Americas ETP News
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'Big three' fire first shot as CMA finalises report
June 30, 2018--Antitrust body to publish findings of 9-month probe into investment consultancy
The UK's antitrust body has so far shown little evidence of a lack of competition in the investment consultancy market, Mercer, Aon and Willis Towers Watson have said.
The Competition and Markets Authority is gearing up to publish provisional findings on the sector after a nine-month investigation.
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Source: FT.com
Regulators Pass Streamlined Rules for ETFs
June 30, 2018--Exchange-traded funds now cover everything from small-cap stocks to high-yield bonds. But more ETFs may be coming down the pike. And investors may see a flood of actively managed ETFs, thanks to new rules that make them cheaper to run and more tax-efficient.
The Securities and Exchange Commission voted last week on proposed rules to expedite approvals of ETFs, improve transparency, and grant fund companies more flexibility to manage portfolios. The SEC scrapped a patchwork quilt of more than 300 "exemptive orders" that have governed the industry since the first ETF launched in 1993-essentially, every company had its own exception that allowed it to offer each kind of ETF.
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Source: Barron's
Jonathan Steinberg aims to take WisdomTree to $100bn assets
June 30, 2018--The founder of ETF specialist on his famous father Saul, Churchill and 'going all in'
Jonathan Steinberg, founder of exchange traded fund specialist WisdomTree, walks in the footsteps of a Wall Street giant. His late father Saul Steinberg made an unsuccessful attempt to buy Chemical Bank, then the sixth-largest US bank, before his 30th birthday and later threatened an ambitious takeover of Walt Disney, the media group, in 1984.
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Source: FT.com
ALPS Adds a Clean Energy ETF Play
June 29, 2018--ALPS expanded on its thematic exchange traded fund lineup with a strategy that helps investors target the renewable energy category.
On Friday, ALPS launched the ALPS Clean Energy ETF (Cboe: ACES), which has a 0.65% expense ratio.
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Source: Nasdaq
Horizons ETFs Completes Rebalances of its Marijuana-focused ETFs
June 29, 2018--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") has completed the quarterly rebalance of the constituent holdings of the Horizons Marijuana Life Sciences Index ETF ("HMMJ:TSX") and the Horizons Emerging Marijuana Growers Index ETF ("HMJR:NEO").
HMMJ is the world's first and largest ETF offering direct exposure to North American publicly listed life sciences companies with significant business activities in the marijuana industry.
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Source: Horizons ETFs Management (Canada) Inc.
U.S. Fund-Flows Weekly Report: Equity Funds Suffer Second Worst Net Outflows of 2018
June 29, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) had net outflows of just over $900 million for the fund-flows week ended Wednesday, June 27. Equity funds were responsible for all the week's net outflows-$20.0 billion left their coffers.
These negative flows were the group's second largest of the year, trailing only the $23.9 billion of net outflows for the fund-flows week ended February 7. The other asset groups were all on the plus side of the ledger this past week; money market funds, taxable bond funds, and municipal bond funds took in $18.2 billion, $510 million, and $421 million of net new money, respectively.
Market Overview
Both the S&P 500 Index (-2.45%) and the Dow Jones Industrial Average (-2.19%) lost ground for the second consecutive fund-flows trading week. The indices were hurt by continuing trade tensions with two of the United States' most significant trading partners, China and the European Union.
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Source: Thomson Reuters
Research Affiliates-Pundits Predicting Panic in Emerging Markets
June 28, 2018--Key Points
With EM stock prices plummeting and investors fleeing EM funds, the fear of emerging markets is palpable.
Our examination of three key metrics-external debt, foreign exchange reserves, and current account balance-shows, however, that EM countries have low risk of a broad funding crisis.
EM stocks are comparatively cheap when measured by CAPE, price-to-book ratio, price-to-sales ratio, market cap to GDP, and other metrics. Now, when fear reigns supreme, it’s time to buy, not sell.
Before its $50 billion bailout by the International Monetary Fund agreed to in June, Argentina had raised short-term rates to 40%! In May, Turkey raised rates by 300 basis points (bps) as the lira fell to fresh lows. At the same time, emerging markets (EM) stock prices have been plummeting. Since the peak on January 25, 2018, through June 15, 2018, EM stocks are down 11 percentage points and retail investors are fleeing EM funds. In May, net EM outflows totaled $12 billion.
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Source: Research Affiliates
CFTC.gov Commitments of Traders Reports Update
June 29, 2018--The current reports for the week of June 29, 2018 are now available.
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Source: CFTC.gov
iShares Debuts Robotics and AI ETF
June 28, 2018--BlackRock's iShares unit is top of the heap in the world of exchange-traded funds, yet the company finds itself playing catch-up of sorts in a category where other fund providers already have a big head start.
The iShares Robotics & Artificial Intelligence ETF (IRBO) that launched on Thursday from the world's largest ETF provider joins a passel of existing funds tapped into these two growing and dynamic 21st-century industries.
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Source: fa-mag.com
SEC Proposes New Approval Process for Certain Exchange-Traded Funds
June 28, 2018-The Securities and Exchange Commission today voted to propose a new rule and form amendments intended to modernize the regulatory framework for exchange-traded funds (ETFs), by establishing a clear and consistent framework for the vast majority of ETFs operating today.
ETFs that satisfy certain conditions would be able to operate within the scope of the Investment Company Act of 1940 and to come to market without applying for individual exemptive orders. The proposal would therefore facilitate greater competition and innovation in the ETF marketplace, leading to more choice for investors.
view the Exchange-Traded Funds Proposed
rule
Source: SEC.gov
