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Morgan Stanley-ETF Weekly Update
December 8, 2014--Weekly Flows: $10.1 Billion Net Inflows
Ninth Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETFs Have Generated Net Inflows 38 of 49 Weeks YTD
ETF Assets Stand at $2.0 Trillion, Up 17% YTD
Two ETF Launches Last Week
Van Eck Announces Five ETF Closures
NY Life to Acquire IndexIQ
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $10.1 bln last week; ninth consecutive week of net inflows
Over the last nine weeks, ETFs have generated net inflows of $77.7 bln
Last week's net inflows were led by US Sector & Industry ETFs at $2.6 bln; conversely, International - Emerging ETFs posted net outflows of $218 mln, the most of any category we measured
Twelve of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 38 of the 49 weeks YTD totaling $189.8 bln; notably, the fourth quarter is typically the strongest quarter for ETF flows
ETF assets stand at $2.0 tln, up 17% YTD
13-week flows remain positive among most asset classes; combined $92.0 bln in net inflows
US Large-Cap ETFs generated net inflows of $40.7 bln over the last 13 weeks and the category's current market share is 27%, up from 21% two years ago
US Large-Cap ETF market share gains have come at the expense of Commodity, International
Emerging, and Fixed Income ETFs, which have experienced market share declines of 6%, 5%, and 5%, respectively over the last two years
US
Listed ETFs: Estimated Largest Flows by Individual ETF
Energy Select Sector SPDR (XLE) posted net inflows of $941 mln last week, the most of any ETF
Despite the recent move down in oil prices, XLE has generated net inflows for three consecutive weeks totaling $1.6 bln
The SPDR S&P 500 ETF (SPY) had another week of impressive net inflows and has now generated positive flows of $22.2 bln over the last 13 weeks; SPY's current market cap is in excess of $200 bln
The Vanguard Total Bond Market ETF (BND) posted net inflows of $733 mln last week and $3.3 bln over the last 13 weeks as the high-quality portfolio has benefitted from stubbornly low interest rates
The PowerShares QQQ (QQQ) posted net outflows for the first time in six weeks, at $927 mln last week; notably, QQQ has exhibited net outflows of $5.2 bln over the last 13 weeks, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume declined in November to 23% and is the lowest reading since June 2014; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume increased by $123 bln last week rebounding from the prior shortened trading week
US Large-Cap ETFs accounted for only 37% of ETF $ volume last week compared to their 13-week average of 42%
US Sector & Industry ETFs made up 16% of ETF $ volume last week compared to their 13-week average of 14%
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 11/14/14
Utilities Select Sector SPDR (XLU) had the largest increase in USD short interest at $348 mln
Despite XLU's increase in shares short from the last period, its shares short at 75 mln are essentially in-line with the 72 mln 52-week average
Notably, the iShares Russell 2000 ETF (IWM) had a $3.2 bln decline in short interest compared to the prior period; IWM's shares short are at their lowest level since 2/14/14
674 ETFs exhibited short interest increases while 641 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $11.6 bln over the period ended 11/14/14
The average shares short/shares outstanding for ETFs is currently 3.9%, down from 4.1% last period
For the second consecutive period, the Market Vectors Semiconductor ETF (SMH) was the most heavily shorted ETF as a % of shares outstanding, at 275%
Eight of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, XOP, XRT, IYR, DRV, XBI, XME, RKH)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.8 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 37% of recently launched ETF market share, but only make up 1% of total ETF market share
Over the last 13 weeks, recently launched International - Developed ETFs generated net inflows of $923 mln, the most of any category, and 25% of all recently launched net inflows
180 new ETF listings and 60 closures YTD (additional eight closures announced)
The top 10 most successful launches make up 51% of the market cap of ETFs launched over the past year
Four ETF sponsors and three asset classes (equity, fixed income, and currency) were represented in top 10 most successful launches
First Trust occupies the top three spots of the most successful ETFs over the last year, as measured by market cap
The First Trust Eurozone AlphaDEX ETF (FEUZ) posted net inflows of $340 mln last week, the most of any ETF, and 88% of its current market cap
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Source: Morgan Stanley
Bond Traders Double Down on No-Inflation in ETFs: Credit Markets
December 8, 2014--Trading in two of the biggest exchange-traded funds that buy U.S. government debt shows investors are backing away from bets on inflation picking up at the fastest pace this year.
Since October, wagers that the ETF (IEF) share price will decline as a percentage of shares outstanding for BlackRock Inc.'s $5.8 billion iShares 20+ Year Treasury Bond ETF fell 22.6 percentage points, according to data from research firm Markit Ltd.
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Source: Bloomberg
CFTC.gov Commitments of Traders Reports Update
December 5, 2014--The current reports for the week of December 02, 2014 are now available.
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Source: CFTC.gov
CBO-Monthly Budget Review for November 2014
December 5, 2014--The federal government's budget deficit was $181 billion for the first two months of fiscal year 2015, $45 billion less than the shortfall recorded in October and November of last year, CBO estimates.
That outcome was affected by shifts in the timing of certain payments. Without those shifts, the deficit would have declined by just $9 billion.
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Source: Congressional Budget Office (CBO)
Assessment of Basel capital regulations in the United States concluded by the Basel Committee
December 5, 2014-The Basel Committee on Banking Supervision has today published a report assessing the implementation of the Basel capital framework in the United States.
The assessment was conducted under the Committee's Regulatory Consistency Assessment Programme (RCAP). A key component of this programme is to assess the consistency and completeness of a jurisdiction's adopted standards and the significance of any deviations in the regulatory framework.
Nasdaq Announces Launch of Twenty Seven New Indexes Effective Monday, December 15, 2014
December 5, 2014--Effective Monday, December 15, 2014, Nasdaq will begin disseminating the following new indexes on the Nasdaq Global Index Data ServicesSM (GIDS 2.0).
NASDAQ AlphaDEX(R) Switzerland Index (Symbol: NQDXCH)
NASDAQ AlphaDEX(R) Switzerland Total Return Index (Symbol: NQDXCHT)
NASDAQ AlphaDEX(R)Switzerland Net Total Return Index (Symbol: NQDXCHN)
NASDAQ AlphaDEX(R) Switzerland GBP Index (Symbol: NQDXCHGBP)
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Source: NASDAQ.com
Van Eck Announces Changes to Market Vectors(R) ETF Product Line
December 5, 2014--Van Eck Global, one of the largest providers of exchange-traded funds in the U.S. and worldwide with more than $22 billion in ETF assets under management as of October 31, 2014, announced today that it plans to close and liquidate five Market Vectors ETFs.
On December 4, 2014, the Board of Trustees of Market Vectors ETF Trust approved the liquidation and dissolution of the following funds (the "Funds"):
ETF Name: Market Vectors Bank and Brokerage ETF
Ticker: RKH
ETF Name: Market Vectors Colombia ETF
Ticker: COLX
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Source: MarketWatch.com
AdvisorShares Weekly Market Update-The Crude Crash!
December 4, 2014--For the week of November 24-November 28
Domestic markets were quiet in terms of price action but thre was a lot of news that could potentially move prices
despite the short week.
The Dow Jones Industrial Average
was up 17 basis points, the S&P 500 was up 25 basis points the NASDAQ had a much stronger week with a 1.68% lift and
the Russell 2000 added 10 basis points however it should be noted that the small cap benchmark had an outsized decline of 1.46% on Friday.
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Source: AdvisorShares
New York Life Bets on ETFs Copying Hedge Funds ...
December 4, 2014--New York Life Insurance Co. agreed to buy asset manager IndexIQ, pushing into exchange-traded funds and adding offerings for retail investors who want to copy hedge-fund approaches.
The transaction "puts us into the forefront of two very important growth trends in the industry," Drew Lawton, chief executive officer of New York Life Investment Management, said in an interview.
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Source: Bloomberg
New York Life to enter ETF market with acquisition of IndexIQ
November 4, 2014--New York Life Insurance Co is jumping into the nearly $2 trillion U.S. exchange-traded funds market with its plan to acquire ETF provider IndexIQ.
The mutual life insurance company said Thursday its asset management business, New York Life Investment Management, was set to acquire Rye Brook, New York-based IndexIQ, well known for its alternative investment strategies.
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Source: Reuters
