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BOND and the Future of Active ETFs
June 11, 2012--Shudder to think: actively-managed mutual funds sometimes close to new investors.
When a strategy’s size moves markets or diminishes returns, prudent funds cut off new money. Sequoia and Contrafund, for example, have stemmed inflows on occassion.
For ETFs, is the ability to stem inflows relevant to the small world of actively-managed exchange-traded funds?
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Source: Forbes
Morgan Stanley-US ETF Weekly Update
June 11, 2012--US ETF Weekly Update
Weekly Flows: $3.9 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 8% YTD
Two ETF Launches Last Week
Direxion Announces Changes to Benchmark Indices
US-Listed ETFs: Estimated Flows by Market Segment
ETF flows rebounded last week, posting net inflows of $3.9 bln
Last week’s net inflows were primarily driven by US Equity ETFs (combined net inflows of $2.9 bln)
Leveraged/Inverse ETFs had net outflows of $563 mln last week; category market cap of $27.7 bln, down 15% the past year
ETF assets stand at $1.1 tln, up 8% YTD; ETFs have posted net inflows 18 out of 23 weeks YTD ($60.8 bln in net inflows)
13-week flows were mixed among asset classes; combined $22.4 bln net inflows
Fixed Income ETFs have consistently generated weekly net inflows (43 straight weeks of net inflows totaling $54.2 bln)
Emerging Market Equity ETFs exhibited net outflows of $3.7 bln, the most out of any category
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 Index Fund (IWM) generated net inflows of $1.1 bln last week, the most of any ETF
iShares FTSE EPRA/NAREIT Global Real Estate ex-US Index Fund (IFGL) posted net inflows of $379 mln last week, nearly
doubling its shares outstanding over the past week
Despite posting net outflows of $1.1 bln last week, the SPDR S&P 500 ETF (SPY) has exhibited net inflows of $4.1 bln over the past 13 weeks, the most of any ETF
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 5/15/12
SPDR S&P 500 ETF (SPY) posted the largest increase in USD short interest
Despite an increase in short interest, SPY’s 275 mln shares short is well below its all-time high of 536 mln shares short on 9/15/11
iShares S&P 100 Index Fund (OEF) exhibited the largest decrease in USD short interest (lowest level of shares short since 7/15/11)
The average shares short/shares outstanding for ETFs is currently 5%
Retail continues to be a heavily shorted industry with the SPDR Retail ETF (XRT) leading the way
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 6/8/12 based on daily change in share counts and daily NAVs.
$6.6 billion in total market cap of ETFs less than 1 year old
Over the past 13 weeks, newly launched Active ETFs generated most net inflows at $1.2 bln (specifically the PIMCO Total
Return ETF-BOND)
102 new ETF listings and 17 closures YTD
Over the past year, many of the successful launches have an income/dividend orientation
Five different ETF sponsors and three asset classes represented in top 10 most successful launches
ProShares Ultra VIX Short-Term Futures ETF (UVXY) generated $41 mln in net inflows last week, the most of any recently launched ETF; UVXY investors anticipate a short-term spike in volatility
Top 10 most successful launches account for 59% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
ETFGI United States ETF/ETP Industry Insights, May 2012
June 11, 2012--Summary for United States listed ETFs
At the end of May 2012, the US ETF industry had 1,176 ETFs, assets of US$1,015.7 Bn, from 32 providers on 3 exchanges.
Assets
ETF assets have decreased by 5.5% from US$1,074.5 Bn in April 2012 to US$1,015.7 Bn in May 2012.
YTD through end of May 2012, ETF assets have increased by 8.1% from US$939.3 Bn to US$1,015.7 Bn.
Flows
In May 2012, ETFs saw net inflows of US$6.4 Bn. YTD through end of May 2012, ETFs saw net inflows of US$59.4 Bn.
Vanguard gathered the largest net inflows in May with US$6.7 Bn, followed by PIMCO with US$0.8 Bn and Van Eck Associates Corp with US$0.6 Bn net inflows.
Vanguard gathered the largest net inflows YTD with US$28.4 Bn, followed by iShares with US$12.5 Bn and SPDR ETFs with US$4.9 Bn net inflows. SPDR ETFs experienced the largest net outflows in May with US$1.4 Bn. Direxion Shares experienced the largest net outflows YTD with US$0.4 Bn, followed by ProShares with US$0.4 Bn and Bank of New York with US$0.3 Bn net outflows.
Summary for United States listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of May 2012, the US ETF/ETP industry had 1,465 ETFs/ETPs, assets of US$1,137.0 Bn, from 49 providers on 3 exchanges.
Assets
ETF/ETP assets have decreased by 5.7% from US$1,206.3 Bn in April 2012 to US$1,137.0 Bn in May 2012. YTD through end of May 2012, ETF/ETP assets have increased by 7.1% from US$1,061.2 Bn to US$1,137.0 Bn. Flows
In May 2012, ETFs/ETPs saw net inflows of US$4.1 Bn. YTD through end of May 2012, ETFs/ETPs saw net inflows of US$63.2 Bn.
Vanguard gathered the largest net inflows in May with US$6.7 Bn, followed by PIMCO with US$0.8 Bn and Van Eck Associates Corp with US$0.6 Bn net inflows.
Vanguard gathered the largest net inflows YTD with US$28.4 Bn, followed by iShares with US$12.8 Bn and SPDR ETFs with US$5.9 Bn net inflows. SPDR ETFs experienced the largest net outflows in May with US$1.8 Bn. Deutsche Bank experienced the largest net outflows YTD with US$0.7 Bn, followed by Direxion Shares with US$0.4 Bn and Bank of New York with US$0.3 Bn net outflows.
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Source: ETFGI
BNY Mellon wins $1 billion Baton Rouge custody mandate
June 11, 2012--BNY Mellon, the global leader in investment management and investment services, has been named custodian for the roughly $1 billion Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge, Louisiana.
BNY Mellon Asset Servicing will provide custody and administration, accounting, and cash management services.
"BNY Mellon's level of quality and attention to client service was apparent throughout the custodian bidding process," said Jeff Yates, retirement administrator for the City of Baton Rouge. "We're confident in their ability to help us effectively manage and administer system assets for the benefit of our many active employees and retirees
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Source: BNY Mellon
Bearish ETF drinks up bad news
June 10, 2012--When Green Mountain Coffee Roasters Inc.'s price fell sharply last month, well-known hedge-fund manager David Einhorn wasn't the only winner.
John DelVecchio had a big bearish position on the coffee maker, handing his small fund a windfall as the stock tumbled 48% amid disappointing earnings. He had been ready for that moment for more than a year.
"That was kind of the 'aha' moment when everyone got it," Mr. DelVecchio said. "It certainly felt nice."
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Source: Financial News
Auto reinvestments scheme shaves ETF transaction costs
June 10, 2012--Precidian Investments wants to help investors more easily and cheaply reinvest exchange traded fund distributions through a new program.
The firm, provider of the Maxis Nikkei 225 ETF, has filed a request for exemptive relief with the Securities and Exchange Commission that would allow it to introduce what it calls the DTC Distribution Reinvestment Service for holders of its ETF.
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Source: FT.com
Vanguard secures lead in US ETF race
June 10, 2012--Vanguard has established a commanding lead in the race among US exchange traded providers for investors' cash in 2012 after posting a strong performance last month while its main rivals faltered.
Vanguard attracted net inflows of $6.7bn in May while the remainder of the US ETF industry recorded aggregate outflows of $2.5bn, according to the ETF Industry Association.
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
June 8, 2012--The current reports for the week of June 5, 2011 are now available.
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Source: CFTC.gov
Deutsche Bank - Equity Research -North America: US ETF+ Monthly Directory : May 2012 ETPs
June 8, 2012--This document includes all US listed exchange-traded funds (ETFs) and exchangetraded 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. A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US).
view the directory
Source: Deutsche Bank-Equity Research-North America
Energy traders should be aware of CFTC's new powers, experts say
June 8, 2012--The Dodd-Frank Act gave the Commodity Futures Trading Commission powers to tackle energy-market manipulation, and experts say energy traders should be on guard.
"The CFTC and its senior enforcement officials have made clear that they're going to use their new authorities under Dodd-Frank aggressively, and will be focusing on manipulation and continue to focus on energy markets for manipulative or disruptive trading activities," says Michael Loesch, a former CFTC chief of staff who is a partner at Fulbright & Jaworski.
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Source: Risk.net
