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Morgan Stanley-ETF Weekly Update
November 18, 2013--US ETF Weekly Update
Weekly Flows: $1.3 Billion Net Inflows
$148.8 Billion Net Inflows YTD
ETF Assets Stand at $1.6 Trillion, up 22% YTD
One ETF Launch Last Week
FactorShares ETFs Set to Close
US-Listed ETFs: Estimated Flows by Market Segment
ETF flows rebounded last week, posting net inflows of $1.3 bln
Last week's net inflows were led by US Sector & Industry ETFs at $1.6 bln; conversely, International - Emerging ETFs posted net outflows of $3.3 bln, the most of any category we measured
ETFs have exhibited net inflows 31 out of 46 weeks YTD
ETF assets stand at $1.6 tln, up 22% YTD; $148.8 bln net inflows YTD
2013 net inflows are ahead of last year's pace (at this point last year, ETFs had posted $130.3 bln in net inflows)
13-week flows remain mostly positive among asset classes; combined $43.7 bln in net inflows
International - Developed ETFs generated net inflows of $21.5 bln over the last 13 weeks, the most of any category we measured; European ETFs or international equity ETFs with significant European exposure were the primary driver to the category's large net inflows
In the last year, Fixed Income ETF market share has declined to 15% from 20% as outflows and market performance have plagued the category
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $1.4 bln this past week, the most of any ETF
Notably, five of the 10 ETFs to exhibit the largest net inflows last week were US sector/industry based
Over the last 13 weeks, the Vanguard FTSE Europe ETF (VGK) has posted net inflows of $4.1 bln, the most of any ETF, as money has flocked to Europe in hopes of economic rebound
The two largest emerging market equity ETFs, iShares MSCI Emerging Markets ETF (EEM) and Vanguard FTSE Emerging Markets ETF (VWO), posted a combined $2.7 bln in net outflows last week
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was essentially flat for the fourth consecutive month (27% of listed trading volume)
Over the past 5 years, ETFs peaked at 36% of listed trading volume in November 2008
ETFs traded $253 bln last week, down $43 bln from the prior week and 14% below their 13-week average
International-Emerging ETFs accounted for 14% of ETF $ volume last week compared to their 10% 13-week average
US-Listed ETFs: Short Interest Data Updated: Based on data as of 10/31/13
The iShares 20+ Year Treasury Bond ETF (TLT) had the largest increase in USD short interest at $728 mln
TLT's shares short (30.4 mln) are at their all-time highest level
723 ETFs exhibited short interest increases while 467 experienced short interest declines over the last period
Aggregate ETF USD short interest decreased by $1.7 bln over the period ended 10/31/13
The average shares short/shares outstanding for ETFs is currently 4.3%, flat from last period
The SPDR Oil & Gas Exploration & Production ETF (XOP) eclipsed the SPDR Retail ETF (XRT) as the most heavily shorted ETF with a shares short as a % of shares outstanding of 280%
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
$5.8 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 26% of market capitalization of ETFs launched over the past year, the most of any category; over the last 13 weeks, recently launched Active ETFs have generated net inflows of $432 mln
131 new ETF listings and 43 closures/delistings YTD (additional five closures announced)
The top 10 most successful launches make up 49% of the market cap of ETFs launched over the past year
Seven ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
The Vident International Equity Fund (VIDI) generated net inflows of $104 mln last week, propelling it to the fourth largest ETF launched over the past year ($262 mln market cap); VIDI owns international equities that reside in countries with faster growth potential, more productive populations, and lower fundamental risk
Horizons ETFs Management (USA) LLC Launches Horizons S&P Financial Select Sector Covered Call ETF
November 18, 2013--Horizons ETFs Management (USA) LLC ("Horizons USA"), a member of the Horizons ETFs Group, one of the largest collective families of exchange traded funds (ETFs) in the world, announced today that it has launched the Horizons S&P Financial Select Sector Covered Call ETF ("HFIN"), an ETF that uses an innovative covered call strategy designed to potentially generate additional income from the option-eligible stocks in the S&P Financial Select Sector Index (the "Reference Stock Index").
The new ETF begins trading today on the New York Stock Exchange under the symbol HFIN (HFIN).
HFIN generally seeks to provide exposure to the performance of the S&P 500 Financial Select Sector Stock Covered Call Index (the "Underlying Index") and will make monthly distributions of dividend and net call option income, if any. Horizons USA has an exclusive agreement with S&P Dow Jones Indices LLC ("S&P") to offer an ETF in the U.S. based on the Underlying Index.
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Source: Horizons ETFs Group
Treasury International Capital Data for September
November 18, 2013--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for September 2013. The next release, which will report on data for October 2013, is scheduled for December 16, 2013.
The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of negative $106.8 billion. Of this, net foreign private outflows were negative $101.4 billion, and net foreign official outflows were negative $5.4 billion.
Foreign residents increased their holdings of long-term U.S. securities in September; net purchases were $62.3 billion. Net purchases by private foreign investors were $77.6 billion, while net sales by foreign official institutions were $15.3 billion.
U.S. residents increased their holdings of long-term foreign securities, with net purchases of $36.8 billion.
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Source: US Department of the Treasury
Treasury Arm Gets Earful From Asset Managers
November 17, 2013--The asset-management industry is pushing back against a powerful, yet little-known Treasury Department office that is laying the groundwork for tougher federal regulation of mutual funds and other asset managers.
Large firms such as BlackRock Inc., Pacific Investment Management Co. and Fidelity Investments are blasting a report by the Office of Financial Research that found asset managers could pose risks to the broader financial system.
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Source: Wall Street Journal
Investors add $34.1 billion to equity mutual funds in last four weeks
November 17, 2013--Investors poured some $34.1 billion into all equity mutual funds and exchange-traded funds in the past four weeks that ended November 13, the biggest four-week total since January, according to data from TrimTabs Investment Research.
TrimTabs research published on Sunday showed that retail investors have been piling into stocks at the fastest rate since January, when $38 billion flowed into equities.
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Source: Yahoo Finance
Factor Capital Management, LLC announces that it will close 5 ETF Funds.
November 16, 2013--On November 5, 2013, Factor Capital Management, LLC, a commodity pool operator (the "Managing Owner"), today announced that it has determined to close each of the Funds. The following table lists the name, ticker symbol and CUSIP number of each Fund:
|
Fund Name |
Ticker |
CUSIP |
|
FactorShares 2X: S&P500 Bull/TBond Bear |
FSE |
303046 106 |
|
FactorShares 2X: TBond Bull/S&P500 Bear |
FSA |
303047 104 |
|
FactorShares 2X: S&P500 Bull/USD Bear |
FSU |
303048 102 |
|
FactorShares 2X: Oil Bull/S&P500 Bear |
FOL |
30304P 104 |
|
FactorShares 2X: Gold Bull/S&P500 Bear |
FSG |
30304T 106 |
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Source: CNN Money
CFTC.gov Commitments of Traders Reports Update
November 15, 2013--The current reports for the week of November 12, 2013 are now available.
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Source: CFTC.gov
CFTC Issues Final Rules for Derivatives Clearing Organizations to Align with International Standards
November 15, 2013--The Commodity Futures Trading Commission (CFTC) today finalized rules to establish additional standards for systemically important derivatives clearing organizations (SIDCOs).
The rules were passed unanimously via Seriatim vote by the Commission.
These rules, together with the existing derivatives clearing organizations rules, establish Commission regulations that are consistent with the Principles for Financial Market Infrastructures (PFMIs) and would allow SIDCOs to continue to be Qualifying Central Counterparties for purposes of international bank capital standards.
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Source: CFTC.gov
NYSE and Nasdaq Plan to Back Up One Another's Data Streams
November 15, 2013--The committees that control consolidated data feeds for Nasdaq OMX Group and NYSE Euronext are looking at ways to strengthen the internal backup systems for their respective streams, according to a person familiar with the situation.
The collaboration would strengthen one of the stock market's common points of failure. The committees, which together include members of all U.S. exchanges, are also discussing other ideas that could stabilize the infrastructure of the financial exchanges.
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Source: Wall Street Journal
CFTC Passes Collateral Rule to Backstop Treasuries in Swap Trade
November 15, 2013--The U.S. Commodity Futures Trading Commission approved a rule aimed at ensuring that Treasuries pledged as collateral for swaps and futures trades can be instantly converted to cash.
With today's vote, the nation's main derivatives regulator toughened safeguards in a market blamed for worsening the 2008 global financial crisis. The four commissioners didn't change language mandating that Treasuries be subject to a "prearranged and highly reliable funding arrangement," according to a copy of the rule on its website.
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Source: Bloomberg
