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Morgan Stanley-US ETF Weekly Update
September 19, 2011--Weekly Flows: $11.6 Billion Net Inflows
Largest Weekly Net Inflows YTD
ETF Assets Stand at $1.0 Trillion, up 4% YTD
Launches: 4 New ETFs
Javelin Announces ETF Closure
US-Listed ETFs: Estimated Flows by Market Segment
For the fifth consecutive week, ETFs posted net inflows ($23.0 bln over the past 5 weeks)
ETFs posted net inflows of $11.6 bln last week, the largest weekly net inflows YTD
ETF assets stand at $1.0 tln, up 4% YTD; last week’s flows primarily driven by US Equity ETFs
13-week flows were mixed among asset classes; combined $22.4 bln net inflows
Fixed Income ETFs up $9.5 bln; US Sector & Industry ETFs down $2.4 bln
We estimate ETFs have generated net inflows 23 out of 37 weeks in 2011; net inflows of $78.8 bln YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated net inflows of $6.3 bln, the most of any ETF
Ironically, while SPY had net inflows, the iShares S&P 500 Index Fund (IVV) posted net outflows of $391 mln;
both ETFs track the same index
3 out of the 10 ETFs to exhibit the largest net outflows last week were US Treasury based, potentially
signaling investors are willing to take more risk by moving away from US Treasuries
US-Listed ETFs: Change in Short Interest
Data Updated: Based on data as of 8/31/11
IWM exhibited the largest increase in USD short interest since last updated
$1.1 billion in additional short interest
Highest level of shares short for IWM since 5/31/11
SPY exhibited the largest decline in USD short interest since last updated
$4.0 billion in reduced short interest
Despite SPY’s lower levels of shares short compared to 8/15/11, SPY’s shares short remain near an all-time
high
request report
Source: Morgan Stanley
Two New ETFs Launched by BlackRock(R) Canada
New iShares(R) ETFs round out its fixed income offering and provide exposure to the S&P/TSX Venture Select Index
September 19, 2011--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc. (BlackRock), today announced the launch of two new iShares exchange traded funds (ETFs). The iShares DEX Short Term Corporate Universe + Maple Bond Index Fund (XSH) seeks to provide investors with a regular stream of income, while the iShares S&P/TSX Venture Index Fund (XVX) is the first ETF in Canada to provide exposure exclusively to securities listed on the TSX Venture Exchange.
Both ETFs have closed the initial offering of their units and will begin trading on the Toronto Stock Exchange today.
"As economic conditions remain challenging and markets react with ongoing volatility, investors are placing a clear premium on investments that provide consistent income generation," said Mary Anne Wiley, Managing Director, Head of iShares Distribution at BlackRock Canada.
"XSH is built with an eye to delivering investors the liquidity and flexibility they crave while allowing them to enhance yield through corporate issuers."
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Source: BlackRock
CFTC.gov Commitments of Traders Reports Update
September 16, 2011--The current reports for the week of September 13, 2011 are now available.
view updates
Source: CFTC.gov
Treasury International Capital Data For July 2011
September 16, 2011--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2011. The next release, which will report on data for August 2011, is scheduled for October 18, 2011.
Foreign residents increased their holdings of long-term U.S. securities in July — net purchases were $24.6 billion. Net purchases by private foreign investors were $10.4 billion, and net purchases by foreign official institutions were $14.2 billion.
At the same time, U.S. residents increased their holdings of long-term foreign securities, with net purchases of $15.1 billion.
Taking into account transactions in both foreign and U.S. securities, the net foreign purchases of long-term securities were $9.5 billion. After adjustments, such as estimates of unrecorded principal payments to foreigners on U.S. asset-backed securities, are included, the overall net foreign acquisition of long-term securities is estimated to have been negative $17.2 billion in July.
Foreign holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased $36.5 billion.
Banks’ own net dollar-denominated liabilities to foreign residents decreased $7.6 billion.
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Source: US Department of the Treasury
State Street files with the SEC
September 16, 2011--SSgA Funds Management, Inc., has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
ProShares files with the SEC
September 16, 2011--ProShares has filed a Form S-1 registration statement with the SEC for the ProShares Ultra DJ-UBS Commodity (UCD)
ProShares UltraShort DJ-UBS Commodity (CMD)
ProShares Ultra DJ-UBS Natural Gas (BOIL)
ProShares UltraShort DJ-UBS Natural Gas (KOLD)
ProShares Short Gold (SAU)
ProShares Ultra Euro (ULE)
ProShares Ultra Yen (YCL)
view filing
Source: SEC.gov
AdvisorShares files with the SEC
September 16, 2011--AdvisorShares has filed a post-effective amendment, registration statement with the SEC for the QAM Equity Hedge ETF.
view filing
Source: SEC.gov
State Street files with the SEC
September 16, 2011--SPDR Series Trust has filed a post-effective amendment, registration statement with the SEC for the SPDR Barclays Capital Investment Grade Floating Rate ETF.
view filing
Source: SEC.gov
CFTC’s Division of Market Oversight Provides Temporary Relief from Large Swaps Trader Reporting for Physical Commodities
September 16, 2011--The Commodity Futures Trading Commission’s (Commission’s) Division of Market Oversight (Division) today issued a letter providing temporary relief from the requirements of the Commission’s regulations regarding large trader reporting of physical commodity swaps (§§20.3 and 20.4).
Because this is the first time that swaps data is being collected, this temporary relief is intended to provide sufficient time to enable both the industry and the Commission to develop and refine systems and processes that will be able to report these complex transactions.
On July 22, 2011, the Commission published large trader reporting rules for physical commodity swaps and swaptions. The rules require daily reports from clearing organizations, clearing members and swap dealers, and become effective on September 20, 2011. The letter issued today provides temporary relief from reporting, as long as parties are making a good faith attempt to comply with the reporting requirements, until November 21, 2011, for cleared swaps, and January 20, 2012, for uncleared swaps. Upon the conclusion of applicable relief periods, such reporting parties must become fully compliant.
Source: CFTC.gov
Chairman Ben S. Bernanke -Opening remarks-Conference on the Regulation of Systemic Risk, Federal Reserve Board, Washington, D.C.
September 15, 2011 --Distinguished guests, I would like to welcome you to this conference on the "Regulation of Systemic Risk," which is jointly sponsored by the Federal Reserve Board and the Journal of Money, Credit and Banking. 1 It is the fourth conference in a series that was initiated in 2005 and is held every two years.
These conferences support original research on topics that are highly relevant for the Federal Reserve's public policy mission. Conference proceedings are subsequently published in special issues of the journal and disseminated to researchers at central banks and academic institutions worldwide.
While the previous three conferences focused on monetary policy issues, the papers presented at this conference relate to the Federal Reserve's duty to maintain financial stability and contain systemic risk. The Dodd-Frank Wall Street Reform and Consumer Protection Act now requires the Federal Reserve to take a macroprudential approach to financial regulation--that is, to consider the health of the financial system as well as the health of individual firms and markets.
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Source: Federal Reserve Board
