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S&P Dow Jones Indices-Latin America Index Dashboard
December 31, 2014--Latin American equities ended 2014 in the red across the board. The S&P Latin America BMI and the S&P MILA Andean 40 declined 13% and 14%, respectively.
Colombia and Brazil were the weakest performers, down 17% and 15% on the year, respectively. Technology was the only sector of the S&P Latin America BMI that did not end the year in negative territory (up 9%), while Energy was the weakest performer, declining 39% in 2014.
U.S. equities outperformed every other developed market in 2014 with a third straight year of double digit gains.
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Source: S&P Dow Jones Indices
S&P Dow Jones Indices-Canada Index Dashboard
December 31, 2014--Canadian equities enjoyed a prosperous 2014, with the S&P/TSX Composite and the S&P/TSX 60 gaining 11% and 12%, respectively.
Defensive strategies thrived, with the S&P/TSX Composite Low Volatility index ending the year up 17%.
The strongest performing sector of the S&P/TSX Composite in 2014 was Consumer Staples (49%). Energy was the weakest performer, down 5%.
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Source: S&P Dow Jones Indices
CFTC.gov Swaps Report Update
December 31, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Energy Bargain Hunters Plow Record Amounts Into ETFs
December 30, 2014--Bargain-seeking investors have turned bullish on embattled energy stocks, plowing record amounts into the industry.
More than $3.13 billion went into exchange-traded funds holding stakes in Exxon Mobil Corp. (XOM), Schlumberger Ltd. (SLB) and other energy stocks this month, even as the price of oil fell 22 percent, according to data compiled by Bloomberg.
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Source: Bloomberg
Fed Downplays Worries About Leveraged ETFs
December 30, 2014--Concerns that leveraged exchange-traded funds could fuel undue market volatility are misplaced because they ignore the offsetting effects from capital flows on the need for the funds to adjust to the benchmarks they track, according to two Federal Reserve Board economists.
The Securities and Exchange Commission specifically cited worries about the use of derivatives products in mutual funds in a 2010 review. It has since issued guidance for buy-and-hold investors warning of "extra risks" from the products.
The Fed itself flagged the products as potentially problematic in a 2012 paper.
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Source: Wall Street Journal
Deutsche Asset & Wealth Management Takes Proactive Step to Accommodate Exceptional Investor Demand for ASHR
December 29, 2014--Deutsche Asset & Wealth Management today announced that, due to high investor demand, Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (NYSE Arca:ASHR) is approaching the limit of its currently available RQFII quota for purchasing China A shares securities.
As a result:
Effective trade date January 21, 2015, ASHR will accept one creation unit, comprised of 50,000 shares, each day.
Deutsche Asset & Wealth Management and ASHR's sub-advisor, Harvest Global Investments Limited, continue to work with the Chinese authorities to obtain an increase in RQFII quota to keep in-line with investor demand.
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Source: Nasdaq.com
Morgan Stanley ETF Weekly Update
December 29, 2014--US ETF Weekly Update
Weekly Flows: $20.4 Billion Net Inflows
Twelfth Consecutive Week of Net Inflows
High-conviction ETF Recommendations Slide
ETF Assets Stand at $2.0 Trillion, Up 19% YTD
One ETF Launch Last Week
2014 Guggenheim BulletShares to Mature
Two Teucrium Commodity ETFs Close
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $20.4 bln last week; 12th consecutive week of net inflows
Over the last twelve weeks, ETFs have generated net inflows of $112.8 bln
Last week's net inflows were led by US Large-Cap ETFs at $17.9 bln; conversely, US Mid-Cap ETFs posted net outflows of $1.2 bln, the most of any category we measured
Nine of the 15 categories we measured posted net inflows last week
ETF assets stand at $2.0 tln, up 19% YTD
13-week flows remain positive among most asset classes; combined $109.5 bln in net inflows
US Large-Cap ETFs generated net inflows of $44.5 bln over the last 13 weeks, the most of any category, and accounted for 41% of total ETF net inflows
International-Emerging ETFs exhibited net outflows of $4.1 bln over the last 13 weeks, the most of any category, and one of only four sectors to post net outflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $15.5 bln last week, the most of any ETF
Over the last 13 weeks, SPY has generated net inflows of $25.9 bln; the fourth quarter is typically a strong quarter for SPY flows
Notably, the iShares Core S&P 500 ETF (IVV) also posted meaningful net inflows last week at $535 mln; both SPY and IVV mirror the S&P 500 Index and have posted impressive fourth quarter inflows
The Energy Select SPDR (XLE) had net inflows of $839 mln last week, lagging only SPY; despite weakness in energy markets the past few months, XLE has posted $2.9 bln in net inflows over the last 13 weeks
Over the last 13 weeks, the iShares MSCI Emerging Markets ETF (EEM) has exhibited net outflows of $5.0 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume declined in November to 23%and is the lowest reading since June 2014; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a %of listed trading volume peaked in August 2011 at 36%
ETF $ volume declined by $406 bln last week compared to the prior week amid a shortened trading week
Leveraged/Inverse ETFs accounted for 6%of ETF $ Volume last week, down from their 8%13-week average
US-Listed ETFs: Short Interest Data Updated: Based on data as of 12/15/14
Energy Select Sector SPDR (XLE) had the largest increase in USD short interest at $1.0 bln
XLE's shares short at 66 mln are at their highest level since 9/30/11 as oil prices have declined dramatically over the past few months
Notably, shares short for the iShares Russell 2000 ETF (IWM) at 106 mln are at their lowest level since 1/15/09
595 ETFs exhibited short interest increases while 774 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $3.2 bln over the period ended 12/15/14
The average shares short/shares outstanding for ETFs is currently 3.9%, down from 4.2%last period
For the second straight period, the CurrencyShares Euro Trust (FXE) was the most heavily shorted ETF as a % of shares outstanding at 457%
Seven of the 10 most heavily shorted ETFs as a % of shares outstanding are sector based (SMH, XOP, XRT, XBI, IYR, OIH, DRV)
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
$8.6 bln in total market cap of ETFs less than 1-year old-Active ETFs account for 32% of recently launched ETF market share, the most of any ETF category
Recently launched Fixed Income ETFs generated net inflows of $65 mln last week, more than any other category
189 new ETF listings and 70 closures YTD (additional three closures announced)
The top 10 most successful launches make up 48% of the market cap of ETFs launched over the past year
Four ETF sponsors and two asset classes (equity and fixed income) were represented in top 10 most successful launches
Interestingly, over the last year, BlackRock has launched more ETFs at 29 than any other ETF issuer accounting for a market cap of $1.7 bln; First Trust, on the other hand, has launched only 15 ETFs, but those 15 ETFs have a total market cap of $2.6 bln, the most of any issuer
Source: Morgan Stanley
Rush for exposure to US fuels ETF inflows
December 28, 2014--A scramble for exposure to the US’s economic recovery dominated flows into fast-growing exchange traded funds in 2014, and contrasted with fading investor enthusiasm for Europe.
International flows into all ETFs with exposure to the US this year were equivalent to almost 50 per cent of starting assets under management-the strongest since 2008, according to an analysis for the Financial Times by Markit, the financial data provider.
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Source: FT.com
Why it’s time for investors to move out of Canada- and stay out
December 27, 2014--It's easy to make a case against the Canadian stock market.
For starters, resources make up a third of the S&P/TSX composite index and they are being absolutely pummelled. Factor in a 35% weight in financials, and there’s very little on the Canadian benchmark that is non-cyclical.
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Source: Financial Post
Vanguard Cuts Fees on Sector Stock ETFs
December 26, 2014--The was no Christmas truce in the ETF fee wars this year.
Vanguard Group announced earlier this week that it lowered expenses for its 10 U.S. sector stock exchange-traded funds,
as well as for two separate ETFs and more than a dozen mutual funds.
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Source: Barron's
