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Fund-Fee Study: The Key Factors Helping Drive Fund Fees Lower
April 30, 2019--The amount investors paid to own funds hit a record low in 2018: The asset-weighted average expense ratio for U.S. open-end mutual funds and exchange-traded funds fell to 0.48%, down from 0.51% in 2017. We estimate that investors saved roughly $5.5 billion in fund expenses last year due to this 6% fee decline, marking the second-largest year-over-year percentage decline since we began tracking asset-weighted average fees in 2000.
We believe several factors are driving this decrease in the asset-weighted average fee, such as:
Greater awareness. Investors are increasingly seeking to minimize investment costs, which has led them to favor lower-cost funds.
Intensifying competition. Many asset managers have been cutting fees to vie for market share.
Evolving advice model. The move toward fee-based financial advice has spurred the demand for lower-cost funds like ETFs.
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Source: Morningstar
ErisX Launches Crypto Spot Market on Heels of New $20 Million Raise
April 30, 2019--Aspiring crypto derivatives provider ErisX took one step closer to its ultimate goal Tuesday with the launch of a spot market.
The exchange announced that it will immediately support dollar trading pairs with bitcoin, bitcoin cash, litecoin and ethereum, as well as bitcoin trading pairs with the other three cryptocurrencies at launch. While ErisX has a number of firms looking to trade on its platform at launch, it did not disclose any names.
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Source: Coindesk
Morningstar's Annual Fee Study Finds That in 2018 Investors Paid Less to Own Funds Than Ever Before
April 30, 2019--Investors saved an estimated $5.5 billion in fund fees in 2018
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today published its annual fee study, which evaluates trends in the cost of U.S. open-end mutual funds and exchange-traded funds (ETFs).
The study found that across U.S. funds, the asset-weighted expense ratio dropped to 0.48% in 2018, compared to 0.51% in 2017. As a result, investors saved an estimated $5.5 billion in fund fees in 2018. This 6% percent year-over-year decline is the second largest recorded since Morningstar began tracking asset-weighted fees in 2000.
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Source: Morningstar, Inc.
State Street Global Advisors Launches New Initiative to Educate Investors on the Potential Benefits of ETF Liquidity
April 29, 2019--Initiative urges investors to look at all aspects of total cost of ownership, where liquidity is an important consideration
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT) and creator of the world's first ETFs,1 today launched a new initiative aimed at educating investors about the importance of ETF liquidity. The integrated program, which will include thought leadership, social media promotion and advertising, launched across the US today and is expected to run through the fourth quarter.
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Source: State Street Global Advisors
IMF Staff Country Report-Colombia : Selected Issues
April 29, 2019--AN EVALUATION OF THE 2018 FINANCING LAW
Notwithstanding numerous tax reforms, Colombia collects relatively low revenues-notably, from both personal income taxes and VAT. With a view to raise tax revenues in a growth-friendly way and to finance key expenditures within the fiscal framework, the authorities changed the tax code through a Financing Law.
This paper examines the impact of the Financing Law on both tax revenues and the economy. The analysis finds
that the Law may boost medium-term growth by around 0.2 percent of GDP, but it may
lead to future tax revenue shortfalls starting in 2020.
A. Introduction
1. Colombia passed a Financing Law (FL) in December 2018 to raise revenues toward meeting key spending needs under the fiscal rule and to improve the competitiveness of the economy. Colombia's fiscal rule calls for reducing the central government structural deficit to 1.0 percent of GDP in 2022. This implies a tight budgetary envelope starting in 2019 for key public
investment and social spending.
Although there is scope to raise tax revenue—standing at 13.6 percent of GDP (in 2016) in Colombia compared to 17.7 percent on average for regional peers—this has proven to be challenging.1
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Source: IMF
State Street Global Advisors Launches New Initiative to Educate Investors on the Potential Benefits of ETF Liquidity
April 29, 2019--Initiative urges investors to look at all aspects of total cost of ownership, where liquidity is an important consideration
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT) and creator of the world's first ETFs,1 today launched a new initiative aimed at educating investors about the importance of ETF liquidity. The integrated program, which will include thought leadership, social media promotion and advertising, launched across the US today and is expected to run through the fourth quarter.
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Source: State Street Global Advisors
Virtus launches ETF investing in senior loans
April 26, 2019--Virtus brought to NYSE Arca an actively managed exchange-traded fund that buys first-lien and second-lien senior loans made to corporate borrowers.
The portfolio for the Virtus Seix Senior Loan ETF is selected and managed by Seix Investment Advisors.
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Source: SmartBrief
CFTC, SEC Issue Investor Alert-Guidance warns of websites related to digital assets
April 26, 2019-- The Commodity Futures Trading Commission's (CFTC) Office of External Affairs (OEA) and the Security and Exchange Commission's (SEC) Office of Investor Education and Advocacy (OIEA) released, Watch Out for Fraudulent Digital Asset and "Crypto" Trading Websites, an Investor Alert this week to warn investors to scrutinize investment opportunities through websites purporting to operate advisory and trading businesses related to digital assets.
These websites often contain "red flags" of fraud including claims of high guaranteed returns and promises that the investments carry little or even no risk.
view the Investor Alert: Watch Out for Fraudulent Digital Asset and "Crypto" Trading Websites
Source: SEC.gov
Goldman jettisons all its commodity trading recommendations
April 26, 2019--US bank unveiled ten new trades and a fresh outlook on commodities.
Second time lucky? Sometimes, the market can confound even the best efforts of Goldman Sachs.
Four months into the year and the US bank's...
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
April 26, 2019--The current reports for the week of April 26, 2019 are now available.
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Source: CFTC.gov
