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Morgan Stanley-US ETF Weekly Update
July 15, 2013--Highlights
Weekly Flows: $16.7 Billion Net Inflows
ETF Assets Stand at $1.5 Trillion, up 11% YTD
Five ETF Launches Last Week
State Street Makes Name, Ticker, and Index Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $16.7 bln last week, the largest weekly net inflows YTD
ETFs have generated net inflows for three consecutive weeks totaling $26.0 bln
US Equity ETF categories posted across-the-board positive net inflows last week totaling $17.3 bln
ETF assets stand at $1.5 tln, up 11% YTD; $92.2 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $29.0 bln in net inflows
US Large-Cap ETFs have generated net inflows of $15.1 bln over the last 13 weeks, the most of any category we
measured; specifically, the SPDR S&P 500 ETF (SPY) has accounted for 54% of the net inflows in this space
Over the last 13 weeks Fixed Income ETF flows have gone slightly negative (net outflows of $511 mln) as we have seen investors move into short duration Fixed Income and US Equity ETFs
US-Listed ETFs: Estimated Largest Flows by Individual ETF
US Equity ETFs accounted for the top 10 largest net inflows last week
The SPDR S&P 500 ETF (SPY) posted its largest net inflows since the week of 3/12/12, leading all ETFs
The SPDR Gold Trust (GLD) has not posted a net inflow in 32 weeks; over this time period, GLD has exhibited net outflows of $19.5bln, including $900 mln last week, and its market cap has shrunk to $38.8 bln
Based on the largest flows, we noticed a rotation to cyclical areas of the market from defensive areas last week
US-Listed ETFs: Short Interest
Data Updated: Based on data as of 6/28/13
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $2.0 bln
SPY’s shares short are at their highest level since 4/15/13 and nearly 10% above their one-year average
The iShares MSCI Emerging Markets ETF (EEM) shares short declined 28% from their all-time high set last period
Aggregate ETF USD short interest decreased by $2.9 bln over the period ended 6/28/13
The average shares short/shares outstanding for ETFs is currently 4.6%
The CurrencyShares Euro Trust (FXE) continues to be one of the most heavily shorted ETFs as a % of shares outstanding;
interestingly, over the past year, FXE has actually posted a 6.3% market price return
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can
exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 7/12/13 based on daily change in share counts and daily NAVs.
$7.9 bln in total market cap of ETFs less than 1-year old
Over the last 13 weeks, recently launched ETFs have generated net inflows of $3.4 bln, or nearly 12% of ETF industry net inflows
Fixed Income ETFs account for 19% of ETFs launched over the past year, the most of any category
Issuance has been light in 2013 relative to the past three years; 70 new ETF listings and 30 closures/delistings YTD
The top 10 most successful launches make up 66% of the market cap of ETFs launched over the past year
Six ETF sponsors and two asset classes represented in top 10 most successful launches; six have an income orientation
The PowerShares DWA SmallCap Technical Leaders Portfolio (DWAS) cracked the top 10 most successful launches last week
with a current market cap of $193 mln; DWAS had net inflows of $55 mln last week (29% of current market cap)
Since inception, the iShares Core MSCI Emerging Markets ETF (IEMG) has not posted a weekly net outflow; conversely, its
sister fund, iShares MSCI Emerging Markets ETF (EEM), has exhibited net outflows of $1.1 bln in net outflows over the same
request report
Source: Morgan Stanley
AdvisorShares Announces the Launch Date of the Athena International Bear ETF (HDGI)
Continuing Innovation Delivers First Ever International All-Short Actively Managed ETF
July 15,2013--AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced today that the AdvisorShares Athena International Bear ETF will open for trading on Friday, July 19, 2013.
HDGI is sub-advised by AthenaInvest Advisors LLC, a SEC Registered Investment Adviser with an established history of delivering industry leading behavioral portfolio management and development of a patented behavioral research process. Athena's skill as an equity manager is substantiated by industry recognition and a proven track record.[1]
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Source: AdvisorShares
Joint U.S.-China Economic Track Fact Sheet of the Fifth Meeting of the U.S.-China Strategic and Economic Dialogue
July 12, 2013--As the Special Representatives of President Barack Obama and President Xi Jinping, U.S. Treasury Secretary Jacob J. Lew and Chinese Vice Premier Wang Yang led the fifth meeting of the Economic Track of the U.S.-China Strategic and Economic Dialogue (S&ED) in Washington, D.C., July10-11.
They were joined by a high-level delegation of Cabinet members, ministers, agency heads, and senior officials from both countries.
Early this June, President Obama and President Xi held a historic meeting in California, which set the strategic tone and direction for the development of the U.S.-China relationship. This meeting of the S&ED provided an opportunity to implement that strategic framework through concrete progress and to generate practical cooperation on issues across the economic relationship, for the benefit of our two economies and for the global economy.
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Source: US Department of the Treasury
S&P Dow Jones Indices Announces Quarterly Index Reviews
July 12, 2013--S&P Dow Jones Indices Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews.
These changes will be effective at the open on Monday, July 22, 2013
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Source: Wall Street Journal
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX Venture Composite Index
July 12, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shares of Midway Gold Corp. (TSXVN:MDW) will be removed from the S&P/TSX Venture
Composite Index after the close of trading on Monday, July 15, 2013. The company will graduate to trade on TSX under the same ticker symbol.
Source: S&P Dow Jones Canadian Indexes
CFTC.gov Commitments of Traders Reports Update
July 12, 2013--The updated current reports for the week of July 9, 2013 are now available.
view updates
Source: CFTC.gov
Elizabeth Warren introduces new Glass-Steagall bill with bipartisan support
July 11, 2013--A bipartisan group of senators led by Massachusetts freshman Democrat Elizabeth Warren introduced a bill Thursday to reinstate the Great Depression-era Glass-Steagall law that would separate commercial from investment banks.
Speaking at a Senate Banking Committee hearing on the implementation of the Dodd-Frank financial reform law, Warren said that the point of her bill was "keeping the gamblers out of our banks." Sens. John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus King, I-Maine, are co-sponsoring the measure.
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Source: Washington Examiner
Exchange Traded Concepts Trust files with the SEC
July 11, 2013--Exchange Traded Concepts has filed a post-effective amendment, registration statement with the SEC for the YieldShares High Income ETF.
view filing
Source: SEC.gov
Majority of Active Traders Believe This Is a Good Time to Invest in Equities But Bullish Outlook Softens
July 11, 2013---A majority of active traders (54 percent) believe that this is a good time to invest in equities, but bullish outlook for the second half of the year has fallen, according to new data from Charles Schwab's most recent Active Trader Sentiment Survey from June 2013.
Nearly 38 percent of traders surveyed say they are bullish on stocks over the next three to six months, down from 52 percent in March. While over half believe that equities remain attractive, 37 percent are unsure if now is a good time to invest. And despite solid gains in most major market averages thus far in 2013, many active traders feel they could be doing better.
Minutes Of The Federal Open Market Committee, June 18-19, 2013 view the Minutes of the Federal Open Market Committee-June 18-19, 2013
Source: Charles Schwab
July 10, 2013--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 18-19, 2013. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. Summaries of economic projections are released on a quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.
Source: FRB
