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Morgan Stanley-US ETF Weekly Update
June 20, 2011--Weekly Flows: $10.2 Billion Net Inflows
Launches: 10 New ETFs
WisdomTree Makes Changes to Seven ETFs
PowerShares Makes Changes to Seven ETFs
Direxion Changes Tickers on China ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net inflows of $10.2 billion last week; 2nd highest weekly net inflows YTD
US Large-Cap ETFs posted the largest net inflows last week, primarily driven by SPDR S&P 500 ETF (SPY)
ETF assets stand at $1.1 trillion, up 6% YTD; mostly from net new money
13-week flows remained mostly positive among asset classes
$33.9 billion net inflows into ETFs over past 13 weeks (Fixed Income up $9.7 bln; Commodity down $3.9 bln)
We estimate ETFs have generated net inflows 15 out of 24 weeks YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated net inflows of $12.0 billion last week, the most of any ETF
SPY’s weekly net inflows were its largest since we began tracking weekly flows on 1/4/10
Financials Select Sector SPDR (XLF) exhibited the most net outflows last week; XLF’s flows have been very
volatile YTD (net inflows one week, net outflows the next)
5 of the top 10 ETFs to post the largest net outflows over the past 13 weeks were commodity ETFs (precious
metals, energy and agriculture ETFs)
request report
Source: Morgan Stanley
Dow Jones Indexes Launches Two European Blue-Chip Indexes
First in a Series of Europe-Focused Indexes,
New Indexes Reflect Dow Jones Indexes’ Commitment to Europe
June 20, 2011-Dow Jones Indexes, a leading global index provider, today announced the launch of two European blue-chip stock indexes, marking the first in a series of new geographically specific products that underscore the firm’s commitment to Europe.
The Dow Jones Eurozone Titans 80 Index and the Dow Jones Europe Titans 80 Index measure leading companies within each region. Because the new indexes are diversified, easy to replicate and contain well-established, blue-chip names, they are well-suited for licensing as the basis of investment products such as ETFs, structured products and exchange-traded derivatives.
On a related note, the Dow Jones Eurozone Titans 80 Index and the Dow Jones Europe Titans 80 Index both have been recently licensed to UniCredit, the pan-European financial institution, to serve as a basis for structured products to be issued today. UniCredit announced that open end certificates on each new index would be offered in Germany under “HypoVereinsbank onemarkets”, as well as in Austria under “UniCredit onemarkets”.
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Source: Dow Jones Indexes
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 20, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, June 20, 2011:
CanAlaska Uranium Ltd. (TSXVN:CVV) will be removed from the index. The company will graduate to trade on TSX under the same ticker symbol.
Creston Moly Corp. (TSXVN:CMS) will be removed from the index. The shares of the company have been acquired by Mercator Minerals Ltd. (TSX:ML).
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
International Reserve Adequacy in Central America-IMF Working paper
June 20, 2011--Summary: Countries' absolute and relative international reserves adequacy has recently attracted considerable attention
The analysis has however concentrated on the largest and most advanced economies. We apply various methodologies for assessing reserve adequacy in Central America, taking into account the region’s high degree of deposit dollarization. We find that reserve cover is low both in an absolute and relative sense, suggesting further reserve accumulation is an important policy option for reducing vulnerabilities.
The analysis has however concentrated on the largest and most advanced economies. We apply various methodologies for assessing reserve adequacy in Central America, taking into account the region’s high degree of deposit dollarization. We find that reserve cover is low both in an absolute and relative sense, suggesting further reserve accumulation is an important policy option for reducing vulnerabilities.
view the IMF working paper-International Reserve Adequacy in Central America
Source: IMF
WisdomTree Previously Announced Changes for Seven Equity ETFs Take Effect
June 20, 2011--WisdomTree (Pink Sheets: WSDT - News), an exchange-traded fund
(“ETF”) sponsor and asset manager, announced today that previously declared changes to seven equity ETFs became effective as of the close of business on June 17, 2011.
Four of the seven funds trade under new ticker symbols as indicated in the summary
view updates
Source: WisdomTree
Claymore files with the SEC
June 20, 2011--Claymore has filed a post-effective amendment, registration statement with the SEC for the Guggenheim ABC High Dividend ETF.
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Source: SEC.gov
Deutsche Bank Dives Into Currency ETFs
June 17, 2011--Deutsche Bank announced that it is launching five currency exchange traded funds (ETFs) for investors looking to hedge the risk of exchange rate fluctuations on their foreign investments. [1]
We cover Deutsche Bank’s trading and structuring activity for exchange traded products and foreign exchange instruments under its Sales and Trading division – a market where the bank competes against Bank of America, Citigroup, Morgan Stanley and Goldman Sachs. The Sales and Trading division contributes to approximately 28% of our near $61 price estimate for Deutsche Bank which is a 5% premium over the current market price of the stock.
Overseas investment hedging through currency ETFs
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Source: Forbes
PIMCO Launches PIMCO 0-5 Year High Yield Corporate Bond Index Fund
June 17, 2011--- PIMCO, a leading global investment management firm, has launched a new Exchange-Traded Fund (ETF), the PIMCO 0-5 Year High Yield Corporate Bond Index Fund (NYSE: HYS). HYS employs PIMCO’s “smart passive” approach to indexation, and gives investors access to the short-term high-yield U.S. corporate credit market in the ETF vehicle.
HYS offers the same features as other PIMCO ETFs, including daily portfolio disclosure, broad accessibility, intra-day pricing and a single share class structure for all investors.
Like the broad high yield corporate bond market, the short-term segment of the high yield corporate bond market has had a low correlation with other asset classes, and historically has produced returns similar to those of equities, but with lower volatility. The short-term segment of the high-yield market may replicate the desirable return characteristics of the broader spectrum of high-yield bonds, and an investment in the sector may improve portfolio diversification and offer the potential for higher yield.
PIMCO’s “smart passive” approach incorporates credit analysis, which aims to remove credits that can create undesirable risks in the portfolio, as well as real-time views on market liquidity. The fund will be managed by Vineer Bhansali, a Managing Director based in Newport Beach, California.
Source: PIMCO
iShares Announces Launch of Floating Rate Note Fund
June 17, 2011---BlackRock, Inc. (NYSE: BLK) today announced that its iShares® Exchange Traded Funds (ETFs) business, the world's largest manager of ETFs, has launched their first floating rate note fund on the NYSE Arca. The new fund is the iShares Floating Rate Note Fund (NYSEArca: FLOT). By adding FLOT, iShares adds another element to their robust fixed income suite and another tool for investors to use in a rising rate environment.
"The value of floating rate bonds fluctuates much less in response to market interest rate movements than the value of fixed-rate bonds," said Russ Koesterich, iShares Chief Investment Strategist at BlackRock. "They can be a key instrument to help fixed-income investors insulate their portfolio in a rising inflation environment. While we don't see this as a near term threat, we still believe that interest rates are likely to rise, arguably substantially, in 2012 and beyond."
Floating rate notes are bonds that pay a variable rate coupon, rather than a fixed rate coupon like most fixed income investments. Issuers may choose to issue floating rate notes to take advantage of potential lower borrowing costs as compared to fixed rate debt. Floating rate note coupons are comprised of a short-term interest rate and a fixed spread based on the issuing company's credit risk.
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Source: BlackRock
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 17, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, June 17, 2011:
iWeb Group Inc. (TSXVN:IWB) will be removed from the index.
The company will be delisted from the TSX Venture Exchange following the completion of a going-private transaction.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
