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Morgan Stanley -ETF Weekly Update
August 8, 2011--Weekly Flows: $5.6 Billion Net Outflows
ETF Assets at $1.0 Trillion, Up 2% YTD
Launches: 3 New ETFs
iShares Changes Expense Ratios on 11 ETFs
US-Listed ETFs: Estimated Flows by Market Segment
Amid a broad sell-off in global equities, ETFs posted net outflows of $5.6 bln last week
aggregate net outflows of $8.2 billion)
Conversely, commodity ETFs, particularly those holding gold and silver, generated net inflows last week
ETF assets fell by 7% last week, primarily related to market declines, and stand at $1.0 trillion, up 2% YTD
13-week flows remain mostly positive among asset classes; combined $19.3 bln net inflows
Fixed Income & Commodity ETFs up $8.8 and $4.1 bln, respectively; US Large-Cap ETFs down $2.0 bln
We estimate ETFs have generated net inflows 18 out of 31 weeks YTD; YTD net inflows of $63.4 bln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Despite a 10% market price decline last week, the iShares Russell 2000 Index Fund (IWM) generated net inflows of $1.6 bln last week, the most of any ETF
Renewed fears related to slowing global growth, European debt concerns and the specter of a US credit rating
downgrade extended GLDs streak of net new money to four weeks (aggregate net inflows of $4.2 bln)
SPDR S&P 500 ETF (SPY) exhibited the largest net outflows of any ETF over the past 1- and 4-week periods
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Source: Morgan Stanley
ISE and Horizon Kinetics Launch ISE Wealth Index
August 8, 2011--The International Securities Exchange (ISE) announced today that it has partnered with Horizon Kinetics LLC (Horizon Kinetics), an independently-owned and operated investment boutique, to launch the Horizon Kinetics ISE Wealth Index (Ticker: RCH).
The Horizon Kinetics ISE Wealth Index includes companies whose senior management has demonstrated a track record of skill and specific industry knowledge that has translated into high levels of long-term shareholder value creation. In many cases, these individuals have also used their respective companies as the primary means for accumulating substantial personal wealth, such as with index components Berkshire Hathaway (Ticker: BRK-B) and Microsoft (Ticker: MSFT). Due to this vested interest factor, these management teams often prioritize the creation of long-term shareholder value and, as a result, outperform the markets. This unique predictive index variable - rather than traditional index classifications - has been demonstrated to provide meaningful excess returns over time versus the S&P 500.
“The innovative Horizon Kinetics ISE Wealth Index is the first benchmark designed to identify insider wealth and distinctive management style as defining predictive index variables across highly varied industries,” said Kris Monaco, ISE’s Head of New Product Development. “We are excited to be partnering with Horizon Kinetics to launch this index, which gives investors broad exposure to high-performance companies possessing these unique characteristics.”
“We believe that the Horizon Kinetics ISE Wealth Index provides exposure to companies whose managements are better aligned with shareholders. Investing alongside such companies has proven to be an excellent way to generate long-term returns,” said Doug Kramer, Chief Executive Officer of Horizon Kinetics LLC.
For more information on ISE indexes, visit www.ise.com/index.
Source:International Securities Exchange (ISE)
Just the Facts: S&P's $2 Trillion Mistake
July 6, 2011--In a document provided to Treasury on Friday afternoon, Standard and Poor’s (S&P) presented a judgment about the credit rating of the U.S. that was based on a $2 trillion mistake. After Treasury pointed out this error – a basic math error of significant consequence – S&P still chose to proceed with their flawed judgment by simply changing their principal rationale for their credit rating decision from an economic one to a political one.
S&P has said their decision to downgrade the U.S. was based in part on the fact that the Budget Control Act, which will reduce projected deficits by more than $2 trillion over the next 10 years, fell short of their $4 trillion expectation for deficit reduction. Clearly, in that context, S&P considers a $2 trillion change to projected deficits to be very significant. Yet, although S&P's math error understated the deficit reduction in the Budget Control Act by $2 trillion, they found this same sum insignificant in this instance.
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Source: US Department of the Treasury
BNY Mellon ADR Index Monthly Performance Review is Now Available
August 5, 2011--The BNY Mellon ADR Index Monthly Performance Review July 2011 is now available.
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Source: BNY Mellon
CFTC.gov Commitments of Traders Reports Update
August 5, 2011--The current reports for the week of August 2, 2011 are now available.
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Source: CFTC.gov
PowerShares files with the SEC
August 5, 2011--PowerShares has filed a post-effective amendment, registration statement with the for the
PowerShares Bank Portfolio
PowerShares Capital Markets Portfolio
PowerShares Insurance Portfolio
PowerShares Regional Banking Portfolio
view filing
Source: SEC.gov
iShares files with the SEC
August 5, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the
iShares MSCI Emerging Markets Small Cap Index Fund.
view filing
Source: SEC.gov
Arrow Investment Advisers files with the SEC
July 5, 2011--Arrow Investment Advisers, LLC has filed an
amended application for exemptive relief.
view filing
Source: SEC.gov
S&P cuts US debt rating to double A plus
August 5, 2011--The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.
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Source: Reuters
Investors pull $75.5bln from US mutual funds, ETFs
August 5, 2011--Investors pulled $75.5 billion from U.S. mutual funds and exchange-traded funds for the week ending August 3, according to a report Friday from Matt Lemieux, a research analyst for Lipper.
The decline came amid spill over from last week's debt ceiling negotiations and the downturn in global equities markets. Equity funds, including ETFs, posted outflows of about $7.5 billion - the largest weekly outflow since mid-August 2010, according to the report. Municipal debt funds saw around $860 million in outflows, offering "proof that there was little confidence in any asset class," Lemieux said.
Source: Dow Jones Newswire
