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Morgan Stanley--ETF Weekly Update
November 26, 2012--US ETF Weekly Update
Weekly Flows: $4.6 Billion Net Inflows
ETF Assets Stand at $1.3 Trillion, up 22% YTD
No ETF Launches Last Week
Belgium ETF Undergoes Changes
November 26, 2012--US-Listed ETFs: Estimated Flows by Market Segment
Amid positive equity market returns, ETF flows rebounded last week, posting net inflows of $4.6 bln
Net inflows were led by US Large-Cap ETFs, specifically the SPDR S&P 500 ETF (SPY); US Large-Cap ETFs posted net
inflows of $2.1 bln last week and SPY had net inflows of $2.3 bln
ETF assets stand at $1.3 tln (up 22% YTD) and have posted net inflows 36 out of 47 weeks in 2012 ($134.9 bln YTD)
13-week flows were mostly positive among asset classes; combined $44.4 bln net inflows
Fixed Income ETFs have posted net inflows 64 out of the past 67 weeks; including $11.8 bln over the past 13 weeks
International Equity ETFs (Emerging and Developed Markets) have exhibited a combined $16.4 bln in net inflows over the last 13 weeks
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated net inflows of $2.3 bln, the most of any ETF
US Equity ETFs accounted for seven out of the 10 ETFs to post the largest net inflows and eight of the 10 to post the greatest net outflows (10 of 10 if inverse ETFs included)
Over the last 13 weeks, the iShares MSCI Emerging Markets Index Fund (EEM) posted net inflows of $3.7 bln, the most of any ETF
Since Vanguard announced on 10/2/12 plans to change its benchmark on the Vanguard MSCI Emerging Markets ETF (VWO),EEM has posted net inflows of $2.8 bln whereas VWO has exhibited net outflows of $1.0 bln
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 10/31/12
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $1.9 bln
Despite an increase in short interest last period, SPY’s shares short remained 26% below their average level over the past year
Aggregate ETF USD short interest increased by $3.9 bln over the past two weeks ended 10/31/12
The average shares short/shares outstanding for ETFs is currently 4.4%
Smaller ETFs by market cap may skew the results (3 of the top 10 with the highest % of shares short have market caps <$25 mln)
Notably, the iShares Barclays 20+ Year Treasury Bond Fund (TLT) cracked the top 10 most heavily shorted ETFs
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
Source: Bloomberg, Morgan Stanley Smith Barney Research.
Data estimated as of 11/23/12 based on daily change in share counts and daily NAVs.
$7.8 billion in total market cap of ETFs less than 1-year old
Newly launched Active ETFs account for 53% of the market cap of ETFs launched over the past year; PIMCO Total Return ETF (BOND) is the largest actively managed ETF with a market cap of $3.7 bln
142 new ETF listings and 76 closures YTD (additional 3 liquidations have been announced)
The top 10 most successful launches make up 72% of the market cap of ETFs launched over the past year
Five different ETF sponsors and two asset classes represented in top 10 most successful launches
Interestingly, the iShares Core MSCI Emerging Markets ETF (IEMG), part of a series of recently launched low-cost, retailfocused ETFs by iShares, has accumulated $117 mln in assets in a month; IEMG does not have the liquidity of other Emerging Markets ETFs; however, with an expense ratio of 18 bps, it is one of the lowest cost products in the space
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Consultanats 360-Analytical Insights-Third Quarter 2012 Edition Announcements Findings also revealed nearly one-quarter of responding clients have already implemented these strategies within their investment process, representing more than $200 billion in assets.
Report of the Quarter view more S&P Dow Jones Indices Announces Changes In Canadian Indices-Index Weight Changes Resulting From A Share Issuance Chilean AFPs' Investment in the U.S. Hits Record High
Patricio Eskenazi, International Equities Manager at the brokerage house Penta Corredores de Bolsa, points out that this has not happened overnight. "Everyone has been systematically increasing their exposure to the U.S. for the last two years. In terms of returns, it has been one of the best performing regions in recent times, and when you adjust for risk, the results are much better," he explains. view more BMO Asset Management Launches Four New and Innovative Funds Including BMO S&P/TSX Laddered Preferred Share Index ETF
The offering of the following new ETFs has closed and they will begin trading on the Toronto Stock Exchange today:
view more Old Mutual signs deal to boost LatAm presence AIVA is a family-owned firm which centres on business networks and fund distribution across the Latin American region. The firm covers IFAs, wealth managers and other institutions and has $800 million in assets under management.
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Chicago Mercantile Exchange, Inc. is the third entity for which the Commission has issued provisional registration as a swap data repository – a category of CFTC registered entities created by the Dodd-Frank Act of 2010 to perform a variety of functions related to the collection and maintenance of swap transaction data and information. Chicago Mercantile Exchange, Inc. was provisionally registered as a swap data repository for the interest rate, credit, foreign exchange, and other commodity asset classes.
Source: CFTC.gov
November 21, 2012--Economic Outlook
View the latest market commentary from Chief Economist Richard Hoey.
Market Review
During Q3'12, median home prices in the US increased to $256,900-the highest since March 2007.
The US unemployment rate fell to 7.8% and the US trade deficit dropped 7.1% from May to August.
A recent BNY Mellon study found Public pension plans in the U.S. and Europe incorporate Socially Responsible Investing and Environmental, Social, and Governance concepts into their portfolios at more than twice the rate of corporate plans.
Manager at a Glance enables clients to quickly aggregate multiple areas of performance reporting, succinctly organizing data and creating comprehensive reports. Performance attribution and universe graphs are now available in this report.
Source: BNY Mellon
November 21, 2012--On November 21, 2012, Crescent Point Energy Corp. (TSX:CPG) announced the closing of a bought deal financing of shares. As a result of the increase in the number of shares outstanding of the company, the relative weight of Crescent Point will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX 60, 60 Capped and Equity 60, the S&P/TSX Equity and Capped Equity, the S&P/TSX Capped Energy, the S&P/TSX Composite Dividend and the S&P/TSX Equity Income Indices.
There will be no weight change effective in the S&P/TSX Composite Equal Weight, the S&P/TSX 60 Equal Weight, the S&P/TSX 60 130/30 Strategy or the S&P/TSX Equal Weight Oil & Gas Indices. These changes will be effective after close on Wednesday, November 28, 2012.
Source: Mondovisione
On the other hand, foreign investors reduce their exposure to government debt
November 21, 2012--A 35% share of all the assets invested abroad by Chilean pension fund managers (AFPs) is in the U.S.
This amounts to some US$56.92bn, the largest figure to date according to the quarterly reports published by the Pensions Superintendence since 2005. Investment in U.S. instruments reached 20.46% this year.
Source: Funds America
BMO S&P/TSX Laddered Preferred Share ETF (ZPR) is uniquely designed to reduce the risk of changing interest rates compared to the preferred share market
BMO AM's ETF offering now has 48 funds
November 20, 2012--BMO Asset Management Inc. (BMO AM) today introduced four new funds to its Exchange Traded Fund (ETF)* product suite.
"In today's financial environment where the markets are constantly changing, people are looking for investment products that can keep pace with these changes, and we have had that in mind when expanding and evolving our lineup," said Kevin Gopaul, Chief Investment Officer and Senior Vice President, BMO Asset Management Inc. "BMO Asset Management is a leader in providing innovative, timely and competitive ETF products. These four new funds are just the latest example of how we strive to anticipate and fulfill critical investor needs."
Source: BMO Asset Management
Investment group acquires majority stake in Uruguay-based firm with view to increasing scope of fund distribution.
November 20, 2012--Old Mutual has sought to increase its fund distribution network in Latin America with the acquisition of a majority stake in business platform and fund distributor AIVA.
The investment group has built on its 15-year working relationship with the Uruguayan company and is aimed at boosting Old Mutual’s presence in selected emerging markets, particularly Latin America.
Source: CityWire
