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Morgan Stanley-US ETF Weekly Update
August 20, 2012--Weekly Flows: $627 Million Net Inflows
ETF Assets Stand at $1.2 Trillion, up 16% YTD
Four ETF Launches Last Week
Russell Announces Closures of Passively Managed ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $627 mln last week, the third consecutive week of net inflows
Commodity ETFs, driven by the SPDR Gold Trust (GLD), had the largest net inflows of any category last week ($829 mln)
Quiet week for flows as only 18 ETFs posted net in/outflows of greater than $100 mln last week
ETF assets stand at $1.2 tln (up 16% YTD) and have posted net inflows 25 out of 33 weeks YTD ($87.6 bln in net inflows)
13-week flows were mostly positive among asset classes; combined $32.9 bln net inflows
Fixed Income ETFs have generated net inflows 52 out of the past 53 weeks ($10.2 bln net inflows over the last 13 weeks)
Over the last 13 weeks, US Mid-Cap ETFs have exhibited net outflows of $572 mln, the most of any category we measured
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR Gold Trust (GLD) generated net inflows of $860 mln last week, the most of any ETF
Flows into fixed income ETFs have been impressive over the past year; notably, the iShares iBoxx $ Investment Grade Corporate Bond Fund (LQD) has generated net inflows of $8.3 bln over the last 52 weeks (net inflows 46 out of 52 weeks)
For the second consecutive week the SPDR S&P 500 ETF (SPY) has exhibited net outflows in excess of $1 bln; SPY has posted net outflows six out of the past nine weeks (aggregate $6.1 bln in net outflows)
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 7/31/12
SPDR Gold Trust (GLD) had the largest increase in USD short interest at $758 mln
Aggregate ETF USD short interest marginally increased $29 mln over the past two weeks ended 7/31/12
For the fourth consecutive period, SPDR S&P 500 ETF (SPY) short interest declined; SPY’s 201.7 mln shares short is its lowest level since 12/31/09
The average shares short/shares outstanding for ETFs is currently 4.8%
Out of the 10 ETFs with the highest % of shares short, only one has a market cap greater than $1 bln (IWM)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only five 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 Smith Barney Research.
Data estimated as of 8/17/12 based on daily change in share counts and daily NAVs.
$8.6 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched Active ETFs generated most net inflows at $1.5 bln (specifically the PIMCO Total Return ETF-BOND)
124 new ETF listings and 35 closures YTD (additional 34 liquidations have been announced)
Over the past year, many of the successful launches have an income/defensive orientation
Five different ETF sponsors and three asset classes represented in top 10 most successful launches
Despite a rise in rates last week, the iShares Barclays US Treasury Bond Fund (GOVT) posted net inflows of $58 mln, the most of any recently launched ETF
Top 10 most successful launches account for 71% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
BlackRock(R) Canada Launches U.S. High Dividend Equity Fund
iShares(R) launches a new fund geared to generate income and meet investors' needs
August 20, 2012--BlackRock Asset Management Canada Limited (BlackRock Canada) (TSX:XHD), an indirect, wholly-owned subsidiary of BlackRock, Inc., today launched the iShares U.S. High Dividend Equity Index Fund (CAD-Hedged) (XHD) in the Canadian marketplace.
XHD seeks to provide investors with access to high-quality, dividend paying U.S. companies as another way to help them better meet their income needs. The fund will begin trading on the Toronto Stock Exchange today.
"In today's investing environment, income generation and higher yield equities are top of mind for many investors," said Mary Anne Wiley, Managing Director, Head of iShares, BlackRock Canada. "Our most recent investor survey found that 93 per cent believe that generating income is an important factor in making investment decisions. To help investors access those income-oriented performers, we have introduced the iShares U.S. High Dividend Equity Index Fund (CAD-Hedged). It offers investors higher yield and lower risk by focusing on companies that are likely to pay higher than average dividends for the foreseeable future."
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Source: BlackRock
AdvisorShares Marks Two-Year Anniversary of the WCM/BNY Mellon Focused Growth ADR ETF (AADR)
International Large Cap Growth Active ETF has Outperformed Benchmarks Since Inception and Seeks to Provide Risk Management in Tough Market Conditions
August 20, 2012--AdvisorShares, a leading sponsor of actively managed Exchange Traded Funds (ETFs), recently celebrated the two-year anniversary of its industry leading international active ETF, the WCM/BNY Mellon Focused Growth ADR ETF (AADR), which has outperformed all broadly comparable Foreign Large Cap Indexes since its inception.
AADR is sub-advised by WCM Investment Management (WCM), an institutional money manager with over $1.6 billion assets under management, and a seven-year track record of beating international benchmarks for its clients. BNY Mellon, the world's largest depositary for American Depositary Receipts (ADRs) provides expertise to the portfolio management team as well as to all other market intermediaries.
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Source: AdvisorShares
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Weight Change For CGI Group Inc. In The S&P/TSX Composite Index
August 20, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
On July 16, 2012, the shareholders of Logica plc (LSE:LOG) approved the acquisition of the company by CGI Group Inc. (TSX:GIB.A) for consideration of 105 pence per share.
Part of the acquisition will be funded with the proceeds of a sale of subscription receipts of CGI Group. As part of the transaction, the relative weight of CGI Group will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion and Equity Completion, the S&P/TSX Equity and Capped Equity and the S&P/TSX Capped Information Technology Indices to reflect the conversion of subscription receipts into shares. There will be no weight change effective in the S&P/TSX Composite Equal Weight Index.
These changes will be effective after close on Friday, August 24, 2012.
Source: Standard & Poor's
Motif Investing Launches Fixed-Income Products, Simplifies Online Bond ETF Investing
August 17, 2012--Motif Investing, the company that pioneered ideas-based stock investing, today expanded its product offerings by announcing 10 new fixed-income motifs-specialized portfolios of bond ETFs (exchange-traded funds) tied to certain macro-economic trends.
These new motifs offer an easy and economical way for investors to add fixed income to their holdings. By adding fixed-income products to its lineup, Motif enables investors to manage their entire portfolio in an intuitive way.
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Source: Motif Investing,
Nasdaq Launching 150K Tick-By-Tick Indexes
August 17, 2012--Nasdaq OMX Group said Friday it plans to launch 22,000 indexes this fall and 150,000 by the end of next year, using high-speed technology as its weapon against Standard & Poor's and other index developers.
"Our goal is, if it can be traded, we can index it,’’ said Nasdaq OMX vice president John Jacobs, head of Nasdaq OMX Global Indexes.
The biggest weapon: tick-by-tick updating of the values of indexes.
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Source: Securitites Technology Monitor
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices- A Deletion From The S&P/TSX Venture Composite Index
August 17, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
CounterPath Corporation (TSXVN:CCV) will be removed from the S&P/TSX Venture Composite Index after the close of trading on Friday, August 17, 2012.
The company will graduate to trade on TSX under the same ticker symbol.
Source: Standard & Poor's
CFTC Approves Conforming Rule on Registration of Intermediaries
August 17, 2012--The U.S. Commodity Futures Trading Commission (CFTC) today approved a final rule to conform the CFTC's existing intermediary registration rules to changes made to the Commodity Exchange Act (CEA) by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
The final rule also is intended to create uniformity in treatment of previously regulated and newly regulated commodity interest transactions (e.g., swaps and futures) by registered intermediaries, such as futures commission merchants (FCM) and other registrants.
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Source: CFTC.gov
Russell to close passively-managed U.S. ETFs
August 17, 2012--Russell Investments announced today that the Board of Trustees of Russell Exchange Traded Funds Trust authorized the orderly termination and liquidation of Russell's U.S. passively managed family of exchange-traded funds (ETFs) on or before October 24, 2012. In aggregate, the 25 funds affected by this decision had approximately $310 million in assets as of July 31, 2012.
Today's announcement does not impact the Russell Equity ETF (ONEF), which is an actively managed, asset allocated portfolio that aligns with Russell's focus on multi-asset solutions. Russell will continue to operate the Russell Equity ETF, which is benchmarked to the Russell Developed Large Cap Index.
Recognizing the role that ETFs can play in an investment portfolio, Russell will continue to focus on offering solutions in the actively-managed, asset allocated ETF space as part of its core capability in investment strategy implementation as well as in the passive ETF space through its index licensing business. Russell remains the underlying index provider for many ETFs around the world, which have more than $80 billion in assets under management, and will continue its strong partnership with all of its ETF sponsor clients.
Regarding the closures, while the innovation behind Russell's next-generation ETF products received substantial interest in general, the market for them is still in its early days. Given challenging equity market conditions since the launch of these products, Russell determined that proposing the liquidation of the passively-managed ETFs at this time is in the best interests of the ETFs and their shareholders.
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Source: Russell Investments
CFTC.gov Commitments of Traders Reports Update
August 17. 2012--The current reports for the week of August 14, 2012 are now available.
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Source: CFTC.gov
