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DB-US ETF Model Portfolios-Diversified Momentum Portfolio Update
July 1. 2013--Diversified Momentum Update as of Jun 28th, 2013
Most momentum portfolios delivered positive returns under June's market stress.
Market Performance
The US equity market (SPY) hit a speed bump in June. Similarly, the broad US Fixed Income market (BND), and the Commodity market (DBC) retreated by 1.84% and 2.82% during the same period, respectively. Model Portfolio Performance
Our Diversified Momentum Portfolio (DMP) rose by 1.49% in June. In the meantime, the equity market and our multi asset class benchmark were both down recording losses of 1.85% and 2.04%, respectively.
Portfolio Updates and New Membership
8 of the 20 DMP positions will change for July. In terms of portfolio weights, the asset class weights will suffer the following changes: Currencies will be the new top allocation with 40% (vs. 30%), followed by Commodities with 30% (vs. 40%), Treasuries with 20% (vs. 10%), and Global Sector with 10% (vs. 20%).
db X-trackers in US growth push
July 1, 2013--db X-trackers, the exchange-traded fund arm of Deutsche Bank, plans to almost double its US-listed ETFs over the next year, as it looks to grow in the region.
It currently has 12 ETFs listed in the US and $400m to $500m in assets under management, and plans to increase this to about 20 ETFs over the next 12 months. Martin Kremenstein, Deutsche Asset & Wealth Management Americas head of passive investments, said:
It's Splitsville for These ETFs
When ETF sponsors decide to do a split or reverse split, they're catering to traders. And that can cause headaches for the retail investor.
June 29, 2013--It's one of the quirks of the exchange-traded-fund market: Share splits. They seem to crop up several times a year, pumping up or deflating the number of shares of a fast-moving ETF, altering the market price and shocking investors who aren't paying attention.
About all you need to know: Treat any such ETF—especially a reverse splitter—with caution. Better yet, avoid it entirely.
Horizons ETFs announces final valuation for terminated ETF
June 28, 2013--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "Manager") previously announced, by way of a press release dated April 26, 2013, that the Horizons Active North American Growth ETF (the "ETF") would be terminated effective upon the close of business today, June 28, 2013.
The ETF's final net asset value ("Final NAV") per unit is as follows:
Horizons Active North American Value ETF-Class E
WisdomTree Launches Japan Hedged SmallCap Equity Fund (DXJS) And United Kingdom (U.K.) Hedged Equity Fund (DXPS)
Evolving U.S. Fed and Central Bank Policies in Japan and United Kingdom Highlight Efficacy of Currency Hedged Exposure
DXJS Targets Japanese Small Caps for Domestic Demand
DXPS in Focus as Governor Mark Carney Assumes Leadership of Bank of England
June 28, 2013--WisdomTree, an exchange-traded fund ("ETF") sponsor and asset manager, today announced the launch of the WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) and the United Kingdom (U.K.) Hedged Equity Fund (DXPS) on the NASDAQ Stock Market.
DXJS is designed to provide exposure to small capitalization stocks within Japanese equity markets while hedging exposure to the yen. DXPS is designed to provide exposure to United Kingdom equity markets while hedging exposure to the British pound.
Following U.S. Federal Reserve Chairman Ben Bernanke’s June 19 statements on potential Fed tapering purchases of U.S. bonds, interest rates rose and the U.S. dollar strengthened on expectations of an improving U.S. economy. Bernanke seems to have signaled the period of extraordinary monetary accommodation in the U.S. is coming to an end.
S&P 500 posts best first half since 1998
June 28, 2013--The S&P 500 ended Friday's session with its strongest first half of any year since 1998 after reaching record highs in May on a rally underpinned by the Federal Reserve's massive monetary stimulus.
While the S&P 500 closed down for the month of June on concerns that the Fed might begin reducing its bond-buying program, the benchmark index ended the second quarter with a gain - marking its first positive second quarter in four years. The Dow Jones industrial average and the Nasdaq also dipped in June, but rose in the second quarter.
U.S. Department of the Treasury Economic Statistics -Monitoring the Economy Update
June 28, 2013--The U.S. Department of the Treasury Economic Statistics-Monitoring the Economy report have been updated.
A href="http://www.treasury.gov/resource-center/data-chart-center/monitoring-the-economy/Documents/monthly%20ECONOMIC%20DATA%20TABLES.pdf" TARGET="_top">view the US Economic Data-Monthly (june 14, 2013)
view the US Economic Data-Quarterly (June 27, 2013)
Peru: among top 10 emerging economies, strives to be second to none in sharing prosperity
June 28, 2013--When World Bank President Jim Yong Kim sets foot in Peru for his first stop in a 3-country visit, he will find a country in the big leagues of emerging economies, with sound levels of growth and its economic house in order.
Peru has made big strides in the fight against poverty in the past five years, thanks to positive economic indicators and sound fiscal policies. But the country still faces many challenges.
With growth estimated at around 6%, it is currently one of the most dynamic economies in Latin America, ranking eighth out of the 10 fastest growing economies in the world.
CFTC.gov Commitments of Traders Reports Update
June 28, 2013--The updated current reports for the week of June 25, 2013 are now available.
view updates
New ETF From ALPS Looks to Capture High Yield in International Stocks
ALPS International Sector Dividend Dogs ETF Built To Provide Diversification and Dividend Potential
June 28, 2013--ALPS, a DST Company focused on asset servicing and asset gathering, today announced the launch of the ALPS International Sector Dividend Dogs ETF (NYSE: IDOG).
The new exchange-traded fund, an ALPS Advisors Solution, was designed to track the overall performance of the S-Network International Sector Dividend Dogs Index (IDOGX), a float-adjusted, capitalization-weighted benchmark index of large-cap stocks domiciled in developed markets outside the Americas.
Vanguard Emerging Markets Stock Index Fund and ETF Transition to FTSE Index
June 27, 2013--Vanguard announced that the $70 billion Vanguard Emerging Markets Stock Index Fund and its ETF Shares (ticker:VWO), the world's largest emerging markets ETF, will begin seeking to track the FTSE Emerging Index on June 28, 2013.
The Emerging Markets Stock Index Fund tracked the MSCI Emerging Markets Index prior to January. During its six-month transition, the fund tracked a custom benchmark, the FTSE Emerging Transition Index, so that the portfolio management team could implement the transition cost-effectively with minimal market impact and negligible tracking error, as well as to enable shareholders to see the fund's position. As of June 28, the fund will have fully moved from the transition index to the FTSE Emerging Index.
ETFs under scrutiny in market turbulence
June 27, 2013--Like a tremor that rattles the girders of a gleaming skyscraper, a market sell-off can be the moment that exposes flaws in the plumbing of Wall Street's favourite products.
For exchange traded funds, a $2tn industry that has boomed in recent years, last week’s tumble in asset prices has unearthed possible cracks in the pipework. Commentators are probing beneath the surface to look at how ETFs, which allow “mom and pop” investors instant access to a multitude of assets, hold up when faced with market turbulence.
Solving The Bond ETF Discount Problem
June 27, 2013--Bond exchange-traded funds can be tricky to trade at times. Although these securities trade within a reasonable range of their net-asset value (NAV) most days, there are those periods when the ETF market just doesn't want to cooperate.
Last week was a good example. Here are two ways to solve this problem.
I have been writing about pricing issues with bond ETFs for quite some time, first in The ETF Book and later in articles such as Why We Don’t By Corporate Bond ETFs. Most of the time, there’s nothing wrong with bond ETFs or how they’re priced, as long as you’re not in a big hurry to trade during a big selloff in the market.
Mind the (Expectations) Gap: Demographic Trends and GDP
June 27, 2013--A large body of research in psychology and economics shows that human beings tend to form their expectations by relying on past experiences-especially recent ones.
Malmendier and Nagel (2011), for instance, talk about investors who live through long periods of poor stock market performance and how this experience affects their risk-taking propensities… for life. The most famous example comes from the “Depression Babies,” an entire generation that was scarred for life by the financial and macroeconomic shocks of the Great Depression. Of course the opposite effect also exists: periods of economic ebullience give rise to more intrepid investors, entrepreneurs, and so on.
Those times might feel like a distant past now, but until recently 3–4% growth in real GDP was considered “normal.” So it should come as no surprise that the economic performance of the past few decades has strongly influenced expectations about economic growth. However, when optimistic expectations get detached from reality we risk creating a significant expectations gap—a disconnect between what we take for granted given our recent experiences and what we should anticipate given simple arithmetic.
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief from Certain Swap Trading Relationship Documentation Standards with Foreign Exchange Counterparties
June 27, 2013--The Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight ("DSIO") today announced the issuance of a no-action letter relating to requirements imposed on Swap Dealers ("SDs") and Major Swap Participants ("MSPs") pursuant to Commission regulation
§23.504 in connection with (i) foreign exchange transactions that are swaps , and (ii) physically-settled foreign exchange forwards and swap agreements that have been exempted from the definition of swap by the Secretary of the U.S. Department of the Treasury.
