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Morgan Stanley-ETF Weekly Update
January 9, 2012--Highlights
Weekly Flows: $5.0 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 2% YTD
No Launches Last Week
Van Eck to Change Index of Russia ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETFs started 2012 on a positive note, posting net inflows of $5.0 bln last week
US Sector & Industry ETFs led the way, exhibiting net inflows of $1.6 bln last week
Only 13% of ETFs exhibited net outflows last week
ETF assets stand at $1.1 tln, up 2% YTD and up 7% from the end of 2010
13-week flows were mostly positive among asset classes; combined $46.8 bln net inflows
US Large-Cap ETFs exhibited the greatest net inflows over the past 13 weeks ($15.0 bln net inflows)
Fixed Income ETFs have consistently generated weekly net inflows (21 consecutive weeks of net inflows)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR DJ Industrial Average ETF (DIA) posted net inflows of $848 mln last week, most of any ETF
7 out of 10 ETFs to generate the largest net inflows last week were US equity-based
SPDR S&P 500 ETF (SPY) exhibited net outflows of $960 mln last week, the most of any ETF; SPY typically
exhibits net outflows during the 1st quarter of every year
Notable net outflows last week in 3 short- to intermediate-term Treasury ETFs
US-Listed ETFs: Short Interest
Data Unchanged: 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
Data estimated as of 1/6/12 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 $745 mln
No new listings so far in 2012; 225 new ETF listings and 26 liquidations in 2011
Newly issued dividend/income-focused ETFs have been successful over past year
8 different ETF sponsors and 2 asset classes represented in top 10 most successful launches
Top 10 account for 55% of market cap of ETFs launched over the past year
request report
Source: Morgan Stanley
iShares sees huge jump in inflows
January 9, 2011--New inflows into BlackRock’s iShares European exchange traded funds business exceeded $18bn last year, up around 43 per cent compared with 2010, amid a return by investors to traditional “physical” ETFs that buy the constituents of an index.
Deborah Fuhr, an independent ETF strategist, said potential regulatory changes had encouraged many ETF users to prefer physical products.
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Source: FT.com
CBOE Futures Exchange to Launch Security Futures Trading in Emerging Markets Volatility Index
January 6, 2012--CBOE Futures Exchange, LLC (CFE) announced today that it will launch trading in security futures on the CBOE Emerging Markets ETF Volatility Index (Index ticker: VXEEM; futures symbol: VXEM) on Monday, January 9, pending regulatory approval.
The VXEEM Index reflects the implied volatility of the iShares MSCI Emerging Markets Index exchange-traded fund (ETF) (ticker: EEM). EEM options were the eleventh most actively traded option at CBOE in 2011.
In addition to hedging emerging markets volatility exposure or making direct plays on emerging markets volatility, VXEM security futures — in conjunction with other volatility products — will allow market participants to trade cross-index or cross-asset volatility.
Barclays Capital will be a Lead Market Maker for VXEM security futures.
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Source: CBOE
US Department of the Treasury US Economic Data - Quarterly Update
January 6, 2012--The US Department of the Treasury US Economic Data - Quarterly updates is now available.
view update
Source: US Department of the Treasury
Van Eck files with the SEC
January 6, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Russia ETF (RSX).
view filing
Source: SEC.gov
State Street files with the SEC
Janaury 6, 2011--State Street has filed a pre-effective amendment, registration statement with the SEC for the SSgA Active ETF Trust.
view filing
Source: SEC.gov
CFTC.gov Commitments of Traders Reports Update
January 6, 2012--The current reports for the week of January 3, 2012 are now available.
view updates
Source: CFTC.gov
Market Vectors Changing Index of Its Russia ETF (RSX)
Largest Russia-Focused ETF Will Begin Tracking Benchmark Providing Unique Pure-Play Approach to Indexing and Sophisticated Liquidity Screens.
January 6, 2011--Effective on or about March 16, 2012, Market Vectors Russia ETF (NYSE Arca: RSX) will begin tracking a new benchmark, the Market Vectors Russia Index (ticker: ticker::MVRSX). MVRSX employs the Market Vectors Index Methodology that focuses on investability.
This methodology is shared by the benchmark indices of several other Market Vector ETFs, among which are Brazil Small-Cap (BRF), Colombia (COLX), Indonesia (IDX), Poland (PLND) and Vietnam (VNM).
We don’t view this as a major change” said Jan van Eck, President of Market Vectors ETF Trust. “RSX will continue to provide investors with a Russia focused ETF but will now include expanded exposure to Russia.”
MVRSX reflects the performance of the largest, most liquid companies doing business in Russia. Since its inception on July 14, 2010, the total return performance of the Market Vectors Russia Index is almost identical to that of the index it is replacing (-6.62%% for MVRSX versus -6.82% for the DAXglobal Russia+ Index).
Source: Market Vectors
VXEEM Index - Launch of Security Futures on Monday
January 6, 2012--CBOE Futures Exchange, LLC (CFE) plans to launch trading in security futures on the CBOE Emerging Markets ETF Volatility Index (index ticker: VXEEM; futures symbol: VXEM) on Monday, January 9, pending regulatory approval. www.cboe.com/VXEEM
The VXEEM Index reflects the implied volatility of the iShares MSCI Emerging Markets Index ETF (ticker: EEM). In addition to managing emerging markets volatility exposure or making direct plays on emerging markets volatility, VXEM security futures - in conjunction with other volatility products - will allow market participants to trade cross-index or cross-asset volatility. Barclays Capital will be a Lead Market Maker for VXEM security futures. EEM options were the eleventh most actively traded option at CBOE in 2011.
For more information on VXEEM, see www.cboe.com/VXEEM
Source: CBOE
ETF provider lowers costs raising prospects of price war
January 5, 2012--A US-based exchange-traded fund provider has cut the cost of its ETFs in a move that makes its products in the equity sector the cheapest in the market.
The provider, Vanguard, reduced the cost of its equity ETFs in the US just before Christmas, raising the prospect of price war among sector players. It is the latest development for a sector that is the focus of a heated debate over risks associated with its offerings.
The move, which Vanguard said is based on economies of scale, will result in its ETFs costing less than State Street Global Investor’s SPDR ETFs, which track Standard & Poor's 500 Index.
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Source: Financial News
