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DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Fixed Income ETPs dominated the weekly flows with +$3.4bn
July 9, 2013--Data in this report is as of Fri, July 5th
Markets were mixed during last week. The US (S&P 500) rose by 1.59%; while, outside the US, the MSCI EAFE (in USD) gained 0.57% and the MSCI EM (USD) plunged by 2.33%. Moving on to other asset classes, the 10Y US Treasury Yield rose by 13 bps last week; while the DB Liquid Commodity Index was up by 1.71%. In the meantime, the Agriculture sector (DB Diversified Agriculture Index) pulled back by 0.93% and the WTI Crude Oil rose 6.90%, while Gold and Silver prices retreated by 0.92% and 3.83%, respectively. Last but not least, Volatility (VIX) dropped by 11.68% during the same period.
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The total US ETP flows from all products registered $6.1bn (+0.4% of AUM) of inflows during last week vs. $3.3bn (+0.2%) of inflows the previous week, setting the YTD weekly flows average at +$2.9bn (+$77.4bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$3.01bn (0.28%), +$3.44bn (1.33%) and -$0.41bn (-0.61%) last week vs. +$5.25bn (0.49%), -$0.61bn (-0.24%) and -$1.25bn (-1.71%) in the previous week, respectively.
Among US sectors, Information Technology (+$0.73bn, +3.5%) and Energy (+$0.57bn, +2.0%) received the top inflows, while Utilities (-$0.36bn, -4.7%) and Healthcare (-$0.24bn, -1.3%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: IEI (+$2.3bn), SPY (+$1.6bn), IWM (+$0.9bn)
Top 3 ETPs & ETNs by outflows: IVV (-$1.4bn), SSO (-$1.1bn), IYR (-$0.7bn)
New Launch Calendar: EM dividend growth
There was one new ETF listed during last week on the NYSE Arca. The new product offers exposure to emerging market companies whose 5-year dividend payout growth is faster than the average dividend payout growth in the FTSE All Cap Emerging ex Taiwan Universe.
Turnover Review: Floor activity decreased by 40.3%
Total weekly turnover decreased by 40.3% to $232.85bn vs. $390.03bn from the previous week; Furthermore, last week's turnover level was 13.6% below last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover decreased by $128.9bn (-39.0%), $16.4bn (-45.6%) and $9.8bn (51.4%) during the same period, respectively.
Assets under Management (AUM) Review: assets rose by $15.5bn
US ETP assets rose by $15.5bn (+1.1%) totaling $1.435 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of 7.6% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$13.1bn, +$1.6bn, +$0.8bn during last week, respectively.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
Fee war redux? State Street ETFs undercut iShares and Vanguard
July 9, 2013--State Street Global Advisors, the second-largest provider of exchange-traded funds, is making a push to join the ranks of low-cost ETF providers by offering the cheapest Russell 1000, 2000, and 3000 ETFs on the market.
SSgA launched the SPDR Russell 2000 ETF (TWOK) on Tuesday and changed the underlying index of the $38 million SPDR Dow Jones Large Cap ETF (ELR) and the $510 million SPDR Dow Jones Total Market ETF (ELR) to the Russell 1000 and Russell 3000, respectively.
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Source: Investment News
BNY MELLON DR INDICES Monthly Performance Update June 2013
July 9, 2013--The BNY Mellon ADR Index Monthly Performance-June 2013 Update has been published and is now available for review.
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Source: BNY Mellon
Invesco PowerShares Extends Lead in Smart Beta Solutions as Fundamental Suite of ETFs Reach $5 Billion AUM Mark Globally
RAFI(R) Fundamental Index(R) Strategy Outperforms Broad US Market-Cap Weighted Indexes Over Five-Year and Since Inception Periods
July 9, 2013-- Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs)- announced today the PowerShares Fundamental suite of ETFs recently passed the $5 billion assets under management (AUM) mark.
Invesco PowerShares offers ETFs tracking Fundamentals Weighted indices trading in the US, Canada and Europe.
"Invesco PowerShares has been focused on providing investors with the broadest and most diverse family of 'smart beta' ETFs since the firm was founded," said Andrew Schlossberg, head of global ETFs.(1) "Invesco PowerShares pioneered Fundamentals Weighted ETFs introducing the first broad-based US 1000 portfolio back in 2005, followed by international portfolios in 2007, and the first fixed-income portfolio in 2010. We are pleased to reach this $5 billion milestone for the PowerShares Fundamentals Weighted ETFs. Investors are readily adopting Fundamental strategies along with low volatility, high beta, and momentum-based ETFs as potential effective smart beta portfolio solutions." (2)
view more Sector SPDR Analyzer + Equal Sector Weight ETF (EQL)-July 2013 view the view the ALPS Equal Sector Weight ETF (EQL)report CBO-H.R. 2374, Retail Investor Protection Act Based on information from the SEC and the Employee Benefits Security Administration (EBSA), CBO estimates that implementing H.R. 2374 would not have a significant effect on federal spending. view more New ETF Benchmark Changes from SSgA Feed Investor Appetite for Increased Access to US Equity Market Offers New Small Cap ETF and Benchmark Change for Three SPDR ETFs view more New trading hours starting from July 8, 2013 view more
Deutsche Bank-Synthetic Equity & Index Strategy-North America-ETF+ Quarterly Directory- Q2 2013 ETPs Deutsche Bank-Synthetic Equity & Index Strategy-North America-ETF+ Quarterly Directory- Q2 2013 ETP
Morgan Stanley-US ETF Weekly Update > ETFs posted net inflows of $6.1 bln last week, the second consecutive week of net inflows
> 13-week flows remain mostly positive among asset classes; combined $21.1 bln in net inflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
> The iShares 3-7 Year Treasury Bond ETF (IEI) posted net inflows of $2.3 bln, the most of any ETF
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 6/14/13
> iShares MSCI Emerging Markets Index Fund (EEM) had the largest increase in USD short interest at $2.4 bln
> The average shares short/shares outstanding for ETFs is currently 4.9%
US-Listed ETFs: Most Successful Recent Launches by Assets > $7.4 bln in total market cap of ETFs less than 1-year old
The top 10 most successful launches make up 66% of the market cap of ETFs launched over the past year
Source: Invesco PowerShares Capital Management LLC
July 9, 2013--This month's Select Sector SPDR and Equal Sector Weight ETF Analyzer reports are ready for download.
view the Select Sector SPDR funds July 2013 report
Source: AltaVista Research
July 9, 2013--As ordered reported by the House Committee on Financial Services on June 19, 2013
H.R. 2374 would prohibit the Secretary of Labor from finalizing a regulation related to certain investment advisors until the Securities and Exchange Commission (SEC) issues a final rule setting standards of conduct for brokers and dealers of securities.
The regulation that would be delayed by the bill will define the circumstances under which an individual is considered to be a fiduciary when providing investment advice to retirement and other employee benefit plans and their participants. Under current law, the SEC has been authorized to develop regulations that establish the same standards of conduct for brokers and dealers that are already in place for investment advisors when providing advice to persons who use the information for personal reasons
Source: Congressional Budget Office (CBO)
Offers New Small Cap ETF and Benchmark Change for Three SPDR ETFs
July 9, 2013--State Street Global Advisors (SSgA),* the asset management arm of State Street Corporation (NYSE:STT), today announced the availability of the SPDR Russell 2000 ETF (Symbol: TWOK), which began trading on NYSE Arca on July 09, 2013, and changes to the indexes, names and tickers of three US equity SPDR ETFs effective the same date.
The three SPDR ETFs will seek to track Russell Indexes that provide comprehensive coverage of each underlying market segment. Russell captures 72 percent of the market share for all US institutional equity products reporting a benchmark.
-State Street Global Advisors (SSgA)*, the asset management arm of State Street Corporation (NYSE:STT), today announced the availability of the SPDR Russell 2000 ETF (Symbol: TWOK), which began trading on NYSE Arca on July 09, 2013, and changes to the indexes, names and tickers of three US equity SPDR ETFs effective the same date. The three SPDR ETFs will seek to track Russell Indexes that provide comprehensive coverage of each underlying market segment. Russell captures 72 percent of the market share for all US institutional equity products reporting a benchmark.
Source: State Street Global Advisors
July 8, 2013--BM&FBOVESPA will be implementing new trading hours. The main changes now introduced include:
For each segment, adoption of a uniform, countrywide timetable for trading, effective throughout the year: BOVESPA Segment (Equities): from 10:00 a.m. to 6:00 p.m.
BM&F Segment (Derivatives): from 9 a.m. to 6:00 p.m.
Adoption of a single timetable for closing price determination and stock index calculations, including for marking to market purposes: BOVESPA Segment (Equities): 4:55 p.m. – 5:00 p.m. – closing call for all cash market securities, including odd lots; 4:50 p.m. – 5:15 p.m. – closing call for options on Bovespa Index; 4:55 p.m. – 5:15 p.m. – closing call for all options series and ETFs.
BM&F Segment (Derivatives): 5:00 p.m. – 5:15 p.m. – determination of settlement price for Bovespa Index futures contracts.
Source: BM&FBOVESPA
July 8, 2013-This document includes all US listed exchange-traded funds (ETFs) and exchange-traded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. Numerous key information points per product have been included in order to give readers an overview of their respective areas of interest. Among the key numeric information we include average daily turnover, assets under management, and cash flows (all in $US). If you have any questions on any of the products listed or any suggestions on how to improve future editions of the directory, please do not hesitate to get in touch.
Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
July 8, 2013--US ETF Weekly Update
Weekly Flows: $6.1 Billion Net Inflows
ETF Assets Stand at $1.4 Trillion, up 7% YTD
One ETF Launch Last Week
BlackRock Changes Names on 200+ iShares ETFs
US-Listed ETFs: Estimated Flows by Market Segment
Fixed Income ETFs generated their first net inflows in eight weeks ($2.7 bln), leading all ETF categories
In addition, US Small- & Micro-Cap ETFs, US Sector & Industry ETFs, and US Large-Cap ETFs all posted net inflows greater than $1 bln last week
ETF assets stand at $1.4 tln, up 7% YTD; $75.5 bln net inflows YTD
International- Developed Equity ETFs have generated net inflows of $9.9 bln over the last 13 weeks, the most of any category we measured; specifically, the two largest Japan ETFs (EWJ, DXJ) accounted for $7.8 bln of the net inflows
The market share of International - Emerging Equity ETFs has declined two percentage points over the past year due to net outflows and capital losses; conversely, International - Developed Equity ETFs have seen their market share grow by two percentage points over the same period
IEI and the ProShares Ultra 7-10 Year Treasury (UST) generated a combined $3.0 bln in net inflows, whereas the iShares 20+ Year Treasury Bond ETF (TLT) had net outflows of $314 mln last week; we note that the impact from the surge in US Treasury rates last Friday will not be reflected in ETF flows until next week
The SPDR Gold Trust (GLD) has not posted a net inflow in 31 weeks; over this time period, GLD has exhibited net outflows of $18.6 bln and its market cap has shrunk to $37.8 bln, down nearly 50%
The SPDR S&P 500 ETF (SPY) posted net inflows of $1.6 bln last week, while the iShares Core S&P 500 ETF (IVV) and the ProShares Ultra S&P500 (SSO) exhibited a combined $2.5 bln in net outflows; contradictory flows, while not uncommon in the ETF space, are often difficult to reconcile
EEM’s shares short are at their highest level of all time
Notably, the 26.8 mln shares short on the iShares FTSE EPRA/NAREIT Developed Real Estate ex-US Index Fund (IFGL) are also
at an all-time high
Aggregate ETF USD short interest increased by $8.7 bln over the period ended 6/14/13
The CurrencyShares Euro Trust (FXE) continues to be one of the most heavily shorted ETFs as a % of shares outstanding;
interestingly, over the past year, FXE has actually posted a 2.4% market price return
Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 7/5/13 based on daily change in share counts and daily NAVs.
Only 17 of the 110 ETFs launched over the past year generated net inflows last week
Newly launched International Equity ETFs account for 41% of recently launched market cap followed by Fixed Income ETFs at
23% of market cap
Issuance has been light in 2013 relative to the past three years; 65 new ETF listings and 30 closures/delistings YTD
Six ETF sponsors and two asset classes represented in top 10 most successful launches; seven have an income orientation
The Vanguard Total International Bond ETF (BNDX) led all recently incepted ETFs last week with $239 mln in net inflows
(92% of current market cap); BNDX measures the return of currency hedged, investment grade bonds issued outside of the US
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can
exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
Source: Morgan Stanley
