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DB-Synthetic Equity & Index Strategy-US ETF Market Monthly Review-Equity ETPs gathered $14.5bn in line with positive market performance
December 9, 2013--Data in this report is as of Friday, November 29th
US ETP assets higher by $28.3bn
ETP assets in the US rose by $28.3bn to $1.647 trillion (YTD +23.5%) last month. Global ETP industry assets closed at $2.227 trillion (YTD 21.1%)
Flows Review: Equity keeps on shinning
US ETPs experienced inflows of $12.8bn during November (+0.8% of last month's AUM).
Within long-only ETPs, total flows were +$12.7bn in November vs. +$26.3bn in October. Equity, Fixed Income, and Commodity long-only ETPs experienced flows of +$14.3bn, -$0.4bn and -$1.4bn, respectively.
Equity products kept gathering fresh new assets during November as investors’ risk appetite was fueled by a US recovery which brought ETPs focusing in the US to capture $9.5bn inflows last month; furthermore, flows into ETPs offering exposure to developed countries outside the US continue the strong uptrend seen since July of this year; moreover, Japanese focused ETPs (+$1.3bn) are back on track gathering once again top country (ex US) monthly inflows as the nation’s consumer inflation accelerates and factory output points to a healthy recovery; conversely, emerging market ETPs experienced strong outflows of $4.6bn, mostly due to broad exposure products. Meanwhile, in the Fixed Income space we saw allocation moving closer to neutral as investors await on clearer signs on when tapering might begin; curve positioning favored the short range (+$1.4bn) and HY (+$0.4bn) dominated quality-wise. Lastly, Commodity ETPs continue bleeding assets for the eleventh consecutive month, bringing YTD net redemptions to $27.0bn; moreover, 97% of that can be attributed to Gold ETPs (-$1.3bn, -$26.1bn YTD)
New Launch Calendar: listing activity remains strong across asset classes
There were ten new ETFs and one new ETN listed during the previous month. Eight of them were listed in the NYSE Arca, one listed in NASDAQ and the remaining two were listed in BATS. The new products offer the first non-derivative exposure to China A-Share market, short term EM debt, active short duration US government debt, US financial sector, energy infrastructure, global real estate, treasury-hedged IG debt, frontier and emerging markets, Portuguese equities, currency-hedged Korean market and income through a diversified basket of securities.
Turnover Review: Floor activity decreased by 26% in November
ETP turnover totaled $1.073 trillion last month, 25.9% (-$374.7bn) lower than the previous month figure of $1.448 trillion, and 8.1% below last year's monthly average of $1.168 trillion. Equity, Fixed Income and Commodity ETPs turnover decreased by $335.2bn (-25.8%), $19.0bn (-21.8%) and $15.1bn (-33.7%) during November, respectively.
ETP trading made up 24.4% of all US cash equity trading in November, down from this year's peak of 32.0% in June, and still below its 3-year monthly average of 28.1%.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
Morgan Stanley-US ETF Weekly Update
December 9, 2013--US ETF Weekly Update
Weekly Flows: $2.7 Billion Net Outflows
$158.9 Billion Net Inflows YTD
ETF Assets Stand at $1.6 Trillion, up 22% YTD
Two ETF Launches Last Week
EGShares Announces Index Changes for Three ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted their first net outflows in four weeks ($2.7 bln in net outflows)
Last week's net outflows were led by International - Emerging ETFs at $964 mln; despite posting net outflows as a whole, only 18% of ETFs in the category exhibited net outflows
Eight of the 15 categories we measure posted net outflows last week
ETFs have exhibited net inflows 33 out of 49 weeks YTD
ETF assets stand at $1.6 tln, up 22% YTD; $158.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $70.6 bln in net inflows
International-Developed ETFs generated net inflows of $24.5 bln over the last 13 weeks, the most of any category we measured; US Large-Cap ETFs followed closely behind, posting net inflows of $23.1 bln over the same time period
Commodity ETFs have struggled the past year driven by a decline in certain commodity prices and net outflows; Commodity ETF market share has declined to 4% from 9% at this point last year
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares QQQ (QQQ) posted net inflows of $466 mln this past week, the most of any ETF
Notably, five of the top 10 ETFs to generate net inflows last week were US fixed income oriented, with a heavy skew to US Treasuries
The iShares MSCI EAFE ETF (EFA) posted another strong week of net inflows ($234 mln in net inflows); EFA has not posted a net outflow in 11 weeks; International-Developed ETFs, driven by Europe and Japan, have experienced strong demand this year
The Vanguard FTSE Emerging Markets ETF (VWO) and iShares MSCI Emerging Markets ETF (EEM) exhibited a combined $1.0 bln in net outflows last week; interestingly, over the last 13 weeks, VWO has posted $3.1 bln in net outflows; however, EEM has actually generated $4.1 bln in net inflows
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume dropped to 24% in November (had been essentially flat the prior four months)
ETF monthly $ volume as a % of listed trading volume is at its lowest level since May 2008
ETF $ volume rebounded last week to $307 bln, up $143 bln from the holiday-shortened prior week
US Large-Cap ETFs accounted for 43% of ETF $ volume last week, but make up only 25% of ETF market share
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 11/15/13
The SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $5.1 bln
SPY's shares short (268.0 mln) are 13% above their one-year average
591 ETFs exhibited short interest increases while 604 experienced short interest declines over the last period
Aggregate ETF USD short interest increased by $7.9 bln over the period ended 11/15/13
The average shares short/shares outstanding for ETFs is currently 4.1%, down slightly from last period
Six of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based
The SPDR Retail ETF (XRT) regained the top spot as the most heavily shorted ETF with a shares short as a % of shares outstanding of 277%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$6.4 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 25% of market capitalization of ETFs launched over the past year, the most of any category; over the last 13 weeks, recently launched Active ETFs have generated net inflows of $465 mln
135 new ETF listings and 48 closures/delistings YTD
The top 10 most successful launches make up 49% of the market cap of ETFs launched over the past year
Eight ETF sponsors and two asset classes 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 Vanguard Total International Bond ETF (BNDX) generated net inflows of $42 mln last week (most of any recently launched ETF) and has a current market capitalization of $757 mln (highest of any recently launched ETF); BNDX provides exposure to international investment grade debt markets and is unique in that it hedges its currency risk
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Source: Morgan Stanley
U.S. Department of the Treasury Economic Statistics-Monitoring the Economy Update
December 6, 2013--The U.S. Department of the Treasury Economic Statistics-Monitoring the Economy report has been updated.
view the U.S. ECONOMIC STATISTICS-QUARTERLY DATA
view the U.S. ECONOMIC STATISTICS-MONTHLY DATA
Source: US Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
December 6, 2013--The current reports for the week of December 2, 2013 are now available.
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Source: CFTC.gov
BMO Asset Management Inc. Announces that BMO 2013 Corporate Bond Target Maturity ETF Will Continue Operations as Short-Term Bond ETF
December 6, 2013--BMO Asset Management Inc. ("BMO AM") today announced that, effective December 31, 2013, BMO 2013 Corporate Bond Target Maturity ETF ("ZXA") will continue its operations as an exchange traded short-term bond fund as originally provided for in its prospectus.
This will enable investors to continue to hold their existing units as well as providing the opportunity for investors to purchase and sell units at their discretion instead of at a set termination date.
In connection with continuing ZXA past its target maturity date, BMO AM would like to notify unitholders of the following changes (collectively, the "ZXA Changes"):
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Source: BMO Financial Group
Horizons ETFs Announces Unit Consolidation
December 6, 2013--December 6, 2013--Horizons ETFs Management ( Canada ) Inc. ("Horizons ETFs"), the manager and trustee of the Horizons US Dollar Currency ETF (the "ETF"), listed on the Toronto Stock Exchange ("TSX") under the symbols DLR and DLR.U, has announced today that it intends to consolidate the units of the ETF,
as outlined below:
Unit Consolidation
After the TSX has closed for trading on Friday, December 20, 2013 , the units of the ETF will be consolidated on the basis of a ratio (the "Consolidation Ratio") yet to be determined, such that the net asset value ("NAV") of the units of the ETF traded on the TSX under the ticker symbol DLR.U will equal $10.00 USD upon such consolidation. The units of the ETF will begin trading on a consolidated basis on Monday December 23, 2013 , the effective date of the consolidation.
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Source: Horizons ETFs Management (Canada) Inc
Credit Suisse Announces the Acceleration for Early Redemption of its LPLT, IPLT, UOIL and DOIL ETNs
December 6, 2013--December 6, 2013--Credit Suisse announced today that it will redeem four ETNs. Credit Suisse AG will accelerate for early redemption its VelocityShares(TM) 2x Long Platinum ETNs ("LPLT"), 2x Inverse Platinum ETNs ("IPLT"), 3x Long Brent Crude ETNs ("UOIL") and 3x Inverse Brent Crude ETNs ("DOIL"), in each case on December 27, 2013.
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Source: Credit Suisse AG
US equity bulls eye 2,014 for 2014
December 6, 2013--After stellar gains for the S&P 500 this year, investors are looking ahead
Manhattan street vendors are already hawking New Year's eve spectacles moulded in the shape of 2014 and it's a look that resonates with some equity bulls.
This week, Morgan Stanley published its US equity strategy outlook for the S&P 500 next year with the catchy title: 2014 for 2014.
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Source: FT.com
CB0 Monthly Budget Review for November 2013
December 6, 2013--The federal government ran a budget deficit of $231 billion for the first two months of fiscal year 2014, $61 billion less than the shortfall recorded in October and November of last year, CBO estimates.
Total Receipts: Up by 10 Percent in the First Two Months of Fiscal Year 2014
Receipts for the first two months of fiscal year 2014 totaled $380 billion, CBO estimates-$34 billion more than receipts during the same period last year.
view the CBO Monthly Budget Review for November 2013
Source: Congressional Budget Office (CBO)
Fidelity's feverish fee cuts a bid to cure market share woes
How low will it go? Battle against Vanguard becomes a war of basis points
December 6, 2013--"Vanguarditis," the asset manager infection that leads to fee cuts and happier advisers, has worked its way into the heart of the Boston Behemoth.
Over the past few weeks, Fidelity Investments has made strategic fee cuts and launched new products to ensure that its products are the cheapest in two categories in which the Vanguard Group Inc. has been eating their lunch for a decade.
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Source: Investment News
