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Morgan Stanley ETF Weekly Update
October 7, 2013--US ETF Weekly Update
Weekly Flows: $1.1 Billion Net Outflows
$123.2 Billion YTD
ETF Assets Stand at $1.6 Trillion, up 16% YTD
Six ETF Launches Last Week
Van Eck Announces Changes to LatAm Bond ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net outflows of $1.1 bln last week, second consecutive week of net outfolows
The past two weeks, ETFs have exhibited a combined $4.6 bln in net outflows
Last week’s net outflows were led by Fixed Income ETFs ($2.2 bln in net outflows); first net outflows in Fixed Income ETFs in five weeks
Eight of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.6 tln, up 16% YTD; $123.2 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $47.7 bln in net inflows
International - Developed ETFs generated net inflows of $17.1 bln over the last 13 weeks, the most of any category we measured and 46% more than the next largest category (US Large-Cap ETFs)
Over the last 13 weeks, only three categories have posted net outflows; Fixed Income and Currency ETFs accounted for 96% of ETF net outflows over the last 13 weeks
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Core S&P Mid-Cap ETF (IJH) posted net inflows of $2.4 bln this past week, the most of any ETF
The iShares 3-7 Year Treasury Bond ETF (IEI) exhibited net outflows of $2.6 bln last week, the most of any ETF; last week's net outflows were IEI's first in seven weeks
Interestingly, IJH and the ProShares Ultra MidCap400 (MVV) generated a combined $3.6 bln in net inflows last week whereas the SPDR S&P MidCap 400 ETF (MDY) posted $1.8 bln in net outflows; the three ETFs track the identical index
Over the last 13 weeks, the SPDR Gold Trust (GLD) has posted net outflows of $2.5 bln, the most of any ETF; that being said, there was a three-week stretch (8/12/13-8/30/13) when GLD actually generated $451 mln in net inflows
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was essentially flat in September relative to August at 27%
Over the past 5 years, ETFs peaked at 36% of listed trading volume in November 2008
ETFs traded $333 bln last week, up $67 bln from the prior week and 22% above their 13-week average
Leveraged/Inverse ETFs accounted for 9% of volume last week, however, make up only 2% of ETF market cap
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 9/13/13
For the second consecutive period, SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest ($1.6 bln)
SPY's shares short are at their highest level since 5/31/12 and 22% above their one-year average
Shares short of iShares MSCI Brazil Capped ETF (EWZ) declined to 35.4 mln from 52.1 mln on 8/30/13; up until this past period, EWZ's shares short had steadily increased throughout the year while EWZ is down 12.6% YTD on a market total return basis
Aggregate ETF USD short interest increased by $351 mln over the period ended 9/13/13
The average shares short/shares outstanding for ETFs is currently 4.2%
For the second straight period, the SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding; XRT's shares short are currently 280%, down from last period's 360%
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
$8.8 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 44% of market capitalization of ETFs launched over the past year and 40% of net inflows over the last 13 weeks
Ten ETFs launched over the past two weeks
101 new ETF listings and 43 closures/delistings YTD
The top 10 most successful launches make up 71% of the market cap of ETFs launched over the past year
Four 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)
Over the last year, BlackRock has launched 22 ETFs and accounts for 51% of all recently launched ETF market capitalization, the most of any sponsor (in terms of both number and market capitalization)
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 9/13/13
For the second consecutive period, SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest ($1.6 bln)
SPY's shares short are at their highest level since 5/31/12 and 22% above their one-year average
Shares short of iShares MSCI Brazil Capped ETF (EWZ) declined to 35.4 mln from 52.1 mln on 8/30/13; up until this past period, EWZ's shares short had steadily increased throughout the year while EWZ is down 12.6% YTD on a market total return basis
Aggregate ETF USD short interest increased by $351 mln over the period ended 9/13/13
The average shares short/shares outstanding for ETFs is currently 4.2%
For the second straight period, the SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding; XRT's shares short are currently 280%, down from last period's 360%
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
$8.8 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 44% of market capitalization of ETFs launched over the past year and 40% of net inflows over the last 13 weeks
Ten ETFs launched over the past two weeks
101 new ETF listings and 43 closures/delistings YTD
The top 10 most successful launches make up 71% of the market cap of ETFs launched over the past year
Four 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)
Over the last year, BlackRock has launched 22 ETFs and accounts for 51% of all recently launched ETF market capitalization, the most of any sponsor (in terms of both number and market capitalization)
reuest report
Source: Morgan Stanley
SEC sees flaws in new Treasury asset manager report: sources
October 7, 2013--Federal securities regulators had warned of flaws in a U.S. Treasury draft report that could lead to costly regulations on large asset managers, people familiar with the matter told Reuters on Monday.
Last week the Office of Financial Research released the report, which found that activities of asset managers could pose risks to the broader marketplace.
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Source: Reuters
OFR Report-Asset Management and Financial Stability September 2013
October 7, 2013--The OFR delivered this report, Asset Management and Financial Stability, to the Financial Stability Oversight Council (Council) on ways that activities in the asset management industry could pose risks to the financial stability of the United States by creating, amplifying, or transmitting stress through the financial system.
The OFR studied the activities of asset management firms and funds at the request of the Council.
In developing the report, the OFR staff reviewed existing research, analyzed industry data, interviewed market participants, and consulted extensively with Council member agencies.
view the Office of Financial Research report-Asset Management and Financial Stability September 2013
Source: OFR (Office of Financial Research )
As ETFs gain steam, advisers follow along
They're a newer breed, serving those who have neither the time nor the inclination to make their own ETF buying decisions
October 6, 2013--Not only is the number of exchange-traded funds growing in Canada. So, too, are the ranks of advisers who specialize in putting together ETF portfolios.
They're a newer breed of advice-giver, serving those who have neither the time nor the inclination to make their own ETF buying decisions. These advisers are known as ETF investment strategists, counsellors who serve high-net-worth investors.
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Source: The Star
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Monthly Review-Market rally and healthy inflows push ETPs AUM to new all-time highs
October 4, 2013--Data in this report is as of Monday, Sept 30th
US ETP assets higher by $77bn
ETP assets in the US rose by $76.7bn to $1.544 trillion (YTD +15.8%) last month. Global ETP industry assets closed at $2.099 trillion (YTD +14.1%)
Flows Review: Risk is king
US ETPs experienced inflows of $32.4bn during September (+2.2% of last month's AUM).
Within long-only ETPs, total flows were +$32.4bn in September vs. -$19.6bn in August. Equity, Fixed Income and Commodity long-only ETPs experienced flows of +$27.5bn, +$5.3bn and -$0.5bn, respectively.
Numbers suggest that September long-only ETP flows were supportive of risk, especially right after the Fed's no-taper decision; Equity ETPs definitely took the center of the stage. Within equities, most of the attention was centered on US (+$12.9bn) ETPs; although, international ETPs had their own very generous share as well. DM ex US and EM ETPs experienced inflows of $6.7bn and $5.6bn, respectively; mostly favoring broad regional benchmarks. Meanwhile, in the Fixed Income space we saw investors pouring cash both into Corporate (+$2.7bn) as well as Sovereign (+$2.9bn) debt ETPs, with IG (+$3.2bn) overtaking HY (+$2.5bn), although the up-trend was more steady for HY; ETP curve positioning favored the medium range (+$3.5bn), however Short Duration remained as the most consistent trend positioning (+$1.6bn). Lastly, Commodity ETPs saw outflows of -$0.5bn, mostly driven by Gold ETPs.
New Launch Calendar: income, emerging markets, MLPs, Europe, Short Duration IG and HY Corporate debt
There were four new ETPs and three new ETNs listed during the previous month. Five of them were listed in the NYSE Arca, one listed in Nasdaq and the remaining one was listed in BATS. The new products offer exposure to short maturity IG bonds, HY corporate bonds with set maturity, thematic exposure to emerging markets, MLPs, Europe and income through a diversified basket of securities.
Turnover Review: Floor activity increased by 1.3% in September
ETP turnover totaled $1.182 trillion last month, 1.3% (+$14.8bn) higher than the previous month figure of $1.167 trillion, and 1.2% above last year's monthly average of $1.168 trillion. Equity ETPs turnover increased by $17.9bn (+1.8%); while Fixed Income and Commodity ETPs turnover decreased by $2.0bn (-2.2%) and $0.3bn (-0.6%), respectively.
ETP trading made up 26.9% of all US cash equity trading in September, down from this year's peak of 32.0% in June, and still below its 3-year monthly average of 28.1%.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy -North America
Bill McNabb elected ICI chairman
October 4, 2013--The Investment Company Institute's board of governors has elected Bill McNabb, Vanguard chairman and CEO, as its chairman for a one-year term.
"Bill McNabb, already a leader in our industry, has a strong vision for the industry's future," said ICI president and CEO Paul Stevens. "He is widely respected for his contributions and will excel in the role of chairman. I look forward with great pleasure to working with him and our exceptional board of governors."
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Source: Vanguard
NYSE ARCA U.S. New lsitings
October 4, 2013--New listing on NYSE Arca US
ISSUER:Deutsche Bank
LISTING:FI Enhanced Global High Yield Exchange Traded Notes
SYMBOL: FIEG
LISTING DATE : 10/08/2013
ISSUER: ALPS
LISTING:RiverFront Strategic Income Fund
SYMBOL: RIGS
LISTING DATE: 10/08/2013
ISSUER:Direxion
LISTING: Direxion Daily Junior Gold Miners Index Bull 3X Shares
SYMBOL: JNUG
LISTING DATE:
10/03/2013
ISSUER: Direxion
LISTING: Direxion Daily Junior Gold Miners Index Bear 3X Shares
SYMBOL:JDST
LISTING DATE:
10/03/2013
ISSUER: RevenueShares
LISTING: RevenueShares Ultra Dividend Fund
SYMBOL: RDIV
LISTING DATE:
10/01/2013
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Source: NYSE Euronext
Index Provider MVIS Announces Licensing of Its Market Vectors Global Junior Gold Miners Index to Direxion Shares
Index underlies leveraged and inverse leveraged Direxion Shares ETFs
October 4, 2013--Market Vectors Index Solutions today announced the licensing of its Market Vectors Global Junior Gold Miners Index (MVGDXJ) to US-based exchange-traded funds (ETF) provider Direxion Shares to underlie leveraged and inverse leveraged ETFs.
Since October 3, 2013, the index underlies the NYSE Arca-listed Direxion Daily Junior Gold Miners Index Bull 3X Shares ETF and the Direxion Daily Junior Gold Miners Index Bear 3X Shares ETF.
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Source: Market Vectors Index Solutions GmbH
Direxion Launches Leveraged and Inverse Junior Gold Miners ETFs
New Products Enable Both Bull and Bear Investors to Seek to Capitalize on Equity Performance of Domestic and International Junior Gold-Mining Companies
October 3, 2013--Direxion, a leader in alternative investment solutions, has launched two leveraged exchange-traded funds (ETFs) tracking the global equity performance of junior gold-mining companies.
The Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG) seeks to achieve daily investment results, before fees and expenses, of 300 percent of the performance of the Market Vectors™ Junior Gold Miners Index. The Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST) seeks daily investment results, before fees and expenses, of 300 percent of the inverse of the performance of the Market Vectors Junior Gold Miners Index.
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Source: Direxion
JPMorgan's Dimon gives up chairman role at bank subsidiary
October 3, 2013--JPMorgan Chase & Co chairman and CEO Jamie Dimon has given up the title of chairman of the company's main bank subsidiary to conform with a new internal policy on multiple roles.
Dimon has been under regulator scrutiny since the company last year disclosed it was losing billions of dollars on derivatives in what has become known as the "London Whale" trades. At this year's annual meeting, he won a vote of confidence called, in part, because of a breakdown in risk controls.
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Source: Reuters
