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Morgan Stanley-US ETF Weekly Update
December 8, 2015--Weekly Flows: $8.1 Billion Net Inflows
Ninth Consecutive Week of Net Inflows, Totaling $67.6 Billion
High-conviction ETF Recommendations Slide: No Changes
ETF Assets Stand at $2.1 Trillion, up 8% YTD
Nine ETF Launches Last Week
Guggenheim Makes Changes to Income ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $8.1 bln last week; ninth consecutive week of net inflows, totaling $67.6 bln
Last week's net inflows were led by International-Developed ETFs at $2.6 bln; conversely, Commodity ETFs posted outflows of $603 mln, the most of any category we measured
Thirteen of the 15 categories we measured posted net inflows last week
ETFs have generated net inflows 36 of 49 weeks YTD-ETF assets stand at $2.1 tln, up 8% YTD
13-week flows remain positive among most asset classes; combined $80.3 bln in net inflows
US Large-Cap ETFs have posted $20.9 bln in net inflows over the last 13 weeks, the most of any segment that we measured; Fixed Income ETFs have also had a strong 13 weeks, generating net inflows of $17.0 bln
Commodity ETFs are the one area of the market that have exhibited net outflows over the last 13 weeks, at $490 mln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares MSCI EMU ETF (EZU) posted net inflows of $840 mln last week, leading all ETFs
Over the last 13 weeks, EZU has generated net inflows of $3.6 bln, trailing only the iShares Core US Aggregate Bond ETF (AGG), which had net inflows of $4.1 bln, over the same time period
The Financials Select Sector SPDR (XLF) posted net inflows of $744 mln last week as investors pile into the sector in anticipation of Fed rate hikes
Conversely, the SPDR Gold Trust (GLD) had net outflows of $535 mln last week as investors flee the metal; GLD has exhibited net outflows for six consecutive weeks totaling $2.0 bln
Four US Treasury-based ETFs, the iShares 20+ Year Treasury Bond ETF (TLT), iShares 3-7 Year Treasury Bond ETF (IEI), iShares 7-10 Year Treasury Bond ETF (IEF), and SPDR Barclays 1-3 Month T-Bill ETF (BIL) posted a combined $1.1 bln in net outflows last week
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was down in November to 25% relative to October's 26% reading; over the last five years, ETF monthly $ volume as a % of listed trading volume averaged 27%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was up $232 bln last week and rebounded from the prior week's shortened trading schedule; last week's ETF $ volume was 14% above its 13-week average
US Large-Cap ETFs accounted for 44% of US-listed trading volume last week and compares to the category's 25% market cap share
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Source: Morgan Stanley
Horizons Seasonal Rotation ETF Turns Six Years Old
December 7, 2015--Horizons ETFs Management (Canada) Inc. and AlphaPro Management Inc. (collectively "Horizons ETFs") are proud to announce that the Horizons Seasonal Rotation ETF ("HAC") is celebrating its sixth year anniversary.
Launched in late November 2009, HAC uses an innovative seasonal rotation strategy that seeks to deliver absolute returns in all market conditions by investing in seasonally favourable asset classes and sectors throughout the course of the year, primarily through the purchase of North American-listed ETFs.
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Source: Horizons ETFs Management (Canada) Inc.
FTSE Russell Introduces Focused Factor
December 7, 2015--Diversified multi-factor approach built on US large-cap Russell 1000(R)Index
Index captures low volatility, yield & momentum-oriented US stocks
Addresses increasing client interest in multi--factor index approaches
FTSE Russell, the global index provider, today announced the launch of the FTSE Russell Focused Factor Indexes, now used as the basis for three new ETFs recently launched by State Street Global Advisors.
These three new indexes, which are based on the US large-cap Russell 1000(R) Index, are designed to provide exposure to US large-cap stocks exhibiting low volatility, yield or momentum characteristics respectively.
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Source: FTSE Russell
CBO-Monthly Budget Review for November 2015
December 7, 2015--The federal budget deficit was $200 billion for the first two months of fiscal year 2016, CBO estimates.
That deficit was $22 billion larger than the one recorded during the same period last year. Revenues and outlays were both higher than last year's amounts, by 3 percent and 6 percent, respectively.
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Source: Congressional Budget Office (CBO)
OFR-Expectations Solidify for Federal Reserve to Lift Rates in December
December 7, 2015--The Federal Reserve's "liftoff"-its first increase in interest rates since setting them near zero during the financial crisis-is now broadly expected to occur at the December 15-16 monetary policy meeting.
The shift in market expectations was fueled by very strong U.S. employment data and communications from Federal Reserve officials. The European Central Bank also announced at its December meeting a package of new easing measures, reinforcing the theme of economic and monetary policy divergence among major economies. This divergence remains a powerful driver of currencies and interest rates in these markets.
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Source: financialresearch.gov
SEC To Propose Rules That Could Crimp Leveraged ETFs
December 7, 2015--Traders and fund companies who favor fast-moving leveraged exchange-traded funds may encounter resistance this week from securities regulators.
The Wall Street Journal's Andrew Ackerman and Leslie Josephs report that the Securities and Exchange Commission on Friday will propose restrictions on derivatives in funds, which would potentially crimp leveraged ETFs that rely on derivatives to deliver the promised two-or-three times daily returns.
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Source: Barron's
NYSE Arca Expands Amounts Stock Prices Can Move When Reopening
December 7, 2015--Price levels were widened for opening auctions in September
Exchange will announce date for system change in later update
NYSE Arca, the New York Stock Exchange's sister market, widened the amount prices are able to move when a security reopens after a trading halt.
Under the exchange's new rule, securities valued at 1 cent to $25 a share can rise or fall 10 percent from their prior level. Securities between $25.01 and $50 can move 5 percent, and those valued at more than $50 can move 3 percent. Previously, those thresholds were 5 percent, 2 percent and 1 percent, respectively.
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Source: Bloomberg
Market Vectors Exchange-Traded Funds Now Trading in Chilean Pesos
December 7, 2015--Market Vectors ETFs, one of the largest providers of exchange-traded products (ETPs) in the U.S. and worldwide, announced today that the Market Vectors exchange-traded funds (ETFs) cross-listed on the Santiago Stock Exchange, currently totaling 27 ETFs, are now trading in Chilean pesos.
Prior to December 7, 2015, the ETFs traded in U.S. dollars. The commencement of trading in pesos is a significant development as it reduces currency risk for local investors.
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Source: Van Eck Securities
Guggenheim adopts momentum filter within $500m multi-asset income ETF
December 7, 2015--Guggenheim Investments, a leading US issuer of exchange-traded funds, has adjusted the methodology behind their Guggenheim Multi-Asset Income Index ETF (NYSE Arca: CVY).
The fund has added a momentum filter to its stock selection process, joining existing screening factors such as yield, liquidity, and relative value. Momentum investing looks to capitalise on existing trends in the market.
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Source: etfstrategy.co.uk
Robotic trading is killing Wall Street jobs
December 5, 2015--The US stock market is at a crossroads as a consensus of market mavens concludes that high-frequency trading is taking its toll on Wall Street.
A new study suggests that an estimated 10 million prospective finance jobs have been lost since 2000 and countless billions in capital was not created due to the proliferation of robotic trading platforms.
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Source: NY Post
