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Morgan Stanley-ETF Weekly Update
January 3, 2012--Weekly Flows: $1.4 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 5% in 2011
We Estimate ETFs Generated Net Inflows of $117.2 Billion in 2011
Vanguard Reduces Expenses on US Sector ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $1.4 bln last week; $117.2 bln net inflows in 2011
US Large-Cap ETFs led the way exhibiting net inflows of $1.8 bln last week
ETF assets stand at $1.1 tln, up 5% in 2011 as net inflows offset volatile global equity markets
13-week flows were mostly positive among asset classes; combined $41.1 bln net inflows
Fixed Income ETFs exhibited the greatest net inflows over the past 13 weeks ($15.0 bln net inflows)
Historically, ETFs have posted strong net inflows during the 4th quarter of each year; 2011 was no different
We estimate ETFs generated net inflows 32 out of 52 weeks in 2011; $6.9 bln more in net inflows than 2010
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $1.8 bln last week, most of any ETF
Over the past 13 weeks SPY generated net inflows of $5.9 bln and for the year $6.2 bln in net inflows
iShares Russell 2000 Index Fund (IWM) exhibited the largest net outflows last week ($1.2 bln net outflows) and for the year exhibited net outflows of $2.1 bln
US-Listed ETFs: Short Interest
Data Updated:
Based on data as of 12/15/11
EFA exhibited the largest increase in USD short interest since last updated
$566 million in additional short interest
Highest level of shares short for EFA since 9/30/11
XRT’s shares short divided by shares outstanding in excess of 400%
Retail continues to be one of the most heavily shorted areas of the ETF market
Based on multiple borrowings and the ability to continuously create new shares to cover shorts, short interest as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets Source:
Data estimated as of 12/30/11 based on daily change in share counts and daily NAVs.
$7.2 billion in total market cap of ETFs less than 1-year old
Over past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $646 mln
225 new ETF listings and 25 liquidations in 2011 (2 of the liquidations came to market in 2011);
surpassed 2010’s 179 new ETF listings
Newly issued dividend/income-focused ETFs were successful in 2011
7 different ETF sponsors and 3 asset classes represented in top 10 most successful launches
Top 10 account for 53% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
Volcker rule may cost investors $315bn
January 3, 2011-Investors in US corporate bonds could suffer a $315bn paper loss as a result of the implementation of the so-called Volcker Rule, which limits banks’ trading for their own accounts, a new industry-funded study argues.
The study by Oliver Wyman, a consultancy, claims that the losses would result from a sharp decrease in market liquidity. The study was conducted for the Securities Industry and Financial Markets Association, a US trade group.
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Source: FT.com
Fed to Publish a Forecast of Rate Moves, Guiding Investors
January 3, 2011--The Federal Reserve will begin later this month to publish the predictions of its senior officials about their own decisions, hoping to increase its influence over economic activity by guiding investor expectations.
The change was approved at the most recent meeting of the Fed’s policy-making committee, in December, but was kept secret until Tuesday afternoon, when the Fed released an account of the meeting after a standard three-week delay.
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Source: NY Times
Minutes of the Federal Open Market Committee, November 28 and December 13, 2011
January 3, 2011--The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on December 13, 2011 and of the conference call held on November 28, 2011.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.
The FOMC minutes can be viewed on the Board's website
http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Source: FRB
Fidelity Investments Looks Ready To Offer Exchange-Traded Funds
January 3, 2012--After years of ignoring one of the hottest investment options, Fidelity Investments appears to be planning a push into exchange-traded funds.
The fund giant recently filed an application with the Securities and Exchange Commission to offer a broad swath of index-based exchange-traded funds. The filing, if approved, would allow Fidelity to offer almost every type of index ETF available, including international funds and even "long/short" ETFs that mimic sophisticated hedge-fund strategies, said Kathleen Moriarty, an ETF specialist and partner at law firm Katten Muchin Rosenmann LLP.
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Source: Wall Street Journal
Halter USX China Index Announces 2011 Year End and 4Q Results and Adds New Constituents
December 31, 2011--For the fourth quarter and for the year 2011, the Halter USX China Index was up 2.40% and down 25.59% respectively. During the same period (fourth quarter and year end), the Dow Jones Industrial Average increased by 11.95% and 5.53% respectively, while the NASDAQ finished up 7.86% and down 1.80%
HXC is also pleased to announce the inclusion of 3 new constituents to its existing index of China-focused, U.S. listed companies including: China Grentech Corporation Limited engages in the manufacture and sale of wireless coverage products and services for telecommunications operators; Tudou Holdings Limited that is an online video company; and Zuoan Fashion Limited which engages in the manufacture, distribution, and retailing of men's apparel.
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Source: MarketWatch
The war on terabytes-Policymakers worry about attacks on America’s financial system
December 31, 2011--THE financial industry has done such a good job of bringing itself to its knees over the past four years that it is easy to overlook the threats it faces from outside. High among them is electronic attack.
In 2010 Symantec, a cybersecurity firm, estimated that three-quarters of all “phishing” attacks, in which people are deceived into surrendering private details such as account numbers, are aimed at the finance sector. Bob Greifeld, the boss of NASDAQ, has described his bourse as being under “literally constant attack”.
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Source: The Economist
Dow Jones Industrial Average Closes Up 5.53% In 2011;Third Consecutive Year In Positive Territory
McDonald’s Stock, Up 30.71% in 2011, Tops All Dow Components
IBM, Pfizer, Home Depot, Kraft Foods Round Out Top 5
December 30, 2011 – The Dow Jones Industrial Average closed 2011 with a gain of 5.53%, the third consecutive year that the bellwether index has finished in positive territory, according to data compiled by Dow Jones Indexes. Taken together – from the beginning of 2009’s trading through today’s final 2011 session — The Dow is up 39.21%.
Leading all 30 Dow components in 2011 was McDonald’s Corp. whose stock rose 30.71%; shares of the world’s largest fast-food chain have now finished up in 28 of the last 32 years.
IBM Corp. (up 25.29%) and Pfizer Inc. (23.59%) closed 2011 as The Dow’s second- and third-leading performers, respectively. McDonald’s, IBM and Pfizer were the only Dow components to gain more than 20% in 2011. Home Depot Inc. (up 19.91%) and Kraft Foods Inc. (class A shares, up 18.57%) rounded out The Dow’s top five 2011 performers.
Oak Brook, Ill.-based McDonald’s and Home Depot, based in Atlanta, are the only DJIA components to repeat their Top Five showings from 2010, when they finished third and fourth with gains of 22.93% and 21.19%, respectively, from 2009’s close.
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Source: Dow Jones Indexes
Dow Jones Utility Average Ends 2011 Up 14.74% For Its Best Annual Performance In Four Years
NiSource Tops All DJUA Component Stocks,
Ending 2011 with 35.13% Increase
13 of the 15 Component Stocks Finish the Year with Gains
December 30, 2011--The Dow Jones Utility Average closed up 14.74% in 2011, with 13 of its 15 component stocks finishing with gains to give the DJUA its best yearly performance since 2007.
Shares of NiSource Inc. led all DJUA stocks, closing 2011 with an increase of 35.13%. Williams Cos. (up 33.58%), CenterPoint Energy Inc. (27.80%), Consolidated Edison Inc. (25.14%) and Dominion Resources Inc. (24.25%) rounded out the top five performers.
Merrillville, Ind.-based NiSource, Williams of Tulsa, Okla.; and Richmond, Va.-based Dominion Resources are the only DJUA components to repeat their Top Five showings from 2010 when Williams finished first, NiSource third and Dominion Resources fifth.
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Source: Dow Jones Indexes
Columbia Management Investment
December 29, 2011--Columbia Management Investment has filed a post-effective amendment, registration statement with the SEC for the Columbia Concentrated Large Cap Value Strategy Fund (GVT).
view filing
Source: SEC.gov
