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Morgan Stanley-US ETF Weekly Update
July 7, 2014--US ETF Weekly Update
Weekly Flows: $79 Million Net Inflows
8th Consecutive Week of ETF Net Inflows
ETFs Have Generated Net Inflows 20 of 27 Weeks YTD
ETF Assets Stand at $1.9 Trillion, Up 10% YTD
Three ETF Launches Last Week
BlackRock Announces Name and Ticker Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $79 mln last week, the eighth consecutive week of net inflows
Last week's net inflows were led by US Small- & Micro-Cap ETFs at $1.8 bln; conversely, US Large-Cap ETFs posted net outflows of $2.3 bln, the most of any category we measured
Ten of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 20 of the 27 weeks YTD
ETF assets stand at $1.9 tln, up 10% YTD
13-week flows remain positive among asset classes; combined $49.6 bln in net inflows
International - Developed ETFs generated $13.1 bln in net inflows over the last 13 weeks, the most of any category we measured; International - Developed ETFs account for 14% of ETF market share, trailing only US Large-Cap and Fixed Income ETFs
International - Emerging ETFs have posted net inflows of $8.9 bln over the last 13 weeks, which accounts for 6% of the category's current market cap, the largest % of any category
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 ETF (IWM) posted net inflows of $2.1 bln this past week, the most of any ETF
IWM's strong flows over the past three weeks coincide with Russell's annual reconstitution at the end of June
Four of the 10 most successful launches from a flows standpoint last week targeted US small- and mid-cap equities
Over the last 13 weeks, the iShares MSCI Emerging Markets ETF (EEM) has exhibited net inflows of $5.1 bln, the most of any ETF; despite structural issues in many emerging market economies, performance has recently picked up in broad emerging market indices
The iShares 7-10 Year Treasury Bond ETF (IEF) has posted net outflows for six consecutive weeks totaling $5.1 bln as a gradually improving economy triggers fears of rising rates
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume decreased in June to 22%, down from 24% the prior month; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%; June's 22% is the lowest level since May 2007
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was $47 bln lower last week compared to the prior week amid a short week
US Large-Cap ETFs accounted for 35% of ETF $ volume last week compared to their 13-week average of 40%
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 6/13/14
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $2.8 bln (3rd consecutive period)
The iShares US Real Estate ETF (IYR) also had a jump in short interest ($473 mln); IYR's shares short are at their highest all-time level
698 ETFs exhibited short interest increases while 578 experienced short interest declines over the last period
Aggregate ETF USD short interest increased by $3.9 bln over the period ended 6/13/14
The average shares short/shares outstanding for ETFs is currently 4.0%, equal to last period
The SPDR Retail ETF (XRT) is the most heavily shorted ETF as measured by shares short/shares outstanding for the sixth consecutive period at 416% (up from 316% last period)
Five of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based (XRT, XOP, IYR, XBI, SMH)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.2 bln in total market cap of ETFs less than 1-year old
38 International - Developed ETFs have been launched over the past year, the most of any category; recently launched International - Developed ETFs have a market capitalization of $1.5 bln
98 new ETF listings and 19 closures YTD
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Source: Morgan Stanley
BNY Mellon ADR Index Monthly Performance Update-June 2014
July 7, 2014--The BNY Mellon ADR Index Monthly Performance-June 2014 Update has been published and is now available for review.
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Source: BNY Mellon
ETF assets reach new high in Canada
July 7, 2014--Exchange-traded funds and products (ETFs and ETPs) in Canada reached a new high in June with total assets of US$65.7 billion, according to the latest data from research firm ETFGI.
The firm reports that ETFs and ETPs listed in Canada reached the new high in assets, as they attracted US$484 million in net new assets, combined with positive market performance. These gains were reflected in most regions, too, it notes. Overall, global assets reached a new high of US$2.64 trillion in June, it says.
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Source: Investment Executive
CFTC.gov Commitments of Traders Reports Update
July 7, 2014--The current reports for the week of July 1, 2014 are now available.
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Source: CFTC.gov
Seif Aims to Top Claymore's $7.5 Billion in Assets
July 4, 2014--Som Seif built Claymore Investments Inc. into an exchange-traded fund powerhouse in Canada with C$8 billion ($7.5 billion) in assets before selling it to BlackRock Inc. (BLK) He says his encore will be even bigger.
"We can do it faster," Seif said in an interview at the Bloomberg News Toronto office. "We have a lot of credibility for what we did in the past but more importantly people are focused on what this offering is doing for them."
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Source: Bloomberg
OFR Working paper-Shadow Banking:The Money View
July 2, 2014--Abstract
This paper presents an accounting framework for measuring the sources and uses of short-term funding in the global financial ecosystem. We introduce a dynamic map of global funding flows to show how dealer banks emerged as intermediaries between two types of asset managers: cash pools
searching for safety via collateralized cash investments and levered portfolio managers searching for
yield via funded securities portfolios and derivatives
We argue that the monetary aggregates (M0, M1, M2, etc.) and the Financial Accounts of the United States (formerly the Flow of Funds) do not
adequately reflect the institutional realities of the modern financial ecosystem, and should be updated to
allow policymakers to better analyze and monitor the shadow banking system and its potential
contributions to financial instability.
view the OFR Working paper-Shadow Banking:The Money View Certain ProShares Commodity ETFs Change Fund and Index Names view more Compass EMP Lists Three New ETFs on The NASDAQ Stock Market view more
CFTC Staff Extends Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Reporting Obligations view more ALPS|Sterling ETF Tactical Rotation Fund Launches with Goal of Delivering Upside Participation with Reduced Volatility view more
Source: OFR (Office of Financial Research)
July 1, 2014--On or about July 1, 2014, the DJ-UBS commodity indexes will become the Bloomberg Commodity Index family.
As a result, the names of these indexes are changing, as are the names of the ProShares ETFs that seek to track the indexes. Note that only the names are changing. The methods for selecting index components remain the same, as do the investment objectives of the ETFs.
Source: ProShares
CFA, CFO and CDC, to Begin Trading on July 2nd, 2014
July 1, 2014--NASDAQ OMX today announced that Compass EMP will list three new exchange traded funds (ETFs) on Wednesday, July 2nd, 2014. Compass EMP U.S. 500 Volatility Weighted Index ETF (Symbol:CFA), Compass EMP U.S. 500 Enhanced Volatility Weighted Index ETF (Symbol:CFO) and Compass EMP U.S. EQ Income 100 Enhanced Volatility Weighted Fund (Symbol:CDC), will list on The NASDAQ Stock Market(R) (NASDAQ(R)).
"We are excited to introduce the first broad market, smart beta index that enhances market efficiency through fundamental criteria and security volatility weighting,"said Stephen Hammers, Chief Investment Officer of Compass EMP Funds. "These ETFs are also the first to market that have the ability to liquidate 75% of the securities in the index to cash in the event of a market decline."
Source: NASDAQ OMX
July 1, 2014--The U.S. Commodity Futures Trading Commission's (Commission) Division of Market Oversight (Division) recently issued a no-action letter extending until June 30, 2015
the relief previously provided in no-action letter 13-34, expiring on June 30, 2014
Source: CFTC.gov
Unique Investment Approach Seeks to Combine Global Asset Allocation, Cash, and High Conviction
July 1, 2014--ALPS, a DST Company focused on asset servicing and asset gathering, today announced the launch of the ALPS Sterling ETF Tactical Rotation Fund, a new fund that attempts to provide investors lower volatility, downside mitigation and better upside participation.
The Fund seeks to track the Sterling Tactical Rotation Index, a high conviction, global tactical index that employs an equal weighted strategic rotation model, trading between six broad-based asset classes: U.S. stocks, International stocks, REITs, Bonds, Commodities, and Cash.
Source: ALPS
