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Morgan Stanley-US ETF Weekly Update
March 25, 2013--US ETF Weekly Update
Weekly Flows: $3.5 Billion Net Inflows
Fourth Consecutive Week of Net Inflows
ETF Assets Stand at $1.4 Trillion, up 8% YTD
Three ETF Launches
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $3.5 bln last week, the fourth consecutive week of net inflows
- Last week’s net inflows were led by US Small- & Micro-Cap ETFs ($2.0 bln); conversely, International – Emerging Equity ETFs
exhibited net outflows of $2.4 bln, the most of any category we measured
ETF assets stand at $1.4 tln, up 8% YTD; $52.3 bln net inflows YTD
13-week flows were mostly positive among asset classes; combined $59.5 bln in net inflows
International – Developed Equity ETFs have posted material net inflows over the last 13 weeks ($15.5 bln); the category’s ETF
market share has risen as assets are up 26% over the past 52 weeks
Commodity ETFs have posted net outflows of $6.8 bln over the last 13 weeks; in particular, one ETF, the SPDR Gold Trust
(GLD), has exhibited net outflows of $6.6 bln over this period (GLD accounts for 61% of Commodity market cap)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 Index Fund (IWM) generated net inflows of $1.9 bln last week, the most of any ETF
Eight of the 10 ETFs to post the largest net inflows last week were US equity-based
Notably, the four largest ETFs by market cap (SPY, GLD, VWO, EEM), exhibited a combined $5.2 bln in net outflows last week
Over the last 13 weeks the WisdomTree Japan Hedged Equity Fund (DXJ) posted net inflows of $4.0 bln, the most of any ETF; DXJ
focuses on Japanese exporters and hedges its yen risk
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 2/28/13
SPDR S&P 500 ETF (SPY) had the largest increases in USD short interest at $4.1 bln
SPY’s shares short have increased for four consecutive periods and are at their highest level since 5/31/12
Aggregate ETF USD short interest increased by $4.4 bln over the period ended 2/28/13 and has now increased $11.4 bln the last
three periods; despite the increase in short interest, financial markets have remained resilient
The average shares short/shares outstanding for ETFs is currently 4.3%
Interestingly, the top 10 ETFs most heavily shorted as a % of shares outstanding does not change much; certain areas of the market
such as retail, currency, and real estate seem to consistently make the list
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding
can exceed 100% (only five ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 3/22/13 based on daily change in share counts and daily NAVs.
$5.7 bln in total market cap of ETFs less than 1-year old
Newly launched Fixed Income ETFs accounted for 31% of the market cap of ETFs launched over the past year, the most of any
category, including $760 mln in net inflows over the last 13 weeks
Issuance is off to a slow start in 2013; 19 new ETF listings and 26 closures YTD
The top 10 most successful launches make up 58% of the market cap of ETFs launched over the past year
Five different ETF sponsors and two asset classes represented in top 10 most successful launches
Seven out of the 10 most successful launches over the past year have an income orientation
The First Trust North American Energy Infrastructure Fund (EMLP) has steadily grown in size since its 6/2012 inception;
EMLP is unique in that it is actively managed and does not solely own MLPs to achieve broad energy infrastructure exposure
United States Commodity Funds files with the SEC
March 25, 2013--United States Commodity Funds has filed a Form S-1 registration statement with the SEC for the United States Brent Oil Fund.
view filing
Market Vectors Launches Treasury-Hedged High Yield Bond ETF (THHY)
New fixed income fund is positioned for rising interest rates
March 22, 2013--Market Vectors ETF Trust announced today that it has launched the Market Vectors Treasury-Hedged High Yield Bond ETF (NYSE Arca: THHY), an exchange-traded fund (ETF).
is designed to combine the income potential of high-yield corporate bonds with the interest rate hedging capability offered by shorting Treasury notes
Teucrium files with the SEC
March 22, 2013--Teucrium has filed a Form S-1 registration statement with the SEC for the Teucrium Corn Fund.
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The Principal Financial Group files with the SEC
March 22, 2013--The Principal Financial Group has filed a application for exemptive relief with the SEC-actively-managed ETFs.
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Global X files with the SEC
March 22, 2013--Global X has filed a post-effective amendment, registration statement with the SEC.This filing relates solely to the following series of the Registrant: Global X SuperDividend U.S. ETF.
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Teucrium files with the SEC-Teucrium Natural Gas Fund
March 21, 2013--Teucrium has filed a Form S-1 registration statement with the SEC for the Teucrium Natural Gas Fund.
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Teucrium files with the SEC-Teucrium WTI Crude Oil Fund
March 21, 2013--Teucrium has filed a Form S-1 registration statement with the SEC for the Teucrium WTI Crude Oil Fund.
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Guinness Atkinson Asset Management files with the SEC
March 21, 2013--Guinness Atkinson Asset Management has filed a application for exemptive relief with the SEC.
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Guggenheim files with the SEC
March 21, 2013--Guggenheim has filed a post-effective amendment, registration statement with the SEC.
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Direxion files with the SEC
March 21, 2013--Direxion has filed a post-effective amendment, registration statement with the SEC.
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SEC filing-SSgA Active ETF Trust
March 21, 2013--A post-effective amendment, registration statement has been filed with the SEC for the SSgA Active ETF Trust.
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Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The March 19-20 FOMC Meeting
March 20, 2013--The table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the March 19-20 meeting of the Federal Open Market Committee.
The table will be incorporated into a summary of economic projections released with the minutes of the March 19-20 meeting. Summaries of economic projections are released quarterly.
CFTC's Division of Clearing and Risk Issues Limited No-Action Relief from Required Clearing for Partial Novation and Partial Termination of Certain Swaps
March 20, 2013--The Commission's Division of Clearing and Risk (Division) today issued a no-action letter that provides relief from required clearing for a limited set of "stub swaps" that remain after the partial novation or partial termination of an original swap that was not required to be cleared because it was executed prior to an applicable compliance date for required clearing
The Division will not recommend that the Commission take enforcement action against any person for failing to clear stub swaps resulting from partial novations or partial terminations, provided that the original swaps were executed prior to the date on which the counterparties must begin complying with the clearing requirement. Both the original swaps and stub swaps, and the related partial novations and terminations, must meet certain conditions specified in the letter.
ProShares files with the SEC
March 19, 2013--ProShares has filed a post-effective amendment, registration statement with the SEC for the
ProShares Ultra High Yield
ProShares Ultra Investment Grade Corporate.
view filing
