Income ETFs, the second largest asset gatherer from a flows perspective
US Small- & Micro-Cap ETFs exhibited net outflows of $3.1 bln over the last 13 weeks and was one of three categories to post net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares 7-10 Year Treasury Bond ETF (IEF) posted net inflows of $1.6 bln this past week, the most of any ETF
Prior to last week, IEF has posted seven consecutive weeks of net outflows totaling $5.3 bln
Despite posting net outflows of $2.2 bln last week, over the last 13 weeks, SPY has generated net inflows of $3.4 bln, the most of any ETF
Notably, two high yield bond ETFs exhibited large net outflows last week; the PIMCO 0-5 Year High Yield Corporate Bond Index Fund (HYS) had net outflows of $607 mln and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) had net outflows of $508 mln
Over the last 13 weeks, the iShares Russell 2000 ETF (IWM) has posted net outflows of $2.0 bln, the most of any ETF; US small-cap equities have drastically underperformed their larger cap counterparts over this time period from a performance standpoint
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume decreased in June to 22%, down from 24% the prior month; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%; June's 22% is the lowest level since May 2007
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was $47 bln more last week compared to the prior week and is 20% above its 13-week average
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Source: Morgan Stanley
Fund managers on alert over money market shake-up
July 21, 2014--Fund managers are jostling to keep hold of $900bn of assets that could be
shaken loose by new US rules on money markets funds due to be unveiled this week...
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Source: FT.com
iShares Adds Low-Cost Access to Short Duration, High Quality Bonds to the Core Series for Canadian Investors with XSQ
The iShares Core Series for Canadian Investors Leads in Market Flows Since Launch
For Even Greater Simplicity iShares Cores Series Funds to Include 'Core" in Names
July 21, 2014--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 addition of the iShares Core Short Term High Quality Canadian Bond Index ETF (XSQ) to its Core Series.
On the heels of the successful launch of the iShares Core Series for Canadian investors earlier this year, this new fund will deepen the fixed income opportunities within the Core Series by offering investors low-cost exposure to high quality, liquid, short duration Canadian bonds (1-5 years), with a credit rating of A or higher. XSQ has an annual management fee of 0.12%. XSQ has now closed the initial offering of its units which will be available for trading on the TSX when the market opens today.
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Source: BlackRock
Exchange Traded Concepts files with the SEC
July 17, 2014--Exchange Traded Concepts has filed a application for exemptive relief with the SEC.
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Source: SEC.gov
Credit Suisse replaces Barclays as biggest swaps clearer
July 17, 2014--Credit Suisse has leapfrogged Barclays to become the biggest over-the-counter derivatives clearer in the US, as measured by the amount of client margin its futures commission merchant (FCM) is required to hold.
As of June 30, the Swiss bank faced a requirement of at least $7.2 billion for cleared swaps-a figure that has shot up 83% in the past eight months- according to data compiled by the National Futures Association (NFA).
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Source: Risk.net
