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Morgan Stanley-US ETF Weekly Update
November 23, 2015--Weekly Flows: $8.4 Billion Net Inflows
Seventh Consecutive Week of Net Inflows, Totaling $52.2 Billion
High-conviction ETF Recommendations Slide: No Changes
ETF Assets Stand at $2.1 Trillion, up 8% YTD
Two ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $8.4 bln last week; seventh consecutive week of net inflows, totaling $52.2 bln
Last week's net inflows were led by US Sector & Industry ETFs at $2.5 bln; conversely, US Large-Cap ETFs posted net outflows of $922 mln, the most of any category we measured
Twelve of the 15 categories we measured posted net inflows last week
ETFs have generated net inflows 34 of 47 weeks YTD-ETF assets stand at $2.1 tln, up 8% YTD
13-week flows remain positive among most asset classes; combined $66.4 bln in net inflows
Fixed Income ETFs generated net inflows of $25.6 bln over the last 13 weeks, the most of any category we measured and meaningfully higher than the next largest category, US Large-Cap ETFs, which had $18.6 bln in net inflows
Over the last year, International-Developed ETFs experienced the biggest jump in market share climbing to 15% from 12%; on the other hand, International-Emerging ETF market share shrunk to 5% from 8% over the same time period
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares S&P 500 Low Volatility Portfolio (SPLV) posted net inflows of $688 mln last week, leading all ETFs
SPLV's net inflows last week were its largest weekly flows ever; notably, SPLV's top sector allocation is to Financials at 35% and the Financials Select Sector SPDR (XLF) had net inflows of $552 mln, also posting a strong week
The iShares Core US Aggregate Bond ETF (AGG) also had a big week, generating net inflows of $554 mln; over the last 13 weeks, AGG has posted net inflows of $4.1 bln, trailing only the Vanguard S&P 500 ETF (VOO)
The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) posted net inflows of $519 mln as money continues to flow into the investment grade corporate space; LQD has taken in over $5.5 bln in new money this year
Conversely, the PowerShares QQQ (QQQ) had net outflows of $714 mln, its largest weekly net outflows since 7/27/15
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was down in October to 26% relative to September's 29% reading as market fear receded; over the last five years, ETF monthly $ volume as a % of listed trading volume averaged 27%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was down $11 bln last week compared to the prior week and is 17% below its 13-week average
Fixed Income ETF volume accounted for 6% of ETF $ volume last week compared to its 13-week average of 7% and its 16% market cap share
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Source: Morgan Stanley
Infographic-The Future of Cannabis: Five Things Investors Need To Know
November 23, 2015--The recreational cannabis industry is changing fast, and the last few years have been a blur for investors observing the space.
More people today believe that cannabis should be legal than ever before, and famed investors like Peter Thiel have already made giant bets on the future of recreational cannabis.
Here’s five facts you need to know on the fast-moving industry:
Recreational cannabis is already legal in four states and D.C. It is also available for medical purposes in 20 other states, as well as Canada. Viridian Capital Advisors, which provides research to the cannabis sector, estimates between 6 to 13 states will legalize recreational usage by end of 2016.
Legal cannabis was a $700 million industry in Colorado last year. In 2014, Colorado retailers sold $386 million of medical cannabis and $313 million for recreational purposes. The two segments of the market generated $63 million in tax revenue, with an additional $13 million collected in licenses and fees.
Stocks in the sector have boomed over the last two years. The Viridian Cannabis Index, which covers 60 publicly traded cannabis companies in the United States and Canada, was up 77.5% in 2013, 38.4% in 2014, and 23.6% in 2015 Q1.
view infographic
Source: visualcapitalist.com
CBOE Introduces Five New Options-Based Strategy Performance Benchmark Indexes Tied To Russell 2000
November 23, 2015--Benchmarks Further Expand Investors' Toolset to Manage Risk, Enhance Yields
Index Values Available Beginning November 23
Chicago Board Options Exchange(R) (CBOE(R)) today announced that it has created five new options-based strategy performance benchmark indexes that focus on options as risk management and yield enhancing investment tools.
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Source: CBOE
NYSE Seeks Fast Track for Some ETFs-Again
Competition for listings has heated up in recent months
November 20, 2015--The New York Stock Exchange is again trying to gain regulators' approval to fast-track listings of actively managed exchange-traded funds.
The exchange, where most of the ETFs in the U.S. are listed, this month filed a proposal with the Securities and Exchange Commission to create a "generic" standard to list actively managed funds-guidelines that could slash the time and cost of getting these products to market. The SEC disclosed the filing on Friday.
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Source: Wall Street Journal
Dangling the listing carrot
November 20, 2015--Competition between stock exchanges to attract exchange traded funds is heating up.
In October, Bats Global Markets announced its Issuer Incentive Program that will pay ETF providers to list their products on its US exchange
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Source: Financial News
Infographic-The Market Has No Bite Without the "FANG" Stocks [Chart]
November 20, 2015--Facebook, Amazon, Netflix, and Google created over $440 in value over 2015
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
In the sixth year of the bull run, the U.S. large cap market has had its ups and downs. The S&P 500 peaked at 2134.7 in the early summer months, and promptly collapsed to 1867 points during the August flash crash.
Today, it's back in black, but only trading just over 1% higher than it started the year.
The only reason that has made this possible is the legendary performance of four tech stocks: Facebook, Amazon, Netflix, and Google (now called "Alphabet Inc."). Together, the "FANG" stocks have created an impressive $440 billion in market capitalization since January.
view infographic
Source: visualcapitalist.com
World's First Broad Based, Diversified, Socially Responsible And Fossil-Free Exchange-Traded Fund That Does Not Have Exposure To The Energy Sector Launches On The New York Stock Exchange
November 19, 2015--Etho Capital releases ETHO (NYSEArca: ETHO) in partnership with ETF Managers Group as the first index ETF to exclude all fossil fuel companies and the first public investment product to select equities based on climate efficiency while rigorously screening for social responsibility.
ETHO (NYSEArca: ETHO), the first broad based, diversified, socially responsible and fossil-free exchange-traded fund that does not have exposure to the energy sector on the New York Stock Exchange, was successfully launched today by investment management company Etho Capital in partnership with Factor Advisors, a subsidiary of ETF Managers Group.
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Source: Etho Capital; Factor Advisors; ETF Managers Group
WisdomTree Launches Global Hedged SmallCap Dividend ETF (HGSD)
HGSD Offers Opportunity to Access Dividends of Global Small Caps
while Neutralizing Currency Exposure
November 19, 2015--WisdomTree, an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced the launch of the WisdomTree Global Hedged SmallCap Dividend Fund (HGSD) on the BATS Exchange.
HGSD seeks to provide exposure to dividend-paying, small-capitalization companies in the U.S., developed and emerging markets while neutralizing exposure to fluctuations of foreign currency movements relative to the U.S. dollar. HGSD has an expense ratio of 0.43%.
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Source: WisdomTree
How CBO Estimates the Automatic Stabilizers: Working Paper 2015-07
November 19, 2015--Federal receipts and outlays regularly respond to cyclical movements in the economy. When the economy is operating below its potential, personal income and other tax bases are depressed, causing revenues to be lower than if the economy was operating at its potential. At such times, outlays for unemployment insurance benefits and other types of transfer programs are elevated.
By contrast, when the economy is operating above its potential, revenues are higher and transfer payments are lower than would be the case if the economy was operating at its potential. Those "automatic stabilizers" thus tend to dampen the size of cyclical movements in the economy, by supporting or restraining private spending.
view the How CBO Estimates Automatic Stabilizers
Source: Congressional Budget Office (CBO)
CBO's Assessment of the Economic Outlook Over the Next Decade
November 19, 2015--Presentation by Wendy Edelberg, CBO's Assistant Director for Macroeconomic Analysis, at the University of Michigan's 63rd Annual Economic Outlook Conference.
Under current law, CBO expects economic activity to expand modestly this year, to grow at a more solid pace in 2016 and 2017, and then to moderate in subsequent years.
view the CBO's Assessment of the Economic Outlook Over the Next Decade
Source: Congressional Budget Office (CBO)
