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Morgan Stanley-ETF Weekly Update
May 6, 2013--US ETF Weekly Update
Weekly Flows: $4.8 Billion Net Inflows
ETF Assets Stand at $1.5 Trillion, up 11% YTD
Three ETF Launches Last Week
Global X Announces Reverse Splits on Six ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $4.8 bln last week; 2nd consecutive week of net inflows
Last week’s net inflows were led by Fixed Income ETFs ($2.7 bln); conversely, Commodity ETFs posted the largest net outflows at $1.0 bln, extending the recent stretch of net outflows
ETF assets stand at $1.5 tln, up 11% YTD; $64.2 bln net inflows YTD
13-week flows were mostly positive among asset classes; combined $33.1 bln in net inflows
Despite talk of a “great rotation” to equity from fixed income we have yet to see it materialize in ETFs; Fixed Income ETFs have
generated net inflows of $13.9 bln over the last 13 weeks, the most of any category we measured
International - Developed Equity ETFs have posted material net inflows over the last 13 weeks ($10.6 bln); the category’s ETF
market share has risen by 2 percentage points as assets are up 54% over the past 52 weeks
US-Listed ETFs: Estimated Largest Flows by Individual ETF
The iShares Barclays 3-7 Year Treasury Bond Fund (IEI) posted net inflows of $1.5 bln, the most of any ETF
The two ETFs to generate the largest net inflows last week were long US Treasuries; IEI and the ProShares Ultra 7-10 Year
Treasury (UST) had a combined $2.5 bln in net inflows
For the 20th straight week, the WisdomTree Japan Hedged Equity Fund (DXJ) posted net inflows; over this time period, DXJ
generated net inflows of $6.1 bln
Despite showing some price stability last week, the SPDR Gold Trust (GLD) exhibited another week of net outflows; over the last 13
weeks, GLD has posted net outflows of $12.8 bln, the most of any ETF
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 4/15/13
SPDR Gold Trust (GLD) had the largest increases in USD short interest at $980 mln
GLD’s 22.9 mln shares short are 19% above their one-year average
GLD has experienced a barrage of net outflows over the past 13 weeks ($12.1 bln)
Aggregate ETF USD short interest increased by $2.7 bln over the period ended 4/15/13
The average shares short/shares outstanding for ETFs is currently 4.3%
The CurrencyShares Euro Trust (FXE) had the most shares short as a % of shares outstanding at 193% for the period ended
4/15/13; second occurrence YTD when FXE has been the most heavily shorted
Retail, currency, and financial ETFs seem to consistently make the list as the most heavily shorted ETFs
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
Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 5/3/13 based on daily change in share counts and daily NAVs.
$6.2 bln in total market cap of ETFs less than 1-year old
Newly launched International- Emerging Equity ETFs accounted for 24% of the market cap of ETFs launched over the past
year, the most of any category, including $802 mln in net inflows over the last 13 weeks
Issuance has been light in 2013 relative to the past three years; 42 new ETF listings and 27 closures/delistings YTD
The top 10 most successful launches make up 66% of the market cap of ETFs launched over the past year
Seven different ETF sponsors and two asset classes represented in top 10 most successful launches
Eight out of the 10 most successful launches over the past year have an income orientation
PowerShares S&P 500 High Dividend Portfolio (SPHD) cracked the top 10 most successful launches over the past year with a
$125 mln market cap; SPHD owns 50 large-cap stocks that have historically provided high dividend yields and low volatility
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Source: Morgan Stanley
Growth surge lures pioneers from ETFs' first wave
May 6, 2013--Two veterans of the rough and tumble effort to build exchange traded fund ventures have decided the time is right to make their return to developing products.
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Source: FT.com
NASDAQ OMX and World Steel Exchange Marketing Announce Strategic Partnership
May 6, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), and World Steel Exchange Marketing, LLC (WSEM), founded by World Steel Dynamics (WSD) in 2009, today announced a strategic partnership to develop financially settled steel and steel scrap futures products to be traded on the NASDAQ OMX Futures Exchange, Inc. (NFX).
This strategic partnership will help the steel industry better manage steel price risk, with a world-class trading platform and a complement of steel futures products. The products are expected to launch in the fourth quarter of 2013 following filing with the Commodity Futures Trading Commission.
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Source: NASDAQ OMX
ISE Weekly Listings
May 3, 2013--The International Securities Exchange listed new options classes during the week beginning April 29, 2013 as described below.
Effective Thursday, May 2, 2013, the ISE will list options on the following product(s) along with their related symbol(s):
Bin 7-Timber Hill LLC Equity
CST Brands Inc. (Symbol: CST, Trading Symbol(s): CST) will trade on a March expiration cycle with exercise and position limits of 25000.
Source: International Securities Exchange (ISE)
Companies Add to Lineups of 'Free' ETFs
Still, trading commissions are only one cost, so other funds may be more attractive on balance
May 3, 2013--How attractive is "free"? Some of the largest online brokers of exchange-traded funds are determined to find out.
Two have recently expanded the lineups of ETFs they offer without trading commissions, bringing their menus closer to the size of their competitors'.
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Source: Wall Street Journal
CFTC.gov Commitments of Traders Reports Update
May 3, 2013--The current reports for the week of April 30, 2013 are now available.
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Source: CFTC.gov
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Letter Providing Relief Surrounding Certain Foreign Exchange Transactions with a Settlement Cycle of No More than Seven Local Business Days
May 2, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides swap dealers and major swap participants with relief from compliance with External Business Conduct Standards
rules in connection with certain foreign exchange transactions that have a settlement cycle of no more than seven local business days.
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Source: CFTC.gov
'This is a big deal': Bloomberg entering online advice market
'BloombergBlack' offering aimed at mass affluent; 'others likely to copy it'
May 2, 2013--An 800-pound gorilla is wading into the market for online investment management and financial advice.
Bloomberg LP is quietly testing a "premium" wealth management service, BloombergBlack, aimed directly at the mass-affluent market. For $100 a month, users of BloombergBlack will have access to account aggregation, personalized investment advice, and financial and editorial content already being produced by Bloomberg.
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Source: Investment News
MAXIS(R) Nikkei 225 Index Fund named to Schwab ETF Select List(TM) for the second quarter of 2013
May 2, 2013--Precidian Funds LLC, a wholly-owned subsidiary of Precidian Investments LLC, is pleased to announce that that the MAXIS(R) Nikkei 225 Index Fund (NKY:NYSE Arca) has been selected to fill the Japan stock category on the Schwab ETF Select List for the second quarter of 2013.
The MAXIS(R) Nikkei 225 Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Japanese market, as measured by the Nikkei 225 Index.
"We are excited that Charles Schwab chose to add the MAXIS(R) Nikkei 225 Index Fund to their ETF Select List," stated Dan McCabe, Chief Executive Officer of Precidian Funds. "Given that Japan is the third-largest economy as measured by GDP, many U.S. investors are looking for ways to gain exposure to Japan so helping them find a cost-effective way to get access to Japan via such a well-recognized global equity benchmark makes sense," continued Mr. McCabe.
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Source: Wall Street Journal
Global X Funds Announces Reverse Splits For Six ETFs
May 2, 2013--Global X Funds, the New York based provider of exchange traded funds (ETFs), announced today that its Board of Trustees has approved reverse share splits for six of its ETFs.
The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.
The firm will execute a 1-for-4 reverse split of the shares of the Global X Gold Explorers ETF (GLDX) for shareholders of record after the close of the markets on Thursday, May 16, 2013.
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Source: Global X
