Americas ETP News
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Research Affiliates-Craftsmanship in Smart Beta
February 23, 2018--Key Points
Investors seeking to add smart beta and factor strategies to their portfolios should consider the four craftsmanship elements of product design: 1) universe coverage and weighting mechanism, 2) signal definition, 3) measurement period, and 4) rebalancing frequency.
Design decisions guided by these craftsmanship elements can help preserve a portfolio's performance potential by reducing implementation costs.
Introduction
In the previous article in this series, our colleagues John West and Trevor Schuesler explained the challenges of seeking positive alpha through manager selection. In this article, we highlight how financial advisors may add value with due diligence efforts on, perhaps, a more reliable source of excess return-product craftsmanship.
Technology today pushes us to move faster in almost every area of our life. We are encouraged to consume our news in 140-character bites, race through podcasts on 1.5x speed, and make every effort to "10x" our efficiency, condensing what we used to accomplish in 40 hours into a 4-hour workweek.
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Source: Research Affiliates
CFTC.gov Commitments of Traders Reports Update
February 23, 2018--The current reports for the week of February 20, 2018 are now available.
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Source: CFTC.gov
Thomson Reuters U.S. Fund-Flows Weekly Report: All Four Fund Macro-Groups Take in Net New Money for the Week
February 23, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) took in net-positive flows of almost $16.0 billion for the fund-flows week ended Wednesday, February 21.
All the fund macro-groups experienced positive net flows, led by money market funds (+$12.3 billion), followed by taxable bond funds (+$2.2 billion), equity funds (+$1.1 billion), and municipal bond funds (+$347 million).
Market Overview
The S&P 500 Index managed to post a small gain (+0.10%) for the fund-flows trading week, while the Dow Jones Industrial Average retreated 0.38%.
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Source: Thomson Reuters
ETFGI reports assets invested in ETFs listed in Latin America reach record high of US$7.65 billion at the end of January 2018
February 23, 2018--According to ETFGI's January 2018 Latin America ETF and ETP industry insights report, a monthly report included in an annual paid-for research subscription service, assets invested in ETFs listed in Latin America reached a record high of US$7.65 billion at the end of January 2018, shattering the previous record of US$6.80 billion set at the end of 2017. (All dollar values in USD unless otherwise noted.)
Highlights
Assets invested in ETFs listed in Latin America increased by $858 Mn during January to reach a new record high of $7.65 Bn
In January 2018, ETFs listed in Latin America saw net inflows of $175 Mn
Equity ETFs/ETPs gathered the largest net inflows with $105 Mn, followed by currency ETFs/ETPs with $84 Mn
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Source: ETFGI
US proposes overhaul of 'too big to fail' regime
February 21, 2018--Treasury plans 'Chapter 14' bankruptcy process to shield taxpayers from bank collapses.
US Treasury secretary Steven Mnuchin: "The bankruptcy reforms that we propose will make the shareholders, management, and creditors of a financial company bear...
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Source: FT.com
Minutes of the Federal Open Market Committee, January 30-31, 2018
February 21, 2018--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 30-31, 2018.
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Source: federalreserve.gov
Bristol Gate Capital Partners Inc. Launches Two ETFs
February 21, 2018--Bristol Gate Capital Partners Inc. ("Bristol Gate") announced today the launch of Canadian dollar-denominated units of Bristol Gate Concentrated Canadian Equity ETF (TSX:BGC) and Bristol Gate Concentrated US Equity ETF (TSX:BGU) and U.S.-dollar denominated units of Bristol Gate Concentrated US Equity ETF (TSX:BGU.U) (together, the "Units").
Bristol Gate Concentrated Canadian Equity ETF seeks to generate long-term growth of income and capital by investing primarily in a concentrated portfolio of publicly-traded equity securities of Canadian companies that pay a dividend. In order to achieve the ETF's investment objective, Bristol Gate employs a proprietary methodology that forecasts dividend growth for the coming 12 months and uses fundamental analysis to construct a portfolio from the best dividend growers for the coming year. It invests in dividend-paying equity securities selected primarily from the S&P/TSX Composite Index.
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Source: Bristol Gate Capital Partners Inc.
Deutsche Asset Management Lowers Expense Ratios for International Equity Xtrackers ETF Suite
February 21, 2018---Deutsche Asset Management1 (Deutsche AM) announced that, effective February 20, 2018, it has reduced the net expense ratios for three international equity and one domestic equity Xtrackers exchange-traded funds (ETFs):
ETF: Xtrackers Germany Equity ETF
Ticker: Cboe: GRMY
New Net Expense Ratio: 0.09%*
Old Gross & Net Expense Ratio: 0.15%
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Source: Deutsche Asset Management
CFTC.gov Swaps Report Update
February 21, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
AdvisorShares Weekly Market Review-Can The Bounce Continue?
February 20, 2018--Highlights of the Week Ending 2/16/2018
Macro
The snapback in the domestic equity markets continued last week with gains for the widely followed benchmarks-all in the 4-5% neighborhood. Last week, we noted the historical tendency of fast to resolve quickly because the extent to which they are driven by emotion.
The snapback is also an emotional event and while we don't know yet if it really is over, the arc of this event is right in line with that historical tendency. We'll say the same thing when the next fast decline occurs but will aggressively sound the alarm when a slow decline starts. Declines that take a long time and that occur without creating an emotional response are the ones to worry about-look at where the market was six months after the March 2000 peak and then where it was six months after the October 2007 peak.
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Source: AdvisorShares
