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U.S. Department of the Treasury Economic Statistics-Monitoring the Economy Update
December 31, 2013--The U.S. Department of the Treasury Economic Statistics-Monitoring the Economy report has been updated.
view the U.S. ECONOMIC STATISTICS-MONTHLY DATA
view the U.S. ECONOMIC STATISTICS-QUARTERLY DATA
Source: US Department of the Treasury
Fed getting it wrong tops list of investor concerns
December 30, 2013--Bears had a tough 2013. Too much went disappointingly right. Equities rose globally. The eurozone failed to fall back into crisis. Squalls in emerging markets faded.
After initial missteps, the US Federal Reserve calmed investors' worries about its plans to scale back, or taper, its asset purchases.
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Source: FT.com
Morgan Stanley-US ETF Weekly Update
December 30, 2013--US ETF Weekly Update
Weekly Flows: $8.6 Billion Net Inflows
$182.9 Billion Net Inflows YTD
ETF Assets Stand at $1.7 Trillion, up 25% YTD
No ETF Launches Last Week
Two Guggenheim BulletShares ETFs Set to Mature
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows for the third consecutive week ($8.6 bln last week)
Last week's net inflows were led by US Large-Cap ETFs at $11.8 bln; conversely, US Mid-Cap ETFs exhibited net outflows of $2.6 bln, the most of any category we measured
Eight of the 15 categories we measured posted net inflows last week
ETFs have exhibited net inflows 36 out of 52 weeks in 2013
ETF assets stand at $1.7 tln, up 25% YTD; $182.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $58.7 bln in net inflows
International-Developed ETFs have exhibited some of the strongest net inflows in 2013; specifically, over the last 13 weeks, International- Developed ETFs have generated net inflows of $23.0 bln, lagging only the $29.2 bln into US Large-Cap ETFs
Commodity ETFs continue to struggle as performance has lagged and interest remains limited; over the last 13 weeks, Commodity ETFs have posted net outflows of $7.0 bln, the most of any category
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $6.6 bln this past week, the most of any ETF
Despite volatile weekly flows in 2013, SPY has actually generated net inflows of $15.2 bln YTD; notably, SPY typically posts strong fourth quarter inflows
Eight of the 10 ETFs to generate the largest net inflows last week were US equity-based with S&P 500 Index-based products posting a combined $9.4 bln in net inflows
Large Vanguard net outflows last week coincide with the prior week's big net inflows, which were likely attributed to quarterly rebalancing; last week's net outflows are very similar to the prior week's net inflows
Over the last 13 weeks, the Vanguard FTSE Emerging Markets ETF (VWO) has exhibited net outflows of $4.5 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume dropped to 24% in November (had been essentially flat the prior four months)
ETF monthly $ volume as a % of listed trading volume is at its lowest level since May 2008
Amid the short week, ETF $ volume plummeted to $158 bln last week, down $210 bln from the prior week
Fixed Income ETFs accounted for 7.3% of ETF $ volume last week, up from its 5.5% average over the last 13 weeks
US-Listed ETFs: Short Interest Data Updated: Based on data as of 12/13/13
The iShares Core S&P 500 ETF (IVV) had the largest increase in USD short interest at $708 mln
IVV's shares short at 7.7 mln are at their highest level since 5/30/08; notably, IVV and the S&P 500 Index continue to make new highs
652 ETFs exhibited short interest increases while 567 experienced short interest declines over the last period
Aggregate ETF USD short interest increased by $2.6 bln over the period ended 12/13/13
The average shares short/shares outstanding for ETFs is currently 4.3%, up from 4.1% last period
Five of the 10 most heavily shorted ETFs as a % of shares outstanding are commodity/currency related
The CurrencyShares Euro Trust (FXE) is the most heavily shorted ETF with shares short as a % of shares outstanding of 250%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only nine ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$6.7 bln in total market cap of ETFs less than 1-year old
Active and Fixed Income ETFs each account for 24% of the market capitalization of ETFs launched over the past year, the most of any categories
143 new ETF listings and 48 closures/delistings YTD (additional two closures announced) compare to 2012's 155 ETF listings and 82 closures
2013's ETF listings are the fewest since 2009 when 125 ETFs were launched
The top 10 most successful launches make up 50% of the market cap of ETFs launched over the past year
Seven ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
For the second consecutive week, the Vident International Equity Fund (VIDI) posted the largest net inflows of any recently launched ETF; over the last two weeks, VIDI has generated net inflows of $144 mln; VIDI owns international equities in countries that exhibit favorable conditions for growth
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Source: Morgan Stanley
First Trust to Launch First Trust High Income ETF, First Trust Low Beta Income ETF and First Trust NASDAQ Rising Dividend Achievers ETF
Three income-seeking ETFs, each with a unique investment process to screen for quality dividend-paying companies with the capacity to sustain or grow their dividends
December 30, 2013--First Trust Advisors L.P. ("First Trust"), known for its more than 200 investment products that offer transparency and tax efficiency, expects to launch three new exchange-traded funds ("ETFs"), the First Trust High Income ETF (NASDAQ: FTHI), the First Trust Low Beta Income ETF (NASDAQ: FTLB) and the First Trust NASDAQ Rising Dividend Achievers ETF (NASDAQ: RDVY).
The new funds are expected to begin trading on The NASDAQ Stock Market on January 7, 2014.
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Source: First Trust
SSgA Pushes Bespoke ETF Envelope
December 30, 2013--The ETF revolution continues, with fund firms big and small
unveiling hot new ideas and innovations.
For example, State Street has filed a proposal with the SEC to
launch the SPDR SSgA Flexible Allocation ETF would use State
Street's proprietary tactical asset-allocation strategy, whose
underpinnings are signals provided by in-house models that the
firm has created, according to Morningstar.
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Source: Mutualfundwire.com
CFTC.gov Commitments of Traders Reports Update
December 30, 2013--The current reports for the week of December 24, 2013 are now available.
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Source: CFTC.gov
Agencies Reviewing Treatment of Collateralized Debt Obligations Backed by Trust Preferred Securities under Final Rules Implementing the "Volcker rule"
December 27, 2013--The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission on Friday said they are reviewing whether it would be appropriate and consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act not to subject
collateralized debt obligations backed by trust preferred securities to the investment prohibitions of section 619 of Dodd-Frank, otherwise known as the "Volcker rule."
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Source: SEC.gov
Pax World to Exit ETF Business, Merge Socially Responsible ETF Into an Open-End Fund
December 27, 2013--On Thursday, Dec. 12, Pax World announced that it plans to merge its socially responsible ETF into a newly created open-end mutual fund.
The firm announced that sometime in early 2014, it will merge the $55.5 million Pax MSCI EAFE ESG Index ETF (EAPS) and a Pax open-end mutual fund, the $44.5 million Pax World International Fund (PXIRX), into a newly created fund, to be named Pax World International ESG Index Fund.
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Source: Morningstar
CFTC Grants Singapore Exchange Derivatives Clearing Ltd. Registration as a Derivatives Clearing Organization
December 27, 2013--The U.S. Commodity Futures Trading Commission (CFTC) issued an Order granting Singapore Exchange Derivatives Clearing Limited (SGX-DC) registration as a derivatives clearing organization pursuant to
Section 5b of the Commodity Exchange Act.
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Source: CFTC.gov
U.S. Commodity Futures Trading Commission and Monetary Authority of Singapore Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Regulated Entities
December 27, 2013--Today, leaders of the U.S. Commodity Futures Trading Commission (Commission) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities
that operate on a cross-border basis in the United States and Singapore.
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Source: CFTC.gov
