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Morgan Stanley-US ETF Weekly Update
November 30, 2015--US ETF Weekly Update
Weekly Flows: $7.4 Billion Net Inflows
Eighth Consecutive Week of Net Inflows, Totaling $59.5 Billion
High-conviction ETF Recommendations Slide: Add INDA
ETF Assets Stand at $2.1 Trillion, up 8% YTD
Three ETF Launches Last Week
State Street Makes Ticker Change.
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $7.4 bln last week; eighth consecutive week of net inflows, totaling $59.5 bln
Last week's net inflows were led by US Large-Cap ETFs at $3.5 bln; conversely, Leveraged/Inverse ETFs posted modest net outflows of $212 mln, the most of any category we measured-Eleven of the 15 categories we measured posted net inflows last week
ETFs have generated net inflows 35 of 48 weeks YTD-ETF assets stand at $2.1 tln, up 8% YTD
13-week flows remain positive among most asset classes; combined $75.3 bln in net inflows
US Large-Cap and Fixed Income ETFs generated a combined $43.9 bln in net inflows over the last 13 weeks, accounting for 58% of all ETF net inflows
International-Emerging, Commodity, and Global ETFs are the three categories to have exhibited net outflows over the last 13 weeks; the three areas posted a combined $746 mln in net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $2.6 bln last week, leading all ETFs
Over the last 13 weeks, SPY has generated net inflows of $5.1 bln; the fourth quarter of the year is typically a strong one for SPY as investors use the fund for tax management strategies and position portfolios for year-end
The Energy Select Sector SPDR (XLE) and the SPDR Oil & Gas Exploration & Production ETF (XOP) had a combined $508 mln in net inflows last week; despite the turbulence in energy prices, there appears to be some interest in energy equities
The iShares Russell 2000 ETF (IWM) had another strong week, posting net inflows of $204 mln; over the last 13 weeks, the US small-cap ETF has generated net inflows of $2.9 bln
Conversely, the PowerShares S&P 500 Low Volatility Portfolio (SPLV) had net outflows of $676 mln last week, essentially giving back the prior week's net inflows of $688 mln
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was down in October to 26% relative to September's 29% reading as market fear receded; 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 down $163 bln last week amid a shortened trading week compared to the prior week
International-Emerging ETF volume accounted for 10% of ETF $ volume last week compared to its 13-week average of 8% and its 5% market cap share
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Source: Morgan Stanley
Deutsche Asset & Wealth Management Changes the Underlying Index of Deutsche X-trackers MSCI All China Equity ETF
November 30, 2015--Deutsche Asset & Wealth Management (Deutsche AWM) today announced that Deutsche X-trackers MSCI All China Equity ETF (NYSE:CN) will change its underlying index from the MSCI All China Index to the MSCI China All Shares Index, effective today.
The new index is designed to better position CN to serve as the benchmark product for the eventual and full inclusion of A-shares in the MSCI Emerging Markets Index.
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Source: Deutsche Asset & Wealth Management
Barclays Bank PLC Extends Consent Solicitation Period for iPath(R) Bloomberg Energy Subindex Total ReturnSM ETN
November 30, 2015--Barclays Bank PLC ("Barclays") announced today that it has extended by three months the expiration date of its consent solicitation (the "Consent Solicitation") for the iPath(R) Bloomberg Energy Subindex Total ReturnSM ETN ("the ETNs").
The ETNs trade on the NYSE Arca exchange under the ticker symbol JJE.
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Source: Barclays
FlexShares Launches Real Assets ETF
November 30, 2015--New ETF seeks to offer investors an optimized approach to real assets
FlexShares(R) Exchange Traded Funds, sponsored and managed by Northern Trust, today introduced FlexShares Real Asset Allocation Index Fund (NASDAQ:ASET), a passively managed ETF that seeks to provide exposure to real assets by investing in three stand-alone FlexShares ETFs.
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Source: FlexShares
Vanguard's Gain Is Wall Street's Pain as Billions Leave the Financial Industry
Passive investing popularized by Vanguard has removed a chunk of Wall Street's revenue.
November 30, 2015--While Washington has long been debating how to reform big Wall Street banks, Vanguard Group is quietly doing just that as the company and its army of index funds remove about $20 billion a year in revenue from the financial industry.
So far in 2015, Vanguard is leading a record $365 billion in net flows into low-cost and passively managed index funds and exchange-traded funds (ETFs), according to Bloomberg data.
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Source: Bloomberg
Wall Street Group Pushes Trading of China's Yuan in U.S.
November 29, 2015--Michael Bloomberg and an all-star cast of former top U.S. officials are leading a push to bring the trading of China's currency to Wall Street.
Mr. Bloomberg, founder of the financial-data and information company Bloomberg LP and former New York City mayor, will chair a new working group that hopes to build a framework for the trading and clearing of China's yuan in the U.S.
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Source: Wall Street Journal
Mutual hedge funds shunned by investors
November 27, 2015--Alternative mutual funds, which just two years ago accounted for a third of new money flowing into US retail funds, are being shunned by investors due to concerns over performance,
regulatory scrutiny and the closure of some products.
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Source: FT.com
ProShares to Transfer Four Funds to BATS Exchange
November 27, 2015--ProShares, a premier provider of ETFs, today announced that it will transfer the listing of four ProShares ETFs from the NYSE Arca to the BATS Exchange on or about December 15.
Current shareholders of these ProShares ETFs are not required to take any action, nor is the transfer expected to have any effect on the trading of fund shares.
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Source: ProShares
Purpose Investments Inc. Announces Definitive Agreement to Convert Central GoldTrust and Silver Bullion Trust Into ETFs in Partnership With Central Gold Managers Inc. and Silver Administrators Ltd.
November 26, 2015--Purpose Investments Inc. ("Purpose"), manager of the Purpose family of ETFs and mutual funds is pleased to announce it has entered into a definitive agreement with Central GoldTrust ("CGT"), Central Gold Managers Inc. ("CGT Administrator"), Silver Bullion Trust ("SBT", together with CGT, the "Funds") and Silver Administrators Inc. ("SBT Administrator", together with CGT Administrator, the "Administrators") regarding the conversion of the Funds into exchange-traded funds (each an "ETF") ("ETF Conversion").
The proposed ETF Conversion, which is subject to, among any other approvals that may be required, approval of the unitholders of each of CGT and SBT, has the unanimous support of the independent trustees of CGT and SBT, respectively, and represents an exciting opportunity for their respective unitholders.
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Source: Purpose Investments
Bond ETF Sales Surge as U.S. Ranks Last in World Debt Markets
November 26, 2015--Investors withdraw most from U.S. government ETFs in 14 months
Treasuries fall 1.1% in past month to become worst performers
Investors are selling U.S. government bond exchange-traded funds at the fastest pace in 14 months as the Federal Reserve prepares to raise interest rates, helping make Treasuries the worst-performing sovereign market.
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Source: Bloomberg
