Americas ETP News
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ETF price wars deepen as Deutsche cuts fees at flagship fund
October 31, 2017--Deutsche Bank's asset management trimmed the expense ratio of its $281m Xtrackers USD High Yield Corporate Bond ETF from 25 basis points to 20bp, making it about half as expensive as the two big junk bond ETFs from BlackRock and State Street.
That means it costs 20 cents annually to buy $100 worth of the ETF.
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Source: FT.com
Report On U.S. Portfolio Holdings Of Foreign Securities At End-Year 2016
October 31, 2017--The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2016 were released today and posted on the Treasury web site.
Overall Results
This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2016 as approximately $9.9 trillion, with $7.1 trillion held in foreign equity, $2.4 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.3 trillion held in foreign short-term debt securities.
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Source: treasury.gov
Cboe Welcomes New Issuer Sage Advisory to Marketplace with Launch of ESG ETF
October 31, 2017--Cboe Global Markets, Inc. (Cboe: CBOE | NASDAQ: CBOE), one of the world's largest exchange holding companies, today welcomed new issuer Sage Advisory to the Cboe ETF Marketplace with the launch the Sage ESG Intermediate Credit ETF (Cboe: GUDB).
The Sage ESG Intermediate Credit ETF seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Sage ESG Intermediate Credit Index, as launched in August 2017.
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Source: Cboe Global Markets, Inc. and Sage Advisory
Inspire Launches New Biblical ETF at Reduced Fee
October 31, 2017--At just 0.35% expense ratio, discounted by Inspire from a total expense of 0.61%, the Inspire 100 ETF [NYSE: BIBL] is Inspire's lowest cost biblical ETF to date.
Inspire Investing launches its lowest-cost biblically responsible exchange traded fund (ETF) today-their fourth in just eight months-building on the success of their previous biblical ETFs and continuing their aggressive effort to advance the biblically responsible investing (BRI) movement.
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Source: Inspire Investing
CLS Investments Partners with Premier ETF Providers to Launch Zero-Fee 'Smart ETF Models'
October 31, 2017--First of its kind, disruptive models utilize products from five ETF issuers at zero-percent strategist fee
CLS Investments, LLC ("CLS"), a third-party money manager and leading manager of exchange traded fund ("ETF") portfolios, launched Smart ETF Models, which utilize products from five ETF providers at a zero-percent strategist fee.
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Source: CLS Investments, LLC
OFR-The Intersection of U.S. Money Market Mutual Fund Reforms, Bank Liquidity Requirements, and the Federal Home Loan Bank System
October 31, 2017--After the financial crisis, reforms of money market funds and changes to banks' liquidity requirements had an unintended consequence of increased Federal Home Loan Banks' reliance on short-term funding from money market funds to finance longer-term loans and other assets.
This increase could make the financial system more vulnerable and pose risks to financial stability. (Working Paper no. 17-05)
Executive Summary
The most recent changes to money market fund regulations have had a strong impact on the money fund industry. In the months leading up to the compliance date of the core provisions of the amended regulations, assets in prime money market funds declined significantly, while those in government funds increased contemporaneously.
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Source: OFR (Office of Financial Research)
IMF Working paper-How Financial Conditions Matter Differently across Latin America
October 30, 2017--Summary:
This paper develops comparable financial conditions indices (FCIs) for the six large and most financially-integrated Latin American economies (LA6) by following Korobilis (2013) and Koop and Korobilis (2014).
The main findings are as follows. First, the estimated FCIs are influenced by a commodity cycle, a global financial cycle, as well as country-specific episodes of financial distress. Second, by early 2017, financial conditions remained favorable in most LA6 economies relative to historical standards. Third, the impact of financial shocks on economic activity widely varies across LA6 and is otherwise found to be stronger in periods of financial stress. Fourth, exposure to regional financial spillovers also differs across LA6.
view the IMF Working paper-How Financial Conditions Matter Differently across Latin America
Source: IMF
Franklin Templeton Introduces First Suite of Passive ETFs
October 30, 2017-- Franklin Templeton Investments today announced that it will introduce its first passive ETFs, with an initial suite of 16 single country and regional market-cap weighted ETFs.
These ETFs will be listed on NYSE Arca on Monday, November 6, in one of the largest simultaneous listings on the NYSE in the last decade.
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Source: Franklin Templeton Investments
AdvisorShares Weekly Market Review-Get Ready For #MACtion
October 30, 2017--Highlights of the Week Ending 10/27/2017
Macro
Markets mostly moved higher last week with the Dow Jones Industrial Average going up 0.45%, the S&P 500 moved ahead 0.23% and the NASDAQ gained 1.09%. Small caps struggled, dipping 0.06%. The weekly changes mask the bigger story from Friday as the NASDAQ jumped 2.20%, getting a lift from several mega cap (is there a word that is bigger than mega?) stocks that reported very well received earnings data.
These four or five stocks also dragged the S&P 500 higher by 0.81% on Friday. This, of course, plays into the idea of narrowing leadership, which on its face is a negative indicator but for now, the market shows no real signs of rolling over but to be clear there are fewer stocks propping up the indexes.
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Source: AdvisorShares
Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association
October 30, 2017--Despite a battering by three major hurricanes in August and September, the U.S. economy held a steady course and looks increasingly poised to enter its ninth straight year of economic expansion on a strong footing.
Newly released data for the third quarter show real GDP growing at an annual rate of 3.0 percent, just a touch under the second quarter's 3.1 percent pace. Growth of personal consumption expenditures, although a bit slower than in the second quarter, remained the core driver of overall growth, while nonresidential fixed investment continued to advance and net exports made a significant contribution to growth.
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Source: US Department of the Treasury
