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Morgan Stanley EXCHANGE-TRADED FUNDS: US ETF WEEKLY UPDATE
December 13, 2010--Weekly Flows:
$9.6 Billion Net Inflows
3rdStraight Week of Net Inflows
ETFsTraded $287 Billion Last Week-Launches: 9 New ETFs
US-Listed ETFs: Estimated Flows by Market Segment
For the third straight week, ETFs generated net inflows ($9.6 billion last week)
Net inflows into US Equity ETFstotaled $10.1 blnlast week, more than offsetting outflows in Fixed Income
ETF assets stand at $980 bln; up 26% YTD
13-week flows were mostly positive among asset classes
$54.8 bln net inflows into ETFs over past 13 weeks (61% into USEquity ETFs)
We estimate ETFs have posted net inflows 36 out of 49 weeks YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Vanguard Total Stock Market ETF (VTI) posted net inflows of $5.2blnlast week, the most of any ETF
US Equity ETFsoccupied 8 of the top 10 spots for largest net inflows last week
For the fourth straight week, SPY posted net outflows; unusual given that during the 4th quarter, SPY historically has generated large net inflows.
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Source: ETF Research-Morgan Stanley
iShares Announces Social Media Launch
New iShares Blog Makes ETF Experts Available to an Expanded Audience
December 13, 2010-- BlackRock, Inc. (NYSE:BLK - News) today announced that its iShares® Exchange Traded Funds (ETFs) business, the world's largest manager of ETFs, has launched a social media program to provide a deeper level of education for investment professionals.
The latest addition is the iShares blog (http://isharesblog.com) featuring input and opinions from some of its most experienced leaders including Russ Koesterich, iShares Chief Investment Officer; Noel Archard, Head of iShares Product for the Americas and Kevin Feldman, Managing Director, US iShares.
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Source: : BlackRock
Semi-Annual Changes to the NASDAQ OMX ABA Community Bank Index
December 13, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced today the results of the semi-annual evaluation of the NASDAQ OMX ABA Community Bank Index (Nasdaq:ABQI), which will become effective prior to market open on Monday, December 20, 2010.
The following five securities will be added to the Index: Abington Bancorp, Inc. (Nasdaq:ABBC), First Interstate BancSystem, Inc. (Nasdaq:FIBK), Pacific Capital Bancorp (Nasdaq:PCBC), Sterling Financial Corporation (Nasdaq:STSAD), and ViewPoint Financial Group, Inc. (Nasdaq:VPFG).
The Index is designed to track the performance of banks and thrifts, or their holding companies, listed on The NASDAQ Stock Market®. The Index is intended to serve as a benchmark for investment products by including the larger and more liquid community banks. The NASDAQ OMX ABA Community Bank Index is reviewed on a semi-annual basis. For more information about the NASDAQ OMX ABA Community Bank Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
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Source: NASDAQ OMX
U.S. Money Market Funds: Recent Trends in Exposure to European Banks
December 13, 2010--Summary Background
This research study is intended to
provide market participants with
information on MMF exposures
to European banks. It is based on
public filings and does not comment
specifically on Fitch-rated MMFs. As
such, the report does not at present
have any ratings implications.
Because this analysis is based on
aggregated data for the 10 MMFs
sampled, it does not capture
potential differences in exposure
profiles across individual funds.
In light of recent volatility in European sovereign debt markets, there has been a focus on identifying
and sizing the various forms of risk exposure that are either directly linked to or correlated with
sovereigns that have experienced heightened investor concern. Exposures to large, systemically important financial institutions, whose perceived credit risk is closely tied to the ability of the sovereign to provide support, have received particular attention.
A potential channel for eurozone sovereign risk is U.S. money market funds (MMFs), which provide banks with short-term dollar-denominated funding by investing in various banks’ securities including certificates of deposit (CDs) and commercial paper (CP). By analyzing time series data for the 10 largest U.S. prime MMFs (a sample that currently represents $740bn, or roughly 45%, of the $1.7tn U.S. prime fund universe), Fitch Ratings has identified several notable trends regarding U.S. MMFs’ dollar exposure to European banks’ CDs, CP, and bank-sponsored assetbacked CP (ABCP) issuances.
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Source: Fitch Ratings
Horizons AlphaPro Launches Canada's First Floating Rate Bond ETF
December 13, 2010--AlphaPro Management Inc. ("AlphaPro"), manager of the Horizons AlphaPro family of exchange traded funds, has launched Canada's first actively managed floating rate bond exchange traded fund, the Horizons AlphaPro Floating Rate Bond ETF (the "Floating Rate Bond ETF" or "HFR").
The Floating Rate Bond ETF will begin trading today on the Toronto Stock Exchange under the symbol HFR. The sub-advisor to the Floating Rate Bond ETF is Natcan Investment Management Inc. ("Natcan").
The investment objective of the Floating Rate Bond ETF is to generate income that is consistent with prevailing short-term corporate bond yields while stabilizing its market value from the effects of interest rate fluctuations.
The Floating Rate Bond ETF invests primarily in a portfolio of Canadian debt securities and hedges the portfolio's interest rate risk to generally maintain a portfolio duration of less than two years. It may also invest in debt securities of U.S. companies, directly, or through investments in securities of other investment funds, including exchange traded funds. The Floating Rate Bond ETF may use derivatives, including interest rate swaps, to deliver a floating rate of income. To the best of its ability, the Floating Rate Bond ETF will seek to hedge its non-Canadian dollar currency exposure to the Canadian dollar at all times.
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Source: AlphaPro Management Inc.; Horizons AlphaPro ETFs
Global X files with the SEC
December 13, 2010-Global X has filed a post effective amendment, registration statement with the SEC for
Global X Oil Equities ETF.
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Source: SEC.gov
JPMorgan cuts back on US silver futures
December 13, 2010--JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal.
The decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver, a person familiar with the matter said. The person added that the bank’s position in silver would from now on be “materially smaller” than in the past.
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Source: FT.com
iShares JPMorgan Emerging Markets Bond Fund passes USD1bn AUM
December 13, 2010--The iShares JPMorgan USD Emerging Market Bond Fund has surpassed USD1bn in assets under management.
The fund tracks a broad, diverse US dollar denominated emerging market debt benchmark, and is designed to give access to debt instruments from more than 30 emerging market countries in one trade.
The fund is one of iShares’ highest yielding funds and has seen over USD700m in inflows year to date, making it the fifth best performing European iShares product in terms of asset gathering in 2010.
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Source: ETF Express
CFTC.gov Financial Data for Futures Commission Merchants Update
December 10, 2010--Selected FCM financial data as of October 31, 2010 (from reports filed by November 30, 2010) are now available
view update
Source: CFTC.gov
CFTC.gov Commitments of Traders Reports Update
December 10, 2010--The CFTC.gov Commitments of Traders Reports for the for the week of December 7, 2010 are now available.
view updates
Source: CFTC.gov
