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Morgan Stanley-US ETF Weekly Update
February 27, 2012--Weekly Flows: $4.7 Billion Net Inflows
ETF Assets Stand at $1.2 Trillion, up 13% YTD
Four ETF Launches Last Week
Guggenheim to Close Eight ETFs
Guggenheim to Rename Rydex ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs rebounded last week, posting net inflows of $4.7 bln
Net inflows were led by Fixed Income and US Sector & Industry Equity ETFs last week (combined $2.4 bln in net inflows)
Only Global Equity and Currency ETFs posted net outflows this past week ($144 mln in net outflows)
ETF assets stand at $1.2 tln, up 13% YTD
13-week flows were mostly positive among asset classes; combined $55.2 bln net inflows
Fixed Income ETFs have consistently generated weekly net inflows (28 consecutive weeks of net inflows)
Compared to this point last year, ETF net inflows are up 122% in 2012 (net inflows of $35.6 bln in 2012)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR Dow Jones Industrial Average ETF (DIA) posted net inflows of $564 mln last week, most of any ETF
US Equity ETFs occupied the top four spots and six of the top ten to post the largest net inflows last week (combined $2.0 bln in net inflows)
Over the past 13 weeks, the Vanguard MSCI Emerging Markets ETF (VWO) has generated the most net inflows, an impressive $5.5 bln
Data Unchanged: Based on data as of 1/31/12
EEM exhibited the largest increase in USD short interest since last updated
$241 million in increased short interest and the highest level of shares short since 10/31/11
Despite the increase in short interest, EEM has generated double-digit price returns YTD
Financials make up 3 of the 10 most heavily shorted ETFs (defined as shares short/shares outstanding)
SPDR Retail ETF (XRT) continues to be the most heavily shorted ETF as a % of shares outstanding, but is down from 459% over the prior period
Based on multiple borrowings and the ability to continuously create new shares, short interest as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 2/24/12 based on daily change in share counts and daily NAVs.
$8.1 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $763 mln
61 new ETF listings and 8 closures YTD; at this point last year, only 33 ETFs had come to market
Over past year, many of the successful launches have a dividend/income orientation
7 different ETF sponsors and 2 asset classes represented in top 10 most successful launches
Despite not cracking the top 10 most successful launches over the past year, the ProShares Ultra VIX Short-Term Futures ETF (UVXY) posted net inflows of $48 mln last week, the most of any recently launched ETF
Top 10 most successful launches account for 60% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
Pimco to launch 'Gross-inspired' active ETF
February 27, 2012--Pimco will this week launch an active exchange traded fund (ETF) based on Bill Gross' Total Return Fund.
The ETF will publish its holdings daily, offering investors a rare glimpse into the mind of Gross, who runs Total Return, Pimco's $250 billion flagship fund.
read more
Source: Citywire.co.uk
ProShares Announces ETF Reverse Share Split
February 27, 2012--ProShares, the nation's fourth most successful exchange traded fund (ETF) company,1 announced today a reverse share split on one of its ETFs, the ProShares Ultra VIX Short-Term Futures ETF (NYSE: UVXY). The reverse split will not change the value of a shareholder's investment. UVXY is the only ETF in the United States offering magnified exposure to VIX futures.
UVXY will reverse split 1-for-6. The reverse split will apply to shareholders of record as of the close of the markets on March 7, 2012. The fund will trade at its post-split price on March 8, 2012. The ticker symbol for the fund will not change. The fund will be issued a new CUSIP number.
read more
Source: AME Info
Growth surge 'will lure fund industry to Latin America'
February 26, 2012--Rapid growth in institutional assets across Latin America's five big markets will encourage more global asset managers and financial service providers to establish and expand their operations in Brazil, Mexico, Chile, Colombia and Peru, says State Street, the US custody bank.
Booming commodity prices have boosted economic growth and capital inflows across these five economies. This has helped create large concentrated asset pools in central banks, sovereign wealth funds, pension funds and mutual funds.
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Source: FT.com
Claymore Announces Securityholder Approval of Proposed Acquisition of Claymore by Blackrock and Adjournment of Certain Meetings Regarding the Proposed Acqusition
February 24, 2012--Claymore Investments, Inc. ("Claymore"), the manager of various exchange-traded funds and closed-end funds (collectively, the "Claymore Funds"),
is pleased to announce that today, securityholders of the following Claymore Funds approved the proposed
acquisition of Claymore by BlackRock, Inc. (the "Acquisition"):
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Source: Claymore
Barclays taps State Street sector-specific ETFs for new US products
February 24, 2012--Barclays Bank has filed two structured products with the US Securities and Exchange Commission based on State Street industrial and technology exchange-traded funds
Barclays Bank is offering two 1.51-year products linked to sector-specific exchange-traded funds (ETFs).
read more
Source: Risk.net
CFTC.gov Commitments of Traders Reports Update
February 24, 2012--The current reports for the week of February 21, 2012 are now available.
view updates
Source: CFTC.gov
Maple Group and TMX Group Announce Extension of Offer To TMX Group Shareholders To March 30, 2012
February 24, 2012--Parties reaffirm commitment to Maple's proposed transaction
February 24, 2012 - Maple Group Acquisition Corporation ("Maple"), a corporation whose investors comprise 13 of Canada's leading financial institutions and pension funds, and TMX Group Inc. (TSX: X) today announced the extension of Maple's offer to acquire a minimum of 70% and a maximum of 80% of the shares of TMX Group to 5:00 p.m.
(Eastern Time) on March 30, 2012, unless further extended or withdrawn. The Maple offer is part of an integrated acquisition transaction, valued at approximately $3.8 billion, to acquire 100% of TMX Group shares. The TMX Group Board of Directors continues to unanimously recommend that shareholders accept and tender their shares under the Maple offer.
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Source: TMX Group (TSX-X)
ICI Exchange-Traded Fund Assets
February 24, 2012--The combined assets of the nation's exchange-traded funds (ETFs) were $1.134 trillion in January, according to ICI. The Institute's monthly statistical collection also includes the value of shares issued and redeemed by exchange-traded funds.
Statistics contained in the Institute’s monthly ETF report have been obtained from information provided to ICI by exchange-traded funds and commodity funds. Commodity funds are listed in the Domestic (Sector/Industry) category. A detailed breakdown of the monthly ETF data is available on our website at http://www.ici.org/info/etfdata.xls
view Assets of Exchange-Traded Funds by Type (XLS)
Source: ICI
AllianceBernstein files with the SEC
February 24, 2012--AllianceBernstein has filed a third amended and restated application for exemptive relief with the SEC for actively-managed ETFs.
view filing
Source: SEC.gov
