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BCSC takes on direct oversight of Canadian Securities Exchange
April 26, 2019--The British Columbia Securities Commission (BCSC) will join the Ontario Securities Commission in overseeing the Canadian Securities Exchange (CSE), bringing the BCSC's venture market focus to regulation of an exchange dominated by B.C.-based, early-stage companies.
The CSE has grown in the past few years, driven largely by cannabis listings, and now has about 500 companies trading shares on its platform. With the legalization of cannabis in Canada and in some U.S. states, CSE market capitalization has risen dramatically in the last two years.
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Source: British Columbia Securities Commission
Gross Domestic Product, First Quarter 2019 (Advance Estimate)
April 26, 2019--Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the first quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2018, real GDP increased 2.2 percent.
The Bureau's first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The "second" estimate for the first quarter, based on more complete data, will be released on May 30, 2019.
The increase in real GDP in the first quarter reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, state and local government spending, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased (table 2). These contributions were partly offset by a decrease in residential investment.
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Source: U.S. Bureau of Economic Analysis (BEA)
Lower expense ratios on 21 Vanguard ETFs means more savings for you
April 26, 2019--Take Vanguard ETFs(R). They give you the diversification of mutual funds with lower investment minimums and real-time pricing. As more people discover these benefits and invest in our ETFs (exchange-traded funds), we're able to realize new economies of scale.
This helps us to lower costs, and we pass along those savings directly to you.
Now we're passing along more savings to you in the form of lower expense ratios for 21 Vanguard ETFs, including our 2 largest: Vanguard S&P 500 ETF (VOO) and Vanguard Total Stock Market ETF (VTI). Better yet, if you're invested in any of these 21 funds, you're already reaping the rewards.
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Source: Vanguard
State Street Global Advisors Announces Planned Change to SPDR(R) ETF Lineup
April 26, 2019--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced plans to close and liquidate the SPDR(R) MSCI China A Shares IMI ETF (XINA) based on an ongoing review of the SPDR(R) ETF offering and listening to client feedback.
The final day for creations will be May 29, 2019.
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Source: State Street Global Advisors
Report on the Troubled Asset Relief Program-April 2019
April 25, 2019--CBO estimates that the net cost of the TARP will total $31 billion-$1 billion less than it estimated in March 2018 because of a decrease in projected disbursements for mortgage programs. Almost all of the TARP's transactions have been completed.
Summary:
In October 2008, the Emergency Economic Stabilization Act of 2008 (Division A of Public Law 110-343) established the Troubled Asset Relief Program (TARP) to enable the Department of the Treasury to promote stability in financial markets through the purchase and guarantee of "troubled assets." Section 202 of that legislation, as amended, requires annual reports from the Office of Management and Budget (OMB) on the costs of the program. The law also requires the Congressional Budget Office to submit its own reports within 45 days of the issuance of OMB's report each year. CBO's assessment must discuss three elements:
The costs of purchases and guarantees of troubled assets,
Information CBO collects and the valuation methods it uses to calculate those costs, and
The program’s effects on the federal budget deficit and debt.
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Source: Congressional Budget Office (CBO)
SEC Extends BDs' Compliance Deadline With Amended Reg NMS
April 25, 2019--Broker-dealers told the agency they need more time beyond the May 20 deadline.
The Securities and Exchange Commission has extended the deadline for broker-dealers to comply with recently adopted amendments to Rule 606 of Regulation National Market System, or Reg NMS, which requires BDs to provide additional disclosures concerning the handling of customer orders.
Broker-dealers have told the agency they need more time beyond the May 20 deadline, so the agency has moved it to Oct. 1.
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Source: thinkadvisor.com
Lipper U.S. Weekly FundFlows Insight Report: Funds Take in Net New Money Paced by Bond Funds
April 25, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) experienced net inflows of $4.9 billion for the fund-flows trading week ended Wednesday, April 24.
Taxable bond funds (+$6.4 billion) and municipal debt funds (+$1.6 billion) took in almost $8.0 billion combined for the week, while money market funds contributed $4.3 billion to the total positive flows. Equity funds (-$7.3 billion) were the only asset group to suffer net outflows for the week.
Market Overview
The major equity indices all recorded gains for the fund-flows trading week. The NASDAQ Composite Index (+1.32%) paced the positive returns, while the S&P 500 Index and the Dow Jones Industrial Average were up 0.92%% and 0.56%, respectively. The indices have carried their strength from the first quarter (in which all three recorded double-digit increases) into the second quarter as the NASDAQ, S&P 500, and the Dow are up 4.82%, 3.28%, and 2.58%,
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Source: Refinitiv
CLS Investments Debuts Five New Tax-Managed Portfolio Strategies
April 25, 2019--CLS Investments, LLC ("CLS") a third-party money manager and leading strategist of exchange-traded fund ("ETF") portfolios has announced the launch of five new direct indexed, tax-managed strategies to be made available on the TAMP platform offered by FTJ FundChoice, an open architecture TAMP based in Cincinnati.
The strategies, which are a response to growing client and investor demand for tax-efficient investment options, use a quantitative rules-based approach that aims to track market-cap weighted U.S. indices with the key benefit of tax-loss harvesting to off-set capital gains.
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Source: CLS Investments, LLC
Strike the Right Balance in Multi-Factor Strategy Design
April 25, 2019--Investors should not ignore the presence of real-world implementation challenges in selecting a multi-factor smart beta strategy. Thoughtful design in multi-factor investing requires a conscious and deliberate decision to find the most advantageous balance between effectively harvesting the factor premium and the costs of implementation.
Our analysis examines combinations of six factors (value, low beta, profitability, investment, momentum, and size) in simple long-only, investable portfolios that reflect real-world strategies. Based on our research, these six factors produce a substantial diversification benefit across return drivers.
We find that selecting roughly a quarter of the investable universe based on one specific signal for each factor typically produces the best risk-adjusted performance for a multi-factor strategy in the presence of implementation costs.
Neither a focus on maximizing paper portfolio performance, which ignores the associated trading costs, nor a singular focus on low-cost implementation, which misses opportunities for better performance, will produce an optimal result for multi-factor smart beta investors.
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Source: Research Affiliates
Pacer listing free cash flow ETFs until the cows come home
April 25, 2019--Pacer, one of the more successful emerging ETF providers in recent years, is milking investors love of free cash flow ETFs, adding more udders to its offering.
Pacer US Cash Cows Growth ETF (BUL)
Pacer Emerging Markets Cash Cows 100 ETF (ECOW)
BUL will look for growth companies that maintain high free cash flows. It starts with the S&P 900 Pure Growth Index, and then pasteurises the index, screening companies for their average projected free cash flows and earnings over the next two years.
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Source: ultumus.com
