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Morgan Stanley-US ETF Weekly Update
January 21, 2014--US ETF Weekly Update
Weekly Flows: $2.7 Billion Net Inflows
ETF Assets Stand at $1.7 Trillion, Flat YTD
Three ETF Launches Last Week
Van Eck Announces New Sub-Advisor and RQFII Quota for China ETF
US-Listed ETFs: Estimated Flows by Market Segment
ETF flows rebounded last week and posted net inflows of $2.7 bln
Last week's net inflows were led by International - Developed ETFs at $2.6 bln; conversely, US Large-Cap ETFs posted net outflows of $2.4 bln, the most of any category we measured
11 of the 15 categories we measured posted net inflows last week
ETF assets stand at $1.7 tln, flat YTD
13-week flows remain mostly positive among asset classes; combined $46.8 bln in net inflows
ETFs have generated net inflows 10 of the last 13 weeks
International - Developed ETFs have taken in nearly 11% of their current market cap over the last 13 weeks; strong net inflows can be attributed to bullish sentiment around Europe and Japan
Over the last 13 weeks, International - Emerging ETFs have posted net outflows of $8.8 bln, the most of any category we measure, as investors remain cautious about the ability of the space to deliver on needed structural reforms as well as lower expected GDP growth
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 ETF (IWM) posted net inflows of $833 mln this past week, the most of any ETF
Despite IWM's net inflows last week and solid market performance recently, IWM has exhibited $2.9 bln in net outflows over the last 13 weeks
Three of the 10 ETFs to post the largest net inflows last week can be attributed to European investments; the Vanguard FTSE Europe ETF (VGK), iShares MSCI EMU ETF (EZU), and iShares MSCI United Kingdom ETF (EWU) generated a combined $1.2 bln in net inflows
Over the last 13 weeks, the two largest emerging markets ETFs, Vanguard FTSE Emerging Markets ETF (VWO) and iShares MSCI Emerging Markets ETF (EEM), have exhibited a combined $9.5 bln in net outflows
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume increased to 26% in December, which is in-line with the one- year average
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was $307 bln last week, up $15 bln from the prior week and more than 14% above its 13-week average
Leveraged/Inverse ETFs accounted for 8% of ETF $ volume last week, but make up only 2% of ETF market share; this is not surprising as daily compounding makes Leveraged/Inverse ETFs more appropriate for active traders
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 12/31/13
The Utilities Select Sector SPDR (XLU) had the largest increase in USD short interest at $527 mln
XLU's shares short are at their highest level ever after increasing to 80.2 mln from 66.3 mln on 12/13/13
628 ETFs exhibited short interest increases while 610 experienced short interest declines over the last period
Aggregate ETF USD short interest decreased by $14.3 bln over the period ended 12/31/13
The average shares short/shares outstanding for ETFs is currently 4.2%, down from 4.3% last period
Two of the 10 most heavily shorted ETFs as a % of shares outstanding are commodity/currency related, which is down from five last period
The SPDR Oil & Gas Exploration & Production ETF (XOP) is the most heavily shorted ETF with a shares short as a % of shares outstanding of 273%
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
$7.4 bln in total market cap of ETFs less than 1-year old
Fixed Income ETFs account for 24% of the market capitalization of ETFs launched over the past year, the most of any category
Over the last 13 weeks, International - Developed ETFs have attracted $786 mln in net inflows, the most of any group
2014 ETF issuance=12 ETFs
The top 10 most successful launches make up 48% of the market cap of ETFs launched over the past year
Seven ETF sponsors and two asset classes (equities and fixed income) represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
The Vident International Equity Fund (VIDI) posted net inflows of $65 mln last week, the most of any recently launched ETF, and its market cap is currently $576 mln; VIDI owns international equities in countries that exhibit favorable conditions for growth
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Source: Morgan Stanley
NYSE Euronext-Listing of 3 Deutsche Bank ETFs
January 21, 2014--Summary:
NYSE Euronext is pleased to announce that on Thursday, January 23, 2014, the following ETFs will be listed on NYSE Arca and will begin trading as new issues:
Security Name: db X-trackers MSCI All World ex US Hedged Equity Fund
Trading Symbol:DBAW
Security Name:db X-trackers MSCI South Korea Hedged Equity Fund
Trading Symbol:DBKO
Security Name:db X-trackers MSCI Mexico Hedged Equity Fund
Trading Symbol: DBMX
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Source: NYSE Arca
NYSE ARCA-Listing of 4 Market Vectors ETS
January 21, 2013--NYSE Euronext is pleased to announce that on Thursday, January 23, 2014, the following ETFs will be listed on NYSE Arca and will begin trading as new issues:
Security Name:Market Vectors MSCI International Quality ETF
Trading Symbol: QXUS
Security Name: Market Vectors MSCI Emerging Markets Quality ETF
Trading Symbol: QEM
Security Name: Market Vectors MSCI International Quality Dividend ETF
Trading Symbol: QDXU
Security Name: Market Vectors MSCI Emerging Markets Quality Dividend ETF
Trading Symbol: QDEM
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Source: NYSE Arca
NYSE ARCA-2 Listings-PIMCO ETFs
January 21, 2014--NYSE Euronext is pleased to announce that on Thursday, January 23, 2014, the following ETFs will be listed on NYSE Arca and will begin trading as new issues:
Security Name:PIMCO Diversified Income Exchange-Traded Fund
Trading Symbol:DI
Security Name: PIMCO Low Duration Exchange-Traded Fund
Trading Symbol:LDUR
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Source: NYSE Arca
NYSE Arca-1 Listing Direxion
January 21, 2014--NYSE Euronext is pleased to announce that on Thursday, January 23, 2014, the following ETFs will be listed on NYSE Arca and will begin trading as new issues:
Security Name: Direxion Zacks MLP High Income Shares
CUSIP: 25459Y 29 8
Trading Symbol:ZMLP
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Source: NYSE Arca
PowerShares alumnus' start-up riding ETF evolution
January 20, 2014--Exchange traded funds are at the centre of Ben Fulton's Elkhorn Investments, but the former Invesco PowerShares ETF chief says the firm does not plan to be tied down to one product.
This month, the firm applied for relief from the Securities and Exchange Commission to launch actively managed and affiliated-index ETFs.
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Source: FT.com
Ready-made platforms seek ETF take-up
January 20, 2014--Specialist companies that help firms set up exchange-traded funds have become an increasing presence in an ETF industry that has been dominated by big brands.
From just two main players three years ago, there are now more than half a dozen so-called white-labelling providers in the US, the most recent being ETF Issuer Solutions, which launched in November.
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Source: Financial News
'Don't hollow out financial transactions tax', says EU tax chief
January 18, 2014-- The European Union's top tax official has called on member countries not to dilute proposals for a financial transactions tax in the euro zone, suggesting the bloc could instead implement the plan more gradually.
Algirdas Semeta, the European Commissioner for tax affairs, told Austrian paper Der Standard he thought a deal was possible in the first half of this year even though some countries wanted to exempt sovereign bonds, interbank securities repurchase deals and pension fund transactions from the levy.
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Source: Reuters
CFTC Reopens Comment Period for Concept Release on Risk Controls and System Safeguards for Automated Trading Environments
January 17, 2014--The U.S. Commodity Futures Trading Commission (CFTC) announced today that it will reopen the comment period for its Concept Release on Risk Controls and System Safeguards for Automated Trading Environments (Concept Release).
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Source: CFTC.gov
CFTC.gov Commitments of Traders Reports Update
January 17, 2014-The current reports for the week of January 14, 2014 are now available.
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Source: CFTC.gov
