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DB Global Equity Research: US ETF Market Weekly Review:Strong inflows continue – another $6.7bn added last week
January 30, 2012--Net Cash Flows Review
Equity markets were able to maintain their winning streak during last week. The US (S&P 500) was slightly positive (0.07%); while other developed and emerging markets outside the US did much better (mostly aided by USD weakness); the MSCI EAFE (in USD), and the MSCI EM (in USD) were up by 1.6% and 2.2% during the week, respectively.
Moving on to other asset classes, the 10Y Treasury yield dropped by 12bps last week, while the DB Liquid Commodity Index increased by 2.88%. Other sectors followed the same trend. The Agriculture sector (DB Diversified Agriculture Index), WTI Crude Oil, Gold, and Silver prices rose by 1.47%, 1.12%, 4.35%, and 5.39%, respectively. Last but not least, Volatility (VIX) inched higher rising by 1.37% and remained at a sub-twenty reading again.
ETP inflows saw another strong week during last week taking the YTD cash flow figure to almost $29bn. The total US ETP flows from all products registered $6.7bn of inflows during last week vs $10.0bn of inflows the previous week, setting the YTD weekly flows average at +$7.2bn.
ETP markets experienced positive flows across all asset classes, with the exception of Currency, during last week. Equity, Fixed Income, and Commodity ETPs all experienced strong flows of +$3.4bn, +$2.5bn, and +$1.2bn last week vs. +$8.1bn, +$1.6bn, and +$0.3bn the previous week, respectively.
Within Equity ETPs, Emerging Markets regional products experienced the largest inflows (+$1.5bn), followed by Mid Cap ETPs (+$0.7bn); while Leveraged vehicles experienced the largest outflows (-$0.5bn). Within Fixed Income ETPs, Corporate products experienced the largest inflows (+$1.8bn) followed by Sovereign ETPs (+0.4bn). Within Commodity ETPs, Precious Metals products recorded the largest inflows (+$1.0bn).
New Launch Calendar: new country and size segment exposures
There were 9 new ETFs listed during the previous week. Seven of them were the first to be listed in the BATS exchange. The new funds offer additional access to Developed Market countries with broad or size exposure, German debt, and active international equity strategy. (See Figure 18 for details)
Turnover Review: ETP trading is starting to pick up
Total weekly turnover rose by 37.6% to $304bn vs. $221bn in the previous week, still about 11% down from last year’s weekly average of $341bn. The largest increase was on Equity ETP turnover, which climbed by $68.3bn or 35.3% to $262bn. Fixed Income and Commodity ETP turnover followed with a hike of 27.2% (+$3.5bn) and 79.2% (+$10.1bn), respectively.
Assets Under Management (AUM) Review: assets kept climbing
Last week, total ETP assets increased by 2.0% to $1.14 trillion, driven by positive markets and sturdy inflows. Assets for equity, fixed income and commodity ETPs moved +$12.4bn, +$4.1bn, and +$6.3bn during last week, respectively. As of last Friday, total assets had grown by 8.7% or $91bn YTD.
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Source: Deutsche Bank - Global Equity Research
Placemark Investments Launches ETF Investment Strategist Center
Financial Advisors Gain Access to Third-Party ETF Managers Listed in iShares Guide
January 30, 2012--Placemark Investments announced today that they have launched a new service to help investment advisors gain access to the broadest universe of third-party exchange-traded fund (ETF) portfolios in the marketplace.
Placemark's new ETF Investment Strategist Center provides information on almost 100 ETF investment strategists currently included in the iShares Connect Guide to ETF Investment Strategists, formerly known as the ETF Managed Solutions Guide, developed by iShares®, the world's largest ETF provider.
The ETF Investment Strategist Center was established in response to demand created by the rapidly growing market for ETFs. In recent years, as financial advisors have become more aware of the advantages of ETFs (diversity, liquidity, low cost and low tracking error, among others), they have increasingly leveraged the portfolios of investment managers specializing in ETFs.
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Source: Placemark Investments
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
January 30, 2012--Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
The unitholders of Canmarc REIT (TSX:CMQ.UN) have approved the acquisition of the company by Cominar REIT (TSX:CUF.UN).
Canmarc REIT will be removed from the S&P/TSX SmallCap Index after the close of Monday, February 6, 2012.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
2012 ETF & Investment Outlook: Sink or Swim?
January 30, 2012--After the S&P 500 Index enjoyed returns of 15.1% in 2010, investors entered 2011 with hopes of
another productive year in the markets. And with US equities up 6.0% through the end of June, all signs
seemed to be pointing that way. Unfortunately,the good times did not carry forward into the second half
of the year.
As shown in Figure 1, markets and volatility looked much different in the first half of 2011
compared to the second. While S&P’s® decision to downgrade the US sovereign debt rating seems to
offer a convenient demarcation, it was far from the only driver of returns. First and foremost, sovereign
debt issues are not isolated to the United States. While the spotlight has been on certain European
nations for some time, politicians and central bankers have yet to offer the market a comprehensive
solution. To add fuel to the fire, in the last year we had devastating natural disasters in Asia and
significant unrest across the Middle East. With these issues lingering on investors’ minds, the markets
have been intently focused on macroeconomic news and seemingly less on company fundamentals,
even when many corporations were able to generate strong financial results.
For more information, including product fact sheets and related whitepapers, visit www.spdrs.com
Source: State Street Global Advisors
Morgan Stanley-ETF Weekly Update
January 30, 2012--Weekly Flows: $6.6 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 9% YTD
9 ETF Launches Last Week
Van Eck Announces Share Splits on Five ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows for the sixth consecutive week ($40.1 bln in net inflows over the period)
ETFs generated net inflows of $6.6 bln last week, bringing the total net inflows this year to $28.6 bln; over the 1st four
weeks of last year, ETFs posted net inflows of only $11.4 bln
ETF assets stand at $1.1 tln, up 9% YTD
13-week flows were mostly positive among asset classes; combined $47.5 bln net inflows
Fixed Income ETFs have consistently generated weekly net inflows (24 consecutive weeks of net inflows)
Leveraged/Inverse ETFs is one of the few categories to exhibit net outflows the past 13 weeks (net outflows of $1.9 bln)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares QQQ (QQQ) posted net inflows of $1.1 bln last week, the most of any ETF
QQQ’s net inflows may have been driven by its allocation to Apple Inc. (AAPL); AAPL announced strong earnings last week and it makes up 15% of QQQ’s portfolio
Judging by last week’s top net inflows, investors appeared to be willing to take on more risk (emerging markets, high
yield, high beta areas)
US Equity ETFs accounted for 7 of the top 10 spots of ETFs with the largest net cash outflows last week
US-Listed ETFs: Short Interest
Data Updated: Based on data as of 1/13/12
SPY exhibited the largest increase in USD short interest since last updated
$3.5 billion in increased short interest
Despite the increase in short interest, SPY’s shares short are 42% below their all-time high reached on 9/15/11
Financials make up 3 of the 10 most heavily shorted ETFs (defined as shares short/shares outstanding)
SPDR Retail ETF (XRT) continues to be the most heavily shorted ETF as a % of shares outstanding
Based on multiple borrowings and the ability to continuously create new shares, short interest as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
$7.5 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $771 mln
23 new listings in 2012; 225 new ETF listings and 26 liquidations in 2011
Over past year, most of the successful launches have a dividend/income orientation
8 different ETF sponsors and 2 asset classes represented in top 10 most successful launches
iShares High Dividend Equity Fund (HDV) and PowerShares S&P 500 Low Volatility Portfolio (SPLV) each posted net outflows last week (1st week of net outflows for HDV and only the 4th week of net outflows for SPLV since inception)
Top 10 most successful launches account for 58% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
WisdomTree files with the SEC
January 30, 2012--WisdomTree has filed a amendment no. 1 to Form S-1 with the SEC.
view filing
Source: SEC.gov
iShares files with the SEC-iShares Emerging Markets High Yield Bond Fund
January 30, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Emerging Markets High Yield Bond Fund.
view filing
Source: SEC.gov
iSHares files with the SEC-iShares Emerging Markets Corporate Bond Fund
iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Emerging Markets Corporate Bond Fund.
view filing
Source: SEC.gov
iShares files with the SEC-iShares Baa - Ba Rated Corporate Bond Fund
January 30, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Baa - Ba Rated Corporate Bond Fund.
view fiing
Source: SEC.gov
iShares files with the SEC-iShares B - Ca Rated Corporate Bond Fund
January 30, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares B - Ca Rated Corporate Bond Fund.
view filing
Source: SEC.gov
